Document:

Exhibit

Exhibit 10.1

EXECUTION VERSION

AMENDMENT NO. 12 TO CREDIT AGREEMENT

AMENDMENT NO. 12 TO CREDIT AGREEMENT, dated as of January 31, 2017 (this “Amendment No. 12”), by and among TRANSUNION INTERMEDIATE HOLDINGS, INC. (f/k/a TRANSUNION CORP.), a Delaware corporation (“Holdings”), TRANS UNION LLC, a Delaware limited liability company (the “Borrower”), the Guarantors, DEUTSCHE BANK SECURITIES INC., CAPITAL ONE, N.A., GOLDMAN SACHS LENDING PARTNERS LLC, JPMORGAN CHASE BANK, N.A., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, RBC CAPITAL MARKETS and WELLS FARGO SECURITIES, LLC, as joint lead arrangers (in such capacity, collectively, the “Amendment No. 12 Lead Arrangers”), DEUTSCHE BANK AG NEW YORK BRANCH (“DBNY”), as administrative agent (in such capacity, the “Administrative Agent”) and collateral agent (in such capacity, the “Collateral Agent”), and each 2015 Term B-2 Lender that is not an Amendment No. 12 Non-Consenting Lender (as defined below). Unless otherwise indicated, all capitalized terms used herein but not otherwise defined herein shall have the same meanings as specified in the Credit Agreement (as defined below).

WITNESSETH:
WHEREAS, Holdings, the Borrower, the Administrative Agent, the Guarantors party thereto from time to time and each Lender from time to time party thereto have previously entered into an Amendment No. 1 to Credit Agreement, dated as of February 10, 2011, which amended and restated that certain Credit Agreement, dated as of June 15, 2010, by and among Holdings, the Borrower, the Guarantors, Deutsche Bank Trust Company Americas, as Administrative Agent, and the lenders party thereto from time to time (as further amended, amended and restated, supplemented and/or otherwise modified  through, but not including, the date hereof, including pursuant to Amendment No. 2, dated as of February 27, 2012, Amendment No. 3, dated as of April 17, 2012, Amendment No. 4, dated as of February 5, 2013, Amendment No. 5, dated as of November 22, 2013, Amendment No. 6, dated as of December 16, 2013, Amendment No. 7, dated as of April 9, 2014, Amendment No. 8, dated as of June 2, 2015, Amendment No. 9, dated as of June 30, 2015, Amendment No. 10, dated as of March 31, 2016 and Amendment No. 11, dated as of May 31, 2016, collectively, the “Credit Agreement”); and
WHEREAS, the Borrower, Holdings, the other Loan Parties, the Amendment No. 12 Lead Arrangers, DBNY, as Administrative Agent and Collateral Agent, and the 2015 Term B-2 Lenders party hereto wish to amend the Credit Agreement to provide for certain modifications to the Credit Agreement, in each case on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and receipt of all of which is hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.    Amendments to Credit Agreement.  Effective as provided in Section 2 below, the Credit Agreement is hereby amended as follows: 
(a)     Section 1.01 of the Credit Agreement is hereby amended by adding in the appropriate alphabetical order the following new definitions: 
“Amendment No. 12” means Amendment No. 12 to the Credit Agreement, dated as of January 31, 2017, among Holdings, the Borrower, the other Loan Parties, the Amendment No. 12 Lead Arrangers, DBNY, as Administrative Agent and Collateral Agent, and the 2015 Term B-2 Lenders party thereto.
“Amendment No. 12 Lead Arrangers” has the meaning set forth in Amendment No. 12.
“Initial Amendment No. 12 Effective Date” has the meaning set forth in Amendment No. 12.

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“Subsequent Amendment No. 12 Effective Date” has the meaning set forth in Amendment No. 12.
(b)      Section 1.01 of the Credit Agreement is hereby further amended by amending and restating clause (a) of the definition of “Applicable Rate” in its entirety as follows:
“(a) with respect to 2015 Term B-2 Loans, (I) at any time prior to the Subsequent Amendment No. 12 Effective Date, (i) for LIBOR Loans, 3.00% and (ii) for Base Rate Loans, 2.00%; provided that at any time prior to the Subsequent Amendment No. 12 Effective Date but from and after (x) the consummation of the TransUnion IPO and (y) the achievement of a Total Net Leverage Ratio of 5.00:1.00 as of the last day of the most recently ended Test Period for which financial statements were required to have been delivered pursuant to Section 6.02(a) or (b), as applicable, calculated on a Pro Forma Basis giving effect to the TransUnion IPO and the use of proceeds thereof, the Applicable Rate for 2015 Term B-2 Loans shall be the following percentages per annum, based upon the Senior Secured Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a):
Applicable Rate
	
				
	Pricing Level
	Senior
Secured Net Leverage Ratio
	LIBOR Loans
	Base Rate

	1
	>4.25:1
	3.00%
	2.00%

	2
	≤4.25:1 
	2.75%
	1.75%

and (II) at any time on or after the Subsequent Amendment No. 12 Effective Date, (A) for LIBOR Loans, 2.50% and (B) for Base Rate Loans, 1.50%.”
(c)    Section 1.01 of the Credit Agreement is hereby further amended by amending and restating the definition of “LIBOR” in its entirety as follows:

“LIBOR” means, with respect to any Borrowing of LIBOR Loans for any Interest Period, (a) the higher of (i) the rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two (2) Business Days prior to the commencement of such Interest Period by reference to the Reuters Screen LIBOR01 for deposits in Dollars (or such other comparable page as may, in the opinion of the Administrative Agent, replace such page for the purpose of displaying such rates) for a period equal to such Interest Period; provided that to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the “LIBOR” shall be the interest rate per annum (rounded upward to the next 1/100th of 1.00%) determined by the Administrative Agent to be the average of the rates per annum at which deposits in Dollars are offered for such relevant Interest Period to major banks in the London interbank market in London, England by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two (2) Business Days prior to the beginning of such Interest Period, and (ii) (w) in respect of 2015 Term B-2 Loans (I) prior to the Amendment No. 12 Effective Date, 0.75% per annum, and (II) on and after the Amendment No. 12 Effective Date after giving effect to Amendment No. 12, zero, (x) in respect of 2015 Term A Loans, zero and (y) in respect of Revolving Credit Loans made pursuant to Revolving Credit Commitments (I) in effect prior to the Amendment No. 9 Effective Date, 1.00% per annum and (II) in effect after giving effect to Amendment No. 9 on the Amendment No. 9 Effective Date, zero, in each case, divided by (b) a percentage equal to 100.0% minus the then stated maximum rate of all reserve requirements (including, without limitation, any marginal, emergency, supplemental, special or other reserves required by applicable law) applicable to any member bank of the Federal Reserve System in respect of Eurocurrency funding or liabilities as defined in Regulation D (or any successor category of liabilities under Regulation D), and if LIBOR, as determined above, shall at any time be less than zero, LIBOR shall be deemed to be zero at such time for all purposes of this Agreement.

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(d)     Section 1.01 of the Credit Agreement is hereby further amended by amending and restating clause (i) of the definition of “Maturity Date” in its entirety as follows:

“(i) on and after the Subsequent Amendment No. 12 Effective Date, with respect to the 2015 Term B-2 Loans that have not been extended pursuant to Section 2.15, April 9, 2023 (the “2015 Term B-2 Loan Maturity Date”),”.
(e)    Section 2.09(d) of the Credit Agreement is hereby amended by replacing the reference therein to “Amendment No. 8 Effective Date” with the text “Subsequent Amendment No. 12 Effective Date”.
    
(f)    Section 3.07(a) of the Credit Agreement is hereby amended by replacing the text “ten (10) Business Days’ prior written notice” appearing in clause (iv) thereof with the text “three (3) Business Days’ prior written notice”. 

(g)    Section 3.07(b) of the Credit Agreement is hereby amended by inserting the following text immediately after the reference therein to “five (5) Business Days of the date”:

“(or, in the case of any replacement of a Non-Consenting Lender in connection with Amendment No. 12, on the date)”. 

(h)    Section 7.05(m) of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(m) Dispositions of property pursuant to Sale-Leaseback Transactions; provided that (i) the Net Proceeds of a Sale-Leaseback Transaction of the Borrower Corporate Headquarters (if any) shall be applied to prepay Term Loans in accordance with Section 2.05(b)(ii) (including, for the avoidance of doubt, reinvestment in accordance with the definition of “Net Proceeds”) and (ii) the aggregate fair market value of all properties so Disposed of after the Closing Date (other than the Borrower Corporate Headquarters) shall not exceed $25,000,000;”.

SECTION 2.    Conditions to Effectiveness of Amendment No. 12.  (a) This Amendment No. 12 (other than the provisions of Sections 1(b), 1(c), 1(d), 1(e) and 1(h)) shall become effective as of the first date (the “Initial Amendment No. 12 Effective Date”) when Holdings, the Borrower, the Guarantors, the Administrative Agent and the 2015 Term B-2 Lenders constituting the Required Lenders under the Credit Agreement shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or electronic transmission) the same to the Administrative Agent (or its counsel).

(b)     Sections 1(b), 1(c), 1(d), 1(e) and 1(h) of this Amendment No. 12 shall become effective as of the first date (the “Subsequent Amendment No. 12 Effective Date”) when each of the conditions set forth in this Section 2(b) shall have been satisfied (which in the case of clauses (ii) and (ix) below, may be substantially concurrent with the satisfaction of the other conditions specified below):
(i)     the Initial Amendment No. 12 Effective Date shall have occurred; 
(ii)     the Borrower shall have paid, by wire transfer of immediately available funds, (i) all fees and reasonable out-of-pocket expenses (including the reasonable fees and expenses of White & Case LLP) to the extent invoiced at least three days prior to the Subsequent Amendment No. 12 Effective Date, incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment No. 12 and required to be paid in connection with this Amendment No. 12 pursuant to Section 10.04 of the Credit Agreement and (ii) any fees as have been separately agreed between the Borrower and DBNY; 
(iii)     the Amendment No. 12 Lead Arrangers and each 2015 Term B-2 Lender (determined after giving effect to the replacement of Amendment No. 12 Non-Consenting Lenders as contemplated by clause (ix) below and Section 5(d) hereof), shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or electronic transmission) the same to the Administrative Agent (or its counsel);

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(iv)     the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower, certifying that the conditions precedent set forth in Section 4.01 of the Credit Agreement shall have been satisfied (or waived) on and as of the Subsequent Amendment No. 12 Effective Date; 
(v)     the Administrative Agent shall have received (i) a copy of the certificate or articles of incorporation or organization, including all amendments thereto, of each Loan Party, certified, if applicable, as of a recent date by the Secretary of State of the state of such Loan Party’s organization, or a representation from such Loan Party that the certificate or articles of incorporation or organization of such Loan Party has not been modified, rescinded or amended since the Amendment No. 10 Effective Date, and a certificate as to the good standing of each Loan Party as of a recent date, from such Secretary of State, and (ii) a certificate of the Secretary or Assistant Secretary of each Loan Party dated the Subsequent Amendment No. 12 Effective Date and certifying (A) that attached thereto is a true and complete copy of the by-laws or operating (or limited liability company) agreement of such Loan Party as in effect on the Subsequent Amendment No. 12 Effective Date or that the by-laws or operating (or limited liability company) agreement of such Loan Party have not been modified, rescinded or amended since the Amendment No. 10 Effective Date, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or equivalent governing body) of such Loan Party authorizing the execution, delivery and performance of Amendment No. 12 and, if applicable, the Guarantor Consent and Reaffirmation, in each case, to which such Person is a party and, in the case of the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of incorporation or organization of such Loan Party have not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (i) above, and (D) as to the incumbency and specimen signature of each officer executing Amendment No. 12 on behalf of such Loan Party and countersigned by another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (ii) above; 
(vi)    the Administrative Agent shall have received a certificate, dated the Subsequent Amendment No. 12 Effective Date and signed by a financial officer of the Borrower, certifying that Holdings and its Restricted Subsidiaries and the Borrower and its Restricted Subsidiaries, in each case on a consolidated basis after giving effect to Amendment No. 12 on the Subsequent Amendment No. 12 Effective Date, are Solvent as of the Subsequent Amendment No. 12 Effective Date;

(vii)     the Administrative Agent shall have received a Guarantor Consent and Reaffirmation, substantially in the form attached hereto as Annex A, duly executed and delivered by each Guarantor (the terms of which are hereby incorporated by reference herein); 
(viii)     the Administrative Agent shall have received from Simpson Thacher & Bartlett LLP, special counsel to the Borrower, an opinion addressed to the Administrative Agent, the Collateral Agent and the 2015 Term B-2 Lenders and dated the Subsequent Amendment No. 12 Effective Date, which opinions shall be in form and substance reasonably satisfactory to the Administrative Agent; 

(ix)     the 2015 Term B-2 Loans held by each 2015 Term B-2 Lender that is a Non-Consenting Lender with respect to this Amendment No. 12 (each, an “Amendment No. 12 Non-Consenting Lender”) shall have been assigned to an assignee Lender in accordance with Sections 3.07 and 10.07(b) of the Credit Agreement, (y) any fees, costs and any other expenses in connection with such assignment arising under Sections 3.05(a) and 10.07 of the Credit Agreement shall have been paid in full or, in the case of transfer fees payable in connection with an assignment, waived by the Administrative Agent, and (z) all accrued and unpaid interest on all 2015 Term B-2 Loans of each Amendment No. 12 Non-Consenting Lender shall have been paid in full by the assignee Lender to such Amendment No. 12 Non-Consenting Lender in accordance with Section 3.07(a) of the Credit Agreement; and

(x)    the Administrative Agent shall have received at least three (3) Business Days prior to the Subsequent Amendment No. 12 Effective Date all documentation and other information about the Borrower and each Guarantor reasonably requested in writing by it at least eight (8) Business Days prior to the Subsequent Amendment No. 12 Effective Date required in order to comply with applicable “know your customer” anti-

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money laundering rules and regulations, including the USA Patriot Act.

SECTION 3.    Representations and Warranties.  Holdings, the Borrower and each of the other Loan Parties represent and warrant as follows as of the date hereof: 
(a)     The execution and delivery of this Amendment No. 12 (which, for purposes of this Section 3, shall include the Guarantor Consent and Reaffirmation delivered pursuant to Section 2(b)(vii) hereof) and the performance of this Amendment No. 12 and the Credit Agreement (as modified hereby) by each Loan Party to this Amendment No. 12 are within such Loan Party’s corporate or other powers and have been duly authorized by all necessary corporate or other organizational action.  None of the execution, delivery or performance by each Loan Party of this Amendment No. 12 or the performance of the Credit Agreement (as modified hereby) will (i) contravene the terms of such Person’s Organization Documents; (ii) conflict with or result in any breach or contravention of, or the creation of any Lien (other than Permitted Liens) under (x) any Contractual Obligation to which such Person is a party or by which it or any of its properties of such Person or any of its Restricted Subsidiaries is bound or by which it may be subject or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any applicable material Law, in each case, except to the extent that any such violation, conflict, breach, contravention or payment could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
(b)     This Amendment No. 12 has been duly executed and delivered by each Loan Party that is a party hereto and constitutes a legal, valid and binding obligation of each Loan Party that is a party hereto, enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity.  
(c)     On each of the Initial Amendment No. 12 Effective Date and the Subsequent Amendment No. 12 Effective Date (and both before and immediately after giving effect thereto), no Default or Event of Default exists. 

(d)     Each of the representations and warranties of Holdings, the Borrower and each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document immediately before and after giving effect to each and all relevant parts of this Amendment No. 12 is true and correct in all material respects on and as of each of the Initial Amendment No. 12 Effective Date and the Subsequent Amendment No. 12 Effective Date; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they are true and correct in all material respects as of such earlier date. 
SECTION 4.   Post-Effectiveness Obligations.  Within ninety (90) days after the Subsequent Amendment No. 12 Effective Date, unless waived or extended in writing by the Administrative Agent in its reasonable discretion, with respect to the Mortgaged Property, the Borrower shall deliver or shall cause the applicable Loan Party to deliver, to the Administrative Agent, on behalf of the Secured Parties, the following items: 
(a)     with respect to the existing Mortgage, a date down endorsement to the existing Mortgage Policy which shall be in form and substance customary in the state in which the Property is located, shall be reasonably satisfactory to the Administrative Agent and reasonably assures the Administrative Agent as of the date of such endorsement that that the Property (as defined in the existing Mortgage) subject to the Lien of the existing Mortgage is free and clear of all Liens other than Permitted Liens; 
(b)     with respect to the Mortgaged Property, such affidavits, certificates, information and instruments of indemnification as shall be required to induce the title insurance company to issue the date down endorsement to the Mortgage Policy contemplated in subparagraph (i) of this Section 4 and evidence of payment of all applicable title insurance premiums, search and examination charges, mortgage recording taxes, recording fees and related charges required for the issuance of such endorsement to the Mortgage Policy and the recording of the Mortgage Amendment (as defined below); 
(c)     an executed amendment to the existing Mortgage (the “Mortgage Amendment” and the existing Mortgage, as amended by such Mortgage Amendment, if any, a “Mortgage”), in form and substance reasonably acceptable to the Administrative Agent, together with evidence of completion (or satisfactory arrangements for the completion) of all recordings and filings of the Mortgage Amendment as may be necessary to protect and preserve the 

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Lien of the Mortgage; and
(d)     an opinion addressed to the Administrative Agent and the Secured Par-ties, in form and substance reasonably satisfactory to the Administrative Agent, from lo-cal counsel in the jurisdiction in which the Mortgaged Property is located.

SECTION 5.       Reference to and Effect on the Credit Agreement and the Loan Documents. 

(a)     On and after each of the Initial Amendment No. 12 Effective Date and the Subsequent Amendment No. 12 Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Amendment No. 12 on the Initial Amendment No. 12 Effective Date and the Subsequent Amendment No. 12 Effective Date, as applicable. 
(b)     The Credit Agreement and each of the other Loan Documents, as specifically amended by this Amendment No. 12, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations of the Loan Parties under the Loan Documents, in each case, as amended by this Amendment No. 12. 
(c)     The execution, delivery and effectiveness of this Amendment No. 12 shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.  On and after the effectiveness of this Amendment No. 12 (or portions hereof) as provided in Section 2 hereof, this Amendment No. 12 (or applicable portions hereof) shall for all purposes constitute a Loan Document.  

(d)    If the Borrower provides notice to any Amendment No. 12 Non-Consenting Lender and the Administrative Agent that they are exercising their rights under Sections 3.07(a) and 3.07(d) of the Credit Agreement (in each case as modified by this Amendment No. 12 on the Initial Amendment No. 12 Effective Date) in connection with this Amendment No. 12 to require such Amendment No. 12 Non-Consenting Lender to assign all of its interests, rights and obligations under the Loan Documents to one or more Eligible Assignees identified by the Borrower, the Administrative Agent shall coordinate the transfer of all such 2015 Term B-2 Loans of each such Amendment No. 12 Non-Consenting Lender to the identified Eligible Assignees, which transfers shall be effected in accordance with Section 10.07(b) of the Credit Agreement and shall be effective as of the Subsequent Amendment No. 12 Effective Date, and each Eligible Assignee acquiring 2015 Term B-2 Loans in connection with such transfers shall have provided a signature page to this Amendment No. 12 consenting hereto with respect to such acquired 2015 Term B-2 Loans.

SECTION 6.  Execution in Counterparts.  This Amendment No. 12 may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery by facsimile or electronic transmission of an executed counterpart of a signature page to this Amendment No. 12 shall be effective as delivery of an original executed counterpart of this Amendment No. 12. 

SECTION 7.  Governing Law. This Amendment No. 12, and the rights and obligations of the parties hereunder, including but not limited to, the validity, interpretation, construction, breach, enforcement or termination hereof, and whether arising in contract or tort or otherwise, shall be governed by, and construed in accordance with, the law of the State of New York. 
SECTION 8.  Successors and Assigns.  This Amendment No. 12 shall inure to the benefit of, and shall be binding upon, the respective successors and assigns of the parties hereto. 
[The remainder of this page is intentionally left blank.]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 12 to be executed by their respective officers thereunto duly authorized, as of the date first above written.
TRANSUNION INTERMEDIATE HOLDINGS, INC.

By: /s/ MICHAEL J. FORDE______________
		
	Name:
	Michael J. Forde

		
	Title:
	Senior Vice President, Secretary

TRANS UNION LLC

By: /s/ MICHAEL J. FORDE______________
		
	Name:
	Michael J. Forde

		
	Title:
	Senior Vice President, Secretary

TRANSUNION INTERACTIVE, INC.

By: /s/ MICHAEL J. FORDE______________
		
	Name:
	Michael J. Forde

		
	Title:
	Senior Vice President, Secretary

TRANSUNION RENTAL SCREENING SOLUTIONS, INC.

By: /s/ MICHAEL J. FORDE______________
		
	Name:
	Michael J. Forde

		
	Title:
	Senior Vice President, Secretary

VISIONARY SYSTEMS, INC.

By: /s/ MICHAEL J. FORDE______________
		
	Name:
	Michael J. Forde

		
	Title:
	Senior Vice President, Secretary

[Transunion Amendment No. 12 - Signature Page]

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TRANSUNION TELEDATA LLC

By: /s/ MICHAEL J. FORDE______________
		
	Name:
	Michael J. Forde

		
	Title:
	Senior Vice President, Secretary

DIVERSIFIED DATA DEVELOPMENT CORPORATION

By: /s/ MICHAEL J. FORDE______________
		
	Name:
	Michael J. Forde

		
	Title:
	Senior Vice President, Secretary

TRANSUNION FINANCING CORPORATION

By: /s/ MICHAEL J. FORDE______________
		
	Name:
	Michael J. Forde

		
	Title:
	Senior Vice President, Secretary

TRANSUNION RISK AND ALTERNATIVE DATA SOLUTIONS, INC.

By: /s/ MICHAEL J. FORDE______________
		
	Name:
	Michael J. Forde

		
	Title:
	Vice President, Secretary

TRANSUNION HEALTHCARE, INC. 

By: /s/ MICHAEL J. FORDE______________
		
	Name:
	Michael J. Forde

		
	Title:
	Senior Vice President, Secretary

[Transunion Amendment No. 12 - Signature Page]

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DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent and Collateral Agent 

		
	By:
	/s/ PETER CUCCIARA___________________

		
	Name:
	Peter Cucchiara

		
	Title:
	Vice President

		
	By:
	/s/ BENJAMIN SOUH___________________

		
	Name:
	Benjamin Souh

		
	Title:
	Vice President

DEUTSCHE BANK SECURITIES INC., as an Amendment No. 12 Lead Arranger

		
	By:
	/s/ SANDEEP DESAI_   __________________

		
	Name:
	Sandeep Desai

		
	Title:
	Managing Director

		
	By:
	/s/ MANFRED AFFENZELLER __________  

		
	Name:
	Manfred Affenzeller

		
	Title:
	Managing Director

[Transunion Amendment No. 12 - Signature Page]

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CAPITAL ONE, N.A., as an Amendment No. 12 Lead Arranger

		
	By:
	/s/ SAM BARYCH                         __________  

		
	Name:
	Sam Baruch

		
	Title:
	Managing Director

[Transunion Amendment No. 12 - Signature Page]

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GOLDMAN SACHS LENDING PARTNERS LLC, as an Amendment No. 12 Lead Arranger

		
	By:
	/s/ ADAM SAVARESE                 __________  

		
	Name:
	Adam Savarese

		
	Title:
	Partner

[Transunion Amendment No. 12 - Signature Page]

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JPMORGAN CHASE BANK, N.A., as an Amendment No. 12 Lead Arranger

		
	By:
	/s/ PETER B. THAUER      __________  

		
	Name:
	Peter B. Thauer

		
	Title:
	Managing Director

[Transunion Amendment No. 12 - Signature Page]

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MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as an Amendment No. 12 Lead Arranger

		
	By:
	/s/ VIKAS SINGH                   __________  

		
	Name:
	Vikas Singh

		
	Title:
	Managing Director

[Transunion Amendment No. 12 - Signature Page]

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ROYAL BANK OF CANADA, as an Amendment No. 12 Lead Arranger

		
	By:
	/s/ ALEXANDER OLIVER      __________  

		
	Name:
	Alexander Oliver

		
	Title:
	Authorized Signatory

[Transunion Amendment No. 12 - Signature Page]

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WELLS FARGO SECURITIES, LLC, as an Amendment No. 12 Lead Arranger

By: /s/ JEFF GIGNAC                                                
Name:    Jeff Gignac
                       Title:    Managing Director

[Transunion Amendment No. 12 - Signature Page]

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By its execution of this signature page, the undersigned hereby acknowledges and agrees to the terms of this Amendment No. 12.
NAME OF INSTITUTION
_________________________________, 
as a 2015 Term B-2 Lender

By:  ______________________________
  Name:
  Title:
For institutions requiring a second signature line:
By:  ______________________________
  Name:
  Title

[Transunion Amendment No. 12 - Signature Page]

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ANNEX A
GUARANTOR CONSENT AND REAFFIRMATION
January 31, 2017
Reference is made to (a) the Credit Agreement dated as of June 15, 2010, among TRANSUNION INTERMEDIATE HOLDINGS, INC. (f/k/a TRANSUNION CORP.), a Delaware corporation (“Holdings”), TRANS UNION LLC, a Delaware limited liability company (the “Borrower”), the Guarantors party thereto from time to time, DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent and Collateral Agent, each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), as amended and restated pursuant to Amendment No. 1, dated as of February 10, 2011, as further amended, amended and restated, supplemented and/or otherwise modified pursuant to Amendment No. 2, dated as of February 27, 2012, Amendment No. 3, dated as of April 17, 2012, Amendment No. 4, dated as of February 5, 2013, Amendment No. 5, dated as of November 22, 2013, Amendment No. 6 dated as of December 16, 2013, Amendment No. 7, dated as of April 9, 2014, as further amended pursuant to Amendment No. 8, dated as of June 2, 2015, Amendment No. 9, dated as of June 30, 2015, Amendment No. 10, dated as of March 31, 2016 and Amendment No. 11, dated as of May 31, 2016 (the Credit Agreement”) and (b) Amendment No. 12 to Credit Agreement dated as of June 2, 2015 (“Amendment No. 12”) among Holdings, the Borrower, the Guarantors party thereto, DEUTSCHE BANK SECURITIES INC., JPMORGAN CHASE BANK, N.A., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, GOLDMAN SACHS LENDING PARTNERS LLC, CAPITAL ONE, N.A., RBC CAPITAL MARKETS and WELLS FARGO SECURITIES, LLC, as Amendment No. 12 Lead Arrangers,  DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent and as Collateral Agent and the 2015 Term B-2 Lenders party thereto.  Capitalized terms used but not otherwise defined in this Guarantor Consent and Reaffirmation (this “Consent”) are used with the meanings attributed thereto in the Credit Agreement or Amendment No. 12, as the context requires.
Each Guarantor hereby consents to the execution, delivery and performance of Amendment No. 12 and the performance of the Credit Agreement (as amended thereby) and agrees that each reference to the Credit Agreement in the Loan Documents shall, on and after the Subsequent Amendment No. 12 Effective Date, be deemed to be a reference to the Credit Agreement as amended by Amendment No. 12. 
Each Guarantor hereby acknowledges and agrees that, after giving effect to Amendment No. 12, all of its respective Obligations under the Loan Documents to which it is a party, as such Obligations have been amended by Amendment No. 12, are reaffirmed, and remain in full force and effect. 
After giving effect to Amendment No. 12, each Guarantor reaffirms each Lien granted by it to the Administrative Agent for the benefit of the Secured Parties under each of the Loan Documents to which it is a party, which Liens shall continue in full force and effect during the term of the Credit Agreement as amended by Amendment No. 12, and shall continue to secure the Secured Obligations (after giving effect to Amendment No. 12), in each case, on and subject to the terms and conditions set forth in the Credit Agreement, as amended by Amendment No. 12, and the other Loan Documents. 
Nothing in this Consent shall create or otherwise give rise to any right to consent on the part of the Guarantors to the extent not required by the express terms of the Loan Documents. 
This Consent is a Loan Document and this Consent, and the rights and obligations of the parties hereunder, including but not limited to, the validity, interpretation, construction, breach, enforcement or termination hereof, and whether arising in contract or tort or otherwise, shall be governed by, and construed and interpreted in accordance with, the law of the state of New York. 

[The remainder of this page is intentionally left blank.]

17

IN WITNESS WHEREOF, the parties hereto have duly executed this Consent as of the date first set forth above.

TRANSUNION INTERMEDIATE HOLDINGS, INC.

By:______________________________
Name:
Title:
TRANSUNION INTERACTIVE, INC.

By:______________________________
Name:
Title:
TRANSUNION RENTAL SCREENING SOLUTIONS, INC.
By:______________________________
Name:
Title:
VISIONARY SYSTEMS, INC.

By:______________________________
Name:
Title:
TRANSUNION TELEDATA LLC

By:______________________________
Name:
Title:

[Signature Page to Guarantor Consent and Reaffirmation]

18

DIVERSIFIED DATA DEVELOPMENT CORPORATION

By:______________________________
Name:
Title: 
TRANSUNION FINANCING CORPORATION

By:______________________________
Name:
Title:
TRANSUNION RISK AND ALTERNATIVE DATA SOLUTIONS, INC.

By:______________________________
Name:
Title:
TRANSUNION HEALTHCARE, INC. 

By:______________________________
Name:
Title:

[Signature Page to Guarantor Consent and Reaffirmation]

19Exhibit

EXHIBIT 10.3

TD AMERITRADE HOLDING CORPORATION
PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT
TD Ameritrade Holding Corporation (the "Company") hereby grants you, Tim Hockey (the "Grantee"), the number of Performance-Based Restricted Stock Units indicated below under the Company's Long-Term Incentive Plan (the "Plan").  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Performance-Based Restricted Stock Unit Agreement, including each Appendix (collectively, the "Agreement").  The Performance-Based Restricted Stock Units granted under this Agreement are referred to as Restricted Stock Units under the Plan.  Subject to the provisions of Appendix A and B (attached) and of the Plan, the principal terms of this grant are as follows:

	
		
	Grant Date:
	[GRANTDATE]

	Target Number of Performance-Based Restricted Stock Units ("Target"):

	[SHARESGRANTED]
This reflects the target number of Performance-Based Restricted Stock Units granted to you on the Grant Date.  The actual number of Shares that vest under this Award, if any, may be higher or lower than Target and will depend on the extent to which the vesting schedule is satisfied.  The Performance-Based Restricted Stock Units ("PRSUs") shall be increased as of any date by the cumulative number of additional PRSUs, if any, credited by this Agreement through such date in payment of Dividend Equivalent Rights as described in paragraph 25 of Appendix A (attached).

	Performance Period:
	[PERIOD]

	Scheduled Vesting:
	The PRSUs will vest based on satisfaction of the performance-based vesting schedule and other conditions set forth in Appendix A and B (attached) and provisions of the Plan and this Agreement.

	Settlement Date:
	One Share will be issued for each PRSU that has vested on the date (the "Vesting Date") specified in Appendix A and B (or on a date as soon as practicable, and no more than thirty (30) days, thereafter).

	Acceptance:
	You must accept this grant of PRSUs prior to the Acceptance Deadline, which is sixty (60) days from the Grant Date.

Your signature below indicates your agreement and understanding that this grant is subject to all of the terms and conditions contained in the Plan and this Agreement, including Appendix A and Appendix B.  Important additional information on vesting, forfeiture and the actual issuance of the Shares in settlement of the PRSUs covered by this grant are contained in paragraphs 4 through 10 of Appendix A and in Appendix B.  PLEASE BE SURE TO READ ALL OF APPENDIX A AND APPENDIX B, WHICH CONTAIN THE SPECIFIC TERMS AND CONDITIONS OF THIS AGREEMENT.
	
	
	 

1Except to the limited extent specifically provided in this Agreement, if, before the applicable Vesting Date, your employment is terminated by the Company for cause or you voluntarily terminate your employment, you will not vest in any Performance-Based Restricted Stock Units or Eligible RSUs.

THIS AGREEMENT MUST BE ACCEPTED BY YOU BY THE ACCEPTANCE DEADLINE, OR THIS GRANT OF PRSUS WILL AUTOMATICALLY BE CANCELED.
TD AMERITRADE HOLDING CORPORATION    
By:    
Title: EVP, Chief Human Resources Officer

ACCEPTED BY THE GRANTEE
___________________________________
Tim Hockey
___________________________________
Signature
___________________________________
Acceptance Date (must be within sixty (60) days of the Grant Date)

-2-

APPENDIX A
TERMS AND CONDITIONS OF PERFORMANCE-BASED RESTRICTED STOCK UNITS
1.Grant.  The Company hereby grants to the Grantee under the Plan at the per share price of $.01, equal to the par value of a Share, the number of PRSUs indicated in the Notice of Grant, subject to all of the terms and conditions in the Agreement, Appendix A and B and the Plan.
2.No Payment of Purchase Price Necessary.  When the PRSUs are settled through the issuance of Shares to the Grantee, the par value of the underlying Company Stock will be deemed paid by the Grantee for each PRSU through the past services rendered by the Grantee, and such deemed payment will be subject to the appropriate tax withholdings.
3.Company's Obligation to Pay.  Each PRSU represents a right to receive, on the Vesting Date, one Share for each vested PRSU.  Unless and until the PRSUs have vested in the manner set forth in this Agreement and Appendix A and B, the Grantee will have no right to receive settlement of Shares underlying such PRSUs.  Prior to the settlement of any vested PRSUs, such PRSUs will represent an unsecured obligation.  Payment of any vested PRSUs will be made in Shares.
4.Vesting Schedule.  Except as otherwise provided in paragraph 5 of this Appendix A, the PRSUs awarded by this Agreement are scheduled to vest in accordance with the vesting schedule set forth in Appendix B.  Except to the limited extent provided in Appendix A and B, PRSUs scheduled to vest on any applicable date actually will vest only if the Grantee continues to be an Employee through such date.
5.Committee Discretion.  The Committee, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of any Eligible RSUs (but not any PRSUs that have not yet become Eligible RSUs) at any time, subject to the terms of the Plan.  If so accelerated, such Eligible RSUs will be considered as having vested as of the date specified by the Committee.  The term "Eligible RSUs" is defined in Appendix B and refers to any PRSUs that become eligible to vest after satisfaction of the TSR goal (all as described in Appendix B).
6.Issuance of Shares after Vesting.  Each PRSU that becomes vested under this Agreement will be settled by the Company through the issuance of a Share to the Grantee (or in the event of the Grantee's death, to his or her estate) as soon as administratively practicable following the Vesting Date, subject to paragraph 10, and in no event later than the thirtieth (30th) day following the Vesting Date.
7.Forfeiture upon Ceasing to be an Employee.  Other than to the limited extent provided Appendix B, the balance of the PRSUs that have not vested pursuant to paragraphs 4 or 5 at the time the Grantee ceases to be an Employee will be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company.  The Grantee shall not be entitled to a refund of any price paid for the PRSUs forfeited to the Company pursuant to this paragraph 7.
8.Forfeiture or Repayment in Connection with Certain Events.
(a)    Forfeiture or Repayment.  Notwithstanding any contrary provision of this Agreement, Appendix A, Appendix B or the terms of any written agreement between the Company and the Grantee (including specifically any written employment, severance or change in control agreement) if the Committee determines (in its sole discretion, but acting in good faith) that a Clawback Event has occurred at any time while the Grantee is an Employee and such determination is made no later than three (3) years following the Grant Date, then: (i) the balance of the PRSUs that have not vested as of the date of such event may, in the sole discretion of the Committee, be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company; (ii) any Shares previously issued under this Agreement to the Grantee for vested PRSUs that have not been sold, transferred or otherwise disposed of by the Grantee may, in the sole discretion of the Committee, be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company; and (iii) if the Shares previously issued under this Agreement to the Grantee for vested PRSUs have been sold, transferred or otherwise disposed of by the Grantee, the Gain realized 

by the Grantee (or that would have been realized had the Grantee sold the Shares in an arms-length transaction) will be paid by the Grantee to the Company, if the Committee, in its sole discretion, requires such payment.  If, with respect to subsections (ii) and/or (iii) in the preceding sentence, the Grantee refuses to transfer the Shares to the Company and/or make a payment to the Company equal to the Gain, the Company will, if directed by the Committee, in its sole discretion, and subject to applicable law (including any Code Section 409A considerations), recover the value of such Shares and/or Gain and, if applicable, the amount of its court costs, attorneys' fees and other costs and expenses incurred in connection with enforcing this paragraph 8 by (w) reducing the amount that would otherwise be payable to the Grantee under any compensatory plan, program or arrangement maintained by the Company or any of its Subsidiaries, (x) withholding payment of future increases in compensation (including the payment of any discretionary bonus amount) or grants of compensatory awards that would otherwise have been made in accordance with the Company's (or a Subsidiary's) otherwise applicable compensation practices, (y) reducing any severance benefits that would otherwise be payable or provided to the Grantee under any plan, program or arrangement maintained or entered into by the Company or any of its Subsidiaries (including specifically under any employment or severance agreement) or (z) by any combination of the foregoing.
(b)    Discretion to Reduce Amount Subject to Forfeiture or Repayment.  In the event of a Clawback Event described in paragraph 8(c)(i)(A) below and the PRSUs were issued to the Grantee as payment (in whole or part) for an award earned under the Company's Management Incentive Plan (or any other bonus plan of the Company), the Committee may, in its sole discretion, limit the amount to be forfeited by the Grantee and/or recovered from the Grantee to the amount by which the award earned under the applicable bonus plan exceeded the amount that would have been earned had the financial statements been initially filed as restated, as determined by the Committee in accordance with the terms and conditions of the applicable bonus plan.  In the event the Committee exercises such discretion, if the award earned under the applicable bonus plan was paid in cash and the PRSUs, the Committee will have discretion to determine how the amount to be recovered will be allocated among the portion paid in cash and the portion paid in PRSUs.  The amount of PRSUs, if any, subject to forfeiture or repayment will be covered in the following order: first, unvested PRSUs that remain outstanding; then, Shares previously issued under this Agreement to the Grantee for vested PRSUs that have not been sold, transferred or otherwise disposed of by the Grantee; and finally, Gain realized (or that would have been realized in an arms-length transaction) by the Grantee from the sale, transfer or disposition of Shares previously issued under this Agreement to the Grantee for vested PRSUs.
(c)    Definitions.
(i)    For purposes of this Agreement, Appendix A and Appendix B, a "Clawback Event" shall mean one or more of the following: (A) any of the Company's financial statements are required to be restated resulting from fraud or willful misconduct by the Grantee or any other person, provided that the Grantee knew or should have known of such fraud or willful misconduct; or (B) any act of fraud, negligence or breach of fiduciary duty by the Grantee or any other person, provided that the Grantee knew or should have known of such fraud, negligence or breach of fiduciary duty, resulting in material loss, damage or injury to the Company.
(ii)    For purposes of this Agreement, Appendix A and Appendix B, "Gain" shall mean the Fair Market Value of a Share on the date of sale, transfer or other disposition, multiplied by the number of Shares sold, transferred or otherwise disposed of.
(d)    Restrictions on Sale of Stock Pending Determination of Clawback Event.  If the Company reasonably believes that a Clawback Event has occurred, the Grantee understands and agrees that the Company may, in its sole discretion, restrict the Grantee's ability to directly or indirectly sell, offer, contract or grant any option to sell (including without limitation any short sale), pledge, swap, hedge, transfer, or otherwise dispose of any shares of Company common stock held by the Grantee in his or her Company brokerage account (whether issued in connection with this Agreement or otherwise) pending a final determination by the Committee that a Clawback Event has or has not occurred.  Such determination shall be made as soon as administratively practicable but in no event will the Grantee be restricted in accordance with the preceding sentence for more than that period of time reasonably necessary for the Committee to determine the existence of a Clawback Event.  The Grantee further understands and agrees that the Company shall have no responsibility or liability for any fluctuations that occur in the price of the Company's common 

-2-

stock or for any potential loss or gain the Grantee could have realized from the sale of his or her shares of Company common stock during the period of time in which the Grantee is restricted in accordance with this paragraph 8(d).
(e)    Change of Control.  Notwithstanding any contrary provision of this Agreement, Appendix A or Appendix B, this paragraph 8 will expire and have no further force or effect upon a Change of Control.  Solely with respect to this paragraph 8, a "Change of Control" shall not be deemed to have occurred if the Company's outstanding Shares or substantially all of the Company's assets are purchased by TD Bank Financial Group.
(f)    No Waiver.  Any failure by the Company to assert the forfeiture and repayment rights under this paragraph with respect to specific claims against the Grantee shall not waive, or operate to waive, the Company's right to later assert its rights hereunder with respect to other or subsequent claims against the Grantee.
(g)    No Limitation on Remedies.  The Company's forfeiture and repayment rights under this paragraph shall be in addition to, and not in lieu of, actions the Company may take to remedy or discipline any misconduct by the Grantee including, but not limited to, termination of employment or initiation of appropriate legal action.  Furthermore and notwithstanding any contrary provision of this Agreement, Appendix A or Appendix B, the Company retains the right and power with respect to this Award, and the Grantee expressly acknowledges the Company's right and power, to enforce any compensation recovery or similar provision that is mandated by law (for example, without limitation, under Section 304 of the Sarbanes-Oxley Act of 2002).
(h)    Grantee Acknowledgement and Agreement.  Without limiting the generality of any other provision herein regarding the Grantee's understanding of, and agreement to, the terms and conditions of this Agreement, Appendix A and Appendix B, by signing this Agreement, the Grantee specifically acknowledges that he or she has read and understands this paragraph 8 and agrees to the terms and conditions of this paragraph, including but not limited to the forfeiture and repayment provisions of paragraph 8(a).
9.Non-solicitation and Non-competition.  The receipt of any Shares pursuant to this award will be subject to the Grantee, for the period of his or her employment with the Company and for a period the greater of either, twenty-four months or such period of time set forth in the Grantee's associate agreement, after the termination of his or her employment with the Company, not: (i) directly or indirectly soliciting customers of the Company in an attempt to have such customers cease their relationship with the Company, (ii) soliciting any employee of the Company for employment with any employer other than the Company, or (iii) directly or indirectly engaging in, having any ownership interest in or participating in any entity that as of the date of termination, is engaged in any activities or which offers products or services which are or may be deemed to be competitive with those products and services offered by the Company or any of its Affiliates (a "Competitive Business") unless otherwise expressly approved in writing by the Company.  The term "Competitive Business" is defined as a business providing brokerage, advisory, custodial and wealth management services to the public, including, but not limited to, services, products and technology to support retail (long term investor or active trader) or institutional trading and investing platforms and Registered Investment Advisor custodial business products and services and also includes any such other business formally proposed to be offered to the public by the Company during the twelve (12) month period immediately prior to the date of termination.    To the extent the Grantee has violated any term and condition of this paragraph 9, the PRSUs prior to settlement shall be forfeited pursuant to paragraph 7 and if Shares of Company Stock have already been issued to the Grantee, then the Grantee shall be required to either return the Shares or forfeit any gain recognized by the Grantee from the sale of such Shares, as directed by the Committee.  In the event that any of the provisions of this paragraph 9 should ever be deemed to exceed the scope and duration limitations permitted by applicable laws, then such provisions will and are hereby reformed to the maximum limitations permitted by applicable law. 
10.Withholding of Taxes.  When the Shares are issued in settlement for vested PRSUs, the Grantee will recognize immediate U.S. taxable income if the Grantee is a U.S. taxpayer.  If the Grantee is a non-U.S. taxpayer, the Grantee will be subject to applicable taxes in his or her jurisdiction.  The Company (or the employing Related Entity) will withhold a portion of the Shares or cash otherwise issuable in settlement for vested PRSUs that have an aggregate market value sufficient to pay the applicable federal, state and local income, employment and any other taxes required to be withheld by the Company (or the employing Related Entity) with respect to the Shares.  The Committee or its 

-3-

delegate (in its discretion) will determine the maximum rate that will be permitted for withholding from this Award, consistent with applicable tax and financial accounting rules.  Withholding will occur at the time that the Company (or the employing Related Entity) determines is necessary or appropriate to comply with applicable law, which may be before the PRSUs are due to be settled.  No fractional Shares will be withheld or issued pursuant to the grant of PRSUs and the issuance of Shares thereunder.  By accepting this Award, the Grantee expressly consents to the withholding of Shares as provided for in this paragraph 10.  All income and other taxes and withholding related to the PRSU award and any Shares delivered in payment thereof are the sole responsibility of the Grantee.
11.Rights as Stockholder.  Except as provided pursuant to the Dividend Equivalent Rights provided in paragraph 25, neither the Grantee nor any person claiming under or through the Grantee shall have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) shall have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Grantee (including through electronic delivery to a brokerage account) after the Vesting Date.  After such issuance, recordation and delivery, the Grantee will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.
12.No Effect on Employment or Service.  The Grantee acknowledges and agrees that this Agreement and Appendix A and B and the transactions contemplated hereunder do not constitute an express or implied promise of continued service or employment as an Employee for any period, or at all, and shall not interfere with the Grantee's right or the Company's (or employing Related Entity's) right to terminate the Grantee's relationship as an Employee at any time, with or without Cause.
13.Address for Notices.  Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company, in care of its General Counsel, at 6940 Columbia Gateway Drive, Suite 200, Columbia, Maryland 21046, or at such other address as the Company may hereafter designate in writing.
14.Grant is Not Transferable.  Except to the limited extent provided in Appendix B (relating to the death of the Grantee), this grant and the rights and privileges conferred hereby shall not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment or similar process.  Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or of any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately shall become null and void. The Company may require any administrator or executor of the Grantee's estate to furnish (a) written notice of his or her status as transferee, or (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with Applicable Laws pertaining to the transfer of the Shares underlying the PRSUs.
15.Restrictions on Sale of Stock.  The Shares issued as settlement for the payment for any vested PRSUs awarded under this Agreement will be registered under the federal securities laws and will be freely tradable upon receipt.  However, the Grantee's subsequent sale of the Shares will be subject to paragraph 8(d) above, any market blackout-period that may be imposed by the Company and must comply with the Company's insider trading policies, and any other applicable securities laws.  In addition, the Shares issued as settlement for the payment of any vested PRSUs awarded under this Agreement will also be subject to any applicable ownership guidelines and Share ownership holding periods that then are in effect.
16.Binding Agreement.  Subject to the limitation on the transferability of this grant contained herein, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
17.Conditions for Issuance of Certificates for Stock.  The Shares deliverable to the Grantee may be either previously authorized but unissued Shares or issued Shares which have been reacquired by the Company.  The Company shall not be required to issue any certificate or certificates for Shares hereunder prior to fulfillment of all the following conditions:  (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; and (b) the completion of any registration or other qualification of such Shares under any state or federal law or 

-4-

under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable; and (c) the obtaining of any approval or other clearance from any state or federal governmental agency, which the Committee shall, in its absolute discretion, determine to be necessary or advisable; provided that issuance of certificates for Shares hereunder is to be made in no event later than the thirtieth (30th) day following the Vesting Date.
18.Plan Governs.  This Agreement and Appendix A and B is subject to all terms and provisions of the Plan.  In the event of a conflict between one or more provisions of this Agreement and Appendix A and B and one or more provisions of the Plan, the provisions of the Plan shall govern.  Capitalized terms used and not defined in this Agreement and Appendix A and B shall have the meaning set forth in the Plan.
19.Committee Authority.  The Committee shall have the power to interpret the Plan and this Agreement and Appendix A and B and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any PRSUs have vested).  All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Grantee, the Company and all other persons.  The Committee shall not be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement and Appendix A and B.
20.Captions.  Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement and Appendix A and B.
21.Agreement Severable.  In the event that any provision in this Agreement and Appendix A and B shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement and Appendix A and B.
22.Entire Agreement.  Other than to the extent any written employment agreement between the Grantee and the Company specially references this Award and provides for (a) treatment different or (b) the definition of terms different, than that which is provided by this Agreement and Appendix A and B, this Agreement and Appendix A and B constitute the entire understanding of the parties on the subjects covered.  For the avoidance of doubt the Executive Employment Agreement dated November 9, 2015 between Grantee and the Company (the "Employment Agreement") is incorporated into and affects this Agreement only to the extent specifically provided in this Agreement.  The Grantee expressly warrants that he or she is not executing this Agreement and Appendix A and B in reliance on any promises, representations, or inducements other than those contained herein.
23.Modifications to the Agreement.  The Grantee expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein.  Modifications to this Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company.
24.Amendment, Suspension or Termination of the Plan.  By accepting this award, the Grantee expressly warrants that he or she has a right to receive Shares under, and subject to the terms and conditions of, the Plan and this Agreement and Appendix A and B, and has received, read and understood the Plan and this Agreement and Appendix A and B.  The Grantee understands that the Plan is discretionary in nature and may be modified, suspended or terminated by the Company at any time.
25.Dividend Equivalent Rights.  Subject to the provisions of this paragraph 25, the number of PRSUs subject to this Agreement shall be increased by such additional PRSUs in an amount determined by the following formula: X  =  (A x B) / C; where:
•"X" is the number of whole PRSUs to be credited (which shall be rounded down to the next whole Share as no fractional Shares shall be credited pursuant to this Dividend Equivalent Right);

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•"A" is the amount of cash dividends paid by the Company to stockholders with respect to one Share;
•"B" is the number of whole PRSUs remaining subject to this Agreement as of the cash dividend record date but immediately prior to the application of this paragraph 25; and
•"C" is the Fair Market Value of a Share on the cash dividend payment date.
The Grantee will be entitled to additional PRSUs in accordance with this paragraph 25 only if the Grantee remains an Employee continuously through the applicable Record Date. If a Settlement Date occurs before the cash dividend payment date, and the Grantee (if eligible in accordance with the preceding sentence) did not otherwise receive any additional PRSUs with respect to such Shares issued on the applicable Settlement Date, the Grantee shall nevertheless be entitled to receive either Shares or cash in lieu of such PRSUs, as determined by the Committee, in an amount determined pursuant to this paragraph 25, which shall be immediately settled through the issuance of Shares or cash, as applicable, on the cash dividend payment date (or as soon as reasonably practicable thereafter but not later than thirty (30) days after the dividend payment date) by deposit to the Grantee's Company brokerage account.  Such additional PRSUs shall be subject to the same terms and conditions and shall be settled in the same manner and at the same time as to which applied to each underlying Share pursuant to which the Dividend Equivalent Rights were paid.
26.Code Section 409A.  Notwithstanding anything to the contrary in the Agreement, Appendix A and B and/or the Plan, if the Company reasonably determines that Section 409A of the Code will result in the imposition of additional tax with respect to the settlement of the Shares underlying the PRSUs on account of the Grantee's separation from service (as defined in Section 409A of the Code), the Shares (and/or at the election of the Grantee the cash received from the sale of the Shares underlying the vested PRSUs) will not be paid to the Grantee until the date six (6) months and one (1) day following the date of the Grantee's separation from service.  In addition, the payment timing and other Section 409A rules contained in the Employment Agreement, apply to, and shall be incorporated into, this Agreement, including (without limitation) the rules concerning the requirement to timely sign and not revoke a release of claims and separation agreement containing certain post-employment obligations on the part of Grantee, all as provided in the Employment Agreement.
27.Notice of Governing Law.  This grant of PRSUs shall be governed by, and construed in accordance with, the laws of the State of Nebraska without regard to principles of conflict of laws.

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APPENDIX B

VESTING SCHEDULE
OF PERFORMANCE-BASED RESTRICTED STOCK UNITS

Performance-Based Vesting Component.  The actual number of PRSUs that will be eligible to vest will be determined based on the Company's Total Shareholder Return ("TSR") versus the companies that comprise the NYSE ARCA Broker/Dealer Index as of the Grant Date (the "Index").  Any PRSUs that become eligible to vest after satisfaction of the TSR goal are referred to herein as the "Eligible RSUs."
TSR versus the Index.  The number of Eligible RSUs (if any) will be determined based on the achievement of TSR by the Company, as compared to the companies in the Index.  The TSR of the Company and of each company in the Index as of the Grant Date shall be calculated for the Performance Period.  The number of PRSUs that will become Eligible RSUs (if any) will be determined by multiplying the applicable percentage from the table below (which percentage depends on the ranking of the Company's TSR within the Index) times the Target number of PRSUs, all as more fully described in this Appendix B.

	
			
	Company TSR Rank within the Index
	Percent of Target Number of PRSUs that are Earned (that is, that become Eligible RSUs)

	1 (best TSR)
	120.00
	%

	2
	117.65
	%

	3
	115.29
	%

	4
	112.94
	%

	5
	110.59
	%

	6
	108.24
	%

	7
	105.88
	%

	8
	103.53
	%

	9
	101.18
	%

	10
	98.82
	%

	11
	96.47
	%

	12
	94.12
	%

	13
	91.76
	%

	14
	89.41
	%

	15
	87.06
	%

	16
	84.71
	%

	17
	82.35
	%

	18 (worst TSR)
	80.00
	%

For example, if the Company's TSR is ranked no. 1 of the 18 companies (including the Company) in the Index, 120% of the Target number of RSUs will become Eligible RSUs.  If the Company's TSR is ranked last of the 18 companies, 80% of the Target number of RSUs will become Eligible RSUs.  If the rank achieved by the Company is between the highest and lowest in the Index, the number of RSUs that will become Eligible RSUs will be between 120% and 80%, as shown in the table.  For purposes of these calculations, the Target number of RSUs will be increased as and to the extent provided in paragraph 25 of Appendix A (relating to dividend equivalents).
For purposes of the TSR calculations, the following additional rules shall apply. TSR will be calculated as change in share price, plus dividends paid.  The beginning and ending prices for each share (including the Company's) will be the average closing price for the twenty trading days ending with the relevant date (in other words, the nineteen 

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trading days preceding the first day (or last day, as applicable) of the Performance Period and including the first day (or last day, as applicable) of the Performance Period).  Companies that are added to the Index after the Grant Date shall not be considered as part of the Index for purposes of the TSR calculations.  Companies that cease to be part of the Index after the Grant Date (but before the end of the Performance Period) but that remain be publicly-traded shall continue to be considered as part of the Index for purposes of the TSR calculations.  Companies that cease to be publicly-traded after the Grant Date (but before the end of the Performance Period) shall be considered to rank at the bottom of the Index for purposes of the TSR calculations.
All determinations regarding performance against the TSR goal shall be made by the Committee in its sole discretion and all such determinations shall be final and binding on all parties.  PRSUs, if any, will be deemed to have become Eligible RSUs as of the date on which the Committee has certified in writing as to the level of achievement of the goals.  This certification shall be made no later than the third annual anniversary of the Grant Date.  Notwithstanding any contrary provision of this Notice or of the PRSU Agreement, prior to a Change of Control (but not on or after a Change of Control), the Committee (in its discretion) may decrease (including to zero) the number of PRSUs that become Eligible RSUs.  However, the Committee must exercise its discretion under the preceding sentence on or before the third annual anniversary of the Grant Date.
Service-Based Vesting Component.  Except to limited extend provide otherwise provided below, in order to vest in any Eligible RSUs, Grantee must remain a Service Provider through the third annual anniversary of the Grant Date.  For purposes of this Notice of Award and the Agreement, a "Service Provider" means an Employee, Non-Employee Director or Consultant, and "Continuous Service" means Grantee's continued status as a Service Provider.
Change of Control during the Performance Period.  If a Change of Control occurs while Grantee is a Service Provider and before the last day of the Performance Period, the rules of this paragraph will apply.  The end date for the TSR calculations for both the Company and the Index will be the date of the Change of Control and the final average price will be calculated based on the last trading day of the Performance Period rather than the final calendar quarter of the Performance Period.  This certification shall be made by the Committee no later than the 30th business day after the date on which the Change of Control occurs.  Any shares that become Eligible RSUs under the rules of this paragraph will become vested on the third annual anniversary of the Grant Date, subject to the Grantee remaining a Service Provider through that date.  If the Grantee ceases to be a Service Provider before the third annual anniversary of the Grant Date, any Eligible RSUs will be forfeited and returned to the Company at no cost to the Company, except as follows.  If the Grantee ceases to be a Service Provider due to the Grantee's death, Disability or Retirement, any Eligible RSUs will become vested on the date of the Grantee's cessation of Continuous Service. If the Grantee ceases to be a Service Provider due to termination by the Company for a reason other than Cause, or a voluntary termination by Grantee with "Good Reason" (as defined in the Employment Agreement), then subject to Grantee's compliance with the terms of the Employment Agreement (including, without limitation, the requirement to timely sign and not revoke a release of claims), any Eligible RSUs will vest on the date provided in the Employment Agreement. For the avoidance of doubt, the treatment described in this paragraph applies to this Award in lieu of the treatment described in the Employment Agreement or any other employment, change of control, retention or similar agreement between the Grantee and the Company unless such agreement specifically references that it will apply to this Award in lieu of the treatment described in the this paragraph.  However, notwithstanding the preceding, once any shares have become Eligible RSUs, those Eligible RSUs will be eligible for accelerated vesting of equity awards due to a subsequent event to the extent provided in any such employment, change of control, retention or similar agreement. Further, for the avoidance of doubt and notwithstanding any contrary provision of this Agreement, this Award remains subject to Change in Control provisions of the Plan, including, without limitation, the provision requiring full accelerated vesting of awards in the event that the successor corporation does not assume the awards and the provision permitting assumed Awards to be settled in stock of the successor corporation or cash, all as determined in accordance with the Plan.
Termination of Employment.  Except as provided in the preceding paragraph, the following rules will apply if the Grantee ceases to be a Service Provider while any PRSUs (including, but not limited to, any Eligible RSUs) remain unvested.
Voluntary Termination or Termination for Cause.  If the Grantee ceases to be a Service Provider due to a voluntary termination by the Grantee or a termination by the Company for Cause, all unvested PRSUs 

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will be immediately forfeited and returned to the Company at no cost to the Company.  For the purposes of this Agreement, "Cause" shall have the same meaning as under the Employment Agreement.
Death or Disability.  If the Grantee ceases to be a Service Provider due to the Grantee's death or Disability, the Target number of PRSUs (as increased by any Dividend Equivalent Rights) will immediately vest. 
Retirement.  If the Grantee ceases to be a Service Provider due to the Retirement of the Grantee, the PRSUs shall remain outstanding and be available to become Eligible RSUs as provided above.  If any PRSUs (as increased by any Dividend Equivalent Rights) become Eligible RSUs at the end of the Performance Period as provided above, the Eligible RSUs will vest on the date of the Committee's certification and any remaining PRSUs (that is, any PRSUs that do not become Eligible RSUs because the applicable performance level was not achieved) will be immediately forfeited and returned to the Company at no cost to the Company. For purposes of this Agreement, "Retirement" shall mean a termination of the Grantee's employment by the Company for a reason other than Cause, death or Disability after the Grantee has attained at least age fifty-five (55) and at least ten (10) years of Continuous Service with the Company.  For the avoidance of doubt, a Grantee's election to voluntarily terminate his or her employment will not entitle the Grantee to vesting of the PRSUs even if the Grantee otherwise meets the definition of Retirement. Notwithstanding the preceding two sentences, if Grantee has served continuously as Chief Executive Officer for a period of not less than five (5) years, then (i) "Retirement" for purposes of this Agreement instead shall have the same meaning as under the Employment Agreement, and (ii) the vesting provided by this paragraph shall be subject to Grantee's compliance with the Retirement provisions of the Employment Agreement.
Termination not for Cause.  If, before the occurrence of a Change of Control, the Grantee ceases to be a Service Provider due to termination by the Company for a reason other than Cause, death, Disability or Retirement, then as applicable: (a) any Eligible RSUs as of the date of cessation of the Grantee's Continuous Service shall vest on the date of cessation, or (b) any PRSUs (as increased by any Dividend Equivalent Rights) for which TSR performance has not yet been measured shall remain outstanding and be available to become Eligible RSUs based on TSR performance versus the Index.  If the preceding sentence applies and any PRSUs become Eligible RSUs following the Grantee's termination as a Service Provider, the Eligible RSUs will vest on the date of the Committee's certification of performance.
Index as of the Grant Date.  For the avoidance of doubt, as of the Grant Date, the companies in the Index are [Note: the below list would be updated as of the grant date.]:

		
	1.
	Ameriprise Financial, Inc.

		
	2.
	TD Ameritrade Holding Corporation (the Company)

		
	3.
	BGC Partners, Inc.

		
	4.
	Cowen Group, Inc.

		
	5.
	E*TRADE Financial Corporation

		
	6.
	The Goldman Sachs Group, Inc.

		
	7.
	Interactive Brokers Group, Inc.

		
	8.
	Investment Technology Group Inc.

		
	9.
	KCG Holdings, Inc.

		
	10.
	LPL Financial Holdings Inc.

		
	11.
	MarketAxess Holdings Inc.

		
	12.
	Morgan Stanley

		
	13.
	Nomura Holdings, Inc.

		
	14.
	Piper Jaffray Companies

		
	15.
	Raymond James Financial, Inc.

		
	16.
	The Charles Schwab Corporation

		
	17.
	Stifel Financial Corp.

		
	18.
	Virtu Financial, Inc.

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