# EDGAR Filing Document

**Accession Number:** 0002090312
**File Stem:** 0001104659-26-066592
**Filing Date:** 2026-5
**Character Count:** 1714633
**Document Hash:** 97acc048b29cb75fdf0ca79a7c3b027d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-066592.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001104659-26-066592

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

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43276
- **FILM NUMBER:** 261022154

**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 27, 2026.

#### File No. 001-43276

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

#### Amendment No. 1 to

### 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**  |
| (State or Other Jurisdiction of <br> Incorporation or Organization)  | (I.R.S. Employer <br> 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 <br> Roshni Banker Cariello <br> Arisa A. Sin <br> Davis Polk & Wardwell LLP <br> 450 Lexington Avenue <br> New York, New York 10017** <br>

#### 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.](tm2528763d10_ex2-1.htm)  |
| &nbsp;&nbsp; 3.1\* | [Form of Amended and Restated Articles of Incorporation of Mobility Global Inc.](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex3-1.htm)  |
| &nbsp;&nbsp; 3.2\* | [Form of Amended and Restated Bylaws of Mobility Global Inc.](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex3-2.htm)  |
| 10.1†+\* | [Form of Transition Services Agreement between S&P Global Inc. and Mobility Global Inc.](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex10-1.htm)  |
| 10.2†+\* | [Form of Tax Matters Agreement between S&P Global Inc. and Mobility Global Inc.](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex10-2.htm)  |
| 10.3† | [Form of Employee Matters Agreement between S&P Global Inc. and Mobility Global Inc.](tm2528763d10_ex10-3.htm)  |
| 10.4†+\* | [Offer Letter of William W. Eager dated July 28, 2025](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex10-4.htm)  |
| 10.5†+\* | [Offer Letter of Matthew A. Calderone dated December 2, 2025](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex10-5.htm)  |
| 10.6†+\* | [Offer Letter of Scott Fredericks dated November 17, 2025](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex10-6.htm)  |
| 10.7†+\* | [Offer Letter of Joseph S. LaFeir dated November 10, 2025](https://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex10-7.htm)  |
| 10.8†+\* | [Offer Letter of Tasha Matharu dated January 21, 2026](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex10-8.htm)  |
| 10.9 | [Form of Mobility Global Inc. 2026 Long Term Incentive Plan](tm2528763d10_ex10-9.htm)  |
| 10.10 | [Form of Indemnification Agreement for Non-Employee Directors](tm2528763d10_ex10-10.htm)  |
| 10.11\* | [Retention Letter of Joseph S. LaFeir dated May 6, 2025](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex10-11.htm)  |
| 10.12\* | [Retention Letter of Tasha Matharu dated August 7, 2025](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex10-12.htm)  |
| 10.13†\* | [Revolving Credit Agreement by and among Mobility Global Inc. and the Lenders named therein dated May 6, 2026](http://www.sec.gov/Archives/edgar/data/2090312/000110465926057155/tm2528763d8_ex10-13.htm)  |
| 10.14+ | [Form of Indenture by and among Mobility Global Inc. and The Bank of New York MellonTrust Company, N.A.](tm2528763d10_ex10-14.htm)  |
| 10.15 | [Form of First Supplemental Indenture by and among Mobility Global Inc. and The Bank of New York Mellon Trust Company, N.A.](tm2528763d10_ex10-15.htm) |
| 10.16 | [Form of Registration Rights Agreement by and among Mobility Global Inc. and the Initial Purchasers named therein](tm2528763d10_ex10-16.htm) |
| 21.1 | [Subsidiaries of the Registrant](tm2528763d10_ex21-1.htm)  |
| 99.1 | [Preliminary Information Statement dated May 27, 2026](tm2528763d9_ex99-1.htm) |
| 99.2 | [Form of Notice of Internet Availability of Information Statement Materials](tm2528763d10_ex99-2.htm)  |

---

\*

Previously filed.

†

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 27, 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(a)</u> | Commercial Agreements |
| <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)(i)</u> | SpinCo Financing Arrangments |
| <u>Schedule 2.02(b)(ii)</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>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 $0.01 per share, of SpinCo (the "**SpinCo Common Stock**"), on the basis of one share of SpinCo Common Stock for each then issued and outstanding share 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 and other assets directly to SpinCo pursuant to the Restructuring Plan (such contributions of equity interests and other assets, the "**Contribution**"), (ii) the entry by SpinCo into the SpinCo Financing Arrangements, (iii) the payment of the Special Cash Payment, (iv) the 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 Contracts set forth on Schedule 1.01(a).

"**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. New York City 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 June 15, 2026.

"**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, (x) SpinCo shall enter into the financing arrangements and agreements (the "**SpinCo Financing Arrangements**") described in Schedule 2.02(b)(i) 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)(ii) 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)(ii) (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, one share of SpinCo Common Stock for each then issued and outstanding share 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.

[*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.

---

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

---

---

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

---

## Exhibit 10.3

**Exhibit 10.3**

**EMPLOYEE MATTERS 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 | 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 |

---

---

| | | |
|:---|:---|:---|
| Article 12 | Article 12 | Article 12 |
| Restrictive Covenants | Restrictive Covenants | Restrictive Covenants |
| Section 12.01. | Non-Solicitation of Employees; Cooperation | 27 |

---

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 trading day (including the closing price) on the Distribution Date (as traded on the "regular way" market) as reported by Bloomberg L.P. (or any successor thereto) on the Bloomberg pages "SPGI UN".

"**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 (including the closing price) immediately prior to the Distribution Date (as traded on the "regular way" market) as reported by Bloomberg L.P. (or any successor thereto) on the Bloomberg pages "SPGI UN".

"**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 trading day (including the closing price) on the Distribution Date (as traded on the "regular way" market) as reported by Bloomberg L.P. (or any successor thereto) on the Bloomberg pages "MBGL UN".

"**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 up 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 up 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 up 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 up 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 up 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, 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, Adjusted 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 IHS Markit Japan GK Corporate Type Pension Plan (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 10.9

**Exhibit 10.9**

**Mobility Global Inc.**

**2026 Long Term Incentive Plan**

SECTION 1. Purpose; Definitions.

The purpose of the Mobility Global Inc. 2026 Long Term Incentive Plan is to enable the Company to offer its employees, non-employee directors, consultants, advisors and other service providers long-term performance-based stock and cash incentives and other equity interests in the Company, thereby attracting, retaining and rewarding such award recipients, and strengthening the mutuality of interests between such individuals and the Company's shareholders.

For purposes of the Plan, the following terms shall be defined as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Aggregate Limit</u>" shall have the meaning set forth in Section **‎**3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Award</u>" means a Stock Option, Stock Appreciation Right, Restricted Stock award, Restricted Stock Unit, Performance Stock Unit, Deferred Award, Dividend Equivalent, Other Stock-Based Award or Other Cash-Based Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Award Documentation</u>" shall have the meaning set forth in Section **‎**2(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Board</u>" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Cause</u>" means, except as otherwise defined in a Participant's employment or service agreement or the Award Documentation in respect of an Award, such Participant's (i) (x) willful misconduct in the performance of the Participant's duties to the Company or any of its Subsidiaries or (y) engaging in any other misconduct that results or could reasonably be expected to result in financial, reputational or other harm to the Company or its Subsidiaries; (ii) breach of any employment or service agreement between the Participant and the Company or any of its Subsidiaries; (iii) breach of any restrictive covenant agreement between the Participant and the Company or any of its Subsidiaries; (iv) gross negligence; (v) material violation of any policy, rule, procedure or guideline of the Company or its Subsidiaries; (vi) conviction of, or plea of guilty or *nolo contendere* to, (x) a felony or (y) a misdemeanor involving moral turpitude or fraud; or (vii) commission of an act of fraud, embezzlement or misappropriation against the Company or its Subsidiaries. The Participant shall be provided a 10-day period to cure any of the events or occurrences described in the immediately preceding subsections (ii), (iv) and (v), to the extent capable of cure during such 10-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Commission</u>" means the Securities and Exchange Commission or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Committee</u>" means the Nominating and Compensation Committee of the Board or a subcommittee thereof. If at any time no Nominating and Compensation Committee of the Board shall be in office, then, subject to the applicable listing requirements of the New York Stock Exchange, the functions of the Committee specified in the Plan shall be exercised by the Board or by a committee of Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Company</u>" means Mobility Global Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Converted Awards</u>" means awards originally granted under the SPGI Equity Plans (as defined in the Employee Matters Agreement) that are converted into awards with respect to shares of Stock pursuant to the Employee Matters Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Deferred Award</u>" means a right to receive on a specified date following the settlement date of an Award, at the election of the Participant or as required by the terms of such Award, an amount based on the value of the number of shares of Stock, cash or other property in consideration thereof due upon settlement of such Award (or portion thereof). Payments in respect of a Deferred Award may be in cash, Stock or other property, or any combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Disability</u>" means, with respect to an Award, disability as defined under the Company's long-term disability plan applicable to the recipient of such Award, or if no such plan applies, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Dividend Equivalent</u>" means a right attached to an Award to receive an amount based on the value of the regular cash dividend paid on an equivalent number of shares of Stock, which may be paid in cash or shares of Stock or such other form as the Committee may determine at or after the time of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Effective Date</u>" means the date on which the Plan is adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Employee Matters Agreement</u>" means the Employee Matters Agreement, by and between S&P Global Inc. and the Company, dated as of [●], 2026, as such agreement may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Fair Market Value</u>" for purposes of this Plan, unless otherwise required by any applicable provision of the Code or any regulations issued thereunder, shall mean, as of any given date, the closing sales price for Stock as quoted on the New York Stock Exchange, or other principal U.S. national securities exchange on which the Stock is listed, on such date, or, if there is no such sale on such date, the closing sales price for Stock as quoted on the last trading day preceding such date. If the Stock is not listed on the New York Stock Exchange or any U.S. national securities exchange, the Fair Market Value shall be as determined by the Committee in its sole discretion or otherwise required in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Incentive Stock Option</u>" means any Stock Option that meets the requirements of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Other Cash-Based Award</u>" means an award under Section 10 that is payable in cash, including cash awarded as a bonus or upon the attainment of specified service and/or performance criteria or otherwise as permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Other Stock-Based Award</u>" means an award under Section **‎**10 that is payable in cash or Stock and is valued in whole or in part by reference to, or is otherwise based on, Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Outstanding Stock</u>" shall have the meaning set forth in Section **‎**11(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Outstanding Voting Securities</u>" shall have the meaning set forth in Section **‎**11(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Participant</u>" means the recipient of an Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Plan</u>" means the Mobility Global Inc 2026 Long Term Incentive Plan, as amended from time to time, including any rules, guidelines or interpretations thereof adopted by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>PSU</u>" means a Stock Unit whose earning, vesting and forfeiture terms and restrictions include the attainment of performance goals and objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Replacement Award</u>" means an Award granted in assumption of, or in substitution for, an outstanding award previously granted by a company or business acquired by the Company or with which the Company, directly or indirectly, combines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Restricted Stock</u>" means an award of shares of Stock under Section **‎**7 whose vesting and forfeiture restrictions relate to the Participant's continued service with the Company for a specified period of time and/or the satisfaction of performance criteria established by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>Restriction Period</u>" shall have the meaning set forth in Section **‎**7(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>RSU</u>" means a Stock Unit with vesting and forfeiture restrictions relate to the Participant's continued service with the Company for a specified period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Stock</u>" means the common stock, $0.01 par value per share, of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "<u>Stock Appreciation Right</u>" shall have the meaning set forth in Section **‎**6(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "<u>Stock Option</u>" means any option to purchase shares of Stock granted under Section **‎**5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "<u>Stock Unit</u>" means the right to receive one share of Stock, the value of one share of stock, or a combination thereof, upon satisfaction of the relevant performance, vesting and/or settlement conditions applicable to such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "<u>Subsidiary</u>" means an entity that, directly or indirectly, is controlled by the Company.

SECTION 2. Administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Committee Authority Generally</u>. The Plan shall be administered by the Committee. The Committee shall have full authority to grant Awards, pursuant to the terms of the Plan, to individuals eligible under Section **‎**4. In particular, the Committee shall have the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to select the individuals to whom Awards may from time to time be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to determine whether and to what extent the individual types of Awards (including Replacement Awards) are to be granted to one or more eligible individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to determine the number of shares or amount of cash to be covered by each Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award (including, but not limited to the share price, any restriction or limitation, including any restrictive covenant, the granting of Dividend Equivalents, or any vesting acceleration or forfeiture waiver or any recoupment provision, based on such factors as the Committee shall determine);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to determine whether, to what extent and under what circumstances an Award may be settled in cash, shares of Stock, other Awards, other property, net settlement, or any combination thereof, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to determine whether, to what extent and under what circumstances cash, shares of Stock, other Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to amend terms or conditions of any outstanding Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award, in the manner and to the extent it shall deem desirable to carry the Plan into 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;(ix) to interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards or administer the Plan. In any such case, the Board shall have all of the authority and responsibility granted to the Committee herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority to Construe and Interpret</u>. Subject to Section **‎**13 hereof, the Committee shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable; to interpret the terms and provisions of the Plan and any Award (and any agreements relating thereto); and to otherwise supervise the administration of the Plan. All actions by the Committee hereunder shall be undertaken in the sole discretion of the Committee and, absent manifest error, shall be final and binding on all interested persons, including the Company, its shareholders, Participants and any beneficiaries thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delegation of Authority</u>. Subject to the applicable listing requirements of the New York Stock Exchange, or other principal U.S. national securities exchange on which the Stock is listed, the Committee may, but need not, from time to time delegate some or all of its authority under the Plan to one or more members of the Committee or to one or more officers of the Company; provided, that the Committee may not delegate its authority under Section **‎**2(b) or its authority to one or more officer(s) to make Awards to be granted to such officer(s) or to Participants who are subject to the reporting rules under Section 16(a) of the Exchange Act at the time the Award is made. Any delegation hereunder shall be subject to the restrictions and limits that the Committee specifies at the time of such delegation or thereafter. Nothing in the Plan shall be construed as obligating the Committee to delegate any authority to any person or persons hereunder. The Committee may, at any time, rescind any delegation hereunder and any person or persons who are delegated authority hereunder shall, at all times, serve in such capacity at the pleasure of the Committee. Any action undertaken by any person or persons in accordance with a delegation hereunder shall have the same force and effect as if undertaken directly by the Committee, and any reference in the Plan to the Committee shall, to the extent consistent with the terms and limitations of such delegation, be deemed to include a reference to such person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Award Documentation</u>. In connection with the grant of an Award, the Committee shall specify the form of award documentation (the "<u>Award Documentation</u>") to set forth the terms and conditions of the Award. Award Documentation may include, without limitation, an agreement signed by the Participant and the Company or a grant or award notice signed only by the Company. Award Documentation may be in written, electronic or other form approved by the Committee.

SECTION 3. Stock Subject to Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Overall Plan Limit</u>. Subject to adjustment as provided in Section **‎**3(c) and except for Replacement Awards and Converted Awards, the total number of shares of Stock reserved and available for grants of Awards under the Plan on or after the Effective Date is [●]<sup>1</sup> shares of Stock (the "<u>Aggregate Limit</u>"). Subject to adjustment as provided in Section **‎**3(c) and except for Replacement Awards and Converted Awards, the total number of shares of Stock reserved and available for grants of Incentive Stock Options under the Plan on or after the Effective Date is [●]<sup>1</sup>. Such shares may consist, in whole or in part, of authorized and unissued shares or treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Calculation of Available Shares</u>. The Aggregate Limit shall not be reduced 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shares of Stock subject to an Award payable only in cash or property other than 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;(ii) in the case of Awards granted in tandem with each other, shares of Stock in excess of the number of shares of Stock issuable thereunder; 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;(iii) shares of Stock underlying Replacement Awards and Converted Awards.

In addition, any and all shares of Stock that are (i) forfeited, expired, cancelled, terminated or settled in cash or property other than Stock, or otherwise not distributable, under an Award (other than a Converted Award), (ii) tendered or withheld to pay the exercise or purchase price of an Award (other than a Converted Award); or (iii) withheld by the Company to satisfy any applicable wage or other required tax withholding obligation (other than with respect to a Converted Award) shall again be available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustments for Certain Transactions</u>. In the event 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 Stock or other securities of the Company, or other corporate transaction or event, or change in corporate structure affecting the Stock, the Committee determines that an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, subject to applicable law, adjust equitably so as to ensure no undue enrichment or harm, (including, without limitation, by payment in cash) any 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;(i) the number and type of shares of Stock (or other securities) which thereafter may be made the subject of Awards, including the Aggregate Limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 number and type of shares of Stock (or other securities) subject to outstanding Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 grant, purchase, exercise or hurdle price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; and

<sup>1</sup>To equal 14% of outstanding shares immediately following 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 terms and conditions of any outstanding Awards, including the performance criteria of any Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Dividends and Dividend Equivalents</u>. In the event an Award entitles the recipient to receive dividends or Dividend Equivalents in respect of the underlying shares subject to the Award, any such dividends or Dividend Equivalents may be deferred or reinvested in additional shares of Stock, in the discretion of the Committee, and may be made subject to the same vesting and/or performance conditions, restrictions and risk of forfeiture as the underlying shares subject to the Award. All dividends and Dividend Equivalents shall be paid, if at all, and with or without interest or other earnings, at the time(s) determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Replacement Awards</u>. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of property or stock of an entity, the Committee may grant Replacement Awards in substitution for any equity or equity-based awards granted by such entity or an affiliate thereof. Replacement Awards may be granted on such terms as the Committee deems appropriate in the circumstances, notwithstanding any limitations on Awards contained in the Plan. Replacement Awards shall not count against the overall share limit set forth in Section **‎**3 or any sub-limits contained in the Plan, except as may be required by reason of Section 422 and related provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Converted Awards</u>. Converted Awards shall be granted under the Plan and on terms and conditions consistent with the Employee Matters Agreement. In the event of any inconsistency between the terms of the Plan and the terms of the Employee Matters Agreement and the applicable Converted Awards, the terms of the Employee Matters Agreement and the applicable Converted Awards shall control. For the avoidance of doubt, the Committee shall have full power to administer the Converted Awards.

SECTION 4. Eligibility.

Any employee, non-employee director, consultant, advisor and other service provider of the Company or its Subsidiaries is eligible to receive an Award under the Plan, to the extent that an offer of an Award or a receipt of such Award is permitted by applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. Eligibility under the Plan shall be determined by the Committee.

SECTION 5. Stock Options.

Stock Options may be granted alone or in tandem with other Awards (including Stock Appreciation Rights), and may be granted in addition to, or in substitution for, other types of Awards. Stock Options may be granted as Incentive Stock Options, subject to Section ‎5(f) below. Stock Options shall be subject to the following terms and conditions and contain such additional terms and conditions not inconsistent with the terms of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise Price</u>. The exercise price per share of Stock subject to a Stock Option shall be determined by the Committee at the time of grant; provided, however, that, such exercise price shall be not less than 100% of the Fair Market Value of the Stock on the date of grant of such Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Option Term</u>. The option term of each Stock Option shall be fixed by the Committee; provided, however, that no Stock Option shall be exercisable more than ten years after the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Exercisability</u>. Stock Options shall be exercisable in whole or in part at such times during the option term and subject to such terms and conditions, not inconsistent with the terms of the Plan as shall be determined by the Committee and reflected in the applicable Award Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Method of Exercise</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the provisions of this Plan, Stock Options may be exercised to the extent of any shares of Stock as to which the Stock Option has become exercisable by giving notice in the manner required by the Committee in the applicable Award Documentation, or otherwise in accordance with any exercise procedures as may be established by the Committee or its delegate from time to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee may provide, in the applicable Award Documentation or otherwise, for the method of payment of the exercise price, which may include, without limitation, payment in full or in part: (1) by cash or check; (2) by withholding shares of Stock otherwise issuable in connection with the exercise of the Stock Option or in shares of unrestricted Stock duly owned by the optionee; or (3) through a broker-facilitated cashless exercise procedure acceptable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) No shares of Stock shall be distributed until payment therefor has been made and, if requested, the optionee has given the representation described in Section **‎**15(a). An optionee shall not have rights to dividends or other rights of a shareholder with respect to shares subject to the Stock Option prior to issuance of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination</u>. Subject to the provisions of this Plan, upon a termination of a Participant's employment or service with the Company or its Subsidiaries for any reason, any Stock Options not previously exercisable or vested shall be subject to such vesting, exercise and forfeiture terms and conditions as provided under the terms of the applicable Award Documentation or as otherwise established by the Committee at or after grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Incentive Stock Options</u>. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code. Incentive Stock Options may be granted only to employees of the Company or of a parent or subsidiary corporation (as defined in Section 424 of the Code).

SECTION 6. Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>In General</u>. Stock Appreciation Rights may be granted alone or in tandem with other Awards (including Stock Options), and may be granted in addition to, or in substitution for, other types of Awards. The form of payment of Stock Appreciation Rights may be specified by the Committee at or after the time of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise Price</u>. The exercise price per share of Stock subject to a Stock Appreciation Right shall be determined by the Committee at the time of grant; provided, however, that, such exercise price shall be not less than 100% of the Fair Market Value of the Stock on the date of grant of such Stock Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Stock Appreciation Right Term</u>. No Stock Appreciation Right shall be exercisable more than ten years after the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Stock Appreciation Rights Granted Alone or in Tandem with Awards Other than Stock Options</u>. Stock Appreciation Rights granted alone or in tandem with Awards other than Stock Options shall be subject to such terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall provide in the applicable Award Documentation or otherwise establish at or after the time of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Stock Appreciation Rights Granted in Tandem with Stock Options</u>. Stock Appreciation Rights granted in tandem with Stock Options shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Grant</u>. Stock Appreciation Rights granted in tandem with Stock Options may be granted at or after the time of grant of such Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Method of Exercise</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Stock Appreciation Rights granted in tandem with Stock Options shall be exercisable only at such times and to the extent that the Stock Options are exercisable in accordance with Section ***‎***5 and the applicable Award Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Stock Appreciation Rights granted in tandem with Stock Options may be exercised by giving notice in the manner required by the Committee in the applicable Award Documentation, or otherwise in accordance with any exercise procedures as may be established by the Committee or its delegate from time to time, and surrendering the applicable Stock Option (or portion thereof). Such Stock Option shall no longer be exercisable upon and to the extent of the exercise of such Stock Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Stock Appreciation Rights Defined</u>. As used in the Plan, the term "<u>Stock Appreciation Right</u>" shall mean the right granted under this Section **‎**6 to receive from the Company, upon exercise of such right (or portion thereof), an amount, which may be paid in cash or shares of Stock (or a combination of cash and Stock), equal to (i) the Fair Market Value, as of the date of exercise, of the shares of Stock covered by such right (or such portion thereof), less (ii) the aggregate exercise price of such right (or such portion thereof).

SECTION 7. Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restricted Stock in General</u>. Restricted Stock is an award of Stock with vesting and forfeiture restrictions that are related to the Participant's continued service with the Company for a specified period of time, in addition to any other such terms and conditions as may be specified by the Committee at or after grant, which may include performance-based or any other vesting criteria as determined by the Committee. The Committee shall have authority to award to any Participant Restricted Stock either alone or in tandem with, in addition to or in substitution for other types of Awards.

Subject to the provisions of this Plan, the Committee shall determine the eligible persons to whom, and the time or times at which, grants of Restricted Stock will be made, the number of shares subject to Restricted Stock awards, the price (if any) to be paid by the recipient (subject to Section ‎7(b)), the time or times within which Restricted Stock may be subject to forfeiture, the vesting schedule and rights to acceleration of, and all other terms and conditions of Restricted Stock awards.

The provisions of Restricted Stock awards need not be the same with respect to each recipient, and, with respect to individual recipients, need not be the same in subsequent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conditions of Restricted Stock</u>. Restricted Stock awards shall be subject to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The purchase price, if any, for shares of Stock subject to a Restricted Stock award shall be set by the Committee at the time of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Participant who is selected to receive a Restricted Stock award may be required, as a condition to receipt of such Restricted Stock award, to execute and to deliver to the Company the applicable Award Documentation, and to pay whatever price (if any) is required under Section **‎**7(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Unless the Committee determines otherwise, in respect of the shares subject to a Restricted Stock award, the Company shall provide for a book entry on behalf of the Participant. The book entry in respect of shares subject to a Restricted Stock award shall be subject to the same limitations contained in the Restricted Stock award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Restrictions and Conditions of Shares</u>. The shares subject to a Restricted Stock award shall be subject to the following restrictions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the provisions of this Plan and the applicable Award Documentation, during a period set by the Committee commencing with the date of grant (the "<u>Restriction Period</u>"), the Participant shall not be permitted to sell, transfer, pledge or assign such shares. Within these limits, the Committee may provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions in whole or in part, based on service, satisfaction of performance criteria, or such other factors or criteria as the Committee may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 to the provisions of this Plan and the applicable Award Documentation, the Participant shall have, with respect to such shares, the right to vote and, subject to Section **‎**3(d), to receive payment of any cash dividends in cash or in the form of Dividend Equivalents as the Committee may determine at or after grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Subject to the provisions of this Plan, upon termination of a Participant's employment or service with the Company for any reason during the Restriction Period, all such shares still subject to restriction shall vest or be forfeited in accordance with the terms and conditions set forth in the applicable Award Documentation or otherwise established by the Committee at or after grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 and when the Restriction Period expires without a prior forfeiture of any such shares, such remaining shares shall be delivered to the Participant, net of applicable withholding taxes.

SECTION 8. RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>RSUs in General</u>. RSUs shall have vesting conditions primarily based on the Participant's continued service with the Company for a specified period of time as specified by the Committee at the time of grant.

Subject to the provisions of this Plan, the Committee shall have the authority to award to any Participant RSUs either alone or in tandem with, in addition to or in substitution for other types of Awards. The Committee shall determine the eligible persons to whom, and the time or times at which, grants of RSUs will be made, the number of RSUs that are issued and whether such RSUs are settled in cash and/or stock, the vesting schedule and all other terms and conditions of RSUs.

The provisions of RSUs need not be the same with respect to each recipient, and, with respect to individual recipients, need not be the same in subsequent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Terms and Conditions of RSUs</u>. RSUs shall be subject to the following terms and 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;(i) The terms of any RSUs granted under the Plan shall be set forth in the applicable Award Documentation, which shall contain provisions determined by the Committee and not inconsistent with the Plan, including whether such RSUs will have Dividend Equivalents.

&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 to the provisions of this Plan and the Award Documentation, Participants' rights with respect to RSUs, including the shares and/or cash subject to RSUs, may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date of payment or the date on which the shares and/or cash are distributed to the Participant, or, if later, the date on which any vesting terms lapse.

&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) RSUs may be settled in cash, shares of Stock or other property. Subject to the terms of the Plan, the Committee may waive in whole or in part any of the continued service conditions or restrictions or other vesting restrictions imposed with respect to such Awards, based on such factors as the Committee may determine.

&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) An RSU shall not convey to a Participant the rights and privileges of a shareholder with respect to the share of Stock subject to such RSU, such as the right to vote or the right to receive dividends, unless and until and to the extent a share of Stock is issued to such Participant to settle such RSU.

&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 Committee may, in its discretion, specify in the applicable Award Documentation that any or all dividend equivalents or other distributions paid on Awards of RSUs prior to vesting or settlement, as applicable, be paid either in cash or in additional shares of Stock and either on a current or deferred basis and that such dividend equivalents or other distributions may be reinvested in additional shares of Stock, which may be subject to the same restrictions as such Awards.

SECTION 9. PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>PSUs in General</u>. PSUs shall be earned and shall vest in whole or in part based on the attainment of performance objectives for the Company, the Participant's business unit or other entity as may be specified by the Committee at the time of grant.

Subject to the provisions of this Plan, the Committee shall have the authority to award to any Participant PSUs either alone or in tandem with, in addition to or in substitution for other types of Awards. The Committee shall determine the eligible persons to whom, and the time or times at which, grants of PSUs will be made, the number of PSUs that are issued and whether such PSUs are settled in cash and/or stock, the vesting schedule and performance conditions and all other terms and conditions of PSUs.

The provisions of PSUs need not be the same with respect to each recipient, and, with respect to individual recipients, need not be the same in subsequent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Terms and Conditions of PSUs</u>. PSUs shall be subject to the following terms and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The terms of any PSUs granted under the Plan shall be set forth in the applicable Award Documentation, which shall contain provisions determined by the Committee and not inconsistent with the Plan, including whether such PSUs will have Dividend Equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 to the provisions of this Plan and the Award Documentation, during a period set by the Committee (the "<u>Performance Period</u>"), Participants' rights with respect to PSUs, including the shares and/or cash subject to PSUs, may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date of payment or the date on which the shares and/or cash are distributed to the Participant, or, if later, the date on which any applicable restriction, performance or deferral period lapses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 performance objectives to be attained during any Performance Period and the length of the Performance Period shall be determined by the Committee at the time of grant of each PSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) PSUs may be settled in cash, shares of Stock or other property. Subject to the terms of the Plan, the Committee may waive in whole or in part any of the continued service or performance conditions or restrictions imposed with respect to such Awards, based on such factors as the Committee may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) A PSU shall not convey to a Participant the rights and privileges of a shareholder with respect to the share of Stock subject to such PSU, such as the right to vote or the right to receive dividends, unless and until and to the extent a share of Stock is issued to such Participant to settle such PSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Committee may, in its discretion, specify in the applicable Award Documentation that any or all dividend equivalents or other distributions paid on Awards of PSUs prior to vesting or settlement, as applicable, be paid either in cash or in additional shares of Stock and either on a current or deferred basis and that such dividend equivalents or other distributions may be reinvested in additional shares of Stock, which may be subject to the same restrictions as such Awards.

SECTION 10. Other Stock-Based Awards and Other Cash-Based Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Other Stock-Based Awards and Other Cash-Based Awards 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.

Subject to the provisions of this Plan, the Committee shall have authority to determine the persons to whom and the time or times at which Other Stock-Based Awards and Other Cash-Based Awards shall be made, the number of shares of Stock to be awarded, the cash payment to be made pursuant to, and all other conditions of, Other Stock-Based Awards and Other Cash-Based Awards.

The provisions of Other Stock-Based Awards and Other Cash-Based Awards need not be the same with respect to each recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Terms and Conditions</u>. Other Stock-Based Awards and Other Cash-Based Awards shall be subject to the following terms and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the provisions of this Plan and the applicable Award Documentation, Participants' rights with respect to Other Stock-Based Awards and Other Cash-Based Awards, including the shares subject to Other Stock-Based Awards, may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date on which the shares or cash are distributed to the Participant, or, if later, the date on which any applicable restriction or deferral period lapses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 to the provisions of this Plan and the applicable Award Documentation, recipients of Other Stock-Based Awards may be entitled to receive dividends or Dividend Equivalents with respect to the number of shares or deemed number of shares covered by Other Stock-Based Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Subject to the provisions of this Plan, Other Stock-Based Awards and Other Cash-Based Awards and any cash payments or Stock covered by Other Stock-Based Awards or Other Cash-Based Awards shall vest or be forfeited to the extent so provided in the applicable Award Documentation, or as otherwise established by the Committee at or after grant, including, without limitation, in connection with the termination of a Participant's employment or service with the Company for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Other Stock-Based Award and Other Cash-Based Award shall be confirmed by, and subject to the terms of, the applicable Award Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Stock distributed on a bonus basis under this Section **‎**10 may be awarded for no cash consideration.

SECTION 11. Change In Control Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Impact of Event</u>. Except as otherwise determined by the Committee or provided in the Award Documentation, in the event of a Change in Control, the Committee may, in its sole discretion, and on such terms and conditions as it deems appropriate, take any one or more of the following actions with respect to any outstanding Award, which need not be uniform with respect to all Participants and/or Awards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) continuation or assumption of such Award by the Company (if it is the surviving corporation) or by the successor or surviving entity or its parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) substitution or replacement of such Award by the successor or surviving entity or its parent 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 Award (including any applicable performance targets or criteria 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) acceleration of the vesting of such Award and the lapse of any restrictions thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 performance-based award, determination of the level of attainment of the applicable performance condition(s); 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) cancellation of such Award in consideration of a payment, with the form, amount and timing of such payment determined by the Committee in its sole discretion, subject to the following: (A) such payment shall be made in cash, securities, rights and/or other property; and (B) the amount of such payment shall equal the value of such Award, as determined by the Committee in its sole discretion; provided that the Committee may, in its sole discretion, terminate any Stock Option or Stock Appreciation Right for which the exercise or hurdle price is equal to or exceeds the per share value of the consideration to be paid in the Change in Control transaction without payment of consideration therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Definition of "Change in Control"</u>. For purposes of this Plan, the term "Change in Control" shall mean the first to occur of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "<u>Person</u>") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (1) the then-outstanding shares of Stock (the "<u>Outstanding Stock</u>") or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the "<u>Outstanding Voting Securities</u>"); excluding, however, the following: (1) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (2) any acquisition by the Company; (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (a), (b) and (c) of subsection **‎**(iii) of this Section 11(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A change in the composition of the Board such that the individuals who, as of the Effective Date, constitute the Board (such Board shall be hereinafter referred to as the "<u>Incumbent Board</u>") cease for any reason to constitute at least a majority of the Board; provided, however, for purposes of this Section 11(b), that any individual who becomes a member of the Board subsequent to the Effective Date, whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but provided, further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; 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;(iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company ("<u>Corporate Transaction</u>"); excluding, however, such a Corporate Transaction pursuant to which all of the following conditions are met: (a) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Stock and Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, 50% or more of, respectively, the outstanding shares of common stock, and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Stock and Outstanding Voting Securities, as the case may be, (b) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation resulting from such Corporate Transaction) will beneficially own, directly or indirectly, 50% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction, and (c) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; 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) The approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

For the avoidance of doubt, the Distribution (as defined in the Employee Matters Agreement) shall not be considered a Change in Control.

SECTION 12. Non-Employee Director Limits. No non-employee member of the Board may receive compensation (including cash payments and Awards) during any fiscal year in respect of such individual's service as a member of the Board during such year (including service as a member or chair of any committees of the Board) in excess of $750,000 (or, with respect to the non-executive chair of the Board, $1,000,000) in total value (calculating the value of any Awards based on the grant date fair value of such Awards for financial reporting purposes). Notwithstanding the foregoing, this limit shall not apply with respect to compensation issued to non-employee members of the Board in respect of the 2026 fiscal year.

SECTION 13. Amendments and Termination.

The Board may amend, alter, discontinue or terminate the Plan, but no amendment, alteration, discontinuation or termination shall be made which would materially impair the rights of an optionee or Participant under an Award theretofore granted, without the optionee's or Participant's consent.

The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively; but no such amendment or other action by the Committee shall (i) materially impair the rights of any holder without the holder's consent or (ii) subject to Section ‎3(c), directly or indirectly, through cancellation and regrant or any other method, reduce, or have the effect of reducing, the exercise price per share of Stock subject to a Stock Option or Stock Appreciation Right, or cancel a Stock Option or Stock Appreciation Right in exchange for a cash payment or another Award, including a new Stock Option or Stock Appreciation Right having a lower exercise price, without prior shareholder approval.

Unless otherwise expressly provided in the applicable Award Documentation, the Plan and the Awards are not intended to provide for the deferral of compensation within the meaning of Section 409A(d)(1) of the Code, and they shall be interpreted and construed in accordance with such intent. Notwithstanding the foregoing and anything to the contrary in the Plan or any Award, if any provision of the Plan or any Award would cause the requirements of Section 409A of the Code to be violated, or otherwise cause any Participant to recognize income under Section 409A of the Code, then such provision may be modified by the Committee or the Board in any reasonable manner that the Committee or the Board, as applicable, deems appropriate; provided that the Committee or the Board, as applicable, shall preserve the intent of such provision to the extent reasonably practicable without violating the requirements of Section 409A of the Code. With respect to Awards subject to Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any Award Documentation shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this conflict. Notwithstanding anything in the Plan to the contrary, if the Committee considers a Participant to be a "specified employee" under Section 409A of the Code at the time of such Participant's "separation from service" (as defined in Section 409A of the Code), and any amount hereunder is "deferred compensation" subject to Section 409A of the Code, any distribution of such amount that otherwise would be made to such Participant with respect to an Award as a result of such "separation from service" shall not be made until the date that is six months after such "separation from service," except to the extent that earlier distribution would not result in such Participant's incurring interest or additional tax under Section 409A of the Code. If an Award includes a "series of installment payments" (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), a Participant's right to such series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment, and if an Award includes "dividend equivalents" (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), a Participant's right to such dividend equivalents shall be treated separately from the right to other amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan or any Award Documentation is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of non-compliance with Section 409A of the Code.

Notwithstanding anything to the contrary herein, the Board shall have broad authority to amend the Plan to take into account changes in applicable securities and tax laws and accounting rules.

SECTION 14. Unfunded Status of Plan.

The Plan is intended to constitute an "unfunded" plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or optionee by the Company, nothing contained herein shall give any such Participant or optionee any rights that are greater than those of a general creditor of the Company.

SECTION 15. General Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Stock Subject to Awards</u>. The Committee may require each person purchasing shares of Stock pursuant to an Award to represent to and agree with the Company in writing that the optionee or Participant is acquiring the shares without a view to distribution thereof. Stock delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Commission, any stock exchange upon which the Stock is then listed, any applicable federal or state securities law, and any applicable corporate law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Plans</u>. Nothing contained in this Plan shall prevent the Board or the Committee from adopting other or additional compensation or equity plans or arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Continued Employment or Service</u>. The adoption of the Plan shall not confer upon any Participant any right to continued employment or service with the Company or its Subsidiaries, as the case may be, nor shall it interfere in any way with the right of the Company or its Subsidiaries to terminate the employment or service of any of its employees or consultants at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Taxes and Withholding</u>. No later than the date as of which an amount first becomes includible in the gross income of the Participant for income tax purposes with respect to any Award (including dividends or Dividend Equivalents on any non-vested Restricted Stock award, RSU, PSU or Other Stock-Based Award), the Participant shall pay to the Company or its Subsidiaries, or make arrangements satisfactory to the Committee regarding the payment of, any federal, FICA, state, local or country-specific taxes of any kind required by law to be withheld or paid with respect to such amount. The obligations of the Company under the Plan shall be conditional on such payment or arrangements and the Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from the vesting Award or exercised Stock Option before such shares are settled. Unless the Committee otherwise determines, at or before the time of payment, tax withholding or payment obligations up to the Participant's minimum required withholding rate shall be settled with Stock that is part of the Award that gives rise to the withholding requirement. If and to the extent determined by the Committee, a Participant may elect to satisfy any additional tax withholding or payment obligation up to the Participant's maximum marginal tax rate by delivery of unrestricted stock duly owned by the Participant (and for which the Participant has good title free and clear of any liens and encumbrances).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Governing Law</u>. The Plan and all Awards and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Computation of Benefits</u>. Any payment under this Plan shall not be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Subsidiaries unless required by regulation and shall not affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Foreign Law</u>. The Committee may grant Awards to eligible individuals who are foreign nationals, who are located outside the United States, or who are otherwise subject to or cause the Company to be subject to legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, subplans and the like as may be necessary or advisable to comply with such legal or regulatory provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Transferability of Awards</u>. Unless the Committee determines otherwise at or after grant, no Award may be sold, assigned, pledged or otherwise encumbered prior to the date on which the Award is paid and any shares or amount of cash subject to such Award are distributed to the Participant, or, if later, the date on which any applicable restriction, performance or deferral period lapses. Awards shall not be transferable by the Participant otherwise than by will or by the laws of descent and distribution. Unless approved by shareholders, no Award shall be transferable by the Participant to a third-party for consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Recoupment, Cancellation or Clawback of Awards</u>. Any Awards granted under the Plan (including any amounts or benefits arising from such Awards) shall be subject to recovery by the Company in accordance with any clawback or recoupment arrangements or policies the Company has in place from time to time, including, without limitation, the terms of the Mobility Global Inc. Compensation Recoupment Policy (as amended from time to time), or any successor policies thereto, as in effect from time to time. Without limiting the generality of the foregoing, the Committee shall have full authority to implement any other policies and procedures necessary to comply with Section 10D of the Exchange Act and any rules promulgated thereunder and any other regulatory regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Non-Competition and Non-Solicitation and Non-Disparagement</u>. The Committee may, in its sole discretion, condition eligibility to be designated a Participant in the Plan or to receive Awards and any of the benefits specified in the Plan or in the applicable Award Documentation on the Participant's execution of, compliance with, and/or certification of compliance with a non-competition and/or non-solicitation and/or non-disparagement agreement in a form prescribed by the Committee or as set forth in any applicable Award Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No employee, Participant or other Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of employees, Participants or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any provision of the Plan or any Award Documentation is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Documentation, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the Plan and any such Award Documentation shall remain in full force and effect.

SECTION 16. Data Protection.

By participating in the Plan, the Participant hereby acknowledges the collection, use, disclosure and processing of personal information provided by the Participant to the Company, trustee or third-party service provider, for all purposes relating to the operation and/or administration of the Plan. These include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 performance of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) administering
 and maintaining Participant records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) providing
 information to the Company, trustees of any employee benefit trust, registrars, brokers,
 third-party service providers or third-party administrators of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) providing
 information to future purchasers or merger partners of the Company, or the business in which
 the Participant works; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) transferring
 information about the Participant to any country or territory that may not provide the same
 level of protection for the information as the Participant's home country.

SECTION 17. Plan Effective Date and Duration.

The Plan shall become effective as of the Effective Date. The Plan, as it may be amended from time to time, shall continue in effect until terminated by the Board pursuant to Section ‎13; provided, that no Incentive Stock Options may be issued under the Plan following the ten-year anniversary of the Effective Date. Upon any termination of the Plan, the Company shall no longer be able to grant Awards under the Plan but Awards granted prior to such termination shall remain outstanding in accordance with their terms and shall not be affected by such termination.

## Exhibit 10.10

**Exhibit 10.10**

**FORM OF INDEMNIFICATION AGREEMENT**

**MOBILITY GLOBAL INC.**

This Indemnification Agreement (this "**Agreement**"), made and entered into as of the ____ day of ____, 2026, by and between Mobility Global Inc., a Delaware corporation (the "**Company**") and _________ ("**Indemnitee**").

W I T N E S S E T H:

WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the corporation.

WHEREAS, the Board of Directors of the Company (the "**Board**") has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.

WHEREAS, the Certificate of Incorporation and By-Laws of the Company provide that the Company shall indemnify and advance expenses to all directors and officers of the Company in the manner set forth therein and to the fullest extent permitted by applicable law, and the Company's Certificate of Incorporation provides for limitation of liability for directors and officers. In addition, Indemnitee may be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware ("**DGCL**"). The Certificate of Incorporation and By-Laws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification.

WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons.

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company's stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future.

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified.

WHEREAS, this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and By-Laws of the Company and any resolutions adopted pursuant thereto and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

WHEREAS, Indemnitee does not regard the protection available under the Company's Certificate of Incorporation and By-Laws and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director of the Company without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified.

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

Article 1<br> Certain Definitions

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

"**Change of Control**" means any one of the following circumstances occurring after the date hereof: (i) there shall have occurred an event required to be reported with respect to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any similar schedule or form) under the Exchange Act, regardless of whether the Company is then subject to such reporting requirement; (ii) any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) shall have become, without prior approval of the Company's Board by approval of at least a majority of the Continuing Directors, the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 20 % or more of the combined voting power of the Company's then outstanding voting securities (provided that, for purposes of this clause (ii), the term "person" shall exclude (x) the Company, (y) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (z) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company); (iii) there occurs a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; (iv) all or substantially all the assets of the Company are sold or disposed of in a transaction or series of related transactions; (v) the approval by the stockholders of the Company of a complete liquidation of the Company; or (vi) the Continuing Directors cease for any reason to constitute at least a majority of the members of the Board.

"**Continuing Director**" means (i) each director on the Board on the date hereof or (ii) any new director whose election or nomination for election by the Company's stockholders was approved by a vote of at least a majority of the directors then still in office who were directors on the date hereof or whose election or nomination was so approved.

"**Corporate Status**" means the status of a person who is or was a director, officer, trustee, general partner, managing member, fiduciary, board of directors' committee member, employee or agent of the Company or of any other Enterprise.

"**Disinterested Director**" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

"**Enterprise**" means the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, board of directors' committee member, employee or agent.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Expenses**" means all direct and indirect costs (including attorneys' fees, retainers, court costs, transcripts, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses) reasonably incurred in connection with (i) prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or (ii) establishing or enforcing a right to indemnification under this Agreement, the Company's Certificate of Incorporation and By-Laws, applicable law or otherwise. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. For the avoidance of doubt, Expenses, however, shall not include any Liabilities.

"**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither currently is, nor in the five years previous to its selection or appointment has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"**Liabilities**" means any losses or liabilities, including any judgments, fines, excise taxes and penalties, penalties and amounts paid in settlement, arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in connection with or in respect of any such judgments, fines, excise taxes and penalties, penalties or amounts paid in settlement).

"**Proceeding**" means any threatened, pending or completed action, derivative action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or on behalf of the Company or any other party, or any inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of any Corporate Status of Indemnitee, or by reason of any action taken (or failure to act) by him or her or of any action (or failure to act) on his or her part while serving in any Corporate Status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the purposes of this Agreement:

References to "to the fullest extent permitted by applicable law" shall include, but not be limited to: (i) to the fullest extent permitted by any provision of the DGCL, or the corresponding provision of any successor statute, and (ii) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

References to "Company" shall include, in addition to the resulting or surviving corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that if Indemnitee is or was a director, officer, employee, or agent of such constituent corporation or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, then Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

Reference to "other enterprise" shall include employee benefit plans; references to "fines" shall include any excise tax assessed with respect to any employee benefit plan; references to "serving at the request of the Company" shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Company" as referred to in this Agreement.

Reference to "including" shall mean "including, without limitation," regardless of whether the words "without limitation" actually appear.

Article 2<br> Services By Indemnitee

Section 2.01 *. Services By Indemnitee.* Indemnitee hereby agrees to serve or continue to serve, at the will of the Company, as a director or officer of the Company, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed.

Article 3<br> Indemnification

Section 3.01 *.*(a) *Indemnity in Third-Party Proceedings*. The Company will indemnify Indemnitee in accordance with the provisions of this Section 3.01(a) if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3.01(a), the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses and Liabilities, in each case, actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue, or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnity in Proceedings by or in the Right of the Company*. The Company will indemnify Indemnitee in accordance with the provisions of this Section 3.01(b) if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3.01(b), the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue, or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. The Company will not indemnify Indemnitee for Expenses under this Section 3.01(b) related to any claim, issue, or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company, unless, and only to the extent that, the Court of Chancery of the State of Delaware (the "**Delaware Court**") or any court in which the Proceeding was brought determines upon application by Indemnitee that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Witness Expenses*. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Expenses as a Party Where Wholly or Partly Successful*. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

Section 3.02 *. Exclusions.* Notwithstanding any provision of this Agreement the Company shall not be obligated under this Agreement to make any indemnity in connection with any Proceeding (or any part of any Proceeding):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for which payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy, indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) for any Proceeding initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees, agents or other indemnitees, unless (x) the Board authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (y) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (z) the Proceeding or part of any Proceeding is to enforce Indemnitee's rights to indemnification or advancement, of Expenses, including a Proceeding (or any part of any Proceeding) initiated pursuant to Section 6.01(e) of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) if prohibited by applicable law.

Article 4<br> Advancement Of Expenses; Defense of Claims

Section 4.01 *. Advances.* Notwithstanding any provision of this Agreement to the contrary, the Company shall advance any Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company of each statement requesting such advance from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability to repay such amounts and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed.

Section 4.02 *. Repayment of Advances or Other Expenses.* Indemnitee agrees that Indemnitee shall reimburse the Company for all Expenses advanced by the Company pursuant to ‎Section 4.01, in the event and only to the extent that it shall be determined by final judgment or other final adjudication under the provisions of any applicable law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be indemnified by the Company for such Expenses.

Section 4.03 *. Defense of Claims.* The Company will be entitled to participate in the Proceeding at its own expense. The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee's prior written consent, such consent not to be unreasonably withheld. Indemnitee shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on the Company without the Company's prior written consent, such consent not to be unreasonably withheld. The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part thereof) without the Company's prior written consent.

Article 5<br> Procedures For Notification of and Determination of Entitlement To Indemnification

Section 5.01 *. Notification; Request For Indemnification.* (a) As soon as reasonably practicable after receipt by Indemnitee of written notice that he or she is a party to or a participant (as a witness or otherwise) in any Proceeding or of any other matter in respect of which Indemnitee intends to seek indemnification or advancement of Expenses hereunder, Indemnitee shall provide to the Company written notice thereof, including the nature of and the facts underlying the Proceeding. The omission by Indemnitee to so notify the Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To obtain indemnification under this Agreement, Indemnitee shall deliver to the Company a written request for indemnification, including therewith such information as is reasonably available to Indemnitee and reasonably necessary to determine Indemnitee's entitlement to indemnification hereunder. Such request(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Indemnitee's entitlement to indemnification shall be determined according to Section 5.02 of this Agreement and applicable law.

Section 5.02 *. Determination of Entitlement.* (a) Where there has been a written request by Indemnitee for indemnification pursuant to ‎Section 5.01(b), then as soon as is reasonably practicable (but in any event not later than sixty (60) days) after final disposition of the relevant Proceeding, a determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall be made in the specific case: (i) if a Change of Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys' fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If entitlement to indemnification is to be determined by Independent Counsel pursuant to ‎Section 5.02(a)(ii), such Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. If entitlement to indemnification is to be determined by Independent Counsel pursuant to ‎Section 5.02(a)(i)(C) (or if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected by the Company in which case the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to ‎Section 5.01(b) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under ‎Section 5.02(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to ‎Section 6.01(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees to pay the reasonable fees and expenses of any Independent Counsel serving under this Agreement.

Section 5.03 *. Presumptions and Burdens of Proof; Effect of Certain Proceedings.* (a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with ‎Section 5.01(b) of this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of any person, persons or entity to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by any person, persons or entity that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the person, persons or entity empowered or selected under ‎Section 5.02 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within the sixty (60) day period referred to in Section 5.02(a), the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification , absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; *provided*, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is in good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of such Enterprise in the course of their duties, or on the advice of legal counsel for such Enterprise or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser or other expert selected by such Enterprise. The provisions of this ‎Section 5.03(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The knowledge and/or actions, or failure to act, of any other director, trustee, partner, managing member, fiduciary, officer, agent or employee of any Enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement.

Article 6<br> Remedies of Indemnitee

Section 6.01. *Adjudication or Arbitration*. (a) In the event of any dispute between Indemnitee and the Company hereunder as to entitlement to indemnification or advancement of Expenses (including where (i) a determination is made pursuant to ‎Section 5.02 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to ‎Section 4.01 of this Agreement, (iii) payment of indemnification pursuant to ‎Section 3.01 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, (iv) no determination as to entitlement to indemnification is timely made pursuant to Section 5.02 of this Agreement and no payment of indemnification is made within ten (10) days after entitlement is deemed to have been determined pursuant to Section 5.03(b)) or (v) a contribution payment is not made in a timely manner pursuant to Section 8.04 of this Agreement, then Indemnitee shall be entitled to an adjudication by a court of his or her entitlement to such indemnification, contribution or advancement. Alternatively, in such case, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 6.01(a). The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a determination shall have been made pursuant to ‎Section 5.02(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this ‎Section 6.01 shall be conducted in all respects as a *de novo* trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this ‎Section 6.01 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to ‎Section 5.02(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this ‎Section 6.01, Indemnitee shall not be required to reimburse the Company for any advances pursuant to ‎Section 4.02 until a final determination is made with respect to Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination shall have been made pursuant to ‎Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this ‎Section 6.01, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this ‎Section 6.01 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall indemnify Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Company's receipt of such written request) advance such Expenses to Indemnitee, which are reasonably incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee for (i) indemnification or advances of Expenses by the Company (or otherwise for the enforcement, interpretation or defense of his or her rights) under this Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the Company's Certificate of Incorporation or By-laws now or hereafter in effect or (ii) recovery or advances under any directors' and officers' liability insurance policy maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, contribution, advancement or insurance recovery, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding, including any appeal therein.

Article 7<br> Directors' and Officers' Liability Insurance

Section 7.01 *. D&O Liability Insurance.* To the extent that the Company maintains a policy or policies of insurance providing liability insurance for directors of the Company in their capacities as such (and for any capacity in which any director of the Company serves any other Enterprise at the request of the Company), in respect of acts or omissions occurring while serving in such capacity, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any other director under such policy or policies.

Article 8<br> Miscellaneous

Section 8.01 *. Nonexclusivity of Rights.* The rights of indemnification, contribution and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled to under applicable law, the Company's Certificate of Incorporation, the Company's Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

Section 8.02 *. Insurance and Subrogation.* (a) If, at the time the Company receives notice of a claim hereunder, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. The failure or refusal of any such insurer to pay any such amount shall not affect or impair the obligations of the Company under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided) hereunder if and to the extent that Indemnitee has actually received such payment under any insurance policy or other indemnity provision.

Section 8.03 *Indemnification from Other Sources.* The Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, board of directors' committee member, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise.

Section 8.04 *. Contribution.* To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

Section 8.05 *. Amendment.* This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this Agreement in respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, contribution or advancement of Expenses than would be afforded currently under the Company's Certificate of Incorporation and By-Laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.

Section 8.06 *. Waivers.* The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

Section 8.07 *. Entire Agreement.* This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are superseded by this Agreement, provided that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and By-laws of the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

Section 8.08 *. Severability.* If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 8.09 *. Notices.* All notices, requests, demands and other communications under this Agreement shall be in writing (which may be email or other electronic transmission including PDFs). 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. The address for notice to a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above.

Section 8.10 *. Binding Effect.* (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and executors, administrators, personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all, or a substantial part of the business or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnification, contribution and advancement of Expenses provided by, or granted pursuant to this Agreement shall continue as to a person who has ceased to be a director and shall inure to the benefit of the heirs, executors, administrators, legatees and assigns of such a person.

Section 8.11 *. Governing Law.* This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.

Section 8.12 *. Consent To Jurisdiction.* Except with respect to any arbitration commenced by Indemnitee pursuant to ‎Section 6.01(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

Section 8.13 *. Headings.* The Article and Section headings in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

Section 8.14 *. Counterparts.* This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form.

Section 8.15 *. Use of Certain Terms.* As used in this Agreement, the words "herein," "hereof," and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date first above written.

---

| | |
|:---|:---|
| MOBILITY GLOBAL INC. | MOBILITY GLOBAL INC. |
| By: |  |
|  | Name: |
|  | Title: |
| Address: | Address: |
| E-Mail: | E-Mail: |
| Attention: | Attention: |
| With a copy to: | With a copy to: |
| Address: | Address: |
| E-Mail: | E-Mail: |
| Attention: | Attention: |

---

---

| |
|:---|
| INDEMNITEE |
| Address: |
| E-Mail: |
| With a copy to: |
| Address: |
| E-Mail: |
| Attention: |

---

## Exhibit 10.14

**Exhibit 10.14**

[\*\*\*] 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.

**MOBILITY GLOBAL INC.**

**INDENTURE**

**Dated as of May 29, 2026**

**The Bank of New York Mellon Trust Company, N.A., as Trustee**

**Mobility Global Inc.**

**Reconciliation and tie between Trust Indenture Act of 1939, as amended**

**and Indenture dated as of May 29, 2026**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Trust Indenture Act Section** | &nbsp;&nbsp;**Indenture Section** |
| &nbsp;&nbsp;§310(a)(1) | &nbsp;&nbsp;7.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;7.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(3) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(4) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(5) | &nbsp;&nbsp;7.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp;7.03; 7.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;§311(a) | &nbsp;&nbsp;7.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp;7.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;§312(a) | &nbsp;&nbsp;4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp;4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | &nbsp;&nbsp;4.03 |
| &nbsp;&nbsp;§313(a) | &nbsp;&nbsp;7.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(1) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(2) | &nbsp;&nbsp;7.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | &nbsp;&nbsp;703(a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | &nbsp;&nbsp;703(b) |
| &nbsp;&nbsp;§314(a) | &nbsp;&nbsp;4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(4) | &nbsp;&nbsp;4.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(1) | &nbsp;&nbsp;11.03(a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(2) | &nbsp;&nbsp;11.03(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(3) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | &nbsp;&nbsp;11.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | &nbsp;&nbsp;Not Applicable} |
| &nbsp;&nbsp;§315(a) | &nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp;7.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | &nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | &nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | &nbsp;&nbsp;6.12 |
| &nbsp;&nbsp;§316(a)(last sentence) | &nbsp;&nbsp;2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1)(A) | &nbsp;&nbsp;6.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1)(B) | &nbsp;&nbsp;6.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp;6.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | &nbsp;&nbsp;9.03 |
| &nbsp;&nbsp;§317(a)(1) | &nbsp;&nbsp;6.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;6.09 |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;2.06 |
| &nbsp;&nbsp;§318(a) | &nbsp;&nbsp;11.01 |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;(c) | &nbsp;&nbsp;11.01 |

---

Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| Article 1 | Article 1 | Article 1 |
| DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION | DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION | DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION |
| Section 1.01 | Definitions | 1 |
| Section 1.02 | Compliance Certificates and Opinions | 7 |
| Section 1.03 | Form of Documents Delivered to Trustee | 7 |
| Section 1.04 | Acts of Holders | 8 |
| Section 1.05 | Notices, etc., to Trustee or Company | 8 |
| Section 1.06 | Notice to Holders; Waiver | 9 |
| Section 1.07 | Conflict with Trust Indenture Act | 9 |
| Section 1.08 | Effect of Headings and **Table of Contents** | 9 |
| Section 1.09 | Successors and Assigns | 9 |
| Section 1.10 | Separability Clause | 10 |
| Section 1.11 | Benefits of Indenture | 10 |
| Section 1.12 | Governing Law | 10 |
| Section 1.13 | Legal Holidays | 10 |
| Section 1.14 | Waiver of Jury Trial | 10 |
| Article 2 | Article 2 |  |
| THE SECURITIES | THE SECURITIES |  |
| Section 2.01 | Amount Unlimited; Issuable in Series | 10 |
| Section 2.02 | Denominations | 13 |
| Section 2.03 | Execution, Authentication, Delivery and Dating | 13 |
| Section 2.04 | Temporary Securities | 15 |
| Section 2.05 | Registration; Registration of Transfer and Exchange | 15 |
| Section 2.06 | Mutilated, Destroyed, Lost and Stolen Securities | 17 |
| Section 2.07 | Payment of Interest; Interest Rights Preserved | 17 |
| Section 2.08 | Persons Deemed Owners | 18 |
| Section 2.09 | Cancellation | 19 |
| Section 2.10 | Computation of Interest | 19 |
| Section 2.11 | CUSIP Numbers | 19 |
| Article 3 | Article 3 |  |
| REDEMPTION OF SECURITIES | REDEMPTION OF SECURITIES |  |
| Section 3.01 | Applicability of Article | 19 |
| Section 3.02 | Election to Redeem; Notice to Trustee | 19 |
| Section 3.03 | Selection by Trustee of Securities to be Redeemed | 20 |
| Section 3.04 | Notice of Redemption | 20 |
| Section 3.05 | Deposit of Redemption Price | 21 |
| Section 3.06 | Securities Payable on Redemption Date | 21 |
| Section 3.07 | Securities Redeemed in Part | 21 |
| Article 4 | Article 4 |  |
| SINKING FUNDS | SINKING FUNDS |  |
| Section 4.01 | Applicability of Article | 22 |
| Section 4.02 | Satisfaction of Sinking Fund Payments with Securities | 22 |
| Section 4.03 | Redemption of Securities for Sinking Fund | 22 |

---

i

---

| | | |
|:---|:---|:---|
| Article 5 | Article 5 | Article 5 |
| COVENANTS | COVENANTS | COVENANTS |
| Section 5.01 | Payment of Principal, Premium and Interest | 23 |
| Section 5.02 | Maintenance of Office or Agency | 23 |
| Section 5.03 | Money for Securities Payments to be Held in Trust | 24 |
| Section 5.04 | Corporate Existence | 24 |
| Section 5.05 | Statement by Officers as to Default | 24 |
| Section 5.06 | Limitation on Liens | 25 |
| Section 5.07 | Limitation on Sale Leasebacks | 25 |
| Article 6 | Article 6 | Article 6 |
| CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE | CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE | CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE |
| Section 6.01 | Consolidation, Merger, Conveyance or Transfer on Certain Terms | 26 |
| Section 6.02 | Successor Person Substituted | 27 |
| Article 7 | Article 7 | Article 7 |
| REMEDIES | REMEDIES | REMEDIES |
| Section 7.01 | Events of Default | 27 |
| Section 7.02 | Acceleration of Maturity; Rescission and Annulment | 28 |
| Section 7.03 | Collection of Indebtedness and Suits for Enforcement by Trustee | 30 |
| Section 7.04 | Trustee May File Proofs of Claim | 31 |
| Section 7.05 | Trustee May Enforce Claims Without Possession of Securities | 31 |
| Section 7.06 | Application of Money Collected | 31 |
| Section 7.07 | Limitation on Suits | 32 |
| Section 7.08 | Unconditional Right of Holders to Receive Principal, Premium and Interest | 32 |
| Section 7.09 | Restoration of Rights and Remedies | 32 |
| Section 7.10 | Rights and Remedies Cumulative | 33 |
| Section 7.11 | Delay or Omission not Waiver | 33 |
| Section 7.12 | Control by Holders | 33 |
| Section 7.13 | Waiver of Past Defaults | 34 |
| Section 7.14 | Undertaking for Costs | 34 |
| Section 7.15 | Waiver of Usury, Stay or Extension Laws | 34 |
| Article 8 | Article 8 | Article 8 |
| THE TRUSTEE | THE TRUSTEE | THE TRUSTEE |
| Section 8.01 | Certain Duties and Responsibilities | 35 |
| Section 8.02 | Notice of Defaults | 36 |
| Section 8.03 | Certain Rights of Trustee | 36 |
| Section 8.04 | Not Responsible for Recitals or Issuance of Securities | 37 |
| Section 8.05 | May Hold Securities | 37 |
| Section 8.06 | Money Held in Trust | 37 |
| Section 8.07 | Compensation and Reimbursement | 37 |
| Section 8.08 | Disqualification; Conflicting Interests | 38 |
| Section 8.09 | Corporate Trustee Required; Eligibility | 38 |
| Section 8.10 | Resignation and Removal; Appointment of Successor | 38 |
| Section 8.11 | Acceptance of Appointment by Successor | 40 |
| Section 8.12 | Merger, Conversion, Consolidation or Succession to Business | 41 |

---

ii

---

| | | |
|:---|:---|:---|
| Section 8.13 | Preferential Collection of Claims | 41 |
| Section 8.14 | Appointment of Authenticating Agent | 41 |
| Section 8.15 | Consequential Damages | 43 |
| Section 8.16 | Notices | 43 |
| Section 8.17 | Force Majeure | 43 |
| Article 9 | Article 9 | Article 9 |
| HOLDERS'LISTS AND REPORTS BY TRUSTEE AND COMPANY | HOLDERS'LISTS AND REPORTS BY TRUSTEE AND COMPANY | HOLDERS'LISTS AND REPORTS BY TRUSTEE AND COMPANY |
| Section 9.01 | Company to Furnish Trustee Names and Addresses of Holders | 44 |
| Section 9.02 | Preservation of Information; Communications to Holders | 44 |
| Section 9.03 | Reports by Trustee | 44 |
| Section 9.04 | Reports by Company | 44 |
| Article 10 | Article 10 | Article 10 |
| SUPPLEMENTAL INDENTURES | SUPPLEMENTAL INDENTURES | SUPPLEMENTAL INDENTURES |
| Section 10.01 | Supplemental Indentures Without Consent of Holders | 46 |
| Section 10.02 | Supplemental Indentures with Consent of Holders | 47 |
| Section 10.03 | Execution of Supplemental Indentures | 48 |
| Section 10.04 | Effect of Supplemental Indentures | 48 |
| Section 10.05 | Conformity with Trust Indenture Act | 48 |
| Section 10.06 | Reference in Securities to Supplemental Indentures | 48 |
| Article 11 | Article 11 | Article 11 |
| SATISFACTION AND DISCHARGE; DEFEASANCE | SATISFACTION AND DISCHARGE; DEFEASANCE | SATISFACTION AND DISCHARGE; DEFEASANCE |
| Section 11.01 | Satisfaction and Discharge of Indenture | 49 |
| Section 11.02 | Company's Option to Effect Defeasance or Covenant Defeasance | 50 |
| Section 11.03 | Defeasance and Discharge | 50 |
| Section 11.04 | Covenant Defeasance | 51 |
| Section 11.05 | Conditions to Defeasance or Covenant Defeasance | 51 |
| Section 11.06 | Deposited Money and U.S | 53 |

---

iii

**INDENTURE**

**INDENTURE**, dated as of May 29, 2026, between MOBILITY GLOBAL INC., a Delaware corporation (the "**Company**"), having its principal executive offices at 5860 Trinity Parkway, Suite 600, Centreville, Virginia 20120, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the "**Trustee**").

**RECITALS**

WHEREAS, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured senior debentures, notes or other evidences of indebtedness (herein called the "**Securities**"), to be issued in one or more series as in this Indenture provided;

NOW, THEREFORE, for and in consideration of the premises and the purchase of the Securities by the Holders thereof, the Company and the Trustee mutually covenant and agree, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows:

Article 1<br> DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.01 *Definitions*.

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

&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 terms defined in this Article have the respective meanings assigned to them in this Article and include the plural as well as 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;(2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the respective meanings assigned to them 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;(3) all accounting terms not otherwise defined herein have the respective meanings assigned to them in accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term "**generally accepted accounting principles**" with respect to any computation required in the United States of America or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation;

&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) the words "**herein**," "**hereof**" and "**hereunder**" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 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;(5) references to Sections are to Sections of this Indenture unless otherwise expressly indicated.

"**Act**," when used with respect to any Holder, has the meaning specified in Section 1.04.

"**Affiliate**" of any specified Person means any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, such specified Person. For the purposes of this definition, "**control**" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "**controlling**" and "**controlled**" have meanings correlative to the foregoing.

"**Attributable Debt**" means, with respect to any sale and leaseback transaction, at the time of determination, the lesser of (1) the fair market value of such real or personal property as determined in good faith by the Board of Directors and (2) the total obligation (discounted to the present value at the implicit interest factor, determined in accordance with GAAP, included in the rental payments) of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance, repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such transactions.

"**Authenticating Agent**" means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities.

"**Board of Directors**" means the board of directors of the Company or any duly authorized committee of such board.

"**Board Resolution**" means a copy of a resolution certified by the Secretary or an Assistant Secretary (or the Clerk or Assistant Clerk) of the Company to have been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification, and delivered to the Trustee.

"**Business Day**" means each day which is not a day on which Federal or State banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law, executive order or regulation to close.

"**Commission**" means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

"**Company**" means the Person named as the "**Company**" in the first paragraph of this instrument until a successor Person shall have become permitted as the Company's successor pursuant to the applicable provisions of this Indenture, and thereafter "**Company**" shall mean such successor Person.

"**Company Request**" or "**Company Order**" means a written request or order signed in the name of the Company by any Officer.

"**Corporate Trust Office**" means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office, as at the date of this Indenture, is located at 500 Ross Street, 12th Floor, Pittsburgh, PA 15262, Attention: [\*\*\*], or such other address as the Trustee may designate from time to time by notice to the Holders and the Company.

"**corporation**" includes corporations, associations, companies (including limited liability companies), limited and general partnerships and business trusts.

"**covenant defeasance**" has the meaning specified in Section 11.04.

"**Debt**" has the meaning specified in Section 5.06.

"**default**," when used in Section 8.02, has the meaning specified in Section 8.02.

"**Defaulted Interest**" has the meaning specified in Section 2.07(c).

"**defeasance**" has the meaning specified in Section 11.03.

"**Depository**" means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, the Person designated as Depository for such series by the Company pursuant to Section 2.01(b)(xv), which Person shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such Person, "Depository" as used with respect to the Securities of any series shall mean the Depository with respect to the Securities of such series.

"**Event of Default**" has the meaning specified in Section 7.01.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended from time to time.

"**GAAP**" means generally accepted accounting principles as such principles are in effect in the United States as of the date of this Indenture.

"**Global Security**" or "**Global Securities**" means a Security or Securities, as the case may be, evidencing all or part of a series of Securities, issued to the Depository for such series or its nominee, and registered in the name of such Depository or nominee.

"**Holder**" means a Person in whose name a Security is registered in the Security Register.

"**Indenture**" means this indenture agreement as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities established as contemplated by Section 2.01.

"**interest**," when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

"**Interest Payment Date**," when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

"**Lien**" means any pledge, mortgage, lien, encumbrance or other security interest.

"**Maturity**," when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

"**Notice of Default**" has the meaning specified in Section 7.01.

"**Officer**" means the Chairman of the Board of Directors, any Vice Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, the Secretary or the Controller, of the Company.

"**Officers' Certificate**" means a certificate signed by any two Officers. An Officers' Certificate provided pursuant to Section 5.05 shall be signed by the principal executive, financial or accounting Officer of the Company.

"**Opinion of Counsel**" means a written opinion of counsel, who may be counsel for the Company (including an employee or officer of the Company or any of its Affiliates) and who shall be reasonably acceptable to the Trustee (it being agreed and acknowledged that Davis Polk & Wardwell LLP is acceptable to the Trustee to provide such opinion).

"**Original Issue Discount Security**" means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 7.02.

"**Outstanding**," when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, 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;(i) Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

&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) Securities for whose payment or redemption money (or in the case of payment by defeasance under Section 11.03, money, U.S. Government Obligations or both) in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust, or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent), for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor has been made and *provided further*, in the case of payment by defeasance under Section 11.03, that all conditions precedent to the application of such Section shall have been 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) Securities which have been paid pursuant to Section 2.06(c) or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;

*provided, however*, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 7.02 and (ii) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee's independent right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

"**Paying Agent**" means any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any Securities on behalf of the Company.

"**Person**" means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

"**Place of Payment**," when used with respect to the Securities of any series, means the place or places where the principal of (and premium, if any) and interest on the Securities of that series are payable as specified as contemplated by Section 2.01 or, if not so specified, New York, New York.

"**Predecessor Security**" of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

"**Redemption Date**," when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

"**Redemption Price**," when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

"**Regular Record Date**" for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 2.01.

"**Repayment Date**", when used with respect to any Security to be repaid, means the date fixed for such repayment pursuant to such Security.

"**Responsible Officer**," when used with respect to the Trustee, means any officer in the Corporate Trust Office of the Trustee with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such other officer's knowledge of and familiarity with the particular subject.

"**Securities**" has the meaning stated in the first recital of this Indenture and more particularly means any Securities of any series authenticated and delivered under this Indenture.

"**Securities Act**" means the Securities Act of 1933, as amended from time to time.

"**Security Register**" and "**Security Registrar**" have the respective meanings specified in Section 2.05.

"**Significant Subsidiary**" means each Subsidiary of the Company 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.

"**Special Record Date**" for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 2.07(c).

"**Stated Maturity**," when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

"**Subsidiary**" 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 Company in the Company'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 Company or one or more subsidiaries of the Company or by the Company and one or more subsidiaries of the Company.

"**Trust Indenture Act**" means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed, except as provided in Section 10.05 and, to the extent required by any amendment thereto, the Trust Indenture Act of 1939, as amended from time to time.

"**Trustee**" means the Person named as the "Trustee" in the first paragraph of this instrument until a successor Trustee shall have assumed such role pursuant to the applicable provisions of this Indenture, and thereafter "Trustee" shall mean or include each Person who is then a Trustee hereunder and, if at any time there is more than one such Person, "Trustee" as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series.

"**U.S. Government Obligation**" has the meaning set forth in Section 11.05(a).

"**Vice President**" means any vice president, whether or not designated by a number or a word or words added before or after the title "vice president."

"**Voting Stock**" of any specified "person" (as that term is used in Section 13(d) of the Exchange Act) as of any date, means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

Section 1.02 *Compliance Certificates and Opinions*. (a) Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers' Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

&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) Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than certificates provided pursuant to Section 5.05) shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 statement that, in the opinion of each such individual, such individual has made such examination or investigation as is necessary to enable such individual to express an informed opinion as to whether or not such covenant or condition has been complied with; 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;(iv) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

Section 1.03 *Form of Documents Delivered to Trustee*. (a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or more documents.

&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) Any certificate or opinion of any officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

&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) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

Section 1.04 *Acts of Holders*. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 8.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in 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 fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.

&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 ownership of Securities shall be proved by the Security Register.

&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 request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company in reliance thereon, whether or not notation of such action is made upon such Security or such other Security.

&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 Depository selected pursuant to Section 2.01(b)(xv), as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take hereunder.

Section 1.05 *Notices, etc., to Trustee or Company*. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made, given or furnished to, or filed with,

&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 Trustee by any Holder or the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, 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;(b) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company.

Section 1.06 *Notice to Holders; Waiver*. (a) Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing delivered to each Holder affected by such event (in the case of definitive Securities, by first-class mail, postage prepaid, at such Holder's address as it appears in the Security Register and, in the case of Global Securities, through the facilities of the Depository), not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail or through the facilities of the Depository, neither the failure to give such notice, nor any defect in any notice so given, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

&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 case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail or through the facilities of the Depository, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

Section 1.07 *Conflict with Trust Indenture Act*. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. If any provision hereof limits, qualifies or conflicts with the duties imposed by section 318(c) of the Trust Indenture Act, such imposed duties shall control. If any provision of this Indenture limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern this Indenture, such provision of the Trust Indenture Act shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as such provision of the Trust Indenture Act is so modified or excluded, as the case may be.

Section 1.08 *Effect of Headings and Table of Contents*. The Article and Section headings herein and the **Table of Contents** are for convenience only and shall not affect the construction hereof.

Section 1.09 *Successors and Assigns*. All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

Section 1.10 *Separability Clause*. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 1.11 *Benefits of Indenture*. Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 1.12 *Governing Law*. This Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction.

Section 1.13 *Legal Holidays*. In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue on the amount then payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

Section 1.14 *Waiver of Jury Trial*. EACH OF THE COMPANY, BENEFICIAL OWNER OF SECURITIES, AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

Article 2<br> THE SECURITIES

Section 2.01 *Amount Unlimited; Issuable in Series*. (a) The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

&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 Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and (subject to Section 2.03) set forth or determined as provided in an Officers' Certificate, or established in one or more indentures supplemental hereto (with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and with such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Officers executing such Securities, as evidenced by their execution of such Securities), prior to the issuance of Securities of any series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.04, 2.05, 2.06, 3.07 or 10.06 and except for any Securities which, pursuant to Section 2.03, are deemed never to have been authenticated and delivered 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the date or dates on which the principal of the Securities of the series is payable and/or the method by which such date or dates shall be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 rate or rates (or method for establishing the rate or rates) at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable on any Interest Payment Date (or method for establishing such date or dates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 place or places where the principal of (and premium, if any) and interest on Securities of the series shall be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof, the denominations in which Securities of the series shall be issuable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 7.02 or the method by which such portion shall be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if other than such currency of the United States of America as at the time of payment is legal tender for payment of public or private debts, the currency or currencies (including composite currencies) in which payment of the principal of (and premium, if any) and/or interest on the Securities of the series shall be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if the principal of (and premium, if any) and/or interest on the Securities of the series are to be payable, at the election of the Company or any Holder, in a currency or currencies (including composite currencies) other than that in which the Securities are stated to be payable, the period or periods within which, and the terms and conditions, upon which, such election may be 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;(xiii) if the amounts of payments of principal of (and premium, if any) and/or interest on the Securities of the series may be determined with reference to an index, the manner in which such amounts shall be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) in the case of Securities of a series the terms of which are not established pursuant to subsection (xi), (xii) or (xiii) above, whether either or both of Section 11.03 or Section 11.04 shall not be applicable to the Securities of such series; or, in the case of Securities the terms of which are established pursuant to subsection (xi), (xii) or (xiii) above, the adoption and applicability, if any, to such Securities of any terms and conditions similar to those contained in Section 11.03 and/or Section 11.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) whether the Securities of the series shall be issued in whole or in part in the form of one or more Global Securities and, in such case, the Depository for such Global Security or Global Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any additional or different events of default that apply to Securities of the series, and any change in the right of the Trustee or the Holders of such Securities to declare the principal thereof due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any additional or different covenants that apply to Securities of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the form of the Securities of the series; 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;(xix) any other terms of the series (which terms shall not contradict the provisions of this Indenture).

&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 definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Officers executing such Securities, as evidenced by their execution of such Securities.

&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 Securities of any one series shall be substantially identical except as to interest rates, method for determining interest rates, Interest Payment Dates, Regular Record Dates, redemption terms, Stated Maturity, denomination, date of authentication, currency, any index for determining amounts payable, and except as may otherwise be provided in or pursuant to such Board Resolution and set forth or determined as provided in such Officers' Certificate or in any indenture supplemental 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;(d) If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers' Certificate setting forth the terms of the series. With respect to Securities of a series constituting a medium term note program, such Board Resolution may provide general terms or parameters for Securities of such series and may provide that the specific terms of particular Securities of such series, and the Persons authorized to determine such terms or parameters, may be determined in accordance with or pursuant to the Company Order referred to in Section 2.03.

Section 2.02 *Denominations*. The Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated by Section 2.01. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Section 2.03 *Execution, Authentication, Delivery and Dating*. (a) The Securities shall be executed on behalf of the Company by any Officer and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these Officers on the Securities may be manual or by way of electronic signature, in English.

&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) Securities bearing the manual, facsimile or electronic signatures of individuals who were at any time the proper Officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.

&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 any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed on behalf of the Company pursuant to clause (a) above to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities; *provided*, that, with respect to Securities of a series constituting a medium term note program, the Trustee shall authenticate and deliver Securities of such series for original issue from time to time in the aggregate principal amount established for such series pursuant to such procedures acceptable to the Trustee and to such recipients as may be specified from time to time by a Company Order. The amount, maturity dates, original issue dates, whether the Securities are to be issued as one or more Global Securities or certificated securities, interest rates and any other terms of the Securities of such series shall be determined by or pursuant to such Company Order and procedures.

&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 Trustee's certificates of authentication shall be in substantially the following form:

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

Dated:

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| |
|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee |
| By: |
| Name: |
| Title: |

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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;(e) If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by Section 2.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to Section 8.01) shall be fully protected in relying upon, an Opinion of Counsel stating,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the form of any of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.01, that such form has been established in conformity with the provisions of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the terms of any of such Securities have been established by or pursuant to Board Resolution as permitted by Section 2.01, that such terms have been established in conformity with the provisions of this Indenture; 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;(iii) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors' rights and to general equity principles.

&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) Notwithstanding that such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture would adversely affect the Trustee's own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

&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) With respect to Securities of a series constituting a medium term note program, if the form and general terms of the Securities of such series have been established by or pursuant to one or more Board Resolutions or by an indenture supplemental hereto, as permitted by Section 2.01 in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to Section 8.01) shall be fully protected in relying upon, in addition to the foregoing documents and Opinion of Counsel, or in lieu of clause (e) above, an Opinion of Counsel stating that the Securities have been duly authorized by the Company and, when duly executed by the Company and completed and authenticated by the Trustee in accordance with this Indenture and issued, delivered and paid for in accordance with any applicable distribution agreement, will have been duly issued under this Indenture and will constitute valid and binding obligations of the Company, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors' rights and to general equity principles.

&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 Security shall be dated the date of its authentication.

&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) No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual or electronic signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 2.09 together with a written statement (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

Section 2.04 *Temporary Securities*. (a) Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order from the Company, the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, with such appropriate insertions, omissions, substitutions and other variations as the Officers executing such Securities may determine, as evidenced by their execution of such Securities.

&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 temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series and of like tenor, of authorized denominations. Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series.

Section 2.05 *Registration; Registration of Transfer and Exchange*. (a) The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the "**Security Register**") in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed "**Security Registrar**" for the purpose of registering Securities and transfers of Securities as herein provided.

&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) Upon surrender for registration of transfer of any Security of any series at an office or agency of the Company in a Place of Payment designated by the Company pursuant to Section 5.02 for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor.

&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 option of the Holder, Securities of any series may be exchanged for other Securities of the same series of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

&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) All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

&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) Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer, in form satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing.

&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 service charge shall be made for any registration of transfer or for exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 2.04, 2.05(h), 3.07 or 10.06 not involving any transfer.

&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) The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of Securities of that series selected for redemption under Section 3.03 and ending at the close of business on the day of such sending, or (ii) to register the transfer of or exchange any Security so selected for redemption or purchase in whole or in part, except, in the case of a partial redemption or purchase, that portion of any security not being redeemed or purchased.

&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) Notwithstanding the foregoing, any Global Security shall be exchangeable pursuant to the applicable supplemental indenture applicable to that Security.

&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) Notwithstanding any other provision in this Indenture, but subject to exchanges under clause (h) above, a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository or by a nominee of such Depository to such Depository or another nominee of such Depository.

Section 2.06 *Mutilated, Destroyed, Lost and Stolen Securities*. (a) If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount, and bearing a number not contemporaneously 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;(b) If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of any of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount, and bearing a number not contemporaneously 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;(c) In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

&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 the issuance of any new Security under this Section, the Company or the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee and its counsel) connected 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;(e) Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued 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;(f) The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

Section 2.07 *Payment of Interest; Interest Rights Preserved*. (a) Unless otherwise provided as contemplated by Section 2.01 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such 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) The principal of, and premium, if any, and interest due on the Securities shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable and subject, in the case of a Global Security, to the Trustee's arrangements with the Depository, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the United States of America as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the Person entitled 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;(c) Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called "**Defaulted Interest**") shall forthwith cease to be payable to the Holder entitled to such interest by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (i) or (ii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date (as defined below) for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date (the "**Special Record Date**") for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be transmitted through the facilities of the Depository with respect to the Global Securities or mailed, first-class postage prepaid, to each Holder of definitive Securities of such series at such Holder's address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company may elect to make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

&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) Subject to the foregoing provisions of this Section, each Security delivered under this Indenture, upon registration of transfer of or in exchange for or in lieu of any other Security, shall carry the rights to interest accrued and unpaid, and interest to accrue, which were carried by such other Security.

Section 2.08 *Persons Deemed Owners*. Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee, including a Paying Agent, may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 2.07) interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee, including a Paying Agent, shall be affected by notice to the contrary.

Section 2.09 *Cancellation*. All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of as directed by a Company Order from the Company.

Section 2.10 *Computation of Interest*. Except as otherwise specified as contemplated by Section 2.01 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

Section 2.11 *CUSIP Numbers*. The Company in issuing the Securities may use "CUSIP" numbers (if then generally in use), and, if so, the Trustee shall use "CUSIP" numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the "CUSIP" numbers.

Article 3<br> REDEMPTION OF SECURITIES

Section 3.01 *Applicability of Article*. Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 2.01 for Securities of any series) in accordance with this Article.

Section 3.02 *Election to Redeem; Notice to Trustee*. The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of less than all the Securities of like tenor of any series, the Company shall, at least three days prior to when notice is delivered to holders of the series of securities to be redeemed (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed. Any such notice may be cancelled at any time prior to notice of such redemption being sent to any Holder and shall thereby be void and of no effect. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers' Certificate evidencing compliance with such restriction.

Section 3.03 *Selection by Trustee of Securities to be Redeemed*. (a) If less than all the Securities of like tenor of any series are to be redeemed, the Trustee shall select the Securities to be redeemed in compliance with the requirements governing redemptions of the principal securities exchange, if any, on which the Securities are listed or if such securities exchange has no requirement governing redemption or the Securities are not then listed on a securities exchange, by lot (or, in the case of Securities issued in global form, based on the applicable procedures of the Depository). If the Securities are redeemed in part, the remaining Outstanding principal amount of such Securities must be of a denomination larger than the minimum authorized denomination for such Securities.

&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 Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

&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) For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

Section 3.04 *Notice of Redemption*. (a) Unless otherwise indicated for a particular series of Securities by Board Resolution, a supplemental indenture hereto or an Officers' Certificate, notice of redemption shall be given by first-class mail, postage prepaid, mailed or electronically delivered not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at such Holder's address appearing in the Security Register.

Such notice of redemption shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Redemption 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;(ii) the Redemption Price, including the portion thereof representing any accrued interest and additional interest, if any,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 less than all the Outstanding Securities of like tenor of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amounts) of the particular Securities to be redeemed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after such 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;(vi) the CUSIP number and/or similar numbers of such Securities, if any (or any other numbers used by a Depository to identify such Securities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 place or places where such Securities are to be surrendered for payment of the Redemption Price, 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;(viii) that the redemption is for a sinking fund, if such is the case.

&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) Any such notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company's request, by the Trustee in the name and at the expense of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice of redemption may, in the Company's discretion be subject to the satisfaction or waiver of one or more conditions precedent, including, but not limited to, completion of an equity offering, a financing, or other corporate transaction; provided that if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company's discretion, the redemption date may be postponed until such time (including more than 60 days following the date the notice of redemption was sent) as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date (including as it may be postponed).

Section 3.05 *Deposit of Redemption Price*. At least one Business Day prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, the Company shall segregate and hold in trust as provided in Section 5.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.

Section 3.06 *Securities Payable on Redemption Date*. (a) Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified and, from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with such notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant record dates according to their terms and the provisions of Section 2.07.

&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 Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.

Section 3.07 *Securities Redeemed in Part*. Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder's attorney duly authorized in writing). The Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

Article 4<br> SINKING FUNDS

Section 4.01 *Applicability of Article*. (a) The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series permitted by the applicable supplemental indenture except as otherwise specified in accordance with Section 2.01 for Securities of such series.

&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 minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a "mandatory sinking fund payment," and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an "optional sinking fund payment." If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 4.02. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

Section 4.02 *Satisfaction of Sinking Fund Payments with Securities*. The Company (x) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (y) may apply as a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

Section 4.03 *Redemption of Securities for Sinking Fund*. Not less than 60 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers' Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 4.02 and will also deliver to the Trustee any such Securities. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.03 and cause notice of the redemption, prepared by the Company, thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.06 and 3.07.

Article 5<br> COVENANTS

Section 5.01 *Payment of Principal, Premium and Interest*. (a) The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of (and premium, if any) and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.

&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 installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient to pay such installment and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture or otherwise.

Section 5.02 *Maintenance of Office or Agency*. (a) The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

&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 Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; *provided, however*, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

Section 5.03 *Money for Securities Payments to be Held in Trust*. (a) If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its failure so to 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;(b) Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to 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;(c) The Company will cause each Paying Agent for any series of Securities other than the Trustee or the Company to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) hold all sums held by it for the payment of the principal of (and premium, if any) or interest on Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment of principal (and premium, if any) or interest on the Securities of that series; 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;(iii) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying 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;(d) The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order, direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent. Upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such 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;(e) Any money deposited with the Trustee or any Paying Agent, or then held by the Company in trust, for the payment of the principal of (and premium, if any) or interest on any Security of any series, and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company, subject to applicable abandoned property law, on Company Request or (if then held by the Company) shall be discharged from such trust. Thereafter the Holder of such Security shall, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease.

Section 5.04 *Corporate Existence*. Subject to Article 6, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises; *provided, however*, that the Company shall not be required to preserve any such right or franchise if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in a material respect to the Holders.

Section 5.05 *Statement by Officers as to Default*. The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers' Certificate stating whether or not to the knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture applicable to the Company and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge.

Section 5.06 *Limitation on 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;(a) The Company and its Subsidiaries shall not create, assume, incur or guarantee any indebtedness for borrowed money ("**Debt**") secured by a Lien on any of its properties or assets, without securing the Securities of any applicable series equally and ratably with (or prior to) such Debt for so long as such Debt is secured, unless the aggregate principal amount of such secured Debt then outstanding, together with the Company's and its Subsidiaries' Attributable Debt in respect of sale and leaseback transactions entered into pursuant to Section 5.07 following the issue date of the relevant series of Securities (the sum of the foregoing, the "**Aggregate Debt**"), does not exceed an amount equal to 7.5% of the Company's total consolidated assets as of the date of the Company's most recent quarter, as set forth on its most recently filed quarterly report on Form 10-Q or annual report on Form 10-K preceding the creation or assumption of any such Lien.

&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 restrictions in subsection (a) of this Section 5.06 will not apply to Debt that is secured by (1) Liens existing on the date the Securities are issued, as applicable; (2) Liens on any property or any indebtedness of a Person at the time such Person becomes a Subsidiary (whether by acquisition or otherwise, including through merger or consolidation); (3) Liens in favor of or required by contracts with governmental entities; (4) Liens in favor of the Company or a Subsidiary of the Company; (5) Liens existing at the time of acquisition of the assets secured thereby (including acquisition through merger or consolidation) and purchase money liens; (6) Liens on any property to secure all or part of the cost of improvements or construction thereon or indebtedness incurred to provide funds for such purpose in a principal amount not exceeding 110% of the cost of such improvements or constructions; (7) Liens on shares of common stock, indebtedness or other securities of a Person that is not a Subsidiary of the Company; and (8) any extensions, renewals or refunding of any Lien referred to in the foregoing clauses (1) through (7), inclusive.

Section 5.07 *Limitation on Sale Leasebacks*.

&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 Company will not, and will not permit any of its Subsidiaries to, enter into any sale and leaseback transaction for the sale and leasing back of any real or personal property, whether now owned or hereafter acquired, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 transaction was entered into prior to the issue date of the relevant series of Securities or any extension, renewal, refinancing, replacement, amendment, amendment and restatement or modification of such transaction so long as the affected real or personal property is substantially the same as or similar in nature to the real or personal property subject to the sale and leaseback transaction extended, renewed, refinanced, replaced, amended, amended and restated or modified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) such transaction was for the sale and leasing back to the Company or any of its Subsidiaries of any real or personal property by one of the Company's wholly owned 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such transaction involves a lease for not more than three years (or which may be terminated by the Company or its Subsidiary within a period of not more than three years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Company would be entitled to incur Debt secured by a Lien with respect to such sale and leaseback transaction without equally and ratably securing the Securities pursuant to Section 5.06(a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Company or any of its Subsidiaries applies an amount equal to the net proceeds from the sale of such real or personal property to the purchase of other property or assets used or useful in the Company's business (including the purchase or development of other real or personal property) or to the retirement of Debt that is pari passu with the Securities (including the Securities) or Debt of one or more of the Company's Subsidiaries within 365 days before or after the effective date of any such sale and leaseback transaction; *provided* that, in lieu of applying such amount to the retirement of pari passu Debt or Debt of the Company's Subsidiary, the Company may deliver Securities to the Trustee for cancellation, such Securities to be credited at the cost thereof.

Notwithstanding the restrictions set forth in the preceding paragraph, the Company and its Subsidiaries may enter into any sale and leaseback transaction which would otherwise be subject to the foregoing restrictions, if after giving effect thereto, the Aggregate Debt does not exceed an amount equal to 7.5% of the Company's total consolidated assets as of the end of the most recent quarter, as set forth on the Company's most recently filed quarterly report on Form 10-Q or annual report on Form 10-K.

Article 6<br> CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 6.01 *Consolidation, Merger, Conveyance or Transfer on Certain Terms*. The Company shall not consolidate with or merge into any other Person or convey or transfer all or substantially all of its properties and assets to any Person, unless:

&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 Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety shall be a corporation, partnership or trust organized and existing under the laws of the United States of America or any State thereof or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest on all the Securities and the performance of every covenant of this Indenture (as supplemented from time to time) on the part of the Company to be performed or observed;

&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) immediately after giving effect to such transaction, no Event of Default, and no event that, after notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; 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;(c) the Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.

Section 6.02 *Successor Person Substituted*. Upon any consolidation or merger, or any conveyance or transfer of all or substantially all of the properties and assets of the Company in accordance with this Article, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor had been named as the Company herein. In the event of any such conveyance or transfer, the Company as the predecessor shall be discharged from all obligations and covenants under this Indenture and the Securities and may be dissolved, wound up or liquidated at any time thereafter.

Article 7<br> REMEDIES

Section 7.01 *Events of Default*. "**Event of Default**," wherever used herein, means with respect to any series of Securities any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless such event is either inapplicable to a particular series or it is specifically deleted or modified in or pursuant to a supplemental indenture or Board Resolution creating such series of Securities or in the form of Security for such series:

&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) default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; 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;(b) default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity; 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;(c) default in the payment of the principal of (or premium, if any, on) any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities of such series; 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;(d) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture in respect of the Securities of such series (other than a covenant or warranty in respect of the Securities of such series a default in the performance of which or the breach of which is elsewhere in this Section specifically dealt with), all of such covenants and warranties in this Indenture which are not expressly stated to be for the benefit of a particular series of Securities being deemed in respect of the Securities of all series for this purpose, and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a "**Notice of Default**" hereunder; 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;(e) a failure to make any payment when due, including any applicable grace period or waiver or extension granted thereunder, on any of the Company or any Significant Subsidiary's Debt in an amount in excess of $200 million or (ii) a breach or default on any of the Company or any Significant Subsidiary's Debt, which default results in the acceleration of Debt in an amount in excess of $200 million without such Debt having been discharged or the acceleration having been cured, waived, rescinded or annulled, for a period of, in the case of clause (i) or (ii), 30 days after written notice to the Company by the Trustee thereunder or by holders of 25% in aggregate principal amount of the outstanding securities of such series, provided, however, that if the failure, default or acceleration referred to in clause (i) or (ii) above shall cease or be cured, waived, rescinded or annulled, then the Event of Default shall be deemed cured; 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;(f) the entry of an order for relief against the Company or any Significant Subsidiary under Title 11, United States Code (the "**Federal Bankruptcy Act**") by a court having jurisdiction in the premises or a decree or order by a court having jurisdiction in the premises adjudging the Company or any Significant Subsidiary a bankrupt or insolvent under any other applicable Federal or State law, or the entry of a decree or order approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or any Significant Subsidiary under the Federal Bankruptcy Act or any other applicable Federal or State law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or any Significant Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 90 days; 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;(g) the consent by the Company or any Significant Subsidiary to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the Federal Bankruptcy Act or any other applicable Federal or State law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or any Significant Subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or any Significant Subsidiary in furtherance of any other action; 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;(h) any other Event of Default provided in a supplemental indenture or Board Resolution under which such series of Securities is issued or in the form of Security for such series.

Subject to the provisions of Section 8.01, the Trustee shall not be deemed to have knowledge of an Event of Default hereunder (except for those described in paragraphs (a) through (c) above) unless a Responsible Officer of the Trustee has received written notice thereof.

Section 7.02 *Acceleration of Maturity; Rescission and Annulment*. (a) If an Event of Default with respect to Securities of any series at the time Outstanding (other than an Event of Default specified in clause (e) or (f) of Section 7.01) occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount (or, if any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) of all of the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in clause (e) or (f) of Section 7.01 occurs, the principal amount (or, if any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) of all of the Outstanding Securities of that series shall be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of any Security of that series.

&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) At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company has paid or deposited with the Trustee a sum sufficient to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) all overdue interest on all Securities of that series,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to the extent that payment of such interest is lawful, interest upon overdue principal (and premium, if any) and overdue interest at the rate or rates prescribed therefor in such Securities, 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;(D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel;

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;(ii) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 7.13.

&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) No such rescission shall affect any subsequent default or impair any right consequent thereon.

&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 receipt by the Trustee of any declaration of acceleration, or rescission and annulment thereof, with respect to Securities of a series all or part of which is represented by a Global Security, the record date for determining Holders of Outstanding Securities of such series entitled to join in such declaration of acceleration, or rescission and annulment, as the case may be, shall be the day the Trustee receives such declaration of acceleration, or rescission and annulment, as the case may be, or, if such receipt occurs after the close of business or on a day that is not a Business Day, the next succeeding Business Day. The Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such declaration of acceleration, or rescission and annulment, as the case may be, whether or not such Holders remain Holders after such record date; *provided*, that unless such declaration of acceleration, or rescission and annulment, as the case may be, shall have become effective by virtue of the requisite percentage having been obtained prior to the day which is 90 days after such record date, such declaration of acceleration, or rescission and annulment, as the case may be, shall automatically and without further action by any Holder be canceled and of no further effect. The Trustee may conclusively rely on any representation by the Holders delivering such declaration of acceleration, or rescission and annulment, as the case may be, that such Holders constitute the requisite percentage to deliver such declaration. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new declaration of acceleration, or rescission or annulment thereof, as the case may be, that is identical to a declaration of acceleration, or rescission or annulment thereof, which has been canceled pursuant to the provision to the preceding sentence, in which event a new record date shall be established pursuant to the provision of this Section 7.02.

Section 7.03 *Collection of Indebtedness and Suits for Enforcement by Trustee*. (a) The Company covenants that if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) default is made in the deposit of any sinking fund payment, when and as due by the terms of a Security;

the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal (and premium, if any) and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and 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 the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.

&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 an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

Section 7.04 *Trustee May File Proofs of Claim*. (a) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal (and premium, if any) or interest) the Trustee shall be entitled and empowered, by intervention in such proceeding or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, 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;(ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same.

&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) Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 8.07.

&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) Nothing herein contained shall be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

Section 7.05 *Trustee May Enforce Claims Without Possession of Securities*. All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

Section 7.06 *Application of Money Collected*. Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

FIRST: To the payment of all amounts due the Trustee under Section 8.07;

SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and

THIRD: To the Company.

Section 7.07 *Limitation on Suits*. No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

&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) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;

&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 Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee 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) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 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;(d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any

other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.

Section 7.08 *Unconditional Right of Holders to Receive Principal, Premium and Interest*. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 2.07) interest on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

Section 7.09 *Restoration of Rights and Remedies*. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

Section 7.10 *Rights and Remedies Cumulative*. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 7.11 *Delay or Omission not Waiver*. No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

Section 7.12 *Control by Holders*. (a) The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, provided 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall have the right to decline to follow any such direction of the Trustee, being advised by counsel, determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed would involve it in personal liability or be unjustly prejudicial to the Holders not taking part in such direction, 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;(ii) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

&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) Upon receipt by the Trustee of any such direction with respect to Securities of a series all or part of which is represented by a Global Security, the record date for determining Holders of outstanding Securities of such series entitled to join in such direction shall be the day the Trustee receives such direction, or, if such receipt occurs after the close of business or on a day that is not a Business Day, the next succeeding Business Day. The Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such direction, whether or not such Holders remain Holders after such record date; provided, that unless such majority in principal amount shall have been obtained prior to the day which is 90 days after such record date, such direction shall automatically and without further action by any Holder be canceled and of no further effect. The Trustee may conclusively rely on any representation by the Holders delivering such direction that such Holders constitute the requisite percentage to deliver such direction. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new direction identical to a direction which has been canceled pursuant to the provisions to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 7.12.

Section 7.13 *Waiver of Past Defaults*. (a) The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default or Event of Default hereunder with respect to such series and its consequences, except a default not theretofore cured:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 payment of the principal of (or premium, if any) or interest on any Security of such series, or in the payment of any sinking or purchase fund or analogous obligation with respect to the Securities of such series, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.

&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) Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

Section 7.14 *Undertaking for Costs*. Each party to this Indenture agrees, and each Holder of any Security by acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date).

Section 7.15 *Waiver of Usury, Stay or Extension Laws*. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

Article 8<br> THE TRUSTEE

Section 8.01 *Certain Duties and Responsibilities*. (a) Except during the continuance of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; 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;(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated 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;(b) In case an Event of Default with respect to any series of Securities has occurred and is continuing, the Trustee shall exercise with respect to the Securities of such series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of their own affairs.

&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) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this subsection shall not be construed to limit the effect of subsection (a) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction, determined as provided in Section 7.12, of the Holders of a majority in principal amount of the Outstanding Securities of any series, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; 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;(iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity or security against such risk or liability is not reasonably assured to it.

&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) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section.

Section 8.02 *Notice of Defaults*. Within 90 days after the occurrence of any default hereunder with respect to Securities of any series, the Trustee shall transmit to all Holders of such series (by mail to Holders of definitive Securities as their names and addresses appear in the Security Register and, in the case of Global Securities, through the facilities of the Depository), as their names and addresses appear in the Security Register, notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security of such series or in the payment of any sinking or purchase fund installment or analogous obligation with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of such series; and provided, further, that in the case of any default of the character specified in Section 7.01(d) with respect to Securities of such series no such notice to Holders of such series shall be given until at least 90 days after the occurrence thereof. For the purpose of this Section, the term "default" means any event which is, or after notice or lapse of time would become, an Event of Default.

Section 8.03 *Certain Rights of Trustee*. Subject to the provisions of Section 8.01:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other document believed by it to be genuine and to have been signed or presented by the proper party or 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;(b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, or as otherwise expressly provided herein, and any resolution of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution;

&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 in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers' Certificate;

&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 Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

&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 Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture (including, without limitation, instituting, conducting or defending any litigation), unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

&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 Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney;

&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) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it 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;(h) the Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture;

&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 rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 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;(j) the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, provided that the Trustee reasonably believes that the last such certificate received from the Company or currently on file is no longer accurate.

Section 8.04 *Not Responsible for Recitals or Issuance of Securities*. The recitals contained herein and in the Securities, except the Trustee's certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable for the use or application by the Company of Securities or the proceeds thereof.

Section 8.05 *May Hold Securities*. The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 8.08 and 8.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

Section 8.06 *Money Held in Trust*. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

Section 8.07 *Compensation and Reimbursement*. The Company agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to pay to the Trustee from time to time such reasonable compensation for its acceptance of this Indenture and for its services hereunder as Trustee, Paying Agent, Security Registrar and in all other capacities in which it is serving hereunder as the Company and the Trustee shall from time to time agree in writing (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

&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 otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation, expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence, bad faith or willful misconduct; 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;(c) to indemnify the Trustee and its agents, directors, employees and officers for, and to hold them harmless against, any loss, claim, damage, liability or out-of-pocket expense (including the reasonable compensation, expenses and disbursements of its agents and counsel) incurred without negligence, bad faith or willful misconduct on its or their part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the reasonable costs and out-of-pocket expenses of defending itself against any claim or liability in connection with the exercise or performance of any of the Trustee's powers or duties hereunder, and of enforcing the terms hereof.

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a Lien prior to the Securities upon all property and funds held or collected by the Trustee in such capacity, except funds held in trust for the payment of principal of, premium, if any, or interest, if any, on particular Securities. If the Trustee incurs expenses or renders services after the occurrence and during the continuance of an Event of Default, the expenses and the compensation for the services will be intended to constitute expenses of administration under Title 11 of the United States Bankruptcy Code or any applicable Federal or State law for the relief of debtors. The provisions of this Section 8.07 shall survive the resignation or removal of the Trustee and the termination of this Indenture.

Section 8.08 *Disqualification; Conflicting Interests*. The Trustee shall comply with the terms of section 310(b) of the Trust Indenture Act.

Section 8.09 *Corporate Trustee Required; Eligibility*. There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or State authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

Section 8.10 *Resignation and Removal; Appointment of Successor*. (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 8.11.

&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 Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 8.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

&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 Trustee may be removed at any time, upon 30 days prior written notice with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If at any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall fail to comply with Section 8.08 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall cease to be eligible under Section 8.09 and shall fail to resign after written request therefor by the Company or any such Holder, 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;(iii) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 7.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

&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 Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 8.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 8.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 8.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

&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 Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series (in the case of definitive Securities, by first-class mail, postage prepaid, at such Holder's address as it appears in the Security Register and, in the case of Global Securities, through the facilities of the Depository). Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.

Section 8.11 *Acceptance of Appointment by Successor*.

&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) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee. On the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee 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;(b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee. Upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. On request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

&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) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in clause (a) and (b) of this Section, as the case may be.

&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 successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.

Section 8.12 *Merger, Conversion, Consolidation or Succession to Business*. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided such corporation shall be otherwise qualified and eligible under this Article. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

Section 8.13 *Preferential Collection of Claims*. The Trustee shall comply with section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to section 311(a) of the Trust Indenture Act to the extent indicated therein.

Section 8.14 *Appointment of Authenticating Agent*. (a) At any time when any of the Securities remain Outstanding, the Trustee may and, upon request of the Company, shall appoint an Authenticating Agent or Agents with respect to one or more series of Securities, which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 2.06; provided that the Trustee's appointment of such Authenticating Agent shall be subject to the Company's approval at the time of and throughout such appointment. Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee's certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually pursuant to law or to the requirements of such supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in 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) Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent, provided such corporation shall be otherwise eligible under 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) An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company, and the Trustee shall terminate any such agency promptly upon request by the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may and, upon request of the Company, shall appoint a successor Authenticating Agent, provided that the Trustee's appointment of such Authenticating Agent shall be subject to the Company's approval at the time of and throughout such appointment, and shall send to all Holders of Securities of such series written notice of such appointment (in the case of definitive Securities, by first-class mail, postage prepaid, to such Holders of Securities at their addresses as they appear in the Security Register and, in the case of Global Securities, through the facilities of the Depository) with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions 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;(d) The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under 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;(e) If an appointment of an Authenticating Agent with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in lieu of the Trustee's certificate of authentication, an alternate certificate of authentication in the following form:

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

Dated:

---

| |
|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| as Trustee |
| By: |
| As Authenticating Agent |
| By: |
| Authorized Signatory |

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Section 8.15 *Consequential Damages*. In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

Section 8.16 *Notices*. The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, electronic transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received or have on file an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee e-mail or electronic instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee's understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods by the Company to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

Section 8.17 *Force Majeure*. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, governmental action, cybersecurity attacks, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts to resume performance as soon as practicable under the circumstances.

Article 9<br> HOLDERS'LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 9.01 *Company to Furnish Trustee Names and Addresses of Holders*. If the Trustee is not the Security Registrar, the Company will furnish or cause to be furnished to the Trustee:

&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) semi-annually (at intervals of not more than six months), not later than 15 days after each Regular Record Date (or, if there is no Regular Record Date relating to a series, semiannually on dates set forth in the Board Resolution or supplemental indenture with respect to such series), a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such date, 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) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished.

Section 9.02 *Preservation of Information; Communications to Holders*. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 9.01 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 9.01 upon receipt of a new list so furnished.

&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) Holders of any series may communicate pursuant to section 312(b) of the Trust Indenture Act with other Holders of that series or any other series with respect to their rights under this Indenture or the Securities of that series or any other series. The Company, the Trustee, the Registrar and any other Person shall have the protection of section 312(c) of the Trust Indenture Act.

Section 9.03 *Reports by Trustee*. (a) Within 60 days after May 15 of each year, commencing the May 15 following the date of this Indenture, the Trustee shall, to the extent that any of the events described in section 313(a) of the Trust Indenture Act occurred within the previous 12 months, but not otherwise, mail to each Holder a brief report dated as of such date that complies with section 313(a) of the Trust Indenture Act. The Trustee also shall comply with sections 313(a), 313(b), 313(c) and 313(d) of the Trust Indenture 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;(b) A copy of each report at the time of its mailing to Holders shall be mailed to the Company and filed with the Commission and each securities exchange, if any, on which the Securities of that series are listed.

&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 Company shall notify the Trustee if the Securities of any series become listed on any securities exchange or of any delisting thereof and the Trustee shall comply with section 313(d) of the Trust Indenture Act.

Section 9.04 *Reports by Company*. (a) Unless the Company has filed the information referred to in clauses (i) and (ii) of this Section 9.04(a) with the Commission, the Company shall post on its public website within the time periods specified in the Commission's rules and regulations for non-accelerated filers (which period shall be extended by the period of any extension permitted by the Commission) (and shall make available to the Trustee for distribution to a Holder upon any such Holder's written request, without cost to any Holder, the following reports within 15 days of the date the Company posts such reports on its public website):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) audited financial statements of the Company and its Subsidiaries, together with the related report of the Company's independent auditors thereon, prepared in accordance with the requirements that would have been applicable to such audited financial statements if appearing in an Annual Report on Form 10-K, or any successor or comparable form, under the Exchange Act filed by the Company as a non-accelerated filer (within the meaning of Rule 12b-2 under the Exchange Act) subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act; 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;(ii) unaudited interim financial statements of the Company and its Subsidiaries, prepared in accordance with the requirements that would have been applicable to such unaudited interim financial statements if appearing in a Quarterly Report on Form 10-Q, or any successor or comparable form, under the Exchange Act filed by the Company as a non-accelerated filer (within the meaning of Rule 12b-2 under the Exchange Act) subject to the reporting requirements of Section 13 or Section 15(d) 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;(b) At any time the Company is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, the Company shall file with the Trustee and make available to Holders (without exhibits), without cost to any Holder, all documents the Company files with, or furnishes to, the Commission under the Exchange Act, within 15 days after it files them with, or furnishes such documents to the Commission. Any such documents that are publicly available through the EDGAR system of the Commission (or any successor system) shall be deemed to have been filed with the Trustee and made available to Holders in accordance with the Company's obligations 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) If at any time that the Company is not subject to Section 13 or Section 15(d) of the Exchange Act, and to the extent not satisfied by Section 9.04(a) and Section 9.04(b), the Company shall furnish to the Holders of the Securities, securities analysts, prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities 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;(d) The Company shall furnish annually to the Trustee statements as to the Company's compliance with all conditions and covenants under this Indenture, or if there has been a default in the fulfillment of any such obligation, covenant or condition, specifying each such default known to him and the nature and the status 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) Delivery of any information, documents and reports to the Trustee pursuant to clauses (a), (b), (c) and (d) of this Section 9.04 is for informational purposes only and the Trustee's receipt of such items shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers' Certificates).

Article 10<br> SUPPLEMENTAL INDENTURES

Section 10.01 *Supplemental Indentures Without Consent of Holders*. Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee (at the direction of the Company) at any time and from time to time, may enter into one or more indentures supplemental hereto for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to evidence the succession of another corporation or Person to the Company and the assumption by any such successor of the obligations of the Company contained therein and in the Securities;

&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 add to the covenants of the Company, or to surrender any right or power herein conferred upon the Company, for the benefit of the Holders of the Securities of any or all series (and if such covenants or the surrender of such right or power are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included or such surrenders are expressly being made solely for the benefit of one or more specified series), unless to do so would adversely affect the rights of the Holders of Outstanding Securities of any series in any material respect;

&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) to cure any ambiguity or to correct any provision herein which may be inconsistent with any other provision herein; or to make any other provisions with respect to matters or questions arising under this Indenture unless to do so would adversely affect the rights of the Holders of Outstanding Securities of any series in any material respect;

&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) to add to this Indenture any provisions that may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act as in effect at the date as of which this instrument was executed or any corresponding provision in any similar federal statute hereafter enacted;

&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) to establish any form or terms of Security, as provided in Section 2.03, to provide for the issuance of any series of Securities as provided in Article 2 and to set forth the terms thereof, and/or to add to the rights of the Holders of the Securities of any series;

&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) to evidence and provide for the acceptance of appointment by another corporation as a successor Trustee hereunder with respect to one or more series of Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to Section 8.11; 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;(g) to add any additional Events of Default in respect of the Securities of any or all series (and if such additional Events of Default are to be in respect of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of one or more specified series) unless to do so would adversely affect the rights of the Holders of Outstanding Securities of any series in any material respect;

&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) to provide for uncertificated Securities in addition to or in place of certificated Securities and to provide for bearer Securities; provided that uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code of 1986, as amended;

&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 add one or more guarantees for the benefit of holders of any series of securities;

&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) to secure the Securities of any series pursuant to Section 5.06 or otherwise; 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;(k) to make any change necessary to comply with any requirement of the Commission in connection with the qualification of this Indenture or any supplemental indenture under the Trust Indenture Act.

Section 10.02 *Supplemental Indentures with Consent of Holders*. (a) With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture or indentures (acting as one class), by Act of said Holders delivered to the Company and the Trustee (in accordance with Section 1.04 hereof), the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of the Securities of each such series under this Indenture; provided, however, that no such supplemental indenture may, without the consent of the Holder of each Outstanding Security affected 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) change the Maturity of the principal of, or the Stated Maturity of any premium on, or any installment of interest on, any Security, or reduce the principal amount thereof or the interest or any premium thereon, or change the method of computing the amount of principal thereof or interest thereon on any date or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Maturity or the Stated Maturity, as the case may be, thereof (or, in the case of redemption or repayment, on or after the Redemption Date or the Repayment Date, as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences, provided for in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) modify any of the provisions of this Section 10.02 or Section 7.13, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reduce the rate of or extend the stated time for payment of interest thereon; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) impair or adversely affect the right of any Holder to institute suit for the enforcement of any payment on, or with respect to, the Securities of any series on or after the Stated Maturity of such Securities (or in the case of redemption, on or after the Redemption 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) For purposes of this Section 10.02, if the Securities of any series are issuable upon the exercise of warrants, each holder of an unexercised and unexpired warrant with respect to such series shall be deemed to be a Holder of Outstanding Securities of such series in the amount issuable upon the exercise of such warrant. For such purposes, the ownership of any such warrant shall be determined by the Company in a manner consistent with customary commercial practice. The Trustee for such series shall be entitled to rely on an Officers' Certificate as to the principal amount of Securities of such series in respect of which consents shall have been executed by holders of such warrants.

&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) A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

&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) It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance 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) The Company may set a record date for purposes of determining the identity of Holders of Securities entitled to consent pursuant to this Section. Such record date shall be the later of (i) 30 days prior to the first solicitation of such consent or (ii) the date of the most recent list of Holders furnished to the Trustee pursuant to Section 9.01 prior to such solicitation.

Section 10.04 *Effect of Supplemental Indentures*. Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes. Every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

Section 10.05 *Conformity with Trust Indenture Act*. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act, as then in effect, to the extent that a supplemental indenture is required to conform to the Trust Indenture Act, as then in effect.

Section 10.06 *Reference in Securities to Supplemental Indentures*.

Securities authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company, and such Securities may be authenticated and delivered by the Trustee, in exchange for Outstanding Securities of such series.

Article 11<br> SATISFACTION AND DISCHARGE; DEFEASANCE

Section 11.01 *Satisfaction and Discharge of Indenture*. (a) This Indenture shall upon Company Request cease to be of further effect with respect to Securities of any series (except as to any surviving rights of registration of transfer or exchange of Securities of such series and replacement of lost, stolen or mutilated Securities of such series herein expressly provided for), and the Trustee, on the demand of and at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture with respect to such series, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) all Securities of such series theretofore authenticated and delivered have been delivered to the Trustee for cancellation (other than (1) Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.06 and (2) Securities of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 5.03); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all such Securities of such series not theretofore delivered to the Trustee for cancellation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) have become due and payable, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) will become due and payable at their Stated Maturity within one year, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption,

and the Company, in the case of clauses (1), (2) or (3) above, has deposited or caused to be deposited with the Trustee cash or, in the case of securities payable only in U.S. dollars, U.S. Government Obligations (as defined in Section 11.05) as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities of such series not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Securities of such series which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be, provided that with respect to any discharge in connection with any redemption that requires the payment of a "make-whole" amount, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to such "make-whole" amount calculated as of the date of the discharge, with any deficit as of the date of redemption (any such amount, the "**Applicable Premium Deficit**") only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officers' Certificate delivered to the Trustee at least two Business Days prior to the redemption date that confirms that the deposit of such Applicable Premium Deficit shall be applied toward such redemption; 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;(ii) the Company has paid or caused to be paid all other sums payable hereunder by the Company; 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;(iii) the Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for the satisfaction and discharge of this Indenture have been complied with.

&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) At any time when no Securities of any series are outstanding, this Indenture shall upon Company Request cease to be of further effect and the Trustee, at the expense of the Company, shall execute instruments of satisfaction and discharge of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 8.07 and, if money shall have been deposited with the Trustee pursuant to Section 11.01(a)(i)(B), the obligations of the Trustee under Section 11.06 and Section 5.03(e) shall survive.

Section 11.02 *Company's Option to Effect Defeasance or Covenant Defeasance*. Unless pursuant to Section 2.01 provision is made for either or both of (a) defeasance of the Securities of another series under Section 11.03 not to be applicable with respect to the Securities of a particular series or (b) covenant defeasance of the Securities of another series under Section 11.04 not to be applicable with respect to the Securities of such particular series, then the provisions of such Sections, together with the other provisions of Sections 11.03, 11.04, 11.05 and 11.06, shall be applicable to the Securities of such particular series, and the Company may at its option by or pursuant to a Board Resolution, at any time, with respect to the Securities of such particular series, elect to have either Section 11.03 or Section 11.04 be applied to the Outstanding Securities of such series upon compliance with the conditions set forth below in Sections 11.03, 11.04, 11.05 and 11.06.

Section 11.03 *Defeasance and Discharge*. Upon the Company's exercise of the option set forth in Section 11.02 and satisfaction of the conditions to defeasance set forth in Section 11.05, the Company shall be deemed to have been discharged from its obligations with respect to the Outstanding Securities of such series on the date the conditions set forth below are satisfied (hereinafter, "**defeasance**"). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of Outstanding Securities of such series to receive, solely from the trust fund described in Section 11.05 and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any) and interest on such Securities when such payments are due, (b) the Company's obligations with respect to such Securities under Sections 2.04, 2.05, 2.06, 5.02 and 5.03, (c) the rights, powers, trusts, duties, and immunities of the Trustee under Sections 2.05, 2.06, 2.07, 2.08, 2.09, 5.03(e), 8.07 and 11.06 and otherwise the duty of the Trustee to authenticate Securities of such series issued on registration of transfer or exchange and (d) Sections 11.03, 11.04, 11.05 and 11.06. Subject to compliance with Sections 11.03, 11.04, 11.05 and 11.06, the Company may exercise its option under this Section 11.03 notwithstanding the prior exercise of its option under Section 11.04 with respect to the Securities of such series.

Section 11.04 *Covenant Defeasance*. Upon the Company's exercise of the option set forth in Section 11.02 and satisfaction of the conditions to defeasance set forth in Section 11.05, the Company shall be released from its obligations under Sections 5.04, 5.05, 5.06, 6.01 and 9.04 and any other covenants to be applicable to the Securities of a series as specified pursuant to Section 2.01 unless specified otherwise pursuant to such Section (and the failure to comply with any such provisions shall not constitute a default or Event of Default under Section 7.01), and the occurrence of any event described in Sections 7.01 (d), (e) and (h) and any other events of default to be applicable to the Securities of a series as specified pursuant to Section 2.01 unless specified otherwise pursuant to such Section shall not constitute a default or Event of Default hereunder, with respect to the Outstanding Securities of such series on and after the date the conditions set forth below are satisfied (hereinafter, "**covenant defeasance**"). For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section with respect to it, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.

Section 11.05 *Conditions to Defeasance or Covenant Defeasance*. The following shall be the conditions to application of either Section 11.03 or Section 11.04 to the Outstanding Securities of such series:

&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 Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 8.09 who shall agree to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the holders of such Securities, (i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount, or (iii) a combination thereof, sufficient, without reinvestment, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (A) the principal of (and premium, if any) on and each installment of principal of (premium, if any) and interest on the Outstanding Securities of such series on the Stated Maturity of such principal or installment of principal or interest and (B) any mandatory sinking fund payments or analogous payments applicable to the Outstanding Securities of such series on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities, provided that with respect to any discharge in connection with any redemption that requires the payment of a "make-whole" amount, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to such "make-whole" amount calculated as of the date of the discharge, with any deficit as of the date of redemption (any such amount, the "**Applicable Premium Deficit**") only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officers' Certificate delivered to the Trustee at least two Business Days prior to the redemption date that confirms that the deposit of such Applicable Premium Deficit shall be applied toward such redemption. For this purpose, "**U.S. Government Obligations**" means securities that are (x) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (y) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account of the holder of such depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Event of Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date (other than an Event of Default resulting from borrowing of funds to be applied to such deposit and the grant of any Lien securing 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) such defeasance or covenant defeasance shall not cause the Trustee for the Securities of such series to have a conflicting interest for purposes of the Trust Indenture Act with respect to any securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which it is bound;

&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) such defeasance or covenant defeasance shall not cause any Securities of such series then listed on any registered national securities exchange under the Exchange Act to be delisted;

&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 the case of an election under Section 11.03, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the beneficial owners of the Outstanding Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not 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;(g) in the case of an election under Section 11.04, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the beneficial owners of the Outstanding Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not 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;(h) such defeasance or covenant defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 2.01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to either the defeasance under Section 11.03 or the covenant defeasance under Section 11.04, as the case may be, have been complied with and that such defeasance or covenant defeasance shall not cause any Securities of such series then listed on any registered national securities exchange under the Exchange Act to be delisted;

&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) the Company shall have delivered to the Trustee an Officers' Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over the other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; 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;(k) the Company shall have delivered to the Trustee an Opinion of Counsel stating that the such deposit under Section 11.06 shall not result in the trust arising from such deposit constituting an investment company (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from registration hereunder.

Section 11.06 *Deposited Money and U.S*. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to the provisions of Section 5.03(e), all money deposited with the Trustee (or other qualifying trustee, collectively, for purposes of this Section 11.06, the "**Trustee**"), all money and U.S. Government Obligations deposited with the Trustee and all money received by the Trustee in respect of U.S. Government Obligations deposited with the Trustee, pursuant to Section 11.01 or 11.05, in respect of the Outstanding Securities of such series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal (and premium, if any) and interest, but such money need not be segregated from other funds except to the extent required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 11.05 or the principal and interest received in respect thereof, other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Securities of such series.

&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) Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 11.05 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent defeasance or covenant defeasance and pay any obligations owed or accrued in favor of the Trustee.

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| MOBILITY GLOBAL INC. | MOBILITY GLOBAL INC. |
| By: |  |
|  | Name: |
|  | Title: |
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

## Exhibit 10.15

**Exhibit 10.15**

**MOBILITY GLOBAL INC.**

**as the Company**

**5.050% Senior Notes due 2029**

**5.450% Senior Notes due 2031**

**6.050% Senior Notes due 2036** 

**FIRST SUPPLEMENTAL INDENTURE**

**Dated as of May 29, 2026**

**to the Indenture Dated as of May 29, 2026**

**THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee**

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| Article 1 DEFINITIONS | Article 1 DEFINITIONS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01. | Certain Terms Defined in the Indenture; Additional Terms | 2 |
| Article 2 FORM AND TERMS OF THE NOTES | Article 2 FORM AND TERMS OF THE NOTES | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01. | Form and Dating | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02. | Paying Agent; Depository | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03. | Registration | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04. | Transfer and Exchange | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05. | Terms of the Notes | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06. | Optional Redemption | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07. | Special Mandatory Redemption | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08. | Offer to Repurchase Upon a Change of Control Triggering Event | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09. | Registration Default | 14 |
| Article 3 COVENANTS | Article 3 COVENANTS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01. | Limitation on Liens | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02. | Limitation on Sale Leasebacks | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03. | Consolidation, Merger, Conveyance or Transfer on Certain Terms | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04. | Events of Default | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05. | Rule 144A Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.06. | Activities prior to the Separation | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.07. | Commitment Letter | 16 |
| Article 4 AMENDMENTS, SUPPLEMENTS AND WAIVERS | Article 4 AMENDMENTS, SUPPLEMENTS AND WAIVERS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01. | Supplemental Indentures without Consent of Holders | 16 |
| Article 5 MISCELLANEOUS | Article 5 MISCELLANEOUS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01. | Trust Indenture Act Controls | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02. | Governing Law | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03. | Payment of Notes | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04. | Multiple Counterparts | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.05. | Severability | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.06. | Relation to Indenture | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.07. | Ratification | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.08. | Effectiveness | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.09. | Trustee Not Responsible for Recitals or Issuance of Securities | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10. | Calculations | 18 |
| Article 6 ESCROW CONDITIONS | Article 6 ESCROW CONDITIONS | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01. | Escrow Account | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02. | Escrow Authorization | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03. | Trustee Liability | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04. | Release of Escrow Funds | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05. | Special Mandatory Redemption | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06. | Trustee Direction to Execute Escrow Agreement | 20 |

---

APPENDIX A PROVISIONS RELATING TO THE NOTES

---

| | |
|:---|:---|
| EXHIBIT A | NOTES LEGENDS |
| EXHIBIT B | FORM OF NOTES |
| EXHIBIT C | RULE 144A CERTIFICATE |
| EXHIBIT D | REGULATIONS CERTIFICATE |

---

**FIRST SUPPLEMENTAL INDENTURE**

FIRST SUPPLEMENTAL INDENTURE (this "**First Supplemental Indenture**"), dated as of May 29, 2026, between MOBILITY GLOBAL INC., a Delaware corporation (the "**Company**"), having its principal executive offices at 5860 Trinity Parkway, Suite 600, Centreville, Virginia 20120, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the "**Trustee**").

**RECITALS**

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of May 29, 2026 (the "**Indenture**"), to provide for the issuance by the Company from time to time of Securities to be issued in one or more series as provided in the Indenture;

WHEREAS, the issuance and sale of $650,000,000 aggregate principal amount of a new series of Securities of the Company designated as its 5.050% Senior Notes due 2029 (the "**2029 Notes**"), $650,000,000 aggregate principal amount of a new series of Securities of the Company designated as its 5.450% Senior Notes due 2031 (the "**2031 Notes**") and $700,000,000 aggregate principal amount of a new series of Securities of the Company designated as its 6.050% Senior Notes due 2036 (the "**2036 Notes**" and, collectively with the 2029 Notes and 2031 Notes, the "**Notes**"), and, if and when issued, any Additional Notes, together with any Exchange Notes issued therefor, as provided herein, have been authorized by resolutions adopted by the Board of Directors of the Company;

WHEREAS, the Company desires to issue and sell $650,000,000 aggregate principal amount of 2029 Notes, $650,000,000 aggregate principal amount of 2031 Notes and $700,000,000 aggregate principal amount of 2036 Notes on the date hereof;

WHEREAS, Sections 2.01 and 10.01 of the Indenture provide that the Company, when authorized by a Board Resolution, and the Trustee may amend or supplement the Indenture to provide for the issuance of and to establish the form or terms and conditions of Securities of any series as permitted by the Indenture;

WHEREAS, the Company desires to establish the form, terms and conditions of the Notes; and

WHEREAS, all things necessary to make this First Supplemental Indenture a legal, valid and binding supplement to the Indenture according to its terms and the terms of the Indenture have been done.

NOW, THEREFORE, for and in consideration of the premises and the purchase of the Notes by the Holders thereof, the Company and the Trustee mutually covenant and agree, for the equal and proportionate benefit of all Holders of the Notes, as follows:

**Article 1** **<br> DEFINITIONS**

Section 1.01. <u>Certain Terms Defined in the Indenture; Additional Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this First Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Indenture, as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following capitalized terms used herein shall be defined accordingly:

"**Additional Interest**" has the meaning set forth in Section 2.08 hereof.

"**Additional Notes**" has the meaning set forth in Section 2.05(b) hereof.

"**Agent Member**" means a member of, or a participant in, the Depository.

"**Below Investment Grade Rating Event**" means the applicable series of Notes is rated below an Investment Grade Rating by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the applicable series of Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect to a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee or the Company in writing at the Trustee's or the Company's request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). The Trustee has no obligation to monitor or determine if any such event has occurred.

"**Certificated Note**" means a Note in registered individual certificated form without interest coupons.

"**Change of Control**" means the occurrence of any of the following from and after the consummation of the Separation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the direct or indirect sale, transfer, conveyance or other disposition
 (other than by way of merger or consolidation), in one or a series of related transactions,
 of all or substantially all of the properties or assets of the Company and its Subsidiaries
 taken as a whole to any Person (as defined in the Indenture, and in addition as that term
 is used in Section 13(d)(3) and Section 14(d)(2) of the Exchange Act)
 or group of related Persons for purposes of Section 13(d) of the Exchange Act other
 than the Company or one of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the approval by the holders of the Company's common stock of
 any plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise
 in compliance with the provisions hereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the consummation of any transaction or series of related transactions
 (including, without limitation, any merger or consolidation) the result of which is that
 any Person becomes the beneficial owner, directly or indirectly, of more than 50% of the
 then outstanding number of shares of the Company's Voting Stock.

"**Change of Control Offer**" has the meaning set forth in Section 2.07(a) hereof.

"**Change of Control Payment**" has the meaning set forth in Section 2.07(a) hereof.

"**Change of Control Payment Date**" has the meaning set forth in Section 2.07(b)(iii) hereof.

"**Change of Control Triggering Event**" means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

"**Commitment Letter**" means the commitment letter between the Company and the Parent, dated as of the date hereof, pursuant to which the Parent agreed (i) to fund any interest that is payable on an interest payment date occurring between the closing date and Escrow End Date (but only to the extent that the amount in the Escrow Account is one Business Day prior to the date when such amount is to be deposited is less than the sum of (x) the Escrow Deposit and (y) the amount of accrued and unpaid interest payable on such interest payment date) and (ii) to fund directly to the Trustee at least one Business Day prior to the date that the Special Mandatory Redemption Price is due, the Redemption Price Deficit Amount.

"**Credit Facility**" means one or more (1) credit facilities with banks, investors, purchasers or other debtholders or other lenders providing for revolving credit loans or term loans or the issuance of letters of credit or bankers' acceptances or the like, (2) note purchase agreements and indentures providing for the sale of Debt securities or (3) agreements that refinance any Debt incurred under any arrangement or agreement described in clause (1) or (2) or this clause (3), including in each case any successor or replacement arrangement, arrangements, agreement or agreements.

"**DTC**" means The Depository Trust Company.

"**Eligible Escrow Investments**" means (1) money market funds registered under the Federal Investment Company Act of 1940, whose shares are registered under the Securities Act, and rated "AAAm" or "AAAm-G" by S&P and "Aaa" if rated by Moody's, including any mutual fund for which the Escrow Agent or its affiliate serves as investment manager, administrator, shareholder servicing agent, and/or custodian, (2) U.S. dollar denominated deposit accounts with domestic national or commercial banks, including the Escrow Agent or an affiliate of the Escrow Agent, that have short term issuer rating on the date of purchase of "A-1+" or "A-1" by S&P or "Prime-1" or better by Moody's and maturing no more than 360 days after the date of purchase, (3) such other short-term liquid investments in which the Escrowed Funds may be invested in accordance with the Escrow Agreement, (4) hold funds uninvested as cash and (5) deposit the Escrowed Funds into an interest-bearing or non-interest bearing demand deposit account at a U.S. chartered commercial bank with consolidated assets of $100 billion or more that is reasonably satisfactory to the Company.

"**Escrow Accoun**t" has the meaning set forth in Section 6.01 hereof.

"**Escrow Agent**" means Citibank, N.A. and any successors thereto.

"**Escrow Agreement**" has the meaning set forth in Section 6.01 hereof.

"**Escrow Condition**" has the meaning set forth in Section 6.02 hereof.

"**Escrow Deposit**" has the meaning set forth in Section 6.01 hereof.

"**Escrow End Date**" means June 30, 2027.

"**Escrow Release**" has the meaning set forth in Section 6.02 hereof.

"**Escrow Release Officer's Certificate**" means an Officer's Certificate, certifying that within three Business Days after the Escrow Release the Separation shall be consummated on terms substantially consistent with the description thereof in the Offering Memorandum and with such other changes as are not materially adverse to the Holders of the Notes (as determined in good faith by the Company, which determination shall be conclusive).

"**Escrowed Funds**" has the meaning set forth in Section 6.01 hereof.

"**Exchange Notes**" means the Notes of the Company issued pursuant to the Indenture in exchange for, and in an aggregate principal amount up to the aggregate principal amount of the Notes of such series, the Notes of each series, in compliance with the terms of the Registration Rights Agreement and containing terms substantially identical to the Notes of such series (except that (i) such Exchange Notes will be registered under the Securities Act and will not be subject to transfer restrictions or bear the Restricted Legend, and (ii) the provisions relating to rights under the Registration Rights Agreement will be eliminated).

"**Fitch**" means Fitch Ratings Ltd, and its successors.

"**GAAP**" means generally accepted accounting principles as such principles are in effect in the United States as of the date of the indenture.

"**Global Note**" means a Note in registered global form without interest coupons.

"**interest**," in respect of the Notes, unless the context otherwise requires, refers to interest.

"**Investment Grade Rating**" means a rating equal to or higher than Baa3 (or the equivalent) by Moody's and equal to or higher than BBB- (or the equivalent) by Fitch (or, in each case, the equivalent investment grade credit rating from any Rating Agency).

"**Issue Date**" means the date on which the Notes are originally issued under this Indenture.

"**Moody's**" means Moody's Investors Service, Inc., and its successors.

"**Offering Memorandum**" means the Company's confidential offering memorandum (including the documents incorporated by reference therein) dated May 19, 2026, pursuant to which the Notes were originally offered.

"**Optional Redemption Date**" means any such date fixed for redemption pursuant to Section 2.06(a) or Section 2.06(b).

"**Par Call Date**" means May 15, 2029 for the 2029 Notes, May 15, 2031 for the 2031 Notes and March 15, 2036 for the 2036 Notes.

"**Parent**" means S&P Global Inc., the parent company of Mobility Global Inc. prior to the Separation.

"**Parent Board**" means the board of directors of the Parent.

"**Paying Agent**" has the meaning set forth in Section 2.02 hereof.

"**Rating Agencies**" means (1) Moody's and Fitch; (2) if Moody's or Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company's control, a "nationally recognized statistical rating organization" within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a resolution of the Company's board of directors) as a replacement agency for Moody's or Fitch; and (3) at the Company's option, any other "nationally recognized statistical rating organization" within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a resolution of the Company's board of directors) to rate the Notes.

"**Redemption Price**" when used with respect to any Security to be redeemed, means the price specified in the Security at which it is to be redeemed pursuant to this Indenture.

"**Redemption Price Deficit Amount**" has the meaning set forth in Section 2.07 hereof.

"**Registration Default**" has the meaning ascribed thereto in the Registration Rights Agreement.

"**Registration Rights Agreement**" means the Registration Rights Agreement, dated as of the date hereof, by and among the Company, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and BofA Securities, Inc.

"**Restricted Legend**" means the legend set forth on Exhibit A hereto.

"**Security Registrar**" means the Trustee, for the purpose of registering the Notes and transfer of Notes as herein provided.

"**Separation**" means the separation of the business, operations, products, services and activities of the Company from the Parent and the creation of an independent, publicly traded company.

"**Special Mandatory Redemption**" has the meaning given in Section 2.07.

"**Special Mandatory Redemption Date**" has the meaning given in Section 2.07.

"**Special Mandatory Redemption Event**" has the meaning given in Section 2.07.

"**Spin Business**" means the business, operations, products, services and activities of the S&P Global Mobility business prior to the completion of the Separation.

"**S&P**" means S&P Global Ratings, a division of S&P Global Inc., or any of its successors or assigns that is a nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act.

"**Treasury Rate**" means, with respect to any Optional Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Optional Redemption Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily)—H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities—Treasury constant maturities—Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Optional Redemption Date to the applicable Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life—and shall interpolate to the applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Optional Redemption Date.

If, on the third Business Day preceding the Optional Redemption Date, H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Optional Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the applicable Par Call Date, as applicable. If there is no United States Treasury security maturing on the applicable Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the applicable Par Call Date, one with a maturity date preceding the applicable Par Call Date and one with a maturity date following the applicable Par Call Date, the Company will select the United States Treasury security with a maturity date preceding the applicable Par Call Date. If there are two or more United States Treasury securities maturing on the applicable Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

The Company's actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall not be obligated to calculate or verify any Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in the Indenture, for purposes of the Notes, the term "**interest**" shall be deemed to include any "**Additional Interest**" payable as a consequence of a "Registration Default," in each case as defined in, and in accordance with, the Registration Rights Agreement.

**Article 2** **<br> FORM AND TERMS OF THE NOTES**

Section 2.01. <u>Form and Dating</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Notes and the Trustee's certificate of authentication shall be substantially in the form set forth on Exhibit B attached hereto. The Notes shall be executed on behalf of the Company by any Officer and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these Officers on the Notes may be manual or electronic signature, in English. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000, in excess thereof.

The terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this First Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this First Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

Section 2.02. <u>Paying Agent; Depository</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby appoints the Trustee as the initial agent of the Company for the payment of the principal of (and premium, if any) and interest on the Notes (the "**Paying Agent**"), and the office of the Trustee located in the Borough of Manhattan, the City of New York, be and hereby is, designated as the office or agency where the Notes may be presented for payment and where notices to or demands upon the Company in respect of the Notes and the Indenture pursuant to which the Notes are to be issued may be served. The Company may at any time designate additional paying agents or rescind the designation of any paying agent or approve a change in the office through which the paying agent acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depository for the Global Notes shall initially be DTC and any and all successors thereto appointed as Depository by the Company.

Section 2.03. <u>Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Global Note will be registered in the name of the Depository or its nominee and, so long as DTC is serving as the Depository thereof, will bear a legend as set forth on Exhibit A 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;(i) Each Global Note will be delivered to the Trustee as custodian for the Depository. Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depository, its successors or their respective nominees, except (x) as set forth in (iii) of this Section 2.03(a) and (y) transfers of portions thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by prior written notice given to the Trustee by or on behalf of the Depository in accordance with customary procedures of the Depository and in compliance with this Section 2.03 and Section 2.04.

&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) Agent Members will have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository, and the Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depository or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global Note through an Agent Member) to take any action which a Holder is entitled to take under this Indenture or the Notes, and nothing herein will impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a holder of any security.

&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 (x) the Depository notifies the Company that it is unwilling or unable to continue as Depository for a Global Note and a successor depository is not appointed by the Company within 90 days of such notice or (y) an Event of Default has occurred and is continuing and the Trustee has received a written request from the Depository, the Trustee will promptly exchange each beneficial interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the Trustee by the Depository, and thereupon the Global Note will be deemed canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Certificated Note will be registered in the name of the Holder thereof or its nominee.

Section 2.04. <u>Transfer and Exchange</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section 2.04 and Section 2.03 and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of the Depository. The Security Registrar shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable time upon written notice to the Trustee.

Section 2.05. <u>Terms of the Notes</u>. The following terms relating to the Notes are hereby established:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Title</u>. The Notes shall constitute a series of Securities having the title "5.050% Senior Notes due 2029" for the 2029 Notes, "5.450% Senior Notes due 2031" for the 2031 Notes and "6.050% Senior Notes due 2036" for the 2036 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal Amount</u>. The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture shall be $650,000,000 for the 2029 Notes, $650,000,000 for the 2031 Notes and $700,000,000 for the 2036 Notes. The Company may from time to time, without the consent of the Holders of Notes, issue additional Notes of a series (in any such case "**Additional Notes**") having the same form, ranking, interest rate, maturity and other terms as the Notes of such series, except for the Issue Date, the public offering price and, in some cases, the first Interest Payment Date and interest accrual date, and carrying the same right to receive accrued and unpaid interest, as the Notes of such series previously issued; *provided* that no Event of Default with respect to such series of Notes shall have occurred and be continuing; *provided further* that if any such Additional Notes are not fungible with the Notes of such series initially issued hereunder for U.S. federal income tax purposes, such Additional Notes shall have a separate CUSIP number. Any Additional Notes of a series and the existing Notes of such series will constitute a single series under the Indenture and all references to the relevant Notes of that series shall include the Additional Notes of such series unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Maturity Date</u>. The entire outstanding principal of the 2029 Notes shall be payable on June 15, 2029. The entire outstanding principal of the 2031 Notes shall be payable on June 15, 2031. The entire outstanding principal of the 2036 Notes shall be payable on June 15, 2036.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Interest Rate</u>. The rate at which the 2029 Notes shall bear interest shall be 5.050% per annum, the rate at which the 2031 Notes shall bear interest shall be 5.450% per annum and the rate at which the 2036 Notes shall bear interest shall be 6.050% per annum; the Interest Payment Dates for the 2029 Notes shall be June 15 and December 15 of each year, beginning on December 15, 2026, the Interest Payment Dates for the 2031 Notes shall be June 15 and December 15 of each year, beginning on December 15, 2026 and the Interest Payment Dates for the 2036 Notes shall be June 15 and December 15 of each year, beginning on December 15, 2026; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose names the series of Notes (or one or more predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the June 1 or December 1 for the 2029 Notes, June 1 or December 1 for the 2031 Notes and the June 1 or December 1 for the 2036 Notes, as the case may be, next preceding such Interest Payment Date (whether or not a Business Day); *provided* that interest payable at the Stated Maturity or upon redemption will be paid to the Person to whom principal is payable. Payment of principal and interest on the Notes will be made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated for such purpose, in such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that each installment of interest and principal on the Notes may at the Company's option be paid in immediately available funds by transfer to an account maintained by the payee located in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Currency</u>. The currency of denomination of the Notes is United States Dollars. Payment of principal of and interest and premium, if any, on the Notes will be made in United States Dollars.

Section 2.06. <u>Optional Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the applicable Par Call Date, the Company may redeem any series of the Notes, in whole or in part, at any time and from time to time, at its option, at a redemption price (the "**Redemption Price**"), as calculated by the Company and expressed as a percentage of principal amount and rounded to three decimal places, equal to the greater 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;(i) (x) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of such series to be redeemed discounted to the applicable Optional Redemption Date (assuming that the Notes of such series matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 15 basis points, in the case of the 2029 Notes, plus 20 basis points, in the case of the 2031 Notes, and 25 basis points, in the case of the 2036 Notes, less (y) interest accrued to the applicable Optional Redemption Date, 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) 100% of the principal amount of the Notes of such series to be redeemed, plus, in either case, accrued and unpaid interest on the principal amount of such Notes being redeemed, if any, to the applicable Optional Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or after the applicable Par Call Date, the Company may redeem the Notes of such series, in whole or in part, at any time and from time to time, at its option at a redemption price equal to 100% of the principal amount of the Notes of such series being redeemed plus accrued and unpaid interest thereon to, but excluding, the applicable Optional Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If less than all the Notes of a series are to be redeemed, selection of the Notes of such series for redemption will be made in accordance with the procedures of the Depository (or by lot or pro rata in the case of a Certificated Note). If any Notes of a series are to be redeemed in part only, the notice of redemption that relates to such Notes will state the portion of the principal amount of such Notes to be redeemed. A new Note of such series in a principal amount equal to the unredeemed portion of the Note of such series will be issued in the name of the Holder of the Note of such series upon surrender for cancellation of the original of such Note. For so long as the Notes are held by the Depository, the redemption of any series of the Notes shall be done in accordance with the policies and procedures of the Depository. Unless the Company defaults in payment of the Redemption Price, on or after the applicable Optional Redemption Date, the Notes of such series or portions thereof called for redemption will cease to bear interest, and the Holders thereof will have no right in respect of such Notes except the right to receive the Redemption Price thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The notice of redemption shall be mailed or electronically delivered (or otherwise transmitted in accordance with the Depository's procedures) at least 10 days but not more than 60 days before the applicable Optional Redemption Date to each Holder of Notes of a series to be redeemed, with notice to the Trustee of such redemption at least three days prior to when such notice is delivered to Holders of the series of Notes to be redeemed (or such shorter time as the Trustee may agree).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any notice of redemption may, in the Company's discretion be subject to the satisfaction or waiver of one or more conditions precedent, including, but not limited to, completion of any equity offering, a financing, or other corporate transaction; provided that if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company's discretion, the Optional Redemption Date may be postponed until such time (including more than 60 days following the date the notice of redemption was sent) as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or otherwise waived by the Optional Redemption Date (including as it may be postponed). The Company shall notify Holders of any such rescission as soon as practicable after determining that it will not be able to satisfy or otherwise waive such conditions precedent. Once notice of redemption is mailed or sent, subject to the satisfaction of any conditions precedent provided in the notice of redemption, the Notes called for redemption will become due and payable on the Optional Redemption Date and at the applicable Redemption Price, plus accrued and unpaid interest to, but excluding, the Optional Redemption Date.

Section 2.07. <u>Special Mandatory Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If (i) the Escrow Agent has not received the Escrow Release Officer's Certificate by the Escrow End Date, (ii) the Company notifies the Escrow Agent and the Trustee in writing, that the Parent Board has earlier determined that the Escrow Condition will not be satisfied by such date or determines to no longer pursue the Separation or (iii) the funds from the Escrow Account have been released to the Company but the Separation is not consummated on or prior to the third Business Day following the date of such release (any such event being a "**Special Mandatory Redemption Event**"), then the Escrow Agent shall (to the extent such Escrowed Funds have not already been released), without the requirement of notice to or action by the Company, the Trustee or any other Person, liquidate and release the Escrowed Funds (including investment earnings thereon and proceeds thereof) to the Trustee, and the Trustee shall apply (or cause a Paying Agent to apply) the amounts in the immediately preceding clause, together with the Redemption Price Deficit Amount, to redeem all of the aggregate principal amount of the Notes outstanding (the "**Special Mandatory Redemption**") on the third Business Day following the Special Mandatory Redemption Event (the "**Special Mandatory Redemption Date**") or as otherwise required by the applicable procedures of the Depository, at a redemption price equal to 101% of the aggregate principal amount of the Notes outstanding, plus accrued and unpaid interest from the date hereof or the most recent interest payment date for which interest has been paid, as the case may be, to, but excluding, the Special Mandatory Redemption Date (the "**Special Mandatory Redemption Price**") and thereafter the Trustee shall transfer to or for the account or at the direction of the Company any Escrowed Funds remaining after the payment of such Special Mandatory Redemption Price and the fees and expenses of the Trustee and the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that, upon the occurrence of a Special Mandatory Redemption Event, the Escrow Account does not contain sufficient funds to pay the Special Mandatory Redemption Price (a "**Redemption Price Deficit Amount**"), the Parent will be required to fund such Redemption Price Deficit Amount directly to the Trustee, pursuant to the Commitment Letter. For the avoidance of doubt, the Trustee shall not be responsible or liable for calculating the Redemption Price Deficit Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company will cause a notice of Special Mandatory Redemption to be delivered electronically to the Trustee and mailed, or delivered electronically if held by the Depository, to the Holders of the Notes at their registered addresses no later than the Business Day following the Special Mandatory Redemption Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the deposit of funds sufficient to pay the Special Mandatory Redemption Price with the Trustee or other applicable Paying Agent on or before the Special Mandatory Redemption Date, the Notes will cease to bear interest and all rights and obligations under the Notes shall terminate. On the Special Mandatory Redemption Date, after paying the Special Mandatory Redemption Price to Holders, the Trustee will pay to the Company any Escrowed Funds remaining in the Escrow Account in accordance with the Escrow Agreement.

Section 2.08. <u>Offer to Repurchase Upon a Change of Control Triggering Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to redeem all of the Notes of a series pursuant to Section 2.06 hereof, each Holder of such series of Notes shall have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder's Notes of such series pursuant to the offer described below (the "**Change of Control Offer**") on the terms set forth in the Notes of such series at a purchase price in cash equal to 101% of the aggregate principal amount of such series of Notes repurchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase (the "**Change of Control Payment**") pursuant to and in accordance with the offer described in this Section 2.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 30 days following any Change of Control Triggering Event, the Company shall deliver a notice to each Holder of Notes, with a written copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state:

&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 description of the transaction or transactions that constitute the Change of Control Triggering Event;

&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) that the Change of Control Offer is being made pursuant to this Section 2.08 and that all Notes validly tendered will be accepted for payment;

&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) that the Change of Control Payment and the "**Change of Control Payment Date**," which shall be a Business Day that is no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that any Note not tendered will continue to accrue 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;(v) that any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date unless the Company shall default in the payment of the Change of Control Payment of the Notes and the only remaining right of the Holder is to receive payment of the Change of Control Payment upon surrender of the Notes to the Paying 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;(vi) that Holders electing to have a portion of a Note purchased pursuant to a Change of Control Offer may only elect to have such Note purchased in a principal amount of $2,000 or integral multiples of $1,000 in excess 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;(vii) that if a Holder elects to have a Note purchased pursuant to the Change of Control Offer it will be required to surrender the Note, with the form entitled "**Option of Holder to Elect Purchase**" on the reverse of the Note completed, or transfer by book- entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the Change of Control Payment 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;(viii) that a Holder will be entitled to withdraw its election if the Company receives, not later than the close of business on the third Business Day prior to the Change of Control Payment Date, electronic transmission or letter setting forth the name of such Holder, the principal amount of Notes such Holder delivered for purchase, and a statement that such Holder is withdrawing its election to have such Note purchased; 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;(ix) that if Notes are purchased only in part, a new Note of such series of the same type will be issued in a principal amount equal to the unpurchased portion of such series of Notes surrendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Change of Control Payment Date, the Company shall, to the extent lawful:

&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) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

&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) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof properly tendered; 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) deliver or cause to be delivered for cancellation to the Trustee the Notes properly accepted, together with an Officers' Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Paying Agent shall promptly send to each Holder of Notes properly tendered the Change of Control Payment for the Notes, and the Trustee, upon receipt of a Company Request, shall promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note of such series equal in principal amount to any unpurchased portion of any Notes of such series surrendered by such Holder, if any; provided that each new Note of such series will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with this Section 2.07, the Company will be required to comply with the applicable securities laws and regulations and will not be deemed to have breached the Company's obligations under this Section 2.07 by virtue of such conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, the Company will not be required to make an offer to repurchase the Notes of a series upon a Change of Control Triggering Event if a third party makes such an offer with respect to such series in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company herein and such third party purchases all the Notes of such series properly tendered and not withdrawn under its offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

Section 2.09. <u>Registration Default</u>. If a Registration Default occurs with respect to the Notes of a particular series that are registrable securities (as that term is defined in the Registration Rights Agreement), then additional interest shall accrue on the principal amount of the Notes of such series that are registrable securities at a rate of 0.25% per annum for the first 90-day period beginning on the day immediately following such Registration Default (which rate will be increased by an additional 0.25% per annum for each subsequent 90-day period that such additional interest continues to accrue, provided that the rate at which such additional interest accrues may in no event exceed 0.50% per annum) (the "**Additional Interest**"). The Additional Interest will cease to accrue when the Registration Default is cured. The foregoing amounts shall not increase, even if more than one Registration Default has occurred and is continuing. Notwithstanding the foregoing, a Holder of Notes who is not entitled to the benefits of the shelf registration statement shall not be entitled to any increase in the interest rate borne by the Notes as a result of a registration default that pertains to the shelf registration statement. Any amounts of Additional Interest due will be payable in cash on the same original interest payment dates as interest on the Notes is payable.

**Article 3** **<br> COVENANTS**

Section 3.01. <u>Limitation on Liens</u>. With respect to the Notes, the following paragraph shall replace Section 5.06(a) of the Indenture:

"(a) From and after the consummation of the Separation, the Company and its Subsidiaries shall not create, assume, incur or guarantee any indebtedness for borrowed money ("**Debt**") secured by a Lien on any of its properties or assets, without securing the Securities of any applicable series equally and ratably with such Debt for so long as such Debt is secured, unless the aggregate principal amount of such secured Debt then outstanding, together with the Company's and its Subsidiaries' Attributable Debt in respect of sale and leaseback transactions entered into from and after the consummation of the Separation pursuant to Section 5.07 (the sum of the foregoing, the "**Aggregate Debt**"), does not exceed an amount equal to 7.5% of the Company's total consolidated assets as of the date of the Company's most recent quarter, as set forth on its most recently filed quarterly report on Form 10-Q or annual report on Form 10-K preceding the creation or assumption of any such Lien."

Section 3.02. <u>Limitation on Sale Leasebacks</u>. With respect to the Notes, the following paragraph shall replace the first paragraph of Section 5.07(a) of the Indenture:

"Section 5.07 *Limitation on Sale Leasebacks*. From and after the consummation of the Separation, the Company will not, and will not permit any of its Subsidiaries to, enter into any sale and leaseback transaction for the sale and leasing back of any real or personal property, whether now owned or hereafter acquired, unless:"

Section 3.03. <u>Consolidation, Merger, Conveyance or Transfer on Certain Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to the Notes, the following paragraph shall replace the first paragraph of Section 6.01 of the Indenture:

"Section 6.01 *Consolidation, Merger, Conveyance or Transfer on Certain Terms*. From and after the consummation of the Separation, the Company shall not consolidate with or merge into any other Person or convey or transfer all or substantially all of its properties and assets to any Person, unless:"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to the Notes, the following paragraph shall be added as Section 6.03 of the Indenture:

"Section 6.03 *Prior to Separation*. Notwithstanding anything in this Indenture to the contrary, the consummation of the Separation, and any action taken by the Company that is required in connection with or incidental to the Separation, shall not be subject to this Article."

Section 3.04. <u>Events of Default</u>. With respect to the Notes, the following paragraph shall replace Section 7.01(c) of the Indenture:

"(c) default in the payment of the principal of, or premium, if any, on any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities of such series when due at their stated maturity, by declaration or acceleration, when called for Redemption or otherwise (including the Special Mandatory Redemption); or"

Section 3.05. <u>Rule 144A Information</u>. With respect to the Notes, the following paragraph shall be added as Section 9.04(f) of the Indenture:

"(f) In addition, unless it is then subject to the reporting requirements of Section 13(d) or 15 of the Exchange Act, the Company will, upon request, furnish to any prospective purchaser of the Notes or beneficial owner of the Notes in connection with any sale thereof the information required by Rule 144A(d)(4) under the Securities Act, so long as any Notes remain outstanding and constitute "restricted securities" within the meaning of Rule 144(a)(3) under the Securities Act."

Section 3.06. <u>Activities prior to the Separation.</u> Prior to the Separation, each of the Company and its Subsidiaries' activities will be restricted to (a) issuing the Notes, (b) issuing capital stock to, and receiving capital contributions, assets, entities (and assuming certain liabilities) from, Parent and its Subsidiaries, (c) performing its obligations, as applicable, under the Notes, the Indenture, the Escrow Agreement and the Credit Facility, (d) consummating the Separation or redeeming the Notes pursuant to Section 2.07, as applicable, (e) conducting such other activities as are necessary or appropriate to maintain its existence and carry out the activities described above and (f) such other activities as are necessary or appropriate to facilitate the Separation (including conducting the operations, business and activities of the Spin Business).

Section 3.07. <u>Commitment Letter</u>. The Company shall keep the Commitment Letter in place until the earlier of the Separation or the Special Mandatory Redemption.

**Article 4** **<br> AMENDMENTS, SUPPLEMENTS AND WAIVERS**

Section 4.01. <u>Supplemental Indentures without Consent of Holders</u>. Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee (at the direction of the Company) at any time and from time to time, may enter into one or more indentures supplemental hereto for any of the purposes set forth in Section 10.01 of the Indenture, and, in addition for the following purpose: to conform any provision of the Indenture, the First Supplemental Indenture, or the Notes, to the "Description of Notes" appearing in the Offering Memorandum.

**Article 5** **<br> MISCELLANEOUS**

Section 5.01. <u>Trust Indenture Act Controls</u>. If any provision of this First Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this First Supplemental Indenture by the Trust Indenture Act, the required provision shall control. If any provision of this First Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this First Supplemental Indenture as so modified or to be excluded, as the case may be.

Section 5.02. <u>Governing Law</u>. This First Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction. EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 5.03. <u>Payment of Notes</u>. Payments in respect of the Notes represented by the Global Notes are to be made by wire transfer of immediately available funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Company will make all payments through the Paying Agent by mailing a check to each Holder's registered address; provided, however, that payments may also be made, in the case of a Holder of at least $1.0 million aggregate principal amount of Notes, by wire transfer to the account specified by the Holder thereof.

Section 5.04. <u>Multiple Counterparts</u>. The parties may sign multiple counterparts of this First Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the same First Supplemental Indenture. One signed copy is enough to prove this First Supplemental Indenture. The exchange of copies of this First Supplemental Indenture and of signature pages by electronic format (e.g., "**.pdf**" or "**.tif**") transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental Indenture for all purposes. The words "execution," "signed," "signature," and words of like import in this First Supplemental Indenture or any agreement entered into in connection herewith shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act (e.g. DocuSign). The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

Section 5.05. <u>Severability</u>. Each provision of this First Supplemental Indenture shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic purpose of this First Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and a Holder shall have no claim therefor against any party hereto.

Section 5.06. <u>Relation to Indenture</u>. This First Supplemental Indenture constitutes a part of the Indenture, the provisions of which (as modified by this First Supplemental Indenture) shall apply to the series of Securities established by this First Supplemental Indenture but shall not modify, amend or otherwise affect the Indenture insofar as it relates to any other series of Securities or modify, amend or otherwise affect in any manner the terms and conditions of the Securities of any other series.

Section 5.08. <u>Effectiveness</u>. The provisions of this First Supplemental Indenture shall become effective as of the date hereof.

Section 5.09. <u>Trustee Not Responsible for Recitals or Issuance of Securities</u>. The recitals contained herein and in the Notes, except the Trustee's certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes. The Trustee or any Authenticating Agent shall not be accountable for the use or application by the Company of Notes or the proceeds thereof.

Section 5.10. <u>Calculations</u>. The Company will be responsible for making all calculations called for under this First Supplemental Indenture and the Notes, including but not limited to determination of redemption price, premium, if any, and any additional amounts or other amounts payable on the Notes. The Company will make all such calculations in good faith and, absent manifest error, its calculations will be final and binding on Holders. The Company will provide a schedule of its calculations to the Trustee and the Trustee is entitled to rely conclusively upon the accuracy of such calculations without independent verification. The Company will deliver a copy of such schedule to any Holder upon the written request of such Holder.

**Article 6** **<br> ESCROW CONDITIONS**

Section 6.01. <u>Escrow Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Concurrently with the execution of this First Supplemental Indenture, the Company will enter into an escrow agreement (the "**Escrow Agreement**") with the Trustee and the Escrow Agent, pursuant to which the Company will deposit or cause to be deposited in one or more accounts (collectively, the "**Escrow Account**") with the Escrow Agent an amount equal to the net proceeds of the offering of the Notes (after deducting discounts and commissions to the initial purchasers, but before estimated offering expenses payable by the Company) (the "**Escrow Deposit**") (collectively, with any other property from time to time held by the Escrow Agent for the benefit of the Holders, the "**Escrowed Funds**"). Upon execution and delivery, and pursuant to the terms and conditions, of the Escrow Agreement, the Company will grant to the Trustee, for the benefit of the Trustee and the Holders of the Notes, a first priority security interest in the Escrow Account and the Escrowed Funds; provided, however, that such Lien and security interest shall be automatically extinguished and shall terminate on the date upon which the Escrow Release occurs, which shall be within three Business Days of satisfaction of the Escrow Condition and release of the Escrowed Funds (as defined herein) from the Escrow Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Escrowed Funds will be held in the Escrow Account until the earliest of (i) the date on which the Company delivers to the Escrow Agent the Escrow Release Officer's Certificate, (ii) the Escrow End Date and (iii) the date on which the Company delivers notice to the Escrow Agent to the effect set forth in Section 6.02. The Escrow Agent will invest the Escrowed Funds in such Eligible Escrow Investments as the Company may from time to time direct in writing.

Section 6.02. <u>Escrow Authorization</u>. By their acceptance of the Notes, each Holder is deemed to authorize and direct the Trustee to execute and deliver the Escrow Agreement.

Section 6.03. <u>Trustee Liability</u>. The Trustee shall not be liable for the validity, perfection, priority or enforceability of the Lien granted under the Escrow Agreement.

Section 6.04. <u>Release of Escrow Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will only be entitled to direct the Escrow Agent to release Escrowed Funds (in which case the Escrowed Funds will be paid to or as directed by the Company) (the "**Escrow Release**") upon delivery to the Escrow Agent, on or prior to the Escrow End Date, of the Escrow Release Officer's Certificate (the "**Escrow Condition**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Escrow Release shall occur promptly upon satisfaction of the Escrow Condition. Upon the occurrence of the Escrow Release, the balance of the Escrow Account shall be reduced to zero and the Escrowed Funds and interest thereon shall be paid out in accordance with the Escrow Agreement and the Escrow Agreement shall terminate.

Section 6.05. <u>Special Mandatory Redemption</u>. If a Special Mandatory Redemption of the Notes is to occur pursuant to Section 2.07 hereof due to the occurrence of one of the events specified in clause (i) or (ii) of Section 2.07(a), none of the Escrowed Funds will be released to the Company to consummate the Separation but instead will be released to the Trustee for the purpose of redeeming all of the Notes pursuant to Section 2.07 hereof.

Section 6.06. <u>Trustee Direction to Execute Escrow Agreement</u>. By its acceptance of the Notes, each Holder and the Company shall be deemed to authorize and direct the Trustee to enter into and perform its obligations, if any, under the Escrow Agreement.

[*Remainder of page intentionally left blank; signature pages follow*]

IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed as of the date first above written.

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| | |
|:---|:---|
| MOBILITY GLOBAL INC. | MOBILITY GLOBAL INC. |
| By: |  |
|  | Name: |
|  | Title: |
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., |
| &nbsp;&nbsp;&nbsp;as Trustee | &nbsp;&nbsp;&nbsp;as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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*[Signature Page to First Supplemental Indenture]*

APPENDIX A<br> PROVISIONS RELATING TO THE NOTES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions</u>.

For the purposes of this Appendix A the following terms shall have the meanings indicated below:

"<u>Definitive Notes</u>" means certificated Notes (bearing the Restricted Securities Legend if the transfer of such Note is restricted by applicable law) that do not include the Global Notes Legend.

"<u>Depository</u>" means DTC, its nominees and their respective successors.

"<u>Exchange Offer</u>" has the meaning set forth in the Registration Rights Agreement.

"<u>Exchange Securities</u>" has the meaning set forth in the Registration Rights Agreement.

"<u>Global Notes Legend</u>" means the legend set forth in Section 2.2(f)(i)(z).

"<u>Non-U.S. Person</u>" means a Person who is not a U.S. Person, as defined in Regulation S.

"<u>QIB</u>" means a "qualified institutional buyer" as defined in Rule 144A.

"<u>Regulation S</u>" means Regulation S under the Securities Act.

"<u>Regulation S Legend</u>" means the legend set forth in Section 2.2(f)(i)(y).

"<u>Regulation S Notes</u>" means the Notes bearing the Regulation S Legend and deposited with or on behalf of and registered in the name of the Depository, or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S.

"<u>Restricted Period</u>" with respect to any Notes, means the period of 40 consecutive days beginning on and including the later of (a) the day on which such Notes are first offered to Persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be promptly given by the Company to the Trustee, and (b) the date hereof.

"<u>Restricted Notes Legend</u>" means the legend set forth in Section 2.2(f)(i)(x).

"<u>Rule 144</u>" means Rule 144 under the Securities Act.

"<u>Rule 144A</u>" means Rule 144A under the Securities Act.

"<u>Rule 144A Notes</u>" means all Notes delivered to QIBs in reliance on Rule 144A of Section 4(a)(2) of the Securities Act.

Appendix A-1

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

"<u>Shelf Registration Statement</u>" means the shelf registration statement filed by the Company in connection with the offer and sale of the Notes pursuant to the Registration Rights Agreement.

"<u>Transfer Restricted Notes</u>" means Definitive Notes and any other Notes that bear or are required to bear or are subject to the Restricted Notes Legend or the Regulation S Legend.

"<u>Unrestricted Definitive Note</u>" means Definitive Notes and any other Notes that are not required to bear, or are not subject to, the Restricted Notes Legend.

"<u>Unrestricted Global Notes</u>" means Global Notes and any other Notes that are not required to bear, or are not subject to, the Restricted Notes Legend.

"<u>U.S. Person</u>" means a U.S. Person as defined in Regulation S.

Unless the context otherwise requires, any reference in this Appendix A to a section refers to a section of this Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Other Definitions</u>.

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| | |
|:---|:---|
| Term | Defined in Section: |
| Agent Members | 2.1(f) |
| Clearstream | 2.1(b) |
| Euroclear | 2.1(b) |
| Global Notes | 2.1(e) |
| Regulation S Global Notes | 2.1(b) |
| Rule 144A Global Notes | 2.1(a) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>The Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Global Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following execution by the Company and authentication by the Trustee of the Global Notes (as defined below), Rule 144A Notes initially shall be represented by one or more Notes in definitive, fully registered, global form without interest coupons (collectively, the "<u>Rule 144A Global Notes</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following execution by the Company and authentication by the Trustee of the Global Notes, Regulation S Notes initially shall be represented by one or more Notes in fully registered, global form without interest coupons (the "<u>Regulation S Global Notes</u>"), which shall be registered in the name of the Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear Bank S.A./N.V., as operator of the Euroclear system ("<u>Euroclear</u>") or Clearstream Banking, Société Anonyme ("<u>Clearstream</u>") and such Regulation S Global Notes shall be deemed to be a "temporary global security" for purposes of Rule 903 under Regulation S until the expiration of the Restricted Period.

Appendix A-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee, as the case may be, in connection with transfers and exchanges of interests therein as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of the "Operating Procedures of the Euroclear System" and "Terms and Conditions Governing Use of Euroclear" and the "General Terms and Conditions of Clearstream Banking Luxembourg" and "CBL Customer Handbook" of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Global Note that are held by participants through Euroclear or Clearstream.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "<u>Global Notes</u>" means the Rule 144A Global Notes and the Regulation S Global Notes and any Unrestricted Global Note. The Global Notes shall bear the Global Note Legend. The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Notes Legend or Regulation S Legend, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Members of, or direct or indirect participants in, the Depository ("<u>Agent Members</u>") shall have no rights under the Indenture with respect to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Notes. The Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository, or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Transfers of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the applicable rules and procedures of the Depository and the provisions of Section 2.2. In addition, a Global Note shall be exchangeable for Definitive Notes only if (1) the Depository (a) notifies the Company that it is unwilling or unable to continue as depository for such Global Note and the Company thereupon fails to appoint a successor depository within 90 days or (b) has ceased to be a clearing agency registered under the Exchange Act, (2) the Company, at its option, notifies the Trustee that it elects to cause the issuance of Definitive Notes or (3) there shall have occurred and be continuing an Event of Default with respect to such Global Note and the Depository shall have requested such exchange; *provided* that in no event shall the Regulation S Global Note be exchanged by the Company for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Security Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depository in accordance with its customary procedures.

Appendix A-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to Section 2.1(g), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Transfer Restricted Note delivered in exchange for an interest in a Global Note pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Notes Legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in such Regulation S Global Note may be held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture or the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Transfer and Exchange</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Transfer and Exchange of Global Notes</u>. A Global Note may not be transferred as a whole except as set forth in Section 2.1. Global Notes will not be exchanged by the Company for Definitive Notes except under the circumstances described in Section 2.1(g). Global Notes also may be transferred, exchanged or replaced, in whole or in part, as provided in Section 2.05 of the Indenture and as contemplated by Sections 2.2(j) and 2.2(k) hereof. Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b) and 2.2(c).

In the event that a Restricted Global Note is exchanged for certificated Notes, prior to the effectiveness of a Shelf Registration Statement with respect to such Notes, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of <u>Section 2.2(b)</u> (including the certification requirements set forth on the reverse of the Notes intended to ensure that such transfers comply with Rule 144A or Regulation S, as the case may be) and such other procedures as may from time to time be adopted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Transfer and Exchange of Beneficial Interests in Global Notes</u>. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depository, in accordance with the provisions of the Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes. Transfers and exchanges of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, 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;(i) <u>Transfer of Beneficial Interests in the Same Global Note</u>. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Restricted Notes Legend; *provided*, *however*, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be made to a U.S. person or for the account or benefit of a U.S. Person (other than an initial purchaser). A beneficial interest in an Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Security Registrar to effect the transfers described in this Section 2.2(b)(i).

Appendix A-4

&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) <u>All Other Transfers and Exchanges of Beneficial Interests in Global Notes</u>. In connection with all transfers and exchanges of beneficial interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Security Registrar (1) a written order from an Agent Member given to the Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in the Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note pursuant to Section 2.2(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;(iii) <u>Transfer of Beneficial Interests to Another Transfer Restricted Global Note</u>. A beneficial interest in a Transfer Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Note if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Security Registrar receives 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note; 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;(B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note.

&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) <u>Transfer and Exchange of Beneficial Interests in a Transfer Restricted Global Note for Beneficial Interests in an Unrestricted Global Note</u>. A beneficial interest in a Transfer Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the Security Registrar receives 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or

Appendix A-5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note,

and, in each such case, if the Company so requests or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form reasonably acceptable to the Company, to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend or Regulation S Legend are no longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this <u>subparagraph (iv)</u> at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this <u>subparagraph (iv).</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;(v) <u>Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Restricted Global Note</u>. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes</u>. A beneficial interest in a Global Note may not be exchanged for a Definitive Note except under the circumstances described in Section 2.1(g). A beneficial interest in a Global Note may not be transferred to a Person who takes delivery thereof in the form of a Definitive Note except under the circumstances described in Section 2.1(g). In any case, beneficial interests in Global Notes shall be transferred or exchanged only for Definitive Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes</u>. Transfers and exchanges of beneficial interests in the Global Notes also shall require compliance with either <u>subparagraph (i), (ii), (iii)</u> or <u>(iv)</u> below, 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;(i) <u>Transfer Restricted Notes to Beneficial Interests in Restricted Global Notes</u>. If any Holder of a Transfer Restricted Note proposes to exchange such Transfer Restricted Note for a beneficial interest in a Transfer Restricted Global Note or to transfer such Transfer Restricted Note to a Person who takes delivery thereof in the form of a beneficial interest in a Transfer Restricted Global Note, then, upon receipt by the Registrar of the following documentation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the Holder of such Transfer Restricted Note proposes to exchange such Transfer Restricted Note for a beneficial interest in a Transfer Restricted Global Note, a certificate from such Holder in the form attached to the applicable Note;

Appendix A-6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 such Transfer Restricted Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate from such Holder in the form attached to the applicable Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 such Transfer Restricted Note is being transferred to a Non-U.S. person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such Holder in the form attached to the applicable Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 such Transfer Restricted Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such Holder in the form attached to the applicable Note; 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;(E) if such Transfer Restricted Note is being transferred to the Company or a Subsidiary thereof, a certificate from such Holder in the form attached to the applicable Note;

the Trustee shall cancel the Transfer Restricted Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note.

&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) <u>Transfer Restricted Notes to Beneficial Interests in Unrestricted Global Notes</u>. A Holder of a Transfer Restricted Note may exchange such Transfer Restricted Note for a beneficial interest in an Unrestricted Global Note or transfer such Transfer Restricted Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Security Registrar receives 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Holder of such Transfer Restricted Note proposes to exchange such Transfer Restricted Note for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form attached to the applicable Note; 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;(2) if the Holder of such Transfer Restricted Notes proposes to transfer such Transfer Restricted Note to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form attached to the applicable Note,

and, in each such case, if the Company so requests or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this <u>subparagraph (ii)</u>, the Trustee shall cancel the Transfer Restricted Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. If any such transfer or exchange is effected pursuant to this <u>subparagraph (ii)</u> at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Notes transferred or exchanged pursuant to this <u>subparagraph (ii)</u>.

Appendix A-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;<u>(iii)</u> <u>Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes</u>. A Holder of an Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. If any such transfer or exchange is effected pursuant to this <u>subparagraph (iii)</u> at a time when an Unrestricted Global Note has not yet been issued, the Company, shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Unrestricted Definitive Notes transferred or exchanged pursuant to this <u>subparagraph (iii).</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;<u>(iv)</u> <u>Unrestricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes</u>. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Restricted Global Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Transfer and Exchange of Definitive Notes for Definitive Notes</u>. Upon request by a Holder of Definitive Notes and such Holder's compliance with the provisions of this Section 2.2(e), the Security Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Security Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Security Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(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;(i) <u>Transfer Restricted Notes to Transfer Restricted Notes</u>. A Transfer Restricted Note may be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Note if the Security Registrar receives 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note; or

Appendix A-8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note.

&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) <u>Transfer Restricted Notes to Unrestricted Definitive Notes</u>. Any Transfer Restricted Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if the Security Registrar receives 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the Holder of such Transfer Restricted Note proposes to exchange such Transfer Restricted Note for an Unrestricted Definitive Note, a certificate from such Holder in the form attached to the applicable Note; 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;(B) if the Holder of such Transfer Restricted Note proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form attached to the applicable Note,

and, in each such case, if the Company so requests, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities 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;(iii) <u>Unrestricted Definitive Notes to Unrestricted Definitive Notes</u>. A Holder of an Unrestricted Definitive Note may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time. Upon receipt of a request to register such a transfer, the Security Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder 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;(iv) <u>Unrestricted Definitive Notes to Transfer Restricted Notes</u>. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Legend</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;(i) (x) Except as permitted by the following <u>paragraphs (ii) and (iii),</u> each Note certificate evidencing the Global Notes and the Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear the applicable legend in substantially the form (each defined term in the legend being defined as such for purposes of the legend only) as set forth under the heading "Restricted Notes Legend" on Exhibit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Prior to the expiration of the Restricted Period, each Regulation S Note shall bear the additional applicable legend in the form as set forth under the heading "Restricted Notes Legend" on Exhibit A.

Appendix A-9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Each Global Note shall bear the additional legends as set forth under the heading "Global Notes Legend" on Exhibit 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;(ii) Upon any sale or transfer of a Transfer Restricted Note that is a Definitive Note, the Security Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Note if the Holder certifies in writing to the Security Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form attached to the applicable Note).

&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) Upon a sale or transfer after the expiration of the Restricted Period of any Note acquired pursuant to Regulation S, all requirements that such Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Note be issued in global form shall continue to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Cancellation or Adjustment of Global Note</u>. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.09 of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Obligations with Respect to Transfers and Exchanges of Notes</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;(i) To permit registrations of transfers and exchanges the Company shall execute and the Trustee shall authenticate, Definitive Notes and Global Notes at the Security Registrar's 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;(ii) No service charge shall be made for any registration of transfer or exchange; *provided*, *however*, that the Company may require payment of a sum sufficient to pay all taxes, assessments or similar governmental charges in connection with any transfer or exchange.

&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) Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee, a Paying Agent or the Security Registrar shall deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Security Registrar shall be affected by notice to the contrary.

Appendix A-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;(iv) All Notes issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled to the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange.

&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 transferor of any Note shall provide or cause to be provided to the Trustee all information reasonably requested by the Trustee that is necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Internal Revenue Code of 1986, as amended. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. In connection with any proposed exchange of a certificated Note for a Global Note, the Company or the Depository shall provide or cause to be provided to the Trustee all information reasonably requested by the Trustee that is necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Internal Revenue Code of 1986, as amended. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Obligation of the Trustee.</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;(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to the Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depository or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may conclusively rely and shall be fully protected in so relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners.

&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 Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

Appendix A-11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Shelf Registration Statement</u>. After a transfer of any Note pursuant to and during the period of the effectiveness of a Shelf Registration Statement with respect to such Note, all requirements pertaining to legends on such Note will cease to apply and the requirements that any such Note be issued in global form will continue to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Exchange Offer</u>. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue, under the Indenture and, upon receipt of an authentication order in accordance with the Indenture, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes accepted for exchange in the Exchange Offer by each Person that certifies in the applicable letter of transmittal (A) that any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (B) that at the time of the commencement of the Exchange Offer, it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of Securities Act) of any Exchange Securities in violation of the Securities Act, (C) that it is not an "affiliate" (as defined in Rule 405 promulgated under Securities Act) of the Company, (D) if such Person is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of any Exchange Securities; and (E) if such Person is a broker-dealer that will receive Exchange Securities for its own account in exchange for Notes that were acquired as a result of market-making or other trading activities, that it will deliver a prospectus in connection with any resale of such Exchange Securities.. Following the consummation of the Exchange Offer, the Exchange Securities will be treated as the same series as the original Notes.

Concurrently with the issuance of such Exchange Securities, the Trustee will cause the aggregate principal amount of the Restricted Global Notes to be reduced accordingly.

Appendix A-12

EXHIBIT A<br> [FORM OF FACE OF NOTE]

[Global Notes Legend]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("**DTC**"), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

[Restricted Notes Legend]

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF MOBILITY GLOBAL INC. (THE "**COMPANY**") THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE COMPANY, (2) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("**RULE 144A**"), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A "**QUALIFIED INSTITUTIONAL BUYER**" (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH RULE 144A, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, REPRESENTS AND AGREES THAT IT SHALL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2) OR (3) ABOVE, A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH IS AN EXHIBIT TO THE INDENTURE) MUST BE DELIVERED TO THE TRUSTEE EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE UNDER WHICH THIS NOTE WAS ISSUED. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (4) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

THE FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE ONLY AT THE DIRECTION OF THE COMPANY.

Prior to the expiration of the Restricted Period each Regulation S Note shall bear the following additional legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION AND IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY OTHER APPLICABLE JURISDICTION.

THE FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE AT THE DIRECTION OF THE COMPANY AFTER 40 DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE DATE ON WHICH THE NOTES ARE OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (B) THE ORIGINAL ISSUE DATE OF THE NOTES.

EXHIBIT B<br> [FORM OF NOTES]

**MOBILITY GLOBAL INC.**

**[●]% SENIOR NOTE DUE 20[●]**

Principal Amount: $___

No. A-___

CUSIP: [●] [For 144A Notes]<br> [●] [For Regulation S Notes]

ISIN: [●] [For 144A Notes]<br> [●] [For Regulation S Notes]

MOBILITY GLOBAL INC., a Delaware corporation (herein called the "Company," which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $[●] on [●], 20[●] (the "**Maturity Date**") (except to the extent redeemed or repaid prior to the Maturity Date) and to pay interest thereon from [●], 2026 (the "**Original Issue Date**") or from the most recent Interest Payment Date to which interest has been paid or duly provided for semi-annually at the rate of [●]% per annum, on [●] and [●] (each such date, an "**Interest Payment Date**"), commencing [●], 2026, until the principal hereof is paid or made available for payment.

<u>Payment of Interest</u>. The interest so payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as provided in the Indenture, be paid, in immediately available funds, to the Person in whose name this Note (or one or more predecessor securities) is registered at the close of business on [●] and [●] (whether or not a Business Day, as defined in the Indenture), as the case may be, next preceding such Interest Payment Date (the "**Regular Record Date**"). Any such interest not punctually paid or duly provided for ("**Defaulted Interest**") will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest, may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date (the "**Special Record Date**") for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

<u>Place of Payment</u>. Payment of principal, premium, if any, and interest on this Note will be made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated for such purpose, in such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that each installment of interest, premium, if any, and principal on this Note may at the Company's option be paid in immediately available funds by transfer to an account maintained by the payee located in the United States of America.

<u>Time of Payment</u>. In any case where any Interest Payment Date, the Maturity Date or any date fixed for redemption or repayment of the Notes shall not be a Business Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal or interest, if any, need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, the Maturity Date or the date so fixed for redemption or repayment, and no interest shall accrue in respect of the delay.

<u>General</u>. This Note is one of a duly authorized issue of Securities of the Company, issued and to be issued in one or more series under an indenture (the "**Base Indenture**"), dated as of May 29, 2026, between the Company and The Bank of New York Mellon Trust Company, N.A., (herein called the "Trustee," which term includes any successor Trustee under the Indenture with respect to a series of which this Note is a part), as supplemented by a First Supplemental Indenture thereto, dated as of May 29, 2026 (the "**First Supplemental Indenture**" and, together with the Base Indenture, the "**Indenture**"), between the Company and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one of a duly authorized series of Securities designated as "[●]% Senior Notes due 20[●]" (collectively, the "**Notes**"), initially limited in aggregate principal amount to $[●].

<u>Further Issuance</u>. The Company may from time to time, without the consent of the Holders of the Notes, issue additional Securities (the "**Additional Securities**") of this series having the same ranking and the same interest rate, maturity and other terms as the Notes. Any Additional Securities of this series and the Notes will constitute a single series under the Indenture and all references to the Notes shall include the Additional Securities unless the context otherwise requires; *provided* that if any such Additional Securities are not fungible with the Notes for U.S. federal income tax purposes, such Additional Securities shall have a separate CUSIP number.

<u>Events of Default</u>. If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

<u>Sinking Fund</u>. The Notes are not subject to any sinking fund.

<u>Redemption and Repurchase</u>. The Notes are subject to optional redemption, and may be the subject of an offer to purchase upon the occurrence of a Change of Control Triggering Event, as further described in the Indenture. There is no sinking fund or mandatory redemption applicable to the Notes, other than the Special Mandatory Redemption.

<u>Restrictive Covenants</u>. The Indenture contains certain covenants that, among other things, limit the ability of the Company and its Subsidiaries to create liens, enter into sale and leaseback transactions or the ability of the Company to consolidate, merge or sell, transfer or lease all or substantially all of its assets.

<u>Defeasance and Covenant Defeasance</u>. The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Note and (b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Note.

<u>Modification and Waivers; Obligations of the Company Absolute</u>. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series. Such amendment may be effected under the Indenture at any time by the Company and the Trustee with, except as stated therein, the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes of each series affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding, on behalf of the Holders of all outstanding Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority in aggregate principal amount of the outstanding Securities of individual series to waive on behalf of all of the Holders of Securities of such individual series certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place, and rate, and in the currency, herein prescribed.

<u>No Recourse Against Others</u>. No director, officer, agent, employee, incorporator, stockholder, partner, member, or manager of the Company shall have any liability for any obligations of the Company under any Notes, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

<u>Limitation on Suits</u>. As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to this series, the Holders of not less than 25% in principal amount of the outstanding Notes shall have made written request, and offered indemnity satisfactory to the Trustee to institute such proceedings as Trustee, and the Trustee shall not have received from the Holders of a majority in principal amount of the outstanding Notes a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of or interest on this Note on or after the respective due dates expressed herein.

<u>Authorized Denominations</u>. The Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

<u>Registration of Transfer or Exchange</u>. As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration of transfer, at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

As provided in the Indenture and subject to certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the Holders surrendering the same.

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner hereof for all purposes (except with respect to certain payments of Defaulted Interest), whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

<u>Defined Terms</u>. All terms used in this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings assigned to them in the Indenture.

<u>Governing Law</u>. This Note shall be governed by and construed in accordance with the laws of the State of New York.

Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

[*remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and its seal to be hereunto affixed and attested.

Dated: [●], 2026

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

---

---

| | |
|:---|:---|
| Attest: | Attest: |
| By: |  |
|  | Name: |
|  | Title: |

---

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture, as such is supplemented by the within-mentioned First Supplemental Indenture.

Dated: [●], 2026

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| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. | THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. |
| as Trustee | as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

ASSIGNMENT FORM

I or we assign and transfer this Note to

------

(Print or type name, address and zip code of assignee or transferee)

------

(Insert Social Security or other identifying number of assignee or transferee)

and irrevocably appoint agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

Dated:

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| | |
|:---|:---|
|  | Signed: |
|  | (Sign exactly as name appears on the other side of this Note) |
| Signature Guarantee |  |
|  | Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee) |

---

[THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND]

In connection with any transfer of this Note occurring prior to May 29, 2027, the undersigned confirms that such transfer is made without utilizing any general solicitation or general advertising and further as follows:

*Check One*

◻ (1) This Note is being transferred to a "**qualified institutional buyer**" in compliance with Rule 144A under the Securities Act of 1933, as amended and certification in the form of Exhibit C to the Indenture is being furnished herewith.

◻ (2) This Note is being transferred to a Non-U.S. person in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder, and certification in the form of Exhibit D to the Indenture is being furnished herewith.

*or*

◻ (3) This Note is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture.

If none of the foregoing boxes is checked, the Trustee is not obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied.

Date:

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| |
|:---|
| Seller |
| By: |

---

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.

Signature Guarantee:<sup>1</sup>

---

| |
|:---|
| By: |
| To be executed by an executive officer |

---

<sup>1</sup> Signatures must be guaranteed by an "**eligible guarantor institution**" meeting the requirements of the Security Registrar, which requirements include membership or participation in the Securities Transfer Association Medallion Program ("**STAMP**") or such other "**signature guarantee program**" as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

EXHIBIT C<br> [RULE 144A CERTIFICATE]<br> _____________, ________

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. AS TRUSTEE<br> 500 Ross Street, 12th Floor

Pittsburgh, PA 15262<br> PHONE: [●]<br> [●]

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| | |
|:---|:---|
| Re: | Mobility Global Inc. 5.050% Senior Notes due 2029, 5.450% Senior Notes due 2031 and 6.050% Senior Notes due 2036] ("**Notes**") issued under the Indenture dated as of May 29, 2026, as supplemented by the First Supplemental Indenture dated as of May 29, 2026 (collectively, the "**Indenture**") |

---

Ladies and Gentlemen:

*[TO BE COMPLETED BY PURCHASER IF (1) ABOVE IS CHECKED]*

This Certificate relates to:

*[CHECK A OR B AS APPLICABLE.]*

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| | |
|:---|:---|
| ◻ | A. Our proposed purchase of $__________ principal amount of Notes issued under the Indenture. |

---

---

| | |
|:---|:---|
| ◻ | B. Our proposed exchange of $__________ principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us. |

---

We and, if applicable, each account for which we are acting in the aggregate owned and invested more than $100,000,000 in securities of issuers that are not affiliated with us (or such accounts, if applicable), as of ___________________, 20__, which is a date on or since close of our most recent fiscal year. We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A ("**Rule 144A**") under the Securities Act of 1933, as amended (the "**Securities Act**"). If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule 144A(d)(4) or have determined not to request such information.

You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]<br> as Trustee | [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]<br> as Trustee |
| By: |  |
|  | Name: |
|  | Title: |
|  | Address: |

---

Date:

EXHIBIT D<br> [REGULATION S CERTIFICATE]<br> _____________, ________

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE<br> 500 Ross Street, 12th Floor

Pittsburgh, PA 15262<br> PHONE: [●]<br> [Email]

---

| | |
|:---|:---|
| Re: | Mobility Global Inc. [5.050% Senior Notes due 2029, 5.450% Senior Notes due 2031 and 6.050% Senior Notes due 2036] ("**Notes**") issued under the Indenture, dated as of May 29, 2026, as supplemented by the First Supplemental Indenture, dated as of May 29, 2026 (collectively, the "**Indenture**") |

---

Ladies and Gentlemen:

*[TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED]*

Terms are used in this Certificate as used in Regulation S ("**Regulation S**") under the Securities Act of 1933, as amended (the "**Securities Act**"), except as otherwise stated herein.

*[CHECK A OR B AS APPLICABLE.]*

◻ A. This Certificate relates to our proposed transfer of $ principal amount of Notes issued under the Indenture. We hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The offer and sale of the Notes was not and will not be made to a
 Person in the United States (unless such Person is excluded from the definition of "U.S.
 person" pursuant to Rule 902(k)(2)(vi) or the account held by it for which
 it is acting is excluded from the definition of "U.S. person" pursuant to Rule 902(k)(2)(i) under
 the circumstances described in Rule 902(h)(3)) and such offer and sale was not and will
 not be specifically targeted at an identifiable group of U.S. citizens abroad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Unless the circumstances described in the parenthetical in paragraph
 1 above are applicable, either (a) at the time the buy order was originated, the buyer
 was outside the United States or we and any Person acting on our behalf reasonably believed
 that the buyer was outside the United States or (b) the transaction was executed in,
 on or through the facilities of a designated offshore securities market, and neither we nor
 any Person acting on our behalf knows that the transaction was pre-arranged with a buyer
 in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Neither we, any of our affiliates, nor any Person acting on our or
 their behalf has made any directed selling efforts in the United States with respect to the
 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The proposed transfer of Notes is not part of a plan or scheme to
 evade the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If we are a dealer or a Person receiving a selling concession, fee
 or other remuneration in respect of the Notes, and the proposed transfer takes place during
 the Restricted Period (as defined in the Indenture), or we are an officer or director of
 the Company or an Initial Purchaser (as defined in the Indenture), we certify that the proposed
 transfer is being made in accordance with the provisions of Rule 904(b) of Regulation
 S.

---

| | |
|:---|:---|
| ◻ | B. This Certificate relates to our proposed exchange of $ principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us. We hereby certify as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. At the time the offer and sale
 of the Notes was made to us, either (i) we were not in the United States or (ii) we
 were excluded from the definition of "U.S. person" pursuant to Rule 902(k)(2)(vi) or
 the account held by us for which we were acting was excluded from the definition of "U.S.
 person" pursuant to Rule 902(k)(2)(i) under the circumstances described in
 Rule 902(h)(3); and we were not a member of an identifiable group of U.S. citizens abroad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Unless the circumstances described
 in paragraph 1(ii) above are applicable, either (a) at the time our buy order was
 originated, we were outside the United States or (b) the transaction was executed in,
 on or through the facilities of a designated offshore securities market and we did not pre-arrange
 the transaction in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The proposed exchange of Notes
 is not part of a plan or scheme to evade the registration requirements of the Securities
 Act.

You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]<br> as Trustee | [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]<br> as Trustee |
| By: |  |
|  | Name: |
|  | Title: |
|  | Address: |

---

Date:

## Exhibit 10.16

**Exhibit 10.16**

<u>REGISTRATION RIGHTS AGREEMENT</u>

This REGISTRATION RIGHTS AGREEMENT dated May 29, 2026 (this "<u>Agreemen</u>t") is entered into by and among Mobility Global Inc., a Delaware corporation (the "<u>Company</u>"), and Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and BofA Securities, Inc. (together, the "<u>Representatives</u>") as representatives of the several initial purchasers named in Schedule I of the Purchase Agreement (the "<u>Initial Purchasers</u>").

The Company and the Representatives are parties to the Purchase Agreement dated May 19, 2026 (the "<u>Purchase Agreement</u>"), which provides for the sale by the Company to the Initial Purchasers of $650,000,000 aggregate principal amount of its 5.050% Senior Notes due 2029, $650,000,000 aggregate principal amount of its 5.450% Senior Notes due 2031 and $700,000,000 aggregate principal amount of its 6.050% Senior Notes due 2036 (collectively, the "<u>Securities</u>"). The Securities are being issued in connection with the separation of the Company from S&P Global, Inc., a New York corporation (the "<u>Parent</u>"), and the distribution of 100% of the shares of common stock of the Company to the holders of the common stock of Parent (the "<u>Separation</u>"), pursuant to that certain Separation and Distribution Agreement, to be entered into in connection with the Separation, between the Company and the Parent. As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.

In consideration of the foregoing, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. As used in this Agreement, the following terms shall have the following meanings:

"<u>Business Da</u>y" shall mean each day which is not a day on which Federal or State banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law, executive order or regulation to close.

"<u>Company</u>" shall have the meaning set forth in the preamble hereto and shall also include the Company's successors.

"<u>Exchange Ac</u>t" shall mean the Securities Exchange Act of 1934, as amended from time to time.

"<u>Exchange Date</u>" shall have the meaning set forth in Section 2(a)(ii) hereof.

"<u>Exchange Offer</u>" shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to Section 2(a) hereof.

"<u>Exchange Offer Registration</u>" shall mean a registration under the Securities Act effected pursuant to Section 2(a) hereof.

"<u>Exchange Offer Registration Statement</u>" shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.

"<u>Exchange Securities</u>" shall mean senior notes issued by the Company under the Indenture containing terms identical to the Securities (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with this Agreement) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer.

"<u>FINRA</u>" shall mean the Financial Industry Regulatory Authority, Inc.

"<u>Free Writing Prospectus</u>" shall mean each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities or the Exchange Securities.

"<u>Holders</u>" shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; <u>provided</u> that, for purposes of Section 4 and Section 5 hereof, the term "Holders" shall include Participating Broker-Dealers.

"<u>Indemnified Person</u>" shall have the meaning set forth in Section 5(c) hereof.

"<u>Indemnifying Person</u>" shall have the meaning set forth in Section 5(c) hereof.

"<u>Indenture</u>" shall mean the indenture, dated as of May 29, 2026, between the Company and the Trustee, as supplemented by the First Supplemental Indenture, dated as of the date hereof, between the Company and the Trustee, and as the same may be amended and supplemented from time to time in accordance with the terms thereof with applicability to the Securities.

"<u>Initial Purchasers</u>" shall have the meaning set forth in the preamble.

"<u>Inspector</u>" shall have the meaning set forth in Section 3(a)(xiv) hereof.

"<u>Issuer Information</u>" shall have the meaning set forth in Section 5(a) hereof.

"<u>Notice and Questionnaire</u>" shall mean a notice of registration statement and selling security holder questionnaire distributed to a Holder by the Company upon receipt of a Shelf Request from such Holder.

"<u>Participating Broker-Dealers</u>" shall have the meaning set forth in Section 4(a) hereof.

"<u>Participating Holder</u>" shall mean any Holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 2(b) hereof.

"<u>Person</u>" shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof.

"<u>Prospectus</u>" shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein.

"<u>Purchase Agreement</u>" shall have the meaning set forth in the preamble.

"<u>Registrable Securities</u>" shall mean the Securities; <u>provided</u> that the Securities shall cease to be Registrable Securities upon the earliest to occur of the following: (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement, (ii) when such Securities cease to be outstanding, (iii) except in the case of Securities that otherwise remain Registrable Securities and that are held by an Initial Purchaser and that are ineligible to be exchanged in the Exchange Offer, when the Exchange Offer is consummated and (iv) when such Securities have been resold pursuant to Rule 144 under the Securities Act (but not Rule 144A) without regard to volume restrictions; <u>provided</u> that the Company shall have removed or caused to be removed any restrictive legend on the Securities.

"<u>Registration Default</u>" shall mean the occurrence of any of the following: (i) the Exchange Offer is not completed on or prior to the Target Registration Date, (ii) the Shelf Registration Statement, if required pursuant to Section 2(b)(i) or Section 2(b)(ii) hereof, has not become effective on or prior to the Target Registration Date, (iii) if the Company receives a Shelf Request pursuant to Section 2(b)(iii), the Shelf Registration Statement required to be filed thereby has not become effective by the later of (a) the Target Registration Date and (b) 90 days after delivery of such Shelf Request, or (iv) the Shelf Registration Statement, if required by this Agreement, has become effective and thereafter ceases to be effective or the Prospectus contained therein ceases to be usable, in each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 90 days (whether or not consecutive) in any 12-month period.

"<u>Registration Expenses</u>" shall mean any and all expenses incident to performance of or compliance by the Company with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the reasonable fees and disbursements of the Trustee and its counsel, (vii) the reasonable fees and disbursements of counsel for the Company and, in the case of a Shelf Registration Statement, the reasonable fees and disbursements of one counsel for the Participating Holders (which counsel shall be selected or replaced by the Participating Holders holding a majority of the aggregate principal amount of Registrable Securities held by such Participating Holders and which counsel may also be counsel for the Initial Purchasers; <u>provided</u> that such counsel shall be acceptable to the Company) and (viii) the fees and disbursements of the independent registered public accountants of the Company, including the expenses of any special audits or "comfort" letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder.

"<u>Registration Statemen</u>t" shall mean any registration statement of the Company that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.

"<u>Representatives</u>" shall have the meaning set forth in the preamble.

"<u>SEC</u>" shall mean the United States Securities and Exchange Commission.

"<u>Securities</u>" shall have the meaning set forth in the preamble.

"<u>Securities Ac</u>t" shall mean the Securities Act of 1933, as amended from time to time.

"<u>Separation</u>" shall have the meaning set forth in the preamble.

"<u>Separation Date</u>" shall mean the date on which the Separation is consummated.

"<u>Shelf Effectiveness Period</u>" shall have the meaning set forth in Section 2(b) hereof.

"<u>Shelf Registration</u>" shall mean a registration effected pursuant to Section 2(b) hereof.

"<u>Shelf Registration Statemen</u>t" shall mean a "shelf" registration statement of the Company that covers all or a portion of the Registrable Securities (but no other securities unless approved by a majority in aggregate principal amount of the Securities held by the Participating Holders) on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.

"<u>Shelf Request</u>" shall have the meaning set forth in Section 2(b) hereof.

"<u>Staff</u>" shall mean the staff of the SEC.

"<u>Suspension Actions</u>" shall have the meaning set forth in Section 2(e) hereof.

"<u>Target Registration Date</u>" shall mean the date that is 365 days after the consummation of the Separation.

"<u>Trust Indenture Act</u>" shall mean the Trust Indenture Act of 1939, as amended from time to time.

"<u>Trustee</u>" shall mean The Bank of New York Mellon Trust Company, N.A.

"<u>Underwriter</u>" shall have the meaning set forth in Section 3(e) hereof.

"<u>Underwritten Offerin</u>g" shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registration Under the Securities Act</u>. (a) To the extent not prohibited by any applicable law or applicable interpretations of the Staff, the Company shall use commercially reasonable efforts to (x) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all outstanding Registrable Securities for Exchange Securities and (y) have such Registration Statement become and remain effective until 180 days after the last Exchange Date for use by one or more Participating Broker-Dealers. The Company shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement is declared effective by the SEC and use commercially reasonable efforts to complete the Exchange Offer not later than 60 days after such effective date.

After the Exchange Offer Registration Statement has become effective, the Company shall commence the Exchange Offer by mailing and/or electronically delivering, or by causing the mailing and/or electronic delivery of, the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law, substantially the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly
tendered and not properly withdrawn will be accepted for exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date
such notice is mailed and/or electronically delivered) (each an " <u>Exchange Date</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. that any Registrable Security not tendered will remain outstanding and continue to accrue interest but
will not retain any rights under this Agreement, except as otherwise specified herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will
be required to (A) surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution
and at the address and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable
procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. that any Holder will be entitled to withdraw its election, not later than the close of business on the
last Exchange Date, by (A) sending to the institution and at the address specified in the notice, a facsimile transmission or letter
setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such
Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable
procedures of the depositary for the Registrable Securities.

As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company that (1) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (2) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (3) it is not an "affiliate" (within the meaning of Rule 405 under the Securities Act) of the Company, (4) if such Holder is not a broker- dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities and (5) if such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities.

As soon as practicable after the last Exchange Date, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn
pursuant to the Exchange Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions
thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and deliver to each Holder,
Exchange Securities equal in principal amount to the principal amount of the Registrable Securities tendered by such Holder; <u>provided</u> that if any of the Registrable Securities are in book-entry form, the Company shall, in cooperation with the Trustee, effect the exchange
of Registrable Securities in accordance with applicable book-entry procedures.

The Company shall use commercially reasonable efforts to complete the Exchange Offer as provided above and shall use commercially reasonable efforts to comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not violate any applicable law or applicable interpretations of the Staff and that no action or proceeding has been instituted or threatened in any court or by or before any governmental agency relating to the Exchange Offer which, in the Company's judgment, could reasonably be expected to impair the Company's ability to proceed with the Exchange Offer.

&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 the event that (i) the Company determines that the Exchange Offer Registration provided for in Section 2(a) hereof is not available or the Exchange Offer may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff, (ii) the Exchange Offer is not for any other reason completed by the Target Registration Date or (iii) upon receipt of a written request (a "<u>Shelf Request</u>") from any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to be exchanged in the Exchange Offer, the Company shall use commercially reasonable efforts to cause to become effective a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof; <u>provided</u> that (1) no Holder will be entitled to have any Registrable Securities included in any Shelf Registration Statement, or entitled to use the Prospectus forming a part of such Shelf Registration Statement, until such Holder shall have delivered a completed and signed Notice and Questionnaire and provided such other information regarding such Holder to the Company as is contemplated by Section 3(b) hereof and, if necessary, the Shelf Registration Statement has been amended to reflect such information, and (2) the Company shall be under no obligation to file any such Shelf Registration Statement before it is obligated to file an Exchange Offer Registration Statement pursuant to Section 2(a) hereof.

In the event that the Company is required to file a Shelf Registration Statement pursuant to clause (iii) of the preceding sentence, the Company shall use commercially reasonable efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer.

The Company agrees to use commercially reasonable efforts to keep the Shelf Registration Statement continuously effective until the date on which the Securities covered thereby cease to be Registrable Securities (the "<u>Shelf Effectiveness Period"</u>). The Company further agrees to use commercially reasonable efforts to supplement or amend the Shelf Registration Statement, the related Prospectus and any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Participating Holder of Registrable Securities with respect to information relating to such Holder, and to use commercially reasonable efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable. The Company agrees to furnish to the Participating Holders copies of any such supplement or amendment promptly after its being used or filed with the SEC, as reasonably requested by the Participating Holders.

&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 Company shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder's Registrable Securities pursuant to the Shelf Registration Statement.

&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) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act.

If a Registration Default occurs with respect to the Registrable Securities, the interest rate on the Registrable Securities (and only the Registrable Securities) will be increased by (i) 0.25% per annum for the first 90-day period beginning on the day immediately following such Registration Default and (ii) an additional 0.25% per annum with respect to each subsequent 90- day period, in each case until and including the date such Registration Default ends, up to a maximum increase of 0.50% per annum. A Registration Default ends with respect to any Securities when such Securities cease to be Registrable Securities or, if earlier, (1) in the case of a Registration Default under clause (i) of the definition thereof, when the Exchange Offer is completed or when the Shelf Registration Statement covering such Registrable Securities becomes effective, (2) in the case of a Registration Default under clause (ii) or clause (iii) of the definition thereof, when the Shelf Registration Statement becomes effective or (3) in the case of a Registration Default under clause (iv) of the definition thereof, when the Shelf Registration Statement again becomes effective or the Prospectus again becomes usable. If at any time more than one Registration Default has occurred and is continuing, then, until the next date that there is no Registration Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration Default occurred and ends on such next date that there is no Registration Default.

Notwithstanding anything to the contrary in this Agreement, if the applicable Exchange Offer with respect to the Registrable Securities is consummated, any Holder who was, at the time such Exchange Offer was pending and consummated, eligible to exchange, and did not validly tender, or withdrew, its Securities for Exchange Securities in such Exchange Offer will not be entitled to receive any additional interest pursuant to the preceding paragraph, and such Securities will no longer constitute Registrable Securities 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;(e) The Company shall be entitled to suspend its obligation to file any amendment to a Shelf Registration Statement, furnish any supplement or amendment to a Prospectus included in a Shelf Registration Statement or any Free Writing Prospectus, make any other filing with the SEC that would be incorporated by reference into a Shelf Registration Statement, cause a Shelf Registration Statement to remain effective or the Prospectus or any Free Writing Prospectus usable or take any similar action (collectively, "<u>Suspension Actions</u>") if there is a possible acquisition, disposition or business combination or other transaction, business development or event involving the Company or any of its subsidiaries that may require disclosure in the Shelf Registration Statement or Prospectus and the Company determines that such disclosure is not in the best interest of the Company and its stockholders or obtaining any financial statements relating to any such acquisition or business combination required to be included in the Shelf Registration Statement or Prospectus would be impracticable. Upon the occurrence of any of the conditions described in the foregoing sentence, the Company shall give prompt notice of the delay or suspension (but not the basis thereof) to the Participating Holders. Upon the termination of such condition, the Company shall promptly proceed with all Suspension Actions that were delayed or suspended and, if required, shall give prompt notice to the Participating Holders of the cessation of the delay or suspension (but not the basis 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) Without limiting the remedies available to the Initial Purchasers and the Holders, the Company acknowledges that any failure by the Company to comply with its obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company's obligations under Section 2(a) and Section 2(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Registration Procedures</u>. (a) In connection with their obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company shall as expeditiously as possible:

&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) prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (A) shall be selected by the Company, (B) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and (C) shall comply as to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial statements required by the SEC to be filed therewith; and use commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 2 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) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(a)(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities;

&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) to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is required to be filed by the Company with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a Shelf Registration, furnish to each Participating Holder, to counsel for the Initial Purchasers, to counsel for such Participating Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or supplement thereto (other than any document that amends and supplements any Prospectus, preliminary prospectus or Free Writing Prospectus because it is incorporated by reference therein), as such Participating Holder, counsel or Underwriter may reasonably request in writing in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and, subject to Section 3(c) hereof, the Company consents to the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the Participating Holders and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment or supplement thereto 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;(v) use commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions of the United States as any Participating Holder shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such Participating Holders in connection with any filings required to be made with FINRA; and do any and all other acts and things that may be reasonably necessary or advisable to enable each Participating Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Participating Holder; <u>provided</u> that the Company shall not be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so subject;

&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) notify counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Participating Holder and counsel for such Participating Holders promptly and, if requested by any such Participating Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has been filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed, (2) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement, Prospectus or any Free Writing Prospectus or for additional information after the Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that makes any statement made in such Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus or any Free Writing Prospectus in order to make the statements therein not misleading and (6) of any determination by the Company that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be appropriate;

&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) use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities Act, including by filing an amendment to such Registration Statement on the proper form, as soon as reasonably practicable and provide prompt notice to each Holder or Participating Holder of the withdrawal of any such order or such resolution;

&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) in the case of a Shelf Registration, furnish to each Participating Holder, without charge, upon request, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested) if such documents are not available via EDGAR;

&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) in the case of a Shelf Registration, cooperate with the Participating Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions of the Indenture) as such Participating Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities;

&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) upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use commercially reasonable efforts to prepare and file with the SEC a supplement or post-effective amendment to the applicable Exchange Offer Registration Statement or Shelf Registration Statement or the related Prospectus or any Free Writing Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or Free Writing Prospectus, as the case may be, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company shall notify the Participating Holders (in the case of a Shelf Registration Statement) and the Initial Purchasers and any Participating Broker- Dealers known to the Company (in the case of an Exchange Offer Registration Statement) to suspend use of the Prospectus or any Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Participating Holders, such Participating Broker-Dealers and the Initial Purchasers, as applicable, hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case may be, until the Company has amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or omission;

&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) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus or a Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after initial filing of a Registration Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Participating Holders and their counsel) and make such of the representatives of the Company as shall be reasonably requested by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) available for discussion of such document; and the Company shall not, at any time after initial filing of a Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing Prospectus, or any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) shall reasonably object in writing within two Business Days after the receipt thereof, unless the Company believes that use or filing of such Prospectus, Free Writing Prospectus, or any amendment of or supplement thereto is required by 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;(xii) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the initial effective date of a Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cause the Indenture to be qualified under the Trust Indenture Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) in the case of a Shelf Registration, make available for inspection by a representative of the Participating Holders (an "<u>Inspector</u>"), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, one firm of attorneys and one firm of accountants designated by a majority in aggregate principal amount of the Securities held by the Participating Holders and one firm of attorneys and one firm of accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries reasonably requested by any such Inspector, Underwriter, attorney, or accountant, and cause the respective officers, directors and employees of the Company to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement; provided that if any such information is identified by the Company as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) in the case of a Shelf Registration, use commercially reasonable efforts to cause all Registrable Securities covered thereby to be listed on any securities exchange or any automated quotation system on which similar securities issued or guaranteed by the Company are then listed if requested by the Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement, to the extent such Registrable Securities satisfy applicable listing 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;(xvi) if reasonably requested by any Participating Holder, promptly include or incorporate by reference in a Prospectus supplement or post-effective amendment such information with respect to such Participating Holder as such Participating Holder reasonably requests to be included therein based upon a reasonable belief that such information is required to be included therein or is necessary to make the information about such Participating Holder not misleading, and make all required filings of such Prospectus supplement or such post- effective amendment as soon as reasonably practicable after the Company has received notification of the matters to be so included in such filing; 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;(xvii) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith (including those requested by the Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (1) <u>provided</u> that the Participating Holders' representations and warranties are of the substance and scope as are customarily made by selling securityholders to underwriters in underwritten offerings, to the extent possible, make such representations and warranties to the Participating Holders and any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries and the Registration Statement, Prospectus, any Free Writing Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (2) obtain opinions of counsel to the Company (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Participating Holders and such Underwriters and their respective counsel) addressed to each Participating Holder and Underwriter of Registrable Securities, in customary form subject to customary limitations, assumptions and exclusions and covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain "comfort" letters from the independent registered public accountants of the Company (and, if necessary, any other registered public accountant of any subsidiary of the Company, or of any business acquired by the Company for which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each Participating Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in "comfort" letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus, Prospectus or Free Writing Prospectus and (4) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting 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) In the case of a Shelf Registration Statement, the Company may require, as a condition to including such Holder's Registrable Securities in such Shelf Registration Statement, each Holder of Registrable Securities to furnish to the Company a Notice and Questionnaire and such other information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities and other documentation necessary to effectuate the proposed disposition as the Company may from time to time reasonably request in writing and require such Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder. Each Holder of Registrable Securities as to which any Shelf Registration is being effected agrees to furnish promptly to the Company all information required to be disclosed so that the information previously furnished to the Company by such Holder is not materially misleading and does not omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were 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;(c) Each Participating Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(a)(vi)(3) or Section 3(a)(vi)(5) hereof, such Participating Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until such Participating Holder's receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated by Section 3(a)(x) hereof and, if so directed by the Company, such Participating Holder will deliver to the Company all copies in its possession, other than permanent file copies then in such Participating Holder's possession, of the Prospectus and any Free Writing Prospectus covering such Registrable Securities that is current at the time of receipt of such 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) If the Company shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions. The Company may give any such notice only twice during any 365-day period and any such suspensions shall not exceed 30 days for each suspension and there shall not be more than two suspensions in effect during any 365-day period.

&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 Participating Holders who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten Offering, the investment bank or investment banks and manager or managers (each an "<u>Underwriter</u>") that will administer the offering will be selected by the Holders of a majority in principal amount of the Registrable Securities included in such offering; provided that any such Underwriter shall be acceptable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Participation of Broker-Dealers in Exchange Offer</u>. (a) The Staff has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a "<u>Participating Broker-Dealer</u>") may be deemed to be an "underwriter" within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities.

The Company understands that it is the Staff's position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker- Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities 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;(b) In light of the above, and notwithstanding the other provisions of this Agreement, the Company agrees to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended pursuant to Section 3(d) hereof), in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The Company further agrees that Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the extent permitted by law, make available) during such period in connection with the resales contemplated by this Section 4.

&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 Initial Purchasers shall have no liability to the Company or any Holder with respect to any request that they may make pursuant to Section 4(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnification and Contribution</u>. (a) The Company agrees to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses reasonably incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, any Free Writing Prospectus or any "issuer information" ("<u>Issuer Information</u>") filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser or information relating to any Holder furnished to the Company in writing through the Representatives or any selling Holder, respectively, expressly for use in connection with any Underwritten Offering permitted by Section 3, the Company will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their respective affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Initial Purchasers and the other selling Holders, the directors of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company, any Initial Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement, any Prospectus and any Free Writing Prospectus.

&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 any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the "<u>Indemnified Person</u>") shall promptly notify the Person against whom such indemnification may be sought (the "<u>Indemnifying Person</u>") in writing; <u>provided</u> that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <u>provided</u>, <u>further</u>, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm (x) for any Initial Purchaser, its affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by the Representatives (y) for any Holder, its directors and officers and any control Persons of such Holder shall be designated in writing by such Holders and (z) in all other cases shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified 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;(d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company from the offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company on the one hand and the Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Holders and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&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 Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 5 were determined by <u>pro rata</u> allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders' obligations to contribute pursuant to this Section 5 are several and not joint.

&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 remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.

&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) The indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the officers or directors of or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>General</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 Inconsistent Agreements.* The Company represents, warrants and agrees that (i) the rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company under any other agreement and (ii) the Company has not entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions 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;(b) *Amendments and Waivers.* The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; <u>provided</u> that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall be by a writing executed by each of the parties hereto. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent thereafter shall be bound by any such amendment, modification, supplement, waiver or consent effected pursuant to this Section 6(b), whether or not any notice, writing or marking indicating such amendment, modification, supplement, waiver or consent appears on the Registrable Securities or is delivered to such Holder. Each Holder may waive compliance with respect to any obligation of the Company under this Agreement as it may apply or be enforced by such particular Holder.

&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) *Notices.* All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of this Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Company, initially at the Company's address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses as provided in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture.

&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) *Majority of Holders*. Whenever an action or determination under this Agreement requires a majority of the aggregate principal amount of the applicable holders, in determining such majority, if the Company shall issue any additional Securities under the Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, then such additional Securities and the Registrable Securities to which this Agreement relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained.

&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) *Successors and Assigns.* This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; <u>provided</u> that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under 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;(f) *Third Party Beneficiaries.* Each Holder shall be a third party beneficiary to the agreements made hereunder between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders 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;(g) *Counterparts.* This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have been signed by each of the parties and delivered (by telecopy, electronic delivery or otherwise) to the other parties. Signatures to this Agreement transmitted by facsimile transmission or electronic format (e.g., ".pdf" or ".tif") form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature. The words "execution," "signed," "signature," and words of like import in this Agreement or any agreement entered into in connection herewith shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act (e.g. DocuSign).

&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) *Headings.* The headings in this Agreement are for convenience of reference only, are not a part of this Agreement and shall not limit or otherwise affect the meaning 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;(i) *Governing Law.* This Agreement, and any claim, controversy or dispute arising under or related to this Agreement, shall be governed by and construed in accordance with the laws 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;(j) *Entire Agreement; Severability.* This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Company and the Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions.

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

---

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

---

[*Signature Page to the Registration Rights Agreement*]

Confirmed and accepted as of the date first written above:

For themselves and on behalf of the several Initial Purchasers listed in Schedule 1 to the Purchase Agreement.

---

| |
|:---|
| GOLDMAN SACHS & CO. LLC |
| By: |
| MORGAN STANLEY & CO. LLC |
| By: |
| BofA Securities, Inc. |
| By: |

---

[*Signature Page to the Registration Rights 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 Alpha GmbH | Germany |
| 19. Mobility Global Japan GK | Japan |
| 20. Mobility Global Lambda Ltd | UK |
| 21. Mobility Global MBGL GmbH | Germany |
| 22. New General Company | France |
| 23. Polk Carfax, Inc. | Michigan, USA |
| 24. R.L. Polk & Co. | Delaware, USA |
| 25. R.L. Polk Australia Pty Ltd | Australia |
| 26. R.L. Polk Australia Pty Ltd (Branch Office) | Australia |
| 27. R.L. Polk France | France |
| 28. R.L. Polk Holding | UK |
| 29. R.L. Polk Holding LLC | Delaware, USA |
| 30. R.L. Polk Limited | UK |
| 31. R.L. Polk Malaysia Sdn. Bhd. | Malaysia |
| 32. R.L. Polk Mobility LLC | Delaware, USA |
| 33. R.L. Polk Private Limited | India |
| 34. R.L. Polk sp. z o.o. | Poland |
| 35. R.L. Polk Trading (Shanghai) Co. Ltd. Beijing Branch | China |
| 36. R.L. Polk Trading (Shanghai) Co. Ltd. | China |
| 37. R.L. Polk UK Limited | UK |
| 38. R.L. Polk UK Limited Branch | Ireland |
| 39. R.L. Polk, S. de R.L. de C.V. | Mexico |

---

## 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 27, 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 one share of Mobility common stock for every share of S&P Global common stock held as of the close of business on June 15, 2026, the record date for the Distribution.

The Distribution is expected to be completed before the New York Stock Exchange (the "NYSE") market open on July 1, 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 been approved to have Mobility's shares of common stock listed on the NYSE under the ticker symbol "MBGL." We anticipate that a limited market, commonly known as a "when-issued" trading market, for Mobility's common stock will commence on June 26, 2026 under the symbol "MBGL WI" and will continue up to and including June 30, 2026. We expect that the "regular-way" trading of Mobility's common stock will begin on July 1, 2026.

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 June , 2026.

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[**TABLE OF CONTENTS**](#TOC)

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 June , 2026.

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[**TABLE OF CONTENTS**](#TOC)

#### **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)  | [109](#tBUS) |
| [Management](#tMAN)  | [125](#tMAN) |
| [Compensation Discussion and Analysis](#tCDAA)  | [130](#tCDAA) |
| [Certain Relationships and Related Party Transactions](#tCRAR)  | [150](#tCRAR) |
| [Ownership of Common Stock by Certain Beneficial Owners and Management](#tOOCS)  | [152](#tOOCS) |
| [Description of Capital Stock](#tDOCS)  | [154](#tDOCS) |
| [Where You Can Find More Information](#tWYCF)  | [159](#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 of S&P Global and its subsidiaries with respect to providing analytics, marketing, planning solutions, reports, forecasts and vehicle history data for the automotive sector, currently operating under the S&P Global Mobility division. 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

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records of S&P Global. 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.

#### 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 $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, 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 common stock of Mobility pro rata to holders of S&P Global common stock as of the close of business on June 15, 2026, the record date for the Distribution. At the effective time of the Distribution, S&P Global stockholders will receive one share of Mobility common stock for every share of S&P Global common stock held on the record date. The Separation is expected to be completed on July 1, 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 relating to S&P Global's and Mobility's respective access to certain of each other's proprietary data products. The commercial agreements are being negotiated and entered into on arms-length terms, including pricing and other terms and conditions that are substantially consistent with those that would apply in comparable agreements between S&P Global or Mobility and unrelated third parties. 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 one share of Mobility common stock for every share 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 June 15, 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 July 1, 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. Mobility's shares of common stock will be 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 the Distribution Date, will I still be entitled to receive Mobility shares in the Distribution with respect to the sold shares?* 

A:

From June 26, 2026 and continuing up to and including June 30, 2026, 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 June 30, 2026, 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 June 30, 2026, 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 June 30, 2026.

 *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 expect to issue $2 billion in aggregate principal amount of senior notes consisting of $650 million aggregate principal amount of 5.050% senior notes due 2029, $650 million aggregate principal amount of 5.450% senior notes due 2031 and $700 million aggregate principal amount of 6.050% senior notes due 2036. We intend to use the proceeds of the senior notes to (i) finance a cash payment of approximately $1.9 billion to S&P Global as consideration for the transfer of certain assets, liabilities and entities to us, (ii) fund certain fees and expenses related to the Separation and (iii) add cash to our balance sheet to the extent necessary for us to have a cash balance of approximately $200 million for future operational purposes upon completion of the Separation. The actual cash payment amount may vary based on our existing cash position at or immediately prior 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 cash dividend on 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 "The Separation — 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.

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| | |
|:---|:---|
| **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 June 15, 2026. |
| **Distribution Date**  | The Distribution Date is July 1, 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 295,077,160 shares of S&P Global common stock outstanding on May 15, 2026, and applying the distribution ratio of one share of Mobility common stock for every share of S&P Global common stock, S&P Global will distribute approximately 295,077,160 shares of Mobility common stock to S&P Global stockholders who hold S&P Global common stock as of the record date. The number of shares of S&P Global common stock outstanding excludes shares held by the Markit Group Holdings Limited Employee Benefit Trust which is obliged to forego dividends according to its terms. |
| **Distribution Ratio**  | Each holder of S&P Global common stock will receive one share of Mobility common stock for every share of S&P Global common stock held as of the close of business on June 15, 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 |

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|:---|:---|
|  | 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 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 have been approved to have our shares of common stock listed on the NYSE under the ticker symbol "MBGL," subject to official notice of issuance. |
| **Dividend Policy**  | We intend to pay a quarterly cash dividend on 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 $2 billion 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. The indenture governing our senior notes will contain certain covenants that, among other things, limit the ability of us and our subsidiaries to create liens and enter into sale and leaseback transactions and limit our ability to consolidate, merge or sell, and transfer or lease all or substantially all of our assets. Our credit agreement also 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 and incur certain liens. 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). 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.

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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.

 ***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.

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#### 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 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

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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 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,

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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.

#### 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

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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 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

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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 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,

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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 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 295,077,160 shares of our common stock (based on 295,077,160 shares of S&P Global common stock outstanding on May 15, 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 less than 0.05% of the 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

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S&P Global 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 May 15, 2026, we believe approximately 29% 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. Stockholders 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. Moreover, these provisions may increase costs to bring a claim, and thus, may discourage claims. 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 June 15, 2026 through the Distribution. At the effective time of the Distribution, S&P Global stockholders will receive one share of Mobility common stock for every share of S&P Global common stock held on the record date. The Separation is expected to be completed on July 1, 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, have been 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 are expected to 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 share of S&P Global common stock you own as of the close of business on June 15, 2026, the record date for the Distribution, you will receive one share 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."

#### When and How You Will Receive the Distribution of Mobility Shares
S&P Global will distribute the shares of our common stock on July 1, 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

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prior to market open 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 2,554 stockholders of record, based on the number of registered stockholders of S&P Global common stock on May 15, 2026. We expect to have approximately 295,077,160 shares of Mobility common stock outstanding, based on the number of shares of S&P Global common stock outstanding on May 15, 2026 applying a distribution ratio of one share of Mobility common stock for every share of S&P Global common stock. The actual number of shares to be distributed will be determined on the record date.

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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 expect to issue $2 billion in aggregate principal amount of senior notes consisting of $650 million aggregate principal amount of 5.050% senior notes due 2029, $650 million aggregate principal amount of 5.450% senior notes due 2031 and $700 million aggregate principal amount of 6.050% senior notes due 2036. We intend to use the proceeds of the senior notes to (i) finance a cash payment of approximately $1.9 billion to S&P Global as consideration for the transfer of certain assets, liabilities and entities to us, (ii) fund certain fees and expenses related to the Separation and (iii) add cash to our balance sheet to the extent necessary for us to have a cash balance of approximately $200 million for future operational purposes upon completion of the Separation. The actual cash payment amount may vary based on our existing cash position at or immediately prior to the Separation. We expect that the revolving credit facility will be undrawn at the Separation. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Description of Certain Indebtedness."

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;

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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 dealer or broker in securities, commodities or foreign currencies;

&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 been approved to list our common stock on the NYSE under the ticker symbol "MBGL."

#### Trading Between Record Date and Distribution Date
From June 26, 2026 and continuing up to and including June 30, 2026, 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 June 30, 2026, 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 June 30, 2026, 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 June 26, 2026 and continuing up to and including June 30, 2026, 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 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 July 1, 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 certain 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 as may be reasonably requested by such party 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

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certain of the Restructuring Transactions, including the Distribution and certain related transactions, to 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

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Mobility. The TSA will provide that Mobility may, subject to certain conditions, terminate any or all of the 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 provide the other party access to 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 right to use certain Mobility data products for internal business purposes and derived data creation across certain S&P Global business divisions and (ii) S&P Global, through certain of its business divisions, will provide us with a non-exclusive right to use certain S&P Global data products for internal business purposes and derived data creation. These commercial agreements are expected to have multiyear terms and will be entered into on arms-length terms, with pricing and other terms and conditions that are customary for, and substantially consistent with, comparable agreements between S&P Global or Mobility and unrelated third parties. These agreements 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 less than 0.05% of the 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.

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#### 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 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 cash dividend on 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.

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026**  | **As of March 31, 2026**  |
| **(in millions, except share data)**  | **Actual**  | **Pro Forma**  |
|  | **(unaudited)**  | **(unaudited)**  |
| Cash and cash equivalents  | $122 | $200 |
| Indebtedness: |  |  |
| &nbsp;&nbsp;&nbsp; Short-term debt  |  |  |
| &nbsp;&nbsp;&nbsp; Due to related parties – non-current<sup>(1)</sup>  | 227 |  |
| &nbsp;&nbsp;&nbsp; Long-term debt<sup>(2)</sup>  |  | 1981 |
| &nbsp;&nbsp;&nbsp; Total indebtedness  | $227 | $1981 |
| Equity: |  |  |
|  Common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 295,077,160 shares issued and outstanding, pro forma<sup>(3)</sup>  |  | 3 |
| Additional paid-in capital<sup>(4)</sup>  |  | 9927 |
| Accumulated other comprehensive (loss) income  | (3) | (3) |
| Parent company investment<sup>(4)</sup>  | 11586 |  |
| &nbsp;&nbsp;&nbsp; Total equity  | $11583 | $9927 |
| &nbsp;&nbsp;&nbsp; Total capitalization  | $11810 | $11908 |

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(1) In connection with the Separation, we will no longer have a related-party note and associated accrued interest balance. Accordingly, these amounts are removed from the table above.

(2) Represents the principal amount of the senior notes after unamortized issuance costs and original issue discount. We also have an undrawn revolving credit facility with capacity of $500 million. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Description of Certain Indebtedness."

(3) Pro forma common stock reflects the number of shares of our common stock assumed to be outstanding immediately following the Separation, which has been based on 295,077,160 shares of common stock outstanding of S&P Global as of May 15, 2026 and on the basis of a distribution ratio of one share of our common stock for every share of S&P Global's common stock.

(4) Upon the Separation, Parent company investment will decrease to zero and will instead be recorded as common stock and additional paid-in capital, respectively.

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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 per 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 | 26 (h)  |  | 29 |
| **Income before taxes on income**  | 78 | (26) | (2) | 50 |
| &nbsp;&nbsp;&nbsp; Provision for taxes on income  | 23 | (7) (i)  | (1) (m)  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income**  | $55 | $(19) | $(1) | $35 |
|  **Earnings per share attributable to common shareholders:**  |  |  |  |  |
| Net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic  |  |  |  | $0.12 (n)  |
| &nbsp;&nbsp;&nbsp; Diluted  |  |  |  | $0.12 (n)  |
|  Weighted-average number of common shares outstanding:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic  |  |  |  | 295 (n)  |
| &nbsp;&nbsp;&nbsp; Diluted  |  |  |  | 295 (n)  |

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#### UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions, except per 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 | 100 (h)  |  | 113 |
| **Income before taxes on income**  | 326 | (100) | (12) | 214 |
| &nbsp;&nbsp;&nbsp; Provision for taxes on income  | 106 | (28) (i)  | (3) (m)  | 75 |
| **Net income**  | $220 | $(72) | $(9) | $139 |
|  **Earnings per share attributable to common <br> shareholders:**  |  |  |  |  |
| Net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic  |  |  |  | $0.47 (n)  |
| &nbsp;&nbsp;&nbsp; Diluted  |  |  |  | $0.47 (n)  |
|  Weighted-average number of common shares outstanding:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic  |  |  |  | 295 (n)  |
| &nbsp;&nbsp;&nbsp; Diluted  |  |  |  | 295 (n)  |

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#### UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET As of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions, except share data)**  | **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 | $78 (c)  | $— | $200 |
| &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 | 63 |  | 455 |
| 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 | $66 | $54 | $13162 |
| **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  |  | 1981 (b)  |  | 1981 |
| Other non-current liabilities  | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp; Total liabilities  | 1459 | 1722 | 54 | 3235 |
| Equity: |  |  |  |  |
| Parent company investment  | 11586 | (11586) (f)  |  |  |
| Common stock  |  | 3 (f)  |  | 3 |
| Additional paid-in capital  |  | 9927 (g)  |  | 9927 |
| Retained income  |  |  |  |  |
| Accumulated other comprehensive loss  | (3) |  |  | (3) |
| &nbsp;&nbsp;&nbsp; Total equity  | 11583 | (1656) |  | 9927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity  | $13042 | $66 | $54 | $13162 |

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#### NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION (Dollars in millions unless otherwise noted)
&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 expect to issue senior notes in an aggregate principal amount of $2,000 million consisting of $650 million aggregate principal amount of 5.050% senior notes due 2029, $650 million aggregate principal amount of 5.450% senior notes due 2031 and $700 million aggregate principal amount of 6.050% senior notes due 2036. Debt issuance costs of $16 million were incurred in connection with the issuance of the senior notes prior to the Separation. The total original issue discount associated with the issuance of the senior notes is $3 million. Debt issuance costs and the original issue discount will be amortized to Interest expense, net over the term of the senior notes and are reflected as a reduction of Long-term debt.

&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 $1,978 million. We intend to use 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) fund certain fees and expenses related to the Separation and (iii) add cash to our balance sheet to the extent necessary for us to have a cash balance of approximately $200 million for future operational purposes upon completion of the Separation. We expect to make a net cash distribution of approximately $1,900 million to S&P Global substantially concurrently with the Separation. Actual cash amounts may vary from the amounts disclosed herein and are dependent on the Company's existing cash position at or immediately prior to the Separation.

The Cash and cash equivalents adjustments are summarized below:

---

| | |
|:---|:---|
| **(in millions)**  | **As of <br> March 31, 2026**  |
| Cash proceeds from issuance of senior notes (refer to footnote (b))  | $1997 |
| Cash payment of debt issuance costs – senior notes (refer to footnote (b))  | (16) |
| Cash payment of debt issuance costs – revolving credit facility (refer to footnote (b))  | (3) |
| Net cash distribution to S&P Global  | (1900) |
| **Total pro forma adjustment to Cash and cash equivalents**  | $78 |

---

&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, 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

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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 295,077,160 shares of S&P Global's common stock outstanding as of May 15, 2026 and on the basis of a distribution ratio of one share of our common stock for every share 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:

---

| | |
|:---|:---|
| **(in millions)**  | **As of <br> March 31, 2026**  |
| Cash distribution to S&P Global (refer to footnote (c))  | $(1900) |
| 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))  | (3) |
| Parent Company investment reclassification (refer to footnote (f))  | 11586 |
| **Total pro forma adjustment to Additional paid-in capital**  | $9927 |

---

&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 5.74%, including the amortization of deferred financing fees and original issue discount. Interest expense was calculated assuming the principal balances outstanding at issuance were consistent for the entire period.

Interest expense, net adjustments are summarized below:

---

| | | |
|:---|:---|:---|
| **(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))  | $29 | $114 |
|  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**  | $26 | $100 |

---

&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.

#### 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

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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:

---

| | | | |
|:---|:---|:---|:---|
| **(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:

---

| | | |
|:---|:---|:---|
| **(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 |

---

&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 295,077,160, on the basis of one share of our common stock for every one share of S&P Global's common stock outstanding as of May 15, 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 services. 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:

---

| | | | |
|:---|:---|:---|:---|
| | **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% |  |

---

N/M — Represents a change equal to or in excess of 100% or not meaningful

#### Revenue

---

| | | | |
|:---|:---|:---|:---|
| | **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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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>(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:

---

| | | | |
|:---|:---|:---|:---|
| | **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)% |

---

(1) The three months ended March 31, 2026 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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% |

---

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% |

---

N/M — Percentage not meaningful

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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% |

---

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 |

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#### 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.

#### Senior Notes
We expect to issue $2 billion in aggregate principal amount of senior notes (the "senior notes") consisting of $650 million aggregate principal amount of 5.050% senior notes due 2029, $650 million aggregate principal amount of 5.450% senior notes due 2031 and $700 million aggregate principal amount of 6.050% senior notes due 2036 in a transaction exempt from registration under the Securities Act prior to completion of the Separation, subject to the satisfaction of customary closing conditions. Interest on the senior notes is payable semi-annually on June 15 and December 15 of each year.

The net proceeds from the senior notes offering will be deposited into escrow for release (the "escrow release") to us upon us delivering a certificate to the escrow agent certifying, among other things, that the Separation will be consummated within three business days after such release. If (i) we do not deliver such certificate by June 30, 2027, (ii) the S&P Global Board of Directors determines to no longer pursue the Separation or (iii) we do not consummate the Separationwithin three business days of the escrow release, the senior notes will be subject to a special mandatory redemption at 101% of the aggregate principal amount of the senior notes. We intend to use the proceeds of the senior notes to (i) finance a cash payment of

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approximately $1.9 billion to S&P Global as consideration for the transfer of certain assets, liabilities and entities to us, (ii) fund certain fees and expenses related to the Separation and (iii) add cash to our balance sheet to the extent necessary for us to have a cash balance of approximately $200 million for future operational purposes upon completion of the Separation. The actual cash payment amount may vary based on our existing cash position at or immediately prior to the Separation.

The indenture and supplemental indenture governing our senior notes will contain certain covenants that, among other things, limit our and our subsidiaries' ability to create liens, enter into sale and leaseback transactions or our ability to consolidate, merge or sell, transfer or lease all or substantially all of our assets. Upon the occurrence of an event of default with respect to a series of senior notes, the principal amount of the senior notes of that series may be declared, and become, immediately due and payable. We may, at our option, redeem the applicable series of senior notes, in whole or in part, at any time and from time to time, at the redemption prices and on the terms and conditions set forth in the supplemental indenture.

The description of the indenture and supplemental indenture included above and elsewhere in this information statement is qualified in its entirety by the form of indenture and form of first supplemental indenture that are filed as exhibits to the registration statement on Form 10, of which this information statement forms a part.

#### 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.

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

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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.

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

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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 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.

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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.

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

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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, 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 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

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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.

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.

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| | | |
|:---|:---|:---|
| **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 has determined 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 has considered 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.

#### 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. In addition, our Board of Directors has determined 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;

&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;

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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 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 making a recommendation to the Board on the compensation plans and policies for our Chief Executive Officer, and reviewing and approving for all other executive officers, his or her compensation, including base salary, short-term incentive, long-term incentive,employee perquisites, and offer letters;

&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; • Reviewing and 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; • Recommending to the Board 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; • 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 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>  |

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(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 Global Inc. 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 May 15, 2026, Mobility Participants held S&P Global RSUs with respect to approximately 102,529 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 May 15, 2026, Mobility Participants held S&P Global PSUs with respect to approximately 43,812 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.

#### 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

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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 |

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(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.

---

| | | |
|:---|:---|:---|
| **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.

---

| | |
|:---|:---|
| **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.

---

| | | |
|:---|:---|:---|
| **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.

---

| | |
|:---|:---|
| **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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 May 15, 2026, 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 102,529 shares of S&P Global common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Performance stock units covering 43,812 shares of S&P Global 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 will be equal to 14% of outstanding shares immediately following the Distribution, and (ii) the number of common shares that may be subject to incentive stock options granted under the Incentive Plan will be equal to 14% of outstanding shares immediately following the Distribution. 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

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the Incentive Plan and compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

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,

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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 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 publicly available information as of May 15, 2026, (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 May 15, 2026 and applying the distribution ratio of one share of our common stock for every share 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 295,077,160 shares of common stock based upon approximately 295,077,160 shares of S&P Global common stock outstanding on May 15, 2026 assuming no exercise of S&P Global stock options, and applying the distribution ratio of one share of our common stock for every share 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 share of S&P Global common stock held by such persons, they will receive one share of Mobility common stock:

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owner**  | **Total Number of <br> Shares Beneficially <br> Owned**  | **Percent of <br> Common <br> Stock**  |
| BlackRock, Inc.<sup>(</sup><sup>1</sup><sup>)</sup>  | 24233211 | 8.21% |
| Vanguard Capital Management LLC<sup>(2)</sup>  | 22409885 | 7.59% |

---

(1) 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.

(2) On April 30, 2026, Vanguard Capital Management LLC ("Vanguard") filed a Schedule 13G with the SEC disclosing its beneficial ownership of S&P Global common stock. Vanguard has certified in its 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 Schedule 13G does not identify any shares with respect to which there is a right to acquire beneficial ownership. Vanguard's address is 100 Vanguard Blvd., Malvern, Pennsylvania 19355.

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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 May 15, 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 one share of S&P Global stock held by such person, they will receive one share 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 May 15, 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.

---

| | | |
|:---|:---|:---|
| **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)  | \* | \* |

---

\*

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 1,000,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 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 295,077,160 shares of our common stock outstanding, to be held of record by stockholders based upon approximately 295,077,160 shares of S&P Global common stock outstanding as of May 15, 2026, applying the distribution ratio of one share of our common stock for every share 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 been approved 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**

---

| | |
|:---|:---|
| **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) |

---

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| | |
|:---|:---|
| **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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#### 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 |

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See accompanying Notes to the Condensed Combined Financial Statements

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#### 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 |

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See accompanying Notes to the Condensed Combined Financial Statements

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#### 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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#### 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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#### 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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#### 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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| | | |
|:---|:---|:---|
| | **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 |

---

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| | | | |
|:---|:---|:---|:---|
| | **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 |

---

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| | | | |
|:---|:---|:---|:---|
| | **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:

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| | | |
|:---|:---|:---|
| **(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:

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| | | |
|:---|:---|:---|
| | **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 |

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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 |

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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 |

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See accompanying Notes to the Combined Financial Statements

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#### MOBILITY BUSINESS OF S&P GLOBAL

#### COMBINED STATEMENTS OF EQUITY

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| | | | |
|:---|:---|:---|:---|
| **(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 |

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See accompanying Notes to the Combined Financial Statements

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#### 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 |

---

#### 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 |

---

#### 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 |

---

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:

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| | | |
|:---|:---|:---|
| | **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:

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| | | |
|:---|:---|:---|
| | **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:

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| | |
|:---|:---|
| | **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:

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| | | | |
|:---|:---|:---|:---|
| | **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:

---

| | | | |
|:---|:---|:---|:---|
| | **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 |

---

(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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[**TABLE OF CONTENTS**](#TOC3)

#### 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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## Exhibit 99.2

**Exhibit 99.2**

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| &nbsp;&nbsp;![GRAPHIC](tm2528763d10_ex99-2img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T00754-TBD See the reverse side for instructions on how to access materials. Important Notice Regarding the Availability of Materials You are receiving this communication because you hold securities in S&P Global Inc. ("S&P Global"). S&P Global has released informational materials regarding its previously announced spin-off of Mobility Global Inc. (the "Separation") that are now available for your review. This notice provides instructions on how to access such materials for informational purposes only. You may view the materials, which consist of the Information Statement, plus any supplements, prepared in connection with the Separation online at www.materialnotice.com and easily request a paper or e-mail copy (see reverse side). S&P GLOBAL INC. |

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| &nbsp;&nbsp;![GRAPHIC](tm2528763d10_ex99-2img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T00755-TBD Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. How to View Online: Visit: www.materialnotice.com. Have the information that is printed in the box marked by the arrow above. How to Request and Receive a PAPER or E-MAIL Copy: If you want to receive a paper or e-mail copy of these materials, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request: 1) BY INTERNET: www.materialnotice.com 2) BY TELEPHONE: 1-800-579-1639 3) BY E-MAIL\*: sendmaterial@materialnotice.com \* If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow above in the subject line. Materials Available to VIEW or RECEIVE:  |

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| &nbsp;&nbsp;![GRAPHIC](tm2528763d10_ex99-2img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T00756-TBD THE SEPARATION WILL BE ACHIEVED THROUGH A PRO RATA DISTRIBUTION (THE "DISTRIBUTION") OF 100% OF THE SHARES OF COMMON STOCK OF MOBILITY GLOBAL INC. ("MOBILITY GLOBAL") TO THE HOLDERS OF S&P GLOBAL'S COMMON STOCK. IMMEDIATELY FOLLOWING THE DISTRIBUTION, WHICH WILL BE EFFECTIVE AS OF THE DATE AND TIME REFERENCED IN THE INFORMATION STATEMENT THAT MOBILITY GLOBAL HAS PREPARED IN CONNECTION WITH THE SEPARATION, MOBILITY GLOBAL WILL BE AN INDEPENDENT, PUBLIC COMPANY. NO VOTE OR OTHER ACTION IS REQUIRED TO RECEIVE SHARES OF MOBILITY GLOBAL COMMON STOCK IN THE DISTRIBUTION. YOU WILL NOT BE REQUIRED TO PAY ANYTHING FOR THE NEW SHARES OF MOBILITY GLOBAL COMMON STOCK 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. |

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| &nbsp;&nbsp;![GRAPHIC](tm2528763d10_ex99-2img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T00757-TBD THIS PAGE WAS INTENTIONALLY LEFT BLANK |

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