Document:

Executive Severance Plan

 Exhibit 10.28 
 CALIFORNIA MICRO DEVICES CORPORATION 
 EXECUTIVE SEVERANCE PLAN 
 AND SUMMARY PLAN DESCRIPTION 
 California Micro Devices
Corporation, a Delaware corporation (the “Company”), establishes the California Micro Devices Corporation Executive Severance Plan (the “Plan”), effective as of November 9, 2006 (the “Effective Date”), to
provide severance benefits to certain eligible employees whose employment with the Company is terminated. 
 The Plan is designed to be an unfunded
“employee welfare benefit plan,” as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and, accordingly, the Plan is governed by ERISA. This document constitutes both the
official plan document and the required summary plan description under ERISA. 
 I. ELIGIBILITY FOR BENEFITS 
 You will be eligible for severance benefits under the Plan if your employment with the Company has ceased and: 
  

	 	•	 	 you are a party to an agreement by and between you and the Company entitled a “Supplemental Employment Terms Agreement” which has been executed on behalf
of the Company by an authorized officer other than yourself; 

  

	 	•	 	 you remain actively employed with the Company from the effective date of your Supplemental Employment Terms Agreement until your designated termination date;

  

	 	•	 	 you execute a release of claims in favor of the Company, the form of which is acceptable to the Company at such time, and do not revoke the release within the time
mandated under applicable state and/or Federal law, and such release must become effective in accordance with its terms (the “Release”); and 

  

	 	•	 	 either: 

 •    you resign from the Company with Good Reason (for this purpose, “Good Reason” means: (i) any failure by the Company to comply with the material terms of your Supplemental Employment Terms
Agreement, (ii) any request by the Company that you perform any act which is illegal, (iii) a reduction of your Base Pay (as defined below), except that neither a reduction proportionate to reductions 

 
imposed on all other members of the Company’s executive management as part of a cost reduction effort nor a reduction of your Base Pay due to a change
of duties as a result of disability will be a Good Reason for termination, (iv) relocation of the Company by more than fifty (50) miles from its current Milpitas location, (v) the assignment to you of duties which are inconsistent
with your position, education, and experience, or (vi) any material reduction in your duties, provided that—for eligible employees other than the Chief Executive Officer and the Chief Financial Officer—following a Change of Control
(as defined in your Supplemental Employment Terms Agreement), it shall not be a reduction of duties if you retain your duties as to the Company’s business as operated prior to the Change of Control although you do not have such duties as to the
balance of the successor corporation’s business). You shall give notice to the Company of your intent to resign for one of the Good Reasons listed above not later than one (1) month after the occurrence of the circumstances giving rise to
the claim of Good Reason, detailing such Good Reason with specificity. If the Company does not remedy the situation so as to eliminate the Good Reason within two (2) weeks of receiving such notice, then your resignation from the Company within
the one (1) month period beginning with the delivery of the notice shall be deemed a resignation for Good Reason; or 
 •    your employment with the Company is terminated by the Company without Cause (for this purpose, “Cause” means: (i) dishonesty, breach of loyalty or breach of fiduciary duty, (ii) theft,
embezzlement or fraud by you or falsification of any Company document or record, or your involvement in any other scheme or conspiracy pursuant to which the Company has lost or could reasonably be expected to lose assets to you or to others
calculated by you to receive such assets, (iii) use or abuse of alcohol or drugs on the job (except reasonable consumption of alcohol for business-related purposes), (iv) unexplained or excessive absences from work,
(v) employment-related misconduct by you, such as and including sexual harassment, threats of harm or acts of physical violence toward employees, customers, contractors, consultants or suppliers of the Company, or any form of unlawful
discrimination against any person or group of persons, (vi) conviction (including, but not limited to, any plea of guilty or nolo contendere) of any criminal act which impairs your ability to perform your duties with the Company or any criminal
act involving moral turpitude or any criminal act involving a felony, unless state or Federal law specifically prohibits consideration of the conviction in employment decisions, (vii) refusal to act in accordance with a lawful and good faith
direction of the Company’s Chief Executive Officer (except in the instance where the Chief Executive Officer’s termination of employment is at issue) or Board of Directors, or exceeding the scope of your authority, as specifically
delegated in writing from time to time by the Company’s Chief Executive Officer (except in the instance where the Chief Executive Officer’s termination of employment is at issue) or the Company’s Board of Directors, (viii) breach
of the terms or conditions of your Confidentiality and Intellectual Property Agreement with the Company, a 

 
corporation policy, or the duties and obligations in the Company’s employment manual, which breach is not curable, or if curable is not cured within two
(2) weeks after the Company has given you written notice of the breach, or (ix) inducement of any customer, consultant, employee or supplier of the Company to breach any contract with the Company or cease its business relationship with the
Company); and 
  

	 	•	 	 you are not in one of the excluded categories listed below. 

 However, you will cease to be eligible to receive severance benefits under the Plan if: 
  

	 	•	 	 you directly or indirectly (i) solicit or attempt to solicit any employee, independent contractor, or consultant of the Company to perform services elsewhere,
(ii) render services related to the design, development, manufacture, or marketing of application specific analog semiconductor products for the mobile handset, personal computer and digital consumer electronics markets, including application
specific integrated passive devices and selected high value mixed signal ICs, or work for any other trade or business directly competitive with the Company, or (iii) call on, solicit or take away, or attempt to call on, solicit or take away,
any customer of the Company; or 

  

	 	•	 	 you violate the terms of the Supplemental Employment Terms Agreement or any other agreement entered into by and between you and the Company; or

  

	 	•	 	 you refuse to provide Continued Assistance to the Company after your termination of employment and during the term in which you receive severance benefits hereunder
(for this purpose, “Continued Assistance” means that you agree to respond, with reasonable notice, to reasonable request for information and to provide reasonable levels of assistance on issues related to your work with the Company without
further Base Pay (as defined below) or compensation, such assistance shall not exceed twenty (20) hours during the first week following your termination, ten (10) hours per week during the next four (4) weeks and five (5) hours
per month thereafter). 

 II. SEVERANCE BENEFITS 
 If you are eligible for severance benefits under the Plan, you will receive those benefits in monthly cash installments. However, if a delay is necessary (for example, as a result of the rescission period for the
Release), then you will receive a one-time catch-up payment following the period of delay and each subsequent payment will be made in accordance with the original installment schedule. Furthermore, as set forth in Part III below, the monthly
installment payment schedule may be accelerated in order that all payments be made in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations issued thereunder so as to avoid
such payments being taxable under Code Section 409A(a)(1)(B). 
 SEVERANCE PAY 
 Once you meet (and for so long as you continue to meet) the eligibility requirements in Part I, you will receive the following months of Base Pay: 
  

	 	•	 	 for the Chief Executive Officer, twelve (12) months of Base Pay or, in the case of a Change in Control (as defined in the Supplemental Employment Terms
Agreement), twenty-four (24) months of Base Pay; 

  

	 	•	 	 for the Chief Financial Officer, nine (9) months of Base Pay; or 

  

	 	•	 	 for all other eligible employees, six (6) months of Base Pay. 

 “Base Pay” generally means one-twelfth (1/12) of your base salary in a normal month as of the time that your employment with the Company terminates. “Base Pay” does not include, for example,
overtime, bonuses, commissions, shift premiums or differentials, compensation associated with employee stock options, reimbursements, sales commission awards, employee benefits, expense allowances, or any other incidental or additional compensation.
Severance pay shall be made less any and all applicable deductions and withholdings, required and/or permitted by applicable law. 
 COBRA

 If you are eligible, then you may elect to receive your existing group health continuation coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”), as provided by the Company’s group health plans. A separate election form and notice outlining continuation coverage under COBRA will be provided to each employee (and his/her eligible
dependent(s)) who is eligible for COBRA continuation coverage and must be timely returned if you (and/or your eligible dependent(s)) wish to enroll in COBRA continuation coverage; you (and/or your eligible dependent(s)) are solely responsible for
the completion of all requisite forms and for the timely remittance of all premium contributions. 

 The Company will reimburse you, as an eligible employee, for the Company-portion of premium contributions for COBRA
continuation coverage to the same extent of your health coverage immediately before your termination of employment, for the earlier of: (i) the same period that you receive severance installments starting the next calendar month after your
termination of employment with the Company; or (ii) if you lose eligibility for COBRA continuation coverage because you become eligible for group coverage from another employer. You, the employee (and/or your eligible dependent(s)), shall have
an obligation to inform the Company if you/he/she is no longer eligible for COBRA continuation coverage, as is generally the case when the employee receives group coverage from another employer while receiving COBRA continuation coverage. Any
increase in the premium contribution and/or in the number of covered dependents by you during this time will be at your own expense. The period of such Company-reimbursed COBRA continuation coverage shall be considered part of your (and your
eligible dependents’) COBRA coverage entitlement period, and will, for tax purposes, be considered taxable income to you. 
 III.
GENERAL INFORMATION 
 Plan Administration. As the Plan Administrator, the Company has full discretionary authority to administer and
interpret the Plan, including discretionary authority to determine eligibility for participation and for benefits under the Plan, the amount of benefits (if any) payable per eligible employee, and to interpret ambiguous terms. Any authorized
delegate acting on behalf of the Plan Administrator shall have full discretionary authority to carry out the Plan Administrator’s delegated duties. Any determination by the Plan Administrator or its authorized delegate(s) will be final and
binding upon all persons. The Company will indemnify and hold harmless all authorized delegates for carrying out the responsibilities of the Plan Administrator; provided, however, that such person(s) do(es) not act with gross negligence or willful
misconduct, or in willful violation of the law. 
 Payment of Severance Benefits; Compliance with Code Section 409A. When severance
benefits are due, they will be paid from the general assets of the Company. As previously stated, this Plan is intended to be an “employee welfare benefit plan” under ERISA; accordingly, in order to ensure that this Plan does not
constitute an “employee pension benefit plan” under ERISA, the following additional restriction applies to the maximum severance amount: (i) in no event will the total amount of such payments exceed two (2) times your annual
compensation during the year immediately preceding your termination date, and (ii) all payments under the Plan shall be completed within twenty-four (24) months of your termination date. 
 The expenses of operating and administering the Plan shall be borne entirely by the Company. 
 It is the intent that the severance benefits payable hereunder comply with Code Section 409A so as to avoid being taxable under Code Section 409A(a)(1)(B) which may require acceleration of certain
installments that would otherwise be paid monthly. For example, under current proposed Treasury Regulations, in the event that the eligible employee is a “specified employee” under Code Section 409A(a)(4)(B)(i), in order for the
severance benefits payable hereunder to meet an 

 
exemption under Code Section 409A, if such severance benefits exceed two (2) times the lesser of (a) the eligible employee’s annual
compensation and (b) the limit on annual compensation under Code Section 401(a)(17) ($225,000 for 2007), then any remaining benefits to be paid on March 15 of the calendar year immediately following the calendar year in which the
eligible employee’s termination date occurs must be accelerated and shall be paid on such March 15 in a lump sum (rather than continuing to be paid in monthly installments). 
 Other Terms and Conditions. The Company is not required to establish a trust to fund the Plan. The benefits provided under this Plan are not assignable and may be conditioned upon other agreements that you have
entered into with the Company or upon your compliance with any Company policy or program. 
 Taxes and Withholdings. Notwithstanding any other
provision of the Plan, all severance benefits shall be reduced by any applicable Federal, state, or local tax withholdings and any applicable payroll deductions, as required and/or permitted by law. If the employee is indebted to the Company at
his/her termination date, then the Company reserves the right to offset any severance benefits payable under the Plan by the amount of such indebtedness to the extent permitted by law (but not below one dollar ($1.00)). 
 No Other Similar Benefits. The severance benefits provided by the Plan are in lieu of any other severance benefits provided by the Company under any other
applicable practice or policy. This Plan expressly supersedes any and all other group severance and salary continuation plans, arrangements, practices or policies applicable to an eligible employee who receives notice hereunder. If an eligible
employee has a written employment agreement which provides for severance benefits (other than option acceleration which is not addressed in this Plan), that employee shall receive the greater of the severance benefits under his/her employment
agreement or under this Plan, but shall not receive both. 
 Set-Off; Termination of Severance Benefits. The benefits provided under this Plan are
intended to satisfy any and all statutory obligations that may arise out of your involuntary termination of employment, including, without limitation, the obligations of the Company (or its affiliates) under the Federal Worker Adjustment and
Retraining Notification (“WARN”) Act or a similar state law (collectively, the “WARN Act”). In the event that an eligible employee’s termination is deemed covered by the WARN Act, the benefits payable under the Plan shall be
reduced and offset (but not below zero (0)) by an amount equal to up to sixty (60)-days’ pay and benefits. In the event that the severance benefits hereunder are used to satisfy such statutory obligation(s), then the consideration for the
Release will also be reduced accordingly. The Plan Administrator shall construe and interpret the terms and conditions of the Plan in order to comply with such intention. 
 Limitation of Transferability. The interest of any employee in the severance benefits described in this Plan may not be sold, assigned, transferred or otherwise disposed of in any way, and any attempted sale,
assignment, transfer or other disposition shall be null and void. If an employee attempts to sell, assign, transfer or otherwise encumber his/her rights or interest in the Plan, then such act will be treated as an election by the employee not be
eligible to participate in the Plan. 

 Claims and Review Procedures. If you (or your beneficiary or authorized representative) believe that you
are incorrectly denied a benefit or that have not received the proper benefit under the Plan, then you may submit a signed, written application to the Plan Administrator within ninety (90) days of the expiration date of the revocation period
for the Release mandated by state or Federal law. When you submit such application, you may indicate that you wish accelerated resolution in which case the time periods and process shown in brackets in the three below paragraphs shall apply rather
than those not shown in brackets. 
 The Plan Administrator will review the claim and notify you of its decision in writing or electronically within ninety
(90) days [fourteen (14) days if accelerated resolution] after the claim is received (or within one hundred eighty (180) days [fourteen (14) days if accelerated resolution] after such receipt if special circumstances require an
extension of time for processing the claim). If the Plan Administrator denies your claim, in whole or in part, then the Plan Administrator’s notice will state: (i) specific reason(s) for the denial, (ii) reference to the specific Plan
provision(s) on which the denial is based, (iii) description of any material or information necessary for you to perfect the claim, and an explanation of why such material or information is necessary, (iv) a statement that you will be
provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information (except to the extent legally-privileged) relevant to your claim, and (v) explanation of how you may appeal the denial
of your claim, and the time limits applicable to such procedures, including a statement of your right to bring a civil action under ERISA Section 502(a) following an adverse decision under review (as discussed below). 
 You (or your beneficiary or authorized representative) will have sixty (60) days from receipt of the written notification of the denial of your claim to file a
signed, written request for a review of the denial with the Plan Administrator. This request should include the reason(s) that you are requesting a review, facts supporting your request, and any other relevant information and/or documents. Pursuant
to its discretionary authority to administer and interpret the Plan and to determine eligibility for benefits under the Plan, the Plan Administrator will generally furnish you with a final written or electronic decision within sixty (60) days
[fourteen (14) days if accelerated resolution] of receipt after your request for review (or within one hundred twenty (120) days [fourteen (14) days if accelerated resolution] after such receipt if special circumstances require an
extension of time for processing the claim). 
 If the Plan Administrator denies your appeal in whole or in part, then the Plan Administrator will provide
you with an explanation of the subsequent denial, this explanation will include a statement regarding your right to bring a civil action under ERISA Section 502(a). Pursuant to this Plan and applicable law, no legal action for benefits under
the Plan may be brought until this claims procedure has been exhausted. In addition, no action in law or equity shall be brought more than one (1) year after the Plan Administrator’s affirmation of a denial of the claim or, if earlier,
more than four (4) years after the facts or events giving rise to the employee’s allegation(s) or claim(s) first occurred under the Plan. [If accelerated resolution has been elected, then the arbitration provision of Exhibit B of your
Supplemental Employment Terms Agreement with the Company shall apply in lieu of your ability to bring an action in law or equity.] 

 Address and Notice. You must file in writing with the Plan Administrator and the Company your mailing address when
requested to do so. A communication, statement, or notice addressed to you at your last known mailing address as filed with the Plan Administrator and/or the Company will be binding on you for all purposes under the Plan, and neither the Company,
nor the Plan Administrator shall be obligated to conduct any further search to determine how you may be contacted. 
 Plan Termination or
Amendment. The Plan may be amended or terminated by the Company or the Administrator, as applicable, at any time for any reason in any manner; provided, however, once an employee meets the eligibility requirements of Part I of this Plan,
the Company shall not reduce eligible employee’s severance benefits unless both parties consent to an amendment hereunder. No agent or employee other than a duly authorized officer of the Company has the authority to change or waive any
provision of the Plan. If either the Internal Revenue Service or the Department of Labor issues a ruling that has the effect of reclassifying the Plan as an “employee pension benefit plan” under ERISA, this Plan will be automatically
terminated retroactive as of the effective date for which the Plan is determined to be an employee pension benefit plan. Because the provisions of the Plan are intended to serve as mere guidelines for the payment of severance benefits under certain
prescribed circumstances, it is not intended that any employee obtain any vested right to severance benefits. 
 No Right to Employment. No
provision of this Plan is intended to provide you or any other employee with any right to continue employment with the Company or affect the Company’s right, which right is hereby expressly reserved, to terminate the employment of any
individual at any time for any reason, with or without cause. 
 Governing Law and Miscellaneous. This Plan shall be governed and construed in
accordance with ERISA and, to the extent not preempted by ERISA, the laws of the State California (other than the choice of law principles). If any provision of this Plan or the application thereof to any individual or circumstance, is deemed
invalid or unenforceable by a court of competent jurisdiction, then the remainder of the Plan or the application of such term or provisions to individuals or circumstances shall be valid and enforceable to the fullest extent permitted by law. No
right hereunder shall inure to any third party beneficiary. 

 IV. STATEMENT OF ERISA RIGHTS 
 As a participant in the California Micro Devices Corporation Executive Severance Plan (the “Plan”), you are entitled to certain rights and protections under the Employee Retirement Income Security Act of
1974, as amended (“ERISA”). ERISA provides that all Plan participants shall be entitled to: 
 Receive Information About Your Plan and Benefits

  

	 	•	 	 Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan, including a
copy of the latest annual report (Form 5500 Series)(if any) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 

  

	 	•	 	 Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including copies of the latest annual report (Form
5500 Series) (if any), and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies. 

  

	 	•	 	 Receive a summary of the Plan’s annual financial report (if required to be filed). The Plan Administrator is required by law to furnish each participant with a
copy of this summary annual report (if filed). 

 Continue Group Health Plan Coverage 
  

	 	•	 	 Please note that this summary plan does not address the rules governing your COBRA continuation coverage rights—such rules can be found in the summary plan
description and the documents governing the group health plan. 

 Prudent Actions by Plan Fiduciaries 
 In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate your
Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants (and their beneficiaries). No one, including your employer, or any other person, may fire you or otherwise
discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. 
 Enforce Your Rights

 If your claim for a welfare (severance) benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies
of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 

 Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan
documents or the latest annual report (if any) from the Plan and do not receive them within thirty (30) days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay
you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits that is denied or ignored, in whole or in part, you may file
suit in a state or Federal court. If it should happen that the Plan fiduciaries misuse the Plan’s money (if any) or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you
may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these
costs and fees, for example, if it finds that your claim is frivolous. 
 Assistance with Your Questions 
 If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or
if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of
Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA
by calling the publications hotline of the Employee Benefits Security Administration. 

 V. ADDITIONAL PLAN INFORMATION 
  

			
	Name of Plan:	  	California Micro Devices Corporation Executive Severance Plan
		
	Plan Sponsor:	  	 California Micro Devices Corporation
 490 North McCarthy
Boulevard, Number 100
 Milpitas, California 95035-5116

		
	Employer Identification Number:	  	94-2672609
		
	Plan Number:	  	507
		
	Plan Year:	  	The first plan year is a short plan year from November 9, 2006 through December 31, 2006. Subsequent plan years are the twelve (12)-consecutive month calendar year.
		
	Effective Date:	  	November 9, 2006
		
	Plan Administrator:	  	 California Micro Devices Corporation
 490 North McCarthy
Boulevard, Number 100
 Milpitas, California 95035-5116
 (408)
263-3214

		
	Agent for Service of Legal Process:	  	Legal process may be served on the Board of Directors of California Micro Devices Corporation
		
	Plan Costs:	  	Paid entirely by California Micro Devices Corporation as Plan sponsor
		
	Type of Plan:	  	Employee welfare benefit planForm of Separation and Distribution Agreement

 Exhibit 10.1 
 SEPARATION AND DISTRIBUTION AGREEMENT 
 between 
 AUTOMATIC DATA PROCESSING, INC. 
 and 
 BROADRIDGE FINANCIAL SOLUTIONS, LLC 
 Dated as
of             , 2007 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
	  	DEFINITIONS	  	2
			
	 Section 1.1
	  	Definitions	  	2
	 Section 1.2
	  	General Interpretive Principles	  	11
			
	 ARTICLE II
	  	THE PRE-DISTRIBUTION TRANSACTIONS	  	12
			
	 Section 2.1
	  	Restructuring, Recapitalization and Other Transactions	  	12
	 Section 2.2
	  	Broadridge Cash Dividend	  	12
	 Section 2.3
	  	The Separation and Related Transactions	  	12
	 Section 2.4
	  	Conditions Precedent to Consummation of the Pre-Distribution Transactions	  	18
			
	 ARTICLE III
	  	THE DISTRIBUTION	  	18
			
	 Section 3.1
	  	Actions Prior to the Distribution	  	18
	 Section 3.2
	  	The Distribution	  	20
	 Section 3.3
	  	Conditions to Distribution	  	21
			
	 ARTICLE IV
	  	SURVIVAL AND INDEMNIFICATION; RELEASE	  	22
			
	 Section 4.1
	  	Survival of Agreements	  	22
	 Section 4.2
	  	Indemnification by Broadridge	  	22
	 Section 4.3
	  	Indemnification by ADP	  	23
	 Section 4.4
	  	Insurance	  	24
	 Section 4.5
	  	Procedures for Indemnification of Third Party Claims	  	25
	 Section 4.6
	  	Procedures for Indemnification of Non-Third Party Claims	  	26
	 Section 4.7
	  	Survival of Indemnities	  	26
	 Section 4.8
	  	Remedies Cumulative	  	26
	 Section 4.9
	  	Ancillary Agreements	  	27
	 Section 4.10
	  	Mutual Release.	  	27
			
	 ARTICLE V
	  	ANCILLARY AGREEMENTS	  	29
			
	 Section 5.1
	  	Data Center Outsourcing Services Agreement	  	29
	 Section 5.2
	  	Employee Matters Agreement	  	29
	 Section 5.3
	  	Intellectual Property Transfer Agreement	  	29
	 Section 5.4
	  	Tax Allocation Agreement	  	29
	 Section 5.5
	  	Transition Services Agreement	  	29
			
	 ARTICLE VI
	  	CERTAIN ADDITIONAL COVENANTS	  	30
			
	 Section 6.1
	  	Consents for Business	  	30
	 Section 6.2
	  	Additional Consents	  	30
	 Section 6.3
	  	Further Assurances	  	30

  

 (i) 

					
	 Section 6.4
	  	Future Activities	  	31
	 Section 6.5
	  	Settlement of Certain Insurance Claims	  	31
			
	 ARTICLE VII
	  	ACCESS TO INFORMATION	  	32
			
	 Section 7.1
	  	Agreement for Exchange of Information	  	32
	 Section 7.2
	  	Ownership of Information	  	33
	 Section 7.3
	  	Compensation for Providing Information	  	33
	 Section 7.4
	  	Record Retention	  	33
	 Section 7.5
	  	Limitation of Liability	  	34
	 Section 7.6
	  	Other Agreements Providing for Exchange of Information	  	34
	 Section 7.7
	  	Production of Witnesses; Records; Cooperation	  	34
	 Section 7.8
	  	Confidentiality	  	35
			
	 ARTICLE VIII
	  	NO REPRESENTATIONS OR WARRANTIES	  	37
			
	 Section 8.1
	  	NO REPRESENTATIONS OR WARRANTIES	  	37
			
	 ARTICLE IX
	  	TERMINATION	  	38
			
	 Section 9.1
	  	Termination	  	38
	 Section 9.2
	  	Effect of Termination	  	38
			
	 ARTICLE X
	  	MISCELLANEOUS	  	38
			
	 Section 10.1
	  	Complete Agreement; Representations	  	38
	 Section 10.2
	  	Costs and Expenses	  	39
	 Section 10.3
	  	Governing Law	  	39
	 Section 10.4
	  	Notices	  	39
	 Section 10.5
	  	Amendment, Modification or Waiver	  	40
	 Section 10.6
	  	No Assignment; Binding Effect; No Third Party Beneficiaries	  	40
	 Section 10.7
	  	Counterparts	  	40
	 Section 10.8
	  	Negotiation	  	40
	 Section 10.9
	  	Specific Performance	  	41
	 Section 10.10
	  	New York Forum	  	41
	 Section 10.11
	  	WAIVER OF JURY TRIAL	  	42
	 Section 10.12
	  	Interpretation; Conflict With Ancillary Agreements	  	42
	 Section 10.13
	  	Severability	  	42

  

 (ii) 

			
	 EXHIBITS
	  	
		
	 By-laws of Broadridge
	  	 Exhibit A

	 Certificate of Incorporation of Broadridge
	  	 Exhibit B

	 Form of Data Center Outsourcing Services Agreement
	  	 Exhibit C

	 Form of Employee Matters Agreement
	  	 Exhibit D

	 Form of Intellectual Property Transfer Agreement
	  	 Exhibit E

	 Form of Tax Allocation Agreement
	  	 Exhibit F

	 Form of Transition Services Agreement
	  	 Exhibit G

		
	 SCHEDULES
	  	
		
	 ADP Assigned Agreements
	  	Schedule 2.3(c)(i)
	 Broadridge Assigned Agreements
	  	Schedule 2.3(c)(ii)
	 Surviving ADP Group and Broadridge Group Agreements
	  	Schedule 2.3(d)
	 Guarantee Fees
	  	Schedule 2.3(f)
	 ADP Statements in Information Statement
	  	Schedule 4.3(d)
	 Transaction Expenses
	  	Schedule 10.2

  

 (iii) 

 SEPARATION AND DISTRIBUTION AGREEMENT 
 SEPARATION AND DISTRIBUTION AGREEMENT dated as of
                    , 2007, between Automatic Data Processing, Inc., a Delaware corporation (“ADP”), and Broadridge Financial
Solutions, LLC, a Delaware limited liability company whose sole member is ADP (each, a “Party” and collectively, the “Parties”). 
 RECITALS 
 WHEREAS, the Board of Directors of ADP has determined that it is in the best interests of ADP to
separate the Broadridge Business (as defined below) and the ADP Business (as defined below) into two independent companies (the “Separation”), on the terms and subject to the conditions set forth in this Agreement, in order to
provide greater flexibility for the management, capital requirements and growth of the Broadridge Business while ensuring that ADP can focus its time and resources on the development of the ADP Business; 
 WHEREAS, to effect the Separation, Broadridge (as defined below) intends to retain ownership and possession of all Broadridge Assets (as defined below)
and ADP intends to retain ownership and possession of all ADP Assets (as defined below); 
 WHEREAS, to further effect the Separation,
Broadridge intends to remain solely liable for all Broadridge Liabilities (as defined below) and ADP intends to remain solely liable for all ADP Liabilities (as defined below); 
 WHEREAS, to further effect the Separation, and as an integral part thereof, ADP intends to cause the Restructuring (as defined below) to occur prior to
the Separation; 
 WHEREAS, it is the intention of the Parties that, following the Restructuring and the Separation but prior to the
Distribution (as defined below), Broadridge will be converted from a Delaware limited liability company into a Delaware corporation pursuant to Section 18-216 of the Delaware Limited Liability Act (the “LLC Conversion”), and
will be recapitalized such that all of the shares of common stock of Broadridge, par value $0.01 per share (“Broadridge Common Stock”), then outstanding will be owned by ADP; 
 WHEREAS, following the Restructuring, the Separation and the LLC Conversion but prior to the Distribution, Broadridge intends to effect the Broadridge
Cash Dividend (as defined below); 
 WHEREAS, following the Restructuring, the Separation, the LLC Conversion and the Broadridge Cash
Dividend, ADP intends to distribute on a pro rata basis to holders of issued and outstanding shares of common stock, par value $0.10 per share, of ADP (“ADP Common Stock”), other than shares of ADP Common Stock held in the treasury
of ADP, all of the issued and outstanding shares of Broadridge Common 

  

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Stock owned by ADP, by means of a dividend of the Broadridge Common Stock to ADP’s stockholders (the “Distribution”), on the terms and
subject to the conditions set forth in this Agreement; 
 WHEREAS, it is the intention of the Parties that, for United States federal income
tax purposes, (i) the U.S. Restructuring (as defined below) shall qualify as tax-free pursuant to Section 332 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), (ii) the Dutch Restructuring (as
defined below) shall qualify as a tax-free split-off pursuant to Sections 368(a)(1)(D) and 355 of the Code, (iii) the Canadian Restructuring (as defined below) shall qualify as a tax-free spin-off pursuant to Sections 368(a)(1)(D) and 355 of
the Code, (iv) the LLC Conversion and the Distribution shall qualify as a tax-free spin-off pursuant to Sections 368(a)(1)(D) and 355 of the Code and (v) this Agreement shall constitute, and is hereby adopted as, a plan of liquidation
under Section 332 of the Code and a plan of reorganization under Section 368 of the Code; 
 WHEREAS, the Board of Directors of ADP
has (i) determined that the Restructuring, the Separation, the LLC Conversion, the Broadridge Cash Dividend, the Distribution and the other transactions contemplated by this Agreement and the Ancillary Agreements (as defined below) are in
furtherance of and consistent with its business strategy and are in the best interests of ADP and (ii) approved this Agreement and each of the Ancillary Agreements; and 
 WHEREAS, it is appropriate and desirable to set forth the principal corporate transactions required to effect the Separation, the Broadridge Cash
Dividend and the Distribution and certain other agreements that will govern certain matters relating to these transactions and the relationship of ADP and Broadridge and their respective subsidiaries following the Distribution. 
 NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions . As used in this Agreement, the following terms shall have the meanings set forth below: 
 “Action” means any claim, demand, action, cause of action, suit, countersuit, arbitration, litigation, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration
or mediation tribunal or authority. 
 “ADP” has the meaning assigned to such term in the Preamble hereto. 
  

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 “ADP Assets” means all Assets of the ADP Group (including the amount of the Broadridge
Cash Dividend after declaration thereof), other than the Broadridge Assets. 
 “ADP Business” means all businesses and
operations of the ADP Group, other than the Broadridge Business. 
 “ADP Claims” has the meaning assigned to such term in
Section 4.10(a). 
 “ADP Common Stock” has the meaning assigned to such term in the Recitals hereto. 
 “ADP Group” means ADP and each of its Affiliates and Subsidiaries, and any corporation or other entity that may become part of such
Group from time to time, other than the Broadridge Group. 
 “ADP Indemnified Parties” has the meaning assigned to such term
in Section 4.2. 
 “ADP Liabilities” means those Liabilities of ADP, other than the Broadridge Liabilities. 

“ADP Parties” has the meaning assigned to such term in Section 4.10(b). 
 “ADP Releasors” has the meaning assigned to such term in Section 4.10(a). 
 “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with, such specified Person; provided, however, that for purposes of this Agreement, no member of either Group shall be deemed to be an Affiliate of any member of
the other Group. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or
other interests, by contract or otherwise. 
 “Agreement” means this Agreement, as the same may be modified, amended or
supplemented from time to time. 
 “Ancillary Agreements” means the Employee Matters Agreement, the Intellectual Property
Transfer Agreement, the Data Center Outsourcing Services Agreement, the Transition Services Agreement and the Tax Allocation Agreement. 
 “Asset” means any right, property or asset, whether real, personal or mixed, tangible or intangible, of any kind, nature and description, whether accrued, contingent or otherwise, and wheresoever situated and whether or not
carried or reflected, or required to be carried or reflected, on the books of any Person. 
  

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 “Balance Sheet” has the meaning assigned to such term in the definition of
“Broadridge Assets.” 
 “Broadridge” means, prior to the LLC Conversion, Broadridge Financial Solutions, LLC, a
Delaware limited liability company whose sole member is ADP and, immediately after the LLC Conversion, Broadridge Financial Solutions, Inc., a Delaware corporation whose sole shareholder is ADP. 
 “Broadridge Assets” means, without duplication: 
 (i) all of the outstanding shares of all classes of capital stock of (or other equity interests in) Broadridge Subsidiaries owned (either of record or beneficially) by Broadridge or a Broadridge Subsidiary, as of the
Effective Time; 
 (ii) all of the Assets included on the unaudited pro forma combined balance sheet of Broadridge, including the notes
thereto, as of December 31, 2006 that is included in the Registration Statement (the “Balance Sheet”) to the extent such Assets would have been included as Assets on a consolidated balance sheet of Broadridge, and the notes
thereto, as of the Effective Time (were such balance sheet and notes to be prepared) on a basis consistent with the determination of Assets included on the Balance Sheet; 
 (iii) all other Assets that are of a nature or type that would have resulted in such Assets being included as Assets on a consolidated balance sheet of Broadridge, and the notes thereto, as of the Effective Time (were
such balance sheet and notes to be prepared) on a basis consistent with the determination of Assets included on the Balance Sheet; 
 (iv)
the Assets expressly contributed, assigned, transferred, conveyed or delivered to any member of the Broadridge Group pursuant to the Ancillary Agreements; 
 (v) the contract rights, licenses, Trade Secrets, know-how, and any other rights and Intellectual Property, and any other rights, claims or properties (including any and all rights as an insured party under any ADP
insurance policy), in each case of any member of the Broadridge Group and as of the Effective Time; and 
 (vi) all other Assets that are
held by any member of the Broadridge Group as of the Effective Time and that are used or held primarily for use in or necessary to the operation of the Broadridge Business. 
 “Broadridge Business” means the business and operations conducted by the Broadridge Group from time to time, whether prior to, at or
after the Effective Time, including, without duplication, (i) the Brokerage Services and Securities Clearing and Outsourcing Services Businesses conducted by ADP prior to the Restructuring and (ii) the business and operations conducted by
the Broadridge Group, as more fully described in the Information Statement. 
  

 4 

 “Broadridge Bylaws” means the Bylaws of Broadridge substantially in the form of
Exhibit A hereto. 
 “Broadridge Cash Dividend” means (i) the borrowing under the new credit facility to be
entered into by Broadridge as described in the Registration Statement and (ii) the distribution of up to approximately $     million of the proceeds thereof to ADP in one or more transactions intended to qualify as
tax-free pursuant to Section 361(b) of the Code. 
 “Broadridge Certificate of Incorporation” means the Certificate of
Incorporation of Broadridge substantially in the form of Exhibit B hereto. 
 “Broadridge Claims” has the meaning
assigned to such term in Section 4.10(b). 
 “Broadridge Common Stock” has the meaning assigned to such term in the
Recitals hereto. 
 “Broadridge Group” means Broadridge and each of its Subsidiaries and Affiliates and any corporation or
other entity that may become part of such Group from time to time. 
 “Broadridge Indemnified Parties” has the meaning
assigned to such term in Section 4.3. 
 “Broadridge Liabilities” means, without duplication: 
 (i) all outstanding Liabilities included on the Balance Sheet, to the extent such Liabilities would have been included on a consolidated balance sheet of
Broadridge, and the notes thereto, as of the Effective Time (were such balance sheet and notes to be prepared) on a basis consistent with the determination of Liabilities included on the Balance Sheet; 
 (ii) all other Liabilities that are of a nature or type that would have resulted in such Liabilities being included as Liabilities on a consolidated
balance sheet of Broadridge, and the notes thereto, as of the Effective Time (were such balance sheet and notes to be prepared) on a basis consistent with the determination of Liabilities included on the Balance Sheet; 
 (iii) all Liabilities expressly assumed by any member of the Broadridge Group pursuant to the Ancillary Agreements; and 
 (iv) all Liabilities to the extent relating to, arising out of or resulting from actions, inactions, events, omissions, conditions, facts or
circumstances occurring or existing prior to, at or after the Effective Time, in each case to the extent such Liabilities relate to, arise out of or result from any Broadridge Asset or the Broadridge Business. 
  

 5 

 “Broadridge Parties” has the meaning assigned to such term in Section 4.10(a).

 “Broadridge Releasors” has the meaning assigned to such term in Section 4.10(b). 
 “Brokerage Services and Securities Clearing and Outsourcing Services Businesses” means all of the ADP Brokerage Services’ and
Securities Clearing and Outsourcing Services’ business and operations, as more fully described in ADP’s Form 10-K for the fiscal year ended June 30, 2006. 
 “Business” means the Broadridge Business and/or the ADP Business, as the context requires. 
 “Canadian Restructuring” means the transfer of the Brokerage Services and Securities Clearing and Outsourcing Services Businesses conducted, directly or indirectly, by ADP Canada Co., a Canadian corporation, to a new
Canadian company that will be transferred to Broadridge in a transaction intended to qualify as a tax-free spin-off pursuant to Sections 368(a)(1)(D) and 355 of the Code. 
 “Code” has the meaning assigned to such term in the Recitals hereto. 
 “Consents” means any consents, waivers, notices, reports or other filings to be made, or any registrations, licenses, permits, authorizations to be obtained from, or approvals from, or notification requirements to, any
third parties, including any Governmental Authority. 
 “Continuing ADP Guarantees” has the meaning assigned to such term in
Section 2.3(f)(ii). 
 “Data Center Outsourcing Services Agreement” means the Data Center Outsourcing Services
Agreement to be entered into between ADP, Inc. and Broadridge, substantially in the form attached hereto as Exhibit C, with such changes as may be agreed to by the Parties. 
 “Delayed Transfer Asset and/or Liability” has the meaning assigned to such term in Section 2.3(b). 
 “Dispute Escalation Notice” has the meaning assigned to such term in Section 10.8. 
 “Distribution” has the meaning assigned to such term in the Recitals hereto. 
 “Distribution Agent” means American Stock Transfer & Trust Company. 
 “Distribution Agent Agreement” has the meaning assigned to such term in Section 3.1(b). 
  

 6 

 “Distribution Date” means the date on which the Distribution shall be effected, such
date to be determined by, or under the authority of, the Board of Directors of ADP in its sole and absolute discretion. 
 “Dutch
Restructuring” means the transfer of the Brokerage Services and Securities Clearing and Outsourcing Services Businesses conducted by the subsidiaries of ADP Nederland BV, a Dutch corporation, to a new Dutch company that will be transferred
to a second Dutch company that will be a subsidiary of Broadridge in a transaction intended to qualify as a tax-free split-off pursuant to Sections 368(a)(1)(D) and 355 of the Code. 
 “Effective Time” means the time at which the Distribution occurs on the Distribution Date. 
 “Employee Matters Agreement” means the Employee Matters Agreement to be entered into between ADP and Broadridge, substantially in the
form of Exhibit D hereto, with such changes as may be agreed to by the Parties. 
 “Exchange Act” means the United
States Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder. 
 “FIFO
Basis” means, with respect to the payment of Unrelated Claims pursuant to the same ADP insurance policy, the payment in full of each successful claim (regardless of whether ADP or Broadridge is the claimant) in the order in which such
successful claim is approved by the insurance carrier, until the limit of the applicable ADP insurance policy is met. 
 “Governmental Authority” means any federal, state, local, foreign or international court, government, department, commission, board, bureau or agency, or any other regulatory, self-regulatory, administrative or governmental
organization or authority, including the NYSE. 
 “Group” means the ADP Group and/or the Broadridge Group, as the context
requires. 
 “Indemnified Party” has the meaning assigned to such term in Section 4.3. 
 “Indemnifying Party” means Broadridge, for any indemnification obligation arising under Section 4.2, and ADP, for any
indemnification obligation arising under Section 4.3. 
 “Information” means all information of either the ADP Group or
the Broadridge Group, as the context requires, whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including non-public financial information, studies, reports,
records, books, accountants’ work papers, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, 

  

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samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other Software (as defined in the definition of “Intellectual
Property”), marketing plans, customer data, communications by or to attorneys, memos and other materials prepared by attorneys and accountants or under their direction (including attorney work product), and other technical, financial, legal,
employee or business information or data. 
 “Information Statement” means the information statement and any related
documentation to be distributed to holders of ADP Common Stock in connection with the Distribution, including any amendments or supplements thereto. 
 “Intellectual Property” means all intellectual property and other similar proprietary rights in any jurisdiction, whether owned or held for use under license, whether registered or unregistered,
including such rights in and to: (i) trademarks, trade dress, service marks, certification marks, logos, and trade names, and the goodwill associated with the foregoing (collectively, “Trademarks”); (ii) patents and patent
applications, and any and all divisions, continuations, continuations-in-part, reissues, continuing patent applications, reexaminations, and extensions thereof, any counterparts claiming priority therefrom, utility models, patents of
importation/confirmation, certificates of invention, certificates of registration, design registrations or patents and like rights (collectively, “Patents”); inventions, invention disclosures, discoveries and improvements, whether
or not patentable; (iii) writings and other works of authorship (“Copyrights”); (iv) trade secrets (including, those trade secrets defined in the Uniform Trade Secrets Act and under corresponding foreign statutory Law and
common law), Information, business, technical and know-how information, business processes, non-public information, proprietary information and confidential information and rights to limit the use or disclosure thereof by any Person (collectively,
“Trade Secrets”); (v) software, including data files, source code, object code, application programming interfaces, databases and other software-related specifications and documentation (collectively,
“Software”); (vi) domain names and uniform resource locators; (vii) moral rights; (viii) privacy and publicity rights; (ix) any and all technical information, Software, specifications, drawings, records,
documentation, works of authorship or other creative works, ideas, knowledge, invention disclosures or other data, not including works subject to Copyright, Patent or Trademark protection (“Technology”); (x) advertising and
promotional materials, whether or not copyrightable; and (xi) claims, causes of action and defenses relating to the enforcement of any of the foregoing; in each case, including any registrations of, applications to register, and renewals and
extensions of, any of the foregoing with or by any Governmental Authority in any jurisdiction. 
 “Intellectual Property Transfer
Agreement” means the Intellectual Property Transfer Agreement to be entered into between ADP and Broadridge, substantially in the form attached hereto as Exhibit E, with such changes as may be agreed to by the Parties. 
 “Inter-Group Indebtedness” means any intercompany receivables, payables, accounts, advances, loans, guarantees, commitments and
indebtedness for borrowed funds between a member of the ADP Group and a member of the Broadridge 

  

 8 

 
Group; provided, that “Inter-Group Indebtedness” shall not include any contingent Liabilities and accounts payable arising pursuant
to the Ancillary Agreements, any agreements with respect to continuing transactions between a member of the ADP Group and a member of the Broadridge Group and any other agreements entered into in the ordinary course of business. 
 “Law” means any applicable foreign, federal, national, state, provincial or local law (including common law), statute, ordinance, rule,
regulation, code or other requirement enacted, promulgated, issued or entered into, or act taken, by a Governmental Authority. 
 “Liabilities” means all debts, liabilities, obligations, responsibilities, response actions, Losses, damages (whether compensatory, punitive, consequential, treble or other), fines, penalties and sanctions, absolute or
contingent, matured or unmatured, liquidated or unliquidated, foreseen or unforeseen, on- or off-balance sheet, joint, several or individual, asserted or unasserted, accrued or unaccrued, known or unknown, whenever arising, including those arising
under or in connection with any Law, or other pronouncements of Governmental Authorities constituting an Action, order or consent decree of any Governmental Authority or any award of any arbitration tribunal, and those arising under any contract,
guarantee, commitment or undertaking, whether sought to be imposed by a Governmental Authority, private party, or a Party, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, or otherwise, and
including any costs, expenses, interest, attorneys’ fees, disbursements and expense of counsel, expert and consulting fees, fees of third party administrators, and costs related thereto or to the investigation or defense thereof. 
 “LLC Conversion” has the meaning assigned to such term in the Recitals hereto. 
 “Loss” means any claim, demand, complaint, damages, loss, liability, cost or expense arising out of, relating to or in connection with
any Action. 
 “Mixed Account” has the meaning assigned to such term in Section 2.3(g)(ii). 
 “Mixed Contract” has the meaning assigned to such term in Section 2.3(g)(i). 
 “NYSE” means the New York Stock Exchange, Inc. 
 “Parties” has the meaning assigned to such term in the Preamble hereto. 
 “Person” means any natural person, corporation, general or limited partnership, limited liability company or partnership, joint stock company, joint venture, association, trust, bank, trust company, land trust, business
trust or other organization, whether or not a legal entity, and any Governmental Authority. 
  

 9 

 “Pre-Distribution Transactions” means, collectively, the Restructuring, the Separation,
the LLC Conversion, the Recapitalization and the Broadridge Cash Dividend. 
 “Recapitalization” has the meaning assigned to
such term in Section 2.1(c). 
 “Record Date” means the date to be determined by the Board of Directors of ADP as the
record date for determining stockholders of ADP entitled to receive shares of Broadridge Common Stock pursuant to the Distribution. 
 “Registration Statement” means the Registration Statement on Form 10 of Broadridge relating to the registration under the Exchange Act of Broadridge Common Stock, including any amendments or supplements thereto. 

“Reimbursing Party” has the meaning assigned to such term in Section 10.2. 
 “Related Claims” means a claim or claims against an ADP insurance policy made by each of ADP and/or its insured parties, on the one
hand, or Broadridge and/or its insured parties, on the other hand, filed in connection with Losses suffered by each of ADP and Broadridge arising out of the same underlying transaction, transactions, event or events. 
 “Restructuring” means, collectively, the Dutch Restructuring, the U.S. Restructuring, the Canadian Restructuring, the Swiss
Restructuring and the U.S. Contribution. 
 “SEC” means the United States Securities and Exchange Commission. 
 “Separation” has the meaning assigned to such term in the Recitals hereto. 
 “Shared Person” has the meaning assigned to such term in Section 2.3(i). 
 “SOX” means the Sarbanes-Oxley Act of 2002, as amended from time to time. 
 “Subsidiary” means, with respect to any Person, any other Person of which a Person (either alone or through or together with any other
Subsidiary of such Person) owns, directly or indirectly, a majority of the stock or other equity interests the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation or
other legal entity. 
 “Swiss Restructuring” means the transfer of the Brokerage Services and Securities Clearing and
Outsourcing Services Businesses conducted by ADP Suisse S.A., a Swiss company, to a new Swiss company that will be transferred to Broadridge. 
  

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 “Tax Allocation Agreement” means the Tax Allocation Agreement to be entered into between
ADP and Broadridge, substantially in the form attached hereto as Exhibit F, with such changes as may be agreed to by the Parties. 
 “Third Party Claim” has the meaning assigned to such term in Section 4.5(a). 
 “Transaction
Expenses” has the meaning assigned to such term in Section 10.2. 
 “Transition Services Agreement” means the
Transition Services Agreement to be entered into between ADP and Broadridge, substantially in the form attached hereto as Exhibit G, with such changes as may be agreed to by the Parties. 
 “Unrelated Claims” means a claim or claims against an ADP insurance policy made by each of ADP and/or its insured parties, on the one
hand, or Broadridge and/or its insured parties, on the other hand, filed in connection with Losses suffered by each of ADP and Broadridge arising out of unrelated and separate transactions or events. 
 “U.S. Contribution” means the contribution by ADP to Broadridge of the U.S. Subsidiaries of ADP Atlantic, Inc., a Delaware corporation,
that conduct the Brokerage Services and Securities Clearing and Outsourcing Services Businesses. 
 “U.S. Restructuring”
means the transfer by ADP Atlantic, Inc., a Delaware corporation (“ADP Atlantic”), to ADP of the U.S. Subsidiaries of ADP Atlantic that conduct the Brokerage Services and Securities Clearing and Outsourcing Services Businesses, in a
transaction intended to qualify as tax-free pursuant to Section 332 of the Code. 
 Section 1.2 General Interpretive Principles.
(a) Words in the singular shall include the plural and vice versa, and words of one gender shall include the other gender, in each case, as the context requires, (b) the words “hereof,” “herein,”
“hereunder,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement and not to any particular provision of this Agreement, and references to Article,
Section, paragraph, exhibit and schedule are references to the Articles, Sections, paragraphs, exhibits and schedules to this Agreement unless otherwise specified, (c) the word “including” and words of similar import when used
in this Agreement shall mean “including, without limitation,” unless otherwise specified and (d) any reference to any federal, state, local or non-U.S. statute or Law shall be deemed to also refer to all rules and regulations
promulgated thereunder, unless the context otherwise requires. 
  

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 ARTICLE II 
 THE PRE-DISTRIBUTION TRANSACTIONS 
 Section 2.1 Restructuring, Recapitalization and Other
Transactions. On or prior to the Distribution Date (but prior to the Broadridge Cash Dividend and the Distribution), and subject to satisfaction or waiver of the conditions set forth in Section 2.4: 
 (a) the Parties shall effect the Restructuring; 
 (b) following the Restructuring, the Parties shall effect the LLC Conversion; and 
 (c) following the LLC Conversion, the Broadridge Common Stock shall be recapitalized (the “Recapitalization”) such that
the number of shares of Broadridge Common Stock issued and outstanding and owned by ADP immediately prior to the Effective Time shall be in an amount calculated on the basis of the following: one (1) share of Broadridge Common Stock with
respect to every four (4) shares of ADP Common Stock issued and outstanding immediately prior to the Distribution; and such Broadridge Common Stock owned by ADP will constitute all of the issued and outstanding capital stock of Broadridge.

 Section 2.2 Broadridge Cash Dividend. On or prior to the Distribution Date (but prior to the Distribution) and subject to the
satisfaction or waiver of the conditions set forth in Sections 2.1 and 2.4, Broadridge shall effect the Broadridge Cash Dividend. 
 Section
2.3 The Separation and Related Transactions. 
 (a) (i) The Parties acknowledge that the Separation, subject to the
terms and conditions hereof and of the Ancillary Agreements, will result in (A) Broadridge directly or indirectly operating the Broadridge Group and the Broadridge Business, owning all of the Broadridge Assets and being liable for all of the
Broadridge Liabilities and (B) ADP directly or indirectly operating the ADP Group and the ADP Business, owning all of the ADP Assets and being liable for all of the ADP Liabilities. 
 (ii) Pursuant to the Separation, Broadridge, or one or more members of the Broadridge Group, shall remain and be the sole owner, and shall
have exclusive right, title and interest in and to, all Broadridge Assets. Concurrently therewith, Broadridge shall remain solely liable for and shall faithfully perform, fulfill and discharge fully in due course all of the Broadridge Liabilities in
accordance with their respective terms. Pursuant to the Separation, ADP, or one or more members of the ADP Group, shall remain the sole owner, and shall have exclusive right, title and interest in and to, all ADP Assets. Concurrently therewith, ADP
shall remain and be solely liable for and shall faithfully perform, fulfill and discharge fully in due course all of the ADP Liabilities in accordance with their respective terms. From and after the Effective Time, 

  

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Broadridge or one or more members of the Broadridge Group shall be solely responsible for all Broadridge Liabilities and ADP or one or more members of the
ADP Group shall be solely responsible for all ADP Liabilities, regardless of when or where such Liabilities arose or arise, or whether the facts on which they are based occurred prior to, on or subsequent to the Distribution Date, regardless of
where or against whom such Liabilities are asserted or determined (including any Liabilities arising out of claims made by ADP’s or Broadridge’s respective directors, officers, employees, agents, Subsidiaries or Affiliates against any
member of the ADP Group or the Broadridge Group, as the case may be) or whether asserted or determined prior to the date hereof, and regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud or
misrepresentation by any member of the ADP Group or the Broadridge Group or any of their respective directors, officers, employees, agents, Subsidiaries or Affiliates, as the case may be. Notwithstanding anything herein to the contrary, this
Section 2.3(a)(ii) shall not apply to any Assets or Liabilities contributed, assigned, transferred, conveyed, delivered and/or assumed under any Ancillary Agreement, which shall be governed by the terms thereof. 
 (iii) Subject to any Ancillary Agreement and to the extent that prior to the Effective Time, (A) any member of the ADP Group owns or
is in possession of any Broadridge Asset or any member of the Broadridge Group owns or is in possession of any ADP Asset or (B) any member of the ADP Group is liable to any third party for any Broadridge Liability or any member of the
Broadridge Group is liable to any third party for any ADP Liability, ADP and Broadridge shall, and shall cause the respective members of their Groups to, cooperate and use their respective commercially reasonable efforts to obtain the necessary
Consents to, and shall, contribute, assign, transfer, convey and/or deliver any ADP Asset or Broadridge Asset, as the case may be, and/or assume any ADP Liability or Broadridge Liability, as the case may be, such that, on or prior to the Effective
Time, Broadridge or a member of the Broadridge Group owns and is in possession of the Broadridge Assets and is solely liable for the Broadridge Liabilities and ADP or a member of the ADP Group owns and is in possession of the ADP Assets and is
solely liable for the ADP Liabilities. 
 (b) Delayed Transfer of Assets and/or Liabilities. To the extent that any
contribution, assignment, transfer, conveyance, delivery or assumption required pursuant to Section 2.3 shall not have been consummated as of the Effective Time, whether by its terms or by operation of Law (any such Asset and/or Liability, a
“Delayed Transfer Asset and/or Liability”) and subject to any Ancillary Agreement: (i) ADP and Broadridge thereafter shall, and shall cause the members of their respective Groups to, use commercially reasonable efforts and
cooperate to effect such contribution, assignment, transfer, conveyance, delivery or assumption as promptly following the Effective Time as shall be practicable; (ii) ADP shall thereafter, with respect to any such Broadridge Asset, use
commercially reasonable efforts, with the costs of ADP related thereto to be promptly reimbursed by Broadridge, hold, or cause a member of the ADP Group to hold, such Broadridge Asset in trust for the use and benefit of Broadridge and, with respect
to any such Broadridge Liability, retain such Broadridge Liability for the account of Broadridge; and (iii) Broadridge shall thereafter, with respect to any such ADP Asset, use commercially reasonable efforts, with the costs of 
  

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Broadridge related thereto to be promptly reimbursed by ADP, hold, or cause a member of the ADP Group to hold, such ADP Asset in trust for the use and
benefit of ADP and, with respect to any such ADP Liability, to retain such ADP Liability for the account of ADP, in each case in order to place each Party, insofar as is reasonably possible, in the same position as would have existed had such
Delayed Transfer Asset and/or Liability been contributed, assigned, transferred, conveyed, delivered or assumed as contemplated hereby (it being understood that neither ADP (with respect to any Broadridge Asset or Broadridge Liability) nor
Broadridge (with respect to any ADP Asset or ADP Liability) shall be required to take any action pursuant to this clause that would, or could reasonably be expected to, result in any financial obligation to it or any restriction on its business or
operations, except as may be required in any Ancillary Agreement. To the extent that Broadridge is provided the use or benefit of any Broadridge Asset or has any Broadridge Liability held for its account pursuant to this Section 2.3(b),
Broadridge or another member of the Broadridge Group shall perform, for the benefit of ADP and any third Person, the obligations of ADP thereunder or in connection therewith, or as may be directed by ADP and if Broadridge or another member of the
Broadridge Group shall fail to perform to the extent required herein, Broadridge shall hold ADP harmless and indemnify ADP therefor. To the extent that ADP or another member of the ADP Group is provided the use or benefit of any ADP Asset or has any
ADP Liability held for its account pursuant to this Section 2.3(b), ADP or another member of the ADP Group shall perform, for the benefit of Broadridge and any third Person, the obligations of Broadridge thereunder or in connection therewith,
or as may be directed by Broadridge and if ADP or another member of the ADP Group shall fail to perform to the extent required herein, ADP shall hold Broadridge harmless and indemnify Broadridge therefor. Each Party shall, and/or shall cause members
of its Group to, as and when any such Delayed Transfer Asset and/or Liability becomes contributable, assignable, transferable, conveyable, deliverable or assumable by such Party, effect such contribution, assignment, transfer, conveyance, delivery
or assumption, as applicable, as promptly as practicable thereafter. Each of ADP and Broadridge shall, and shall cause the members of its respective Group to, (i) treat for all income tax purposes (A) the Delayed Transfer Assets as assets
owned by the Person entitled to such Delayed Transfer Assets as of the Effective Time and (B) the Delayed Transfer Liabilities as liabilities of, or owed by, the Person intended to be subject to such Delayed Transfer Liabilities as of the
Effective Time and (ii) neither report nor take any income tax position (on a tax return or otherwise) inconsistent with such treatment (unless required by a change in applicable law or a good faith resolution of a tax contest relating to
income taxes). 
 (c) Assignment of Certain Agreements. Subject to the Ancillary Agreements and to Section 2.3(g)
hereof, (i) ADP shall assign to Broadridge all of its right, title and interest under the agreements comprising Broadridge Assets, as set forth on Schedule 2.3(c)(i) attached hereto, and (ii) Broadridge shall assign to ADP all of
its right, title and interest under the agreements comprising ADP Assets, as set forth on Schedule 2.3(c)(ii) attached hereto, and each Party shall execute and deliver any and all instruments of substitution and such other instruments or
agreements as shall be necessary in connection with the discharge of the other Party from its respective obligations with respect to such agreements. 
  

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 (d) Termination of Certain Agreements. Subject to Section 2.3(e), all
contracts, licenses, agreements, commitments or other arrangements, formal or informal, between any member of the ADP Group, on the one hand, and any member of the Broadridge Group, on the other hand, in existence on or prior to the Distribution
Date, shall be automatically settled, cancelled, assigned, assumed or terminated by the Parties at the Effective Time, except (i) for (A) such agreements specifically set forth on Schedule 2.3(d) attached hereto, (B) this
Agreement and (C) each Ancillary Agreement (including each other agreement or instrument expressly contemplated by this Agreement or any Ancillary Agreement to be entered into by any of the Parties or any of the members of their respective
Groups), (ii) for any contracts, licenses, agreements, commitments or other arrangements to which any Person is a party in addition to either Party or any member of either Group, or (iii) as otherwise agreed to in good faith by the Parties
in writing on or after the date hereof. Except as expressly provided in Section 2.3(e), from and after the Distribution Date, no member of either Group shall have any rights or obligations under any such settled, cancelled, assigned, assumed or
terminated contract, license, agreement, commitment or arrangement with any member of the other Group. 
 (e) Settlement of
Inter-Group Indebtedness. Except with respect to the agreements specifically set forth on Schedule 2.3(d), the Parties shall use their commercially reasonable efforts to settle all amounts payable in connection with any Inter-Group
Indebtedness on or prior to the Distribution Date. 
 (f) Guaranteed Obligations. 
 (i) ADP and Broadridge shall cooperate, and shall cause their respective Groups to cooperate, to terminate, or to cause a member of the
ADP Group to be substituted in all respects for any member of the Broadridge Group in respect of, all obligations of such member of the Broadridge Group under any ADP Liability for which such member of the Broadridge Group may be liable, as
guarantor, original tenant, primary obligor or otherwise. If such termination or substitution is not effected by the Distribution Date, (A) ADP shall indemnify and hold harmless the relevant Broadridge Indemnified Party for any Liability
arising from or relating thereto and (B) without the prior written consent of Broadridge, from and after the Distribution Date, ADP shall not, and shall not permit any member of the ADP Group or any of its Affiliates to, amend, renew or extend
the term of, increase its obligations under, or transfer to a third Person, any loan, lease, contract or other obligation for which any member of the Broadridge Group is or may be liable, unless all obligations of the Broadridge Group with respect
thereto are thereupon terminated by documentation reasonably satisfactory in form and substance to Broadridge. 
 (ii) ADP and
Broadridge shall cooperate, and shall cause their respective Groups to cooperate, to terminate, or to cause a member of the Broadridge Group to be substituted in all respects for any member of the ADP Group in respect of, all obligations of such
member of the ADP Group under any Broadridge Liability for which such member of the ADP Group may be liable, as guarantor, original tenant, primary obligor or otherwise, other than those guarantees listed on Schedule 2.3(d) 

  

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(the “Continuing ADP Guarantees”). If such termination or substitution is not effected by the Distribution Date, (A) Broadridge shall
indemnify and hold harmless the relevant ADP Indemnified Party for any Liability arising from or relating thereto (including with respect to any Continuing ADP Guarantees), (B) without the prior written consent of ADP, from and after the
Distribution Date, Broadridge shall not, and shall not permit any member of the Broadridge Group to, amend, renew or extend the term of, increase its obligations under, or transfer to a third Person, any loan, lease, contract or other obligation for
which any member of the ADP Group is or may be liable (including any Continuing ADP Guarantee or any loan, lease, contract or other obligation underlying any Continuing ADP Guarantee), unless all obligations of the ADP Group with respect thereto are
thereupon terminated by documentation reasonably satisfactory in form and substance to ADP and (C) with respect to each Continuing ADP Guarantee, for the period commencing on the Distribution Date through the date that such Continuing ADP
Guarantee has terminated, the member of the Broadridge Group that is a party to the underlying loan, lease, contract or other obligation relating to such Continuing ADP Guarantee shall pay a guarantee fee to ADP in the amounts specified on
Schedule 2.3(f). 
 (g) Mixed Contracts; Mixed Accounts. 
 (i) Subject to the Ancillary Agreements, and unless the Parties agree otherwise, any agreement to which any member of the ADP Group or the
Broadridge Group is a party prior to the Effective Time that inures to the benefit or burden of both of the ADP Business and the Broadridge Business (a “Mixed Contract”) shall be assigned in part to Broadridge or one of its
Subsidiaries, and/or to ADP or one of its Subsidiaries, as the case may be, if so assignable, prior to or as of the Effective Time, such that each Party or its respective Subsidiaries shall be entitled to the rights and benefits thereof and shall
assume the related portion of any obligations thereunder and any Liabilities inuring to their respective Businesses; provided, however, that in no event shall either Party be required to assign any Mixed Contract in its entirety. If
any Mixed Contract cannot be so partially assigned, ADP and Broadridge shall, and shall cause each of their respective Subsidiaries to, take such other reasonable and permissible actions to cause: (A) the Assets associated with that portion of
each Mixed Contract that relates to the Broadridge Business to be enjoyed by Broadridge or a Broadridge Subsidiary; (B) the Liabilities associated with that portion of each Mixed Contract that relates to the Broadridge Business to be borne by
Broadridge or a Broadridge Subsidiary; (C) the Assets associated with that portion of each Mixed Contract that relates to the ADP Business to be enjoyed by ADP or an ADP Subsidiary; and (D) the Liabilities associated with that portion of
each Mixed Contract that relates to the ADP Business to be borne by ADP or an ADP Subsidiary; provided, however, that the arrangements described in clauses (A), (B), (C) and (D) shall terminate on the earlier to occur of
(1) the termination of the applicable Mixed Contract and (2) the first anniversary of the Distribution Date. 
 (ii)
Except as may otherwise be agreed by the Parties, neither Party shall seek to assign any accounts receivable or accounts payable relating to both the ADP Business and the Broadridge Business (“Mixed Accounts”). ADP and Broadridge
shall, and shall cause each of their respective Subsidiaries to, take such other 

  

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reasonable and permissible actions to cause: (A) the Assets associated with that portion of each Mixed Account that relates to the ADP Business to be
enjoyed solely by ADP or an ADP Subsidiary; (B) the Liabilities associated with that portion of each Mixed Account that relates to the ADP Business to be borne solely by ADP or an ADP Subsidiary; (C) the Assets associated with that portion
of each Mixed Account that relates to the Broadridge Business to be enjoyed solely by Broadridge or a Broadridge Subsidiary; and (D) the Liabilities associated with that portion of each Mixed Account that relates to the Broadridge Business to
be borne solely by Broadridge or a Broadridge Subsidiary; provided, however, that the arrangements described in clauses (A), (B), (C) and (D) shall terminate no later than the first anniversary of the Distribution Date.

 (iii) Nothing in this Section 2.3(g) shall require any member of either Group to make any payment, incur any
obligation or grant any concession to any third party in order to effect any transaction contemplated by this Section 2.3(g). 
 (h) Advance Pricing Agreement. ADP Canada will transfer to a Canadian Affiliate of Broadridge, and such Canadian Affiliate of Broadridge will assume the liability for, $70 million of the payables owing under the APA (defined below),
and a U.S. Affiliate of Broadridge will retain, or acquire from a U.S. Affiliate of ADP, an equal amount, and no more than an equal amount, of the receivables owed under the APA. If it is finally determined under the APA that the aggregate amount of
receivables owing to U.S. Affiliates of Broadridge is less than $70 million (such difference the “APA receivable deficit”), then one or more U.S. Affiliates of ADP will be deemed to have contributed, prior to the Separation, to one
or more U.S. Affiliates of Broadridge receivables owed under the APA in an amount equal to the APA receivable deficit. If it is finally determined under the APA that the aggregate amount of receivables owing to U.S. Affiliates of Broadridge is more
than $70 million (such difference the “APA receivable excess”), then one or more U.S. Affiliates of Broadridge will be deemed to have distributed, prior to the Separation, to one or more U.S. Affiliates of ADP receivables owed under
the APA in an amount equal to the APA receivable excess. For the avoidance of doubt, and notwithstanding anything herein to the contrary, any tax owing as a result of the APA shall be treated as an Income Tax (as such term is defined in the Tax
Allocation Agreement) that is governed by Section 2.01 of the Tax Allocation Agreement. The term “APA” means the advance pricing agreement currently being negotiated, as such agreement is finally agreed, by ADP, ADP Canada Co.
(“ADP Canada”), a Canadian corporation that is directly and wholly owned by ADP, and ADP Investor Communications Corporation (“ICC”), a Canadian corporation that is directly and wholly owned by ADP Canada, with the
Internal Revenue Service and the Canadian Revenue Agency relating to the pricing of services and software that ADP and its U.S. subsidiaries (both in the Broadridge Business and in ADP’s other businesses) provide to ADP Canada. 
 (i) Shared Personnel. Immediately prior to the Distribution Date, except for Arthur F. Weinbach and Leslie A. Brun, (i) each
Person who is an officer or director of any member of the Broadridge Group and an officer or director of any member of the ADP Group (a “Shared Person”) and who is to continue as an officer 

  

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or director of any member of the Broadridge Group after the Distribution Date shall resign, effective at or prior to the Effective Time, from each of such
Person’s positions with each member of the ADP Group and (ii) each such Shared Person who is to continue as an officer or director of any member of the ADP Group after the Distribution Date shall resign, effective at or prior to the
Effective Time, from each of such Person’s positions with each member of the Broadridge Group. 
 Section 2.4 Conditions Precedent to
Consummation of the Pre-Distribution Transactions. The obligations of the Parties to consummate each of the Pre-Distribution Transactions is subject to the prior or simultaneous satisfaction, or waiver by ADP in its sole and absolute discretion,
of each of the following conditions: 
 (a) final approval of each of the Pre-Distribution Transactions shall have been given
by the Board of Directors of ADP in its sole and absolute discretion; and 
 (b) each of the conditions precedent to the
consummation of the Distribution set forth in Section 3.3 hereof (other than Section 3.3(j)) shall have been satisfied or waived by ADP in its sole and absolute discretion. 
 Each of the foregoing conditions is for the benefit of ADP and ADP may, in its sole and absolute discretion, determine whether to waive any such
condition. Any determination made by ADP prior to any of the Pre-Distribution Transactions concerning the satisfaction or waiver of any or all of the conditions set forth in this Section 2.4 shall be conclusive and binding on the Parties.

 ARTICLE III 
 THE DISTRIBUTION

 Section 3.1 Actions Prior to the Distribution. Subject to the satisfaction or waiver of the conditions set forth in
Section 3.3, the actions set forth in this Section 3.1 shall be taken prior to the Distribution Date. 
 (a) The
Board of Directors of ADP shall establish the Distribution Date and any appropriate procedures in connection with the Distribution. ADP and Broadridge shall use commercially reasonable efforts to (i) cooperate with each other with respect to
the preparation of the Registration Statement and the Information Statement, (ii) cause the Registration Statement to become effective under the Exchange Act, and (iii) mail, promptly after effectiveness of the Registration Statement and
on or promptly after the Record Date, and in any event prior to the Distribution Date, to the holders of ADP Common Stock as of the Record Date, the Information Statement. 
 (b) ADP shall enter into a distribution agent agreement with the Distribution Agent (the “Distribution Agent Agreement”)
providing for, among other things, (i) the payment of the Distribution to the holders of ADP Common Stock in accordance with this Article III and the Distribution Agent Agreement, and (ii) the designation of Broadridge as a third party
beneficiary. 
  

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 (c) ADP and Broadridge shall deliver to the Distribution Agent (i) book-entry
transfer authorizations for all of the outstanding shares of Broadridge Common Stock to be distributed in connection with the payment of the Distribution and (ii) all information required to complete the Distribution on the basis set forth
herein and under the Distribution Agent Agreement. Following the Distribution Date, upon the request of the Distribution Agent, Broadridge shall provide to the Distribution Agent book-entry transfer authorizations of Broadridge Common Stock that the
Distribution Agent shall require in order to further effect the Distribution. 
 (d) Each of ADP and Broadridge shall execute
and deliver to the other Party, or cause the appropriate members of its Group to execute and deliver to the other Party, each of the Ancillary Agreements and any other document necessary to effect the transactions contemplated by this Agreement.

 (e) ADP will establish the Record Date and give the NYSE the required notice of the Record Date in compliance with Rule
10b-17 under the Exchange Act and Rule 204.21 of the NYSE Listed Company Manual. 
 (f) Each Party shall cooperate with the
other Party to accomplish the Distribution and shall take any and all actions necessary or desirable to effect the Distribution. 
 (g) The Parties will take all actions and make all filings as ADP, in consultation with Broadridge but ultimately in its sole and absolute discretion, determines are necessary or appropriate, to cause the transfer or issuance of all
material Consents in order for ADP and Broadridge to operate their respective Businesses independently of each other in the manner contemplated hereunder and under the Ancillary Agreements. Broadridge will prepare, file and use commercially
reasonable efforts to make effective an application for listing of the Broadridge Common Stock on the NYSE, subject to official notice of issuance. 
 (h) ADP shall, in its sole discretion, determine (i) whether to proceed with all or part of the Distribution, (ii) the Distribution Date, (iii) the timing and conditions to the Distribution and
(iv) the terms thereof. ADP may, at any time and from time to time prior to the Effective Time, change the terms of the Distribution, including by delaying or accelerating the timing of the Distribution. ADP shall use good faith efforts to
provide notice to Broadridge of any such change. ADP may select, for itself and for Broadridge, outside financial advisors, outside counsel, agents and the financial printer employed in connection with the transactions hereunder in its sole and
absolute discretion. 
 (i) ADP and Broadridge shall take all actions necessary so that the Broadridge Certificate of
Incorporation and the Broadridge Bylaws shall be in effect at or prior to the Effective Time. 
  

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 (j) ADP and Broadridge shall take all such actions as ADP, in consultation with
Broadridge but ultimately in its sole and absolute discretion, determines are necessary or appropriate under applicable federal or state securities or blue sky laws of the United States (and any comparable laws under any foreign jurisdiction) in
connection with the Distribution. 
 Section 3.2 The Distribution. Subject to the satisfaction or waiver of the conditions set forth
in Section 3.3, the actions set forth in this Section 3.2 shall be taken on the Distribution Date. 
 (a) ADP shall
effect the Distribution by causing all of the issued and outstanding shares of Broadridge Common Stock beneficially owned by ADP to be distributed to record holders of shares of ADP Common Stock as of the Record Date, other than with respect to
shares of ADP Common Stock held in the treasury of ADP, by means of a pro rata dividend of such Broadridge Common Stock to such record holders of shares of ADP Common Stock, on the terms and subject to the conditions set forth in this Agreement.

 (b) Each record holder of ADP Common Stock on the Record Date (or such holder’s designated transferee or transferees),
other than in respect of shares of ADP Common Stock held in the treasury of ADP, will be entitled to receive in the Distribution, one (1) share of Broadridge Common Stock with respect to every four (4) shares of ADP Common Stock held by
such record holder on the Record Date. ADP shall direct the Distribution Agent to distribute on the Distribution Date or as soon as reasonably practicable thereafter the appropriate number of shares of Broadridge Common Stock to each such record
holder or designated transferee(s) of such holder of record. 
 (c) ADP shall direct the Distribution Agent to determine, as
soon as is practicable after the Distribution Date, the number of fractional shares, if any, of Broadridge Common Stock allocable to each holder of record of ADP Common Stock entitled to receive Broadridge Common Stock in the Distribution and to
promptly thereafter aggregate all such fractional shares and sell the whole shares obtained thereby, in open market transactions or otherwise at the then-prevailing trading prices, and to cause to be distributed to each such holder, in lieu of any
fractional share, such holder’s ratable share of the proceeds of such sale, after making appropriate deductions of the amounts required to be withheld for federal income tax purposes and after deducting an amount equal to all brokerage charges,
commissions and transfer taxes attributed to such sale. 
 (d) Any Broadridge Common Stock or cash in lieu of fractional
shares with respect to Broadridge Common Stock that remains unclaimed by any holder of record 180 days after the Distribution Date shall be delivered to Broadridge. Broadridge shall hold such Broadridge Common Stock and/or cash for the account of
such holder of record and any such holder of record shall look only to Broadridge for such Broadridge Common Stock and/or cash, if any, in lieu of fractional share interests, subject in each case to applicable escheat or other abandoned property
laws. 
  

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 Section 3.3 Conditions to Distribution. The obligation of ADP to consummate the Distribution is
subject to the prior or simultaneous satisfaction, or waiver by ADP, in its sole and absolute discretion, of each of the following conditions: 
 (a) final approval of the Distribution shall have been given by the Board of Directors of ADP, and the Board of Directors of ADP shall have declared the dividend of Broadridge Common Stock, each such action in its
sole and absolute discretion; 
 (b) the Registration Statement shall have been filed with, and declared effective by, the
SEC, and there shall be no stop-order in effect with respect thereto and the Information Statement shall have been mailed to ADP shareholders; 
 (c) the actions and filings necessary or appropriate under applicable federal and state securities laws of the United States (and any comparable laws under any foreign jurisdictions) in connection with the
Distribution (including, if applicable, any actions and filings relating to the Registration Statement) and any other necessary and applicable Consents from any Governmental Authority shall have been taken, obtained and, where applicable, have
become effective or been accepted, each as the case may be; 
 (d) the Broadridge Common Stock to be delivered in the
Distribution shall have been approved for listing on the NYSE, subject to official notice of issuance; 
 (e) no order,
injunction or decree issued by any Governmental Authority or other legal restraint or prohibition preventing the consummation of the Pre-Distribution Transactions or the Distribution or any of the other transactions contemplated by this Agreement or
any Ancillary Agreement shall have been threatened or be in effect; 
 (f) ADP shall have received a tax opinion from Paul,
Weiss, Rifkind, Wharton & Garrison LLP, in form and substance satisfactory to ADP, to the effect that the LLC Conversion and the Distribution will qualify as a tax-free spin-off under Sections 368(a)(1)(D) and 355 of the Code, and the
private letter ruling issued to ADP by the Internal Revenue Service regarding the tax-free status of the transactions contemplated hereunder shall not have been revoked or materially amended; 
 (g) ADP shall have established the Record Date and shall have given the NYSE not less than ten (10) days’ advance notice of the
Record Date in compliance with Rule 10b-17 under the Exchange Act and Rule 204.21 of the NYSE Listed Company Manual; 
 (h)
the Distribution will not violate or result in a breach of Law or any material agreement; 
  

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 (i) all material Consents required in connection with the transactions contemplated
hereby (that are not referred to in Section 3.3(c)) shall have been received and be in full force and effect; 
 (j) each
of the Pre-Distribution Transactions shall have been consummated in accordance with this Agreement; 
 (k) the Ancillary
Agreements shall have been duly executed and delivered and such agreements shall be in full force and effect and the parties thereto shall have performed or complied with all of their respective covenants, obligations and agreements contained herein
and therein and as required to be performed or complied with prior to the Effective Time; and 
 (l) the Board of Directors of
ADP shall have not determined that any event or development shall have occurred or exists, or might occur or exist, that makes it inadvisable to effect the Distribution. 
 Each of the foregoing conditions is for the sole benefit of ADP and ADP may, in its sole and absolute discretion, determine whether to waive any such condition. Any determination made by ADP, in its sole and absolute
discretion, prior to the Distribution concerning the satisfaction or waiver of any or all of the conditions set forth in this Section 3.3 shall be conclusive and binding on the Parties. Each Party will use good faith efforts to keep the other
Party apprised of its efforts with respect to, and the status of, each of the foregoing conditions. 
 ARTICLE IV 
 SURVIVAL AND INDEMNIFICATION; RELEASE 
 Section 4.1 Survival of Agreements. All covenants and agreements of the Parties contained in this Agreement shall survive the Pre-Distribution Transactions and the Distribution. 
 Section 4.2 Indemnification by Broadridge. Broadridge shall indemnify, defend, release and hold harmless ADP, each member of the ADP Group and
each of their respective directors, officers and employees, and each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the “ADP Indemnified Parties”), from and against any and all Losses or
Liabilities of the ADP Indemnified Parties relating to, arising out of or resulting from any of the following items regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud, misrepresentation or
otherwise (without duplication): 
 (a) the failure of Broadridge or any other member of the Broadridge Group or any other
Person to pay, perform or otherwise promptly discharge any Broadridge Liability or any contract, agreement or arrangement included in the Broadridge Assets in accordance with their respective terms, whether arising prior to, on or after the
Distribution Date; 
  

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 (b) any Broadridge Liability, any Broadridge Asset or the Broadridge Business, whether
arising prior to, on or after the Distribution Date; 
 (c) any breach by Broadridge or any member of the Broadridge Group of
this Agreement; 
 (d) except to the extent set forth in Section 4.3(d), any untrue statement or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, contained in the Registration Statement or the Information Statement or in any
registration statement filed by Broadridge (or related prospectus) in connection with the Distribution; 
 (e) the failure by
Broadridge to substitute a member of the Broadridge Group for any member of the ADP Group as guarantor or primary obligor for any Broadridge Agreement or Broadridge Liability according to the terms and conditions of Section 2.3(f)(ii) (except
as otherwise provided in such Section); and 
 (f) the failure by Broadridge to perform in connection with any Delayed
Transfer Asset and/or Liability held by ADP for Broadridge’s benefit pursuant to Section 2.3(b). 
 Section 4.3 Indemnification
by ADP. ADP shall indemnify, defend, release and hold harmless Broadridge, each member of the Broadridge Group and each of their respective directors, officers and employees, and each of the heirs, executors, successors and assigns of any of the
foregoing (collectively, the “Broadridge Indemnified Parties,” and, together with ADP Indemnified Parties, the “Indemnified Parties”), from and against any and all Losses or Liabilities of the Broadridge Indemnified
Parties relating to, arising out of or resulting from any of the following items regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud, misrepresentation or otherwise (without duplication):

 (a) the failure of ADP or any other member of the ADP Group or any other Person to pay, perform or otherwise promptly
discharge any ADP Liability or any contract, agreement or arrangement included in the ADP Assets in accordance with their respective terms, whether arising prior to, on or after the Distribution Date; 
 (b) any ADP Liability, ADP Asset or the ADP Business, whether arising prior to, on or after the Distribution Date; 
 (c) any breach by ADP or any member of the ADP Group of this Agreement; 
 (d) any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, but only with respect to the information contained in the Registration Statement or the Information Statement that is set forth on Schedule 4.3(d); 

 

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 (e) the failure by ADP to substitute a member of the ADP Group for any member of the
Broadridge Group as guarantor or primary obligor for any ADP agreement or ADP Liability according to the terms and conditions of Section 2.3(f)(i) (except as otherwise provided in such Section); and 
 (f) the failure by ADP to perform in connection with any Delayed Transfer Asset and/or Liability held by Broadridge for ADP’s benefit
pursuant to Section 2.3(b). 
 Section 4.4 Insurance. 
 (a) Each of ADP and Broadridge shall use its respective commercially reasonable efforts to collect any proceeds under its respective
available and applicable third party insurance policies to which it or any of its Subsidiaries is entitled prior to seeking indemnification under this Agreement, where allowed; provided, however, that any such actions by an Indemnified Party will
not relieve the Indemnifying Party of any of its obligations under this Agreement, including the Indemnifying Party’s obligation to pay directly or reimburse the Indemnified Party for costs and expenses actually incurred by the Indemnified
Party. 
 (b) The amount of any Loss subject to indemnification pursuant to this Agreement will be reduced by any amounts
actually recovered (including insurance proceeds or other amounts actually recovered under insurance policies, net of any out-of-pocket costs or expenses incurred in the collection thereof), whether retroactively or prospectively, by the Indemnified
Party from any third Person with respect to such Loss. If any Indemnified Party recovers an amount from a third Person in respect of any Loss for which indemnification is provided in this Agreement after the full amount of such indemnifiable Loss
has been paid by an Indemnifying Party or after an Indemnifying Party has made a payment of such indemnifiable Loss and the amount received from the third Person exceeds the remaining unpaid balance of such indemnifiable Loss, then the Indemnified
Party will promptly remit to the Indemnifying Party the excess (if any) of (i) the sum of the amount previously paid by such Indemnifying Party in respect of such indemnifiable Loss plus the amount received by such Indemnified Party from such third
Person in respect of such indemnifiable Loss (after deducting any costs and expenses that have not yet been paid or reimbursed by the Indemnifying Party), minus (ii) the full amount of such indemnifiable Loss. An insurer or other third Person who
would otherwise be obligated to pay any Loss shall not be relieved of the responsibility with respect thereto by virtue of the indemnification provisions hereof or, solely by virtue of the indemnification provisions hereof, have any subrogation
rights with respect thereto, it being understood and agreed that no insurer or any third Person shall be entitled to a “windfall” (i.e., a benefit it would not be entitled to receive in the absence of the indemnification
provisions) by virtue of the indemnification provisions hereof. 
  

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 Section 4.5 Procedures for Indemnification of Third Party Claims. 
 (a) If an Indemnified Party shall receive notice or otherwise learn of the assertion by any Person who is not a member of the ADP Group or
the Broadridge Group of any claim, or of the commencement by any such Person of any Action, with respect to which an Indemnifying Party may be obligated to provide indemnification to such Indemnified Party pursuant to Section 4.2 or
Section 4.3, or any other Section of this Agreement or any Ancillary Agreement (collectively, a “Third Party Claim”), such Indemnified Party shall give such Indemnifying Party prompt written notice thereof and, in any event,
within ten (10) days after such Indemnified Party received notice of such Third Party Claim. Any such notice shall describe the Third Party Claim in reasonable detail, including, if known, the amount of the Liability for which indemnification
may be available. Notwithstanding the foregoing, the failure of any Indemnified Party or other Person to give notice as provided in this Section 4.5(a) shall not relieve the related Indemnifying Party of its obligations under this Article IV,
except to the extent that such Indemnifying Party is actually prejudiced by such failure to give notice. 
 (b) An
Indemnifying Party may elect (but is not required) to assume the defense of and defend, at such Indemnifying Party’s own expense and by such Indemnifying Party’s own counsel, any Third Party Claim. Within thirty (30) days after the
receipt of notice from an Indemnified Party in accordance with Section 4.5(a) (or sooner, if the nature of such Third Party Claim so requires), the Indemnifying Party shall notify the Indemnified Party of its election whether the Indemnifying
Party will assume responsibility for defending such Third Party Claim, which election shall specify any reservations or exceptions. If, in such notice, the Indemnifying Party elects to assume the defense of a Third Party Claim, the Indemnified Party
shall have the right to employ separate counsel and to participate in (but not control) the defense, compromise, or settlement thereof, but the fees and expenses of such counsel shall be the expense solely of such Indemnified Party. 
 (c) If, in such notice, an Indemnifying Party elects not to assume responsibility for defending a Third Party Claim, or fails to notify an
Indemnified Party of its election as provided in Section 4.5(b), such Indemnified Party may defend such Third Party Claim at the cost and expense of the Indemnifying Party. 
 (d) The Indemnifying Party shall have the right to compromise or settle a Third Party Claim the defense of which it shall have assumed
pursuant to Section 4.5(b), and any such settlement or compromise made or caused to be made of a Third Party Claim in accordance with this Article IV shall be binding on the Indemnified Party in the same manner as if a final judgment or decree
had been entered by a court of competent jurisdiction in the amount of such settlement or compromise. Notwithstanding the foregoing sentence, without the express prior consent of the Indemnified Party, the Indemnifying Party shall not have the right
to admit culpability on behalf of the Indemnified Party and shall not compromise or settle a Third Party Claim unless the compromise or settlement includes, as a part thereof, an unconditional release of the Indemnified Party from Liability with
respect to such Third Party Claim and does not 

  

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require the Indemnified Party to make any payment that is not fully indemnified under this Agreement or to be subject to any non-monetary remedy;
provided, however, that if the Indemnified Party unreasonably withholds a consent required by this sentence to the terms of a compromise or settlement of a Third Party Claim proposed to the Indemnified Party by the Indemnifying Party,
the Indemnifying Party’s obligation to indemnify the Indemnified Party for such Third Party Claim shall not exceed the total amount that had been proposed in such compromise or settlement offer plus the amount of all expenses incurred by the
Indemnified Party with respect to such Third Party Claim through the date on which such consent was requested. 
 (e) In the
event of payment by or on behalf of any Indemnifying Party to any Indemnified Party in connection with any Third Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnified Party as to any events or
circumstances in respect of which such Indemnified Party may have any right, defense or claim relating to such Third Party Claim against any claimant or plaintiff asserting such Third Party Claim or against any other Person. Such Indemnified Party
shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any subrogated right, defense or claim. 
 (f) The provisions of Section 4.2 through Section 4.6 shall not apply to matters that are governed by the Tax Allocation
Agreement. 
 Section 4.6 Procedures for Indemnification of Non-Third Party Claims. Any claim with respect to a Liability that does
not result from a Third Party Claim shall be asserted by written notice given by the Indemnified Party to the Indemnifying Party. Such Indemnifying Party shall have a period of thirty (30) days after the receipt of such notice within which to
respond thereto. If such Indemnifying Party does not respond in writing within such 30-day period, such Indemnifying Party shall be deemed to have agreed to accept responsibility to make payment. If such Indemnifying Party (i) does not respond
within such 30-day period or (ii) rejects such claim in whole or in part and does not deliver a Dispute Escalation Notice pursuant to Section 10.8 within such 30-day period, such Indemnified Party shall be free to pursue such remedies as
may be available to such Party as contemplated by this Agreement. 
 Section 4.7 Survival of Indemnities. The rights and obligations
of each of ADP and Broadridge and their respective Indemnified Parties under this Article IV shall survive the sale or other transfer by any Party of any of its Assets or Businesses or the assignment by it of any Liabilities. 
 Section 4.8 Remedies Cumulative. The remedies provided in this Article IV shall be cumulative and shall not preclude assertion by any Indemnified
Party of any other rights or the seeking of any and all other remedies against any Indemnifying Party; provided, that the procedures set forth in this Article IV shall be the exclusive procedures governing any indemnity action brought under
this Agreement. 
  

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 Section 4.9 Ancillary Agreements. Notwithstanding anything in this Agreement to the contrary, to
the extent any Ancillary Agreement contains any indemnification obligation relating to any ADP Liability, ADP Asset, Broadridge Liability or Broadridge Asset contributed, assumed, retained, transferred, delivered or conveyed pursuant to such
Ancillary Agreement, the indemnification obligations contained herein shall not apply to such ADP Liability, ADP Asset, Broadridge Liability or Broadridge Asset and instead the indemnification obligations set forth in such Ancillary Agreement shall
govern with regard to such ADP Asset, ADP Liability, Broadridge Asset or Broadridge Liability. 
 Section 4.10 Mutual Release.

 (a) Except as provided in Section 4.10(c), effective as of the Effective Time, ADP does hereby, on behalf of itself
and each other member of the ADP Group, their respective Affiliates (other than any member of the Broadridge Group), successors and assigns, and all Persons who at any time prior to the Effective Time have been stockholders (other than any member of
the Broadridge Group), directors, officers, agents or employees of any member of the ADP Group (in each case, in their respective capacities as such) (the “ADP Releasors”), unconditionally and irrevocably release and discharge each
of Broadridge, the other members of the Broadridge Group, their respective Affiliates (other than any member of the ADP Group), successors and assigns, and all Persons who at any time prior to the Effective Time have been stockholders, directors,
officers, agents or employees of any member of the Broadridge Group (in each case, in their respective capacities as such), and their respective heirs, executors, trustees, administrators, successors and assigns (the “Broadridge
Parties”), from any and all Liabilities existing or arising in connection with the implementation of the Separation (the “ADP Claims”); and the ADP Releasors hereby, unconditionally and irrevocably agree not to initiate
proceedings with respect to, or institute, assert or threaten to assert, any ADP Claim. 
 (b) Except as provided in
Section 4.10(c), effective as of the Effective Time, Broadridge does hereby, on behalf of itself and each other member of the Broadridge Group, their respective Affiliates (other than any member of the ADP Group), successors and assigns, and
all Persons who at any time prior to the Effective Time have been stockholders, directors, officers, agents or employees of any member of the Broadridge Group (in each case, in their respective capacities as such) (the “Broadridge
Releasors”), unconditionally and irrevocably release and discharge each of ADP, the other members of the ADP Group, their respective Affiliates (other than any member of the Broadridge Group), successors and assigns, and all Persons who at
any time prior to the Effective Time have been stockholders (other than any member of the Broadridge Group), directors, officers, agents or employees of any member of the ADP Group (in each case, in their respective capacities as such), and their
respective heirs, executors, trustees, administrators, successors and assigns (the “ADP Parties”), from any and all Liabilities existing or arising in connection with the implementation of the Separation (the “Broadridge
Claims”); and the Broadridge Releasors hereby unequivocally, unconditionally and irrevocably agree not to initiate proceedings with respect to, or institute, assert or threaten to assert, any Broadridge Claim. 
  

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 (c) Nothing contained in Section 4.10(a) or 4.10(b) shall impair any right of any
Person to enforce this Agreement or any Ancillary Agreement, nor shall anything contained in this Agreement or any Ancillary Agreement be interpreted as terminating as of the Effective Time any rights under this Agreement or any Ancillary Agreement.
For purposes of clarification, nothing contained in Section 4.10(a) or 4.10(b) shall release any Person from: 
 (i) any
Liability provided in or resulting from this Agreement or any of the Ancillary Agreements (including for greater certainty, any Liability resulting or flowing from any breaches of such agreements that arose prior to the Effective Time); 

(ii) with respect to ADP, any ADP Liability and, with respect to Broadridge, any Broadridge Liability; 
 (iii) any Liability that the Parties may have under Article IV with respect to Third Party Claims; 
 (iv) any Liability for unpaid Inter-Group Indebtedness; or 
 (v) any Liability the release of which would result in the release of any Person other than a Person released pursuant to this
Section 4.10. 
 In addition, nothing contained in this Section 4.10(a) shall release ADP from honoring its existing obligations to
indemnify any director, officer or employee of Broadridge who was a director, officer or employee of ADP or any other member of the ADP Group on or prior to the Effective Time, to the extent that such director, officer or employee becomes a named
defendant in any litigation involving ADP or any other member of the ADP Group and was entitled to such indemnification pursuant to then existing obligations. 
 (d) ADP shall not make, and shall not permit any other member of the ADP Group to make, any claim or demand, or commence any Action
asserting any claim or demand, including any claim of contribution or any indemnification, against Broadridge or any other member of the Broadridge Group or any other Person released pursuant to Section 4.10(a), with respect to any Liabilities
released pursuant to Section 4.10(a). Broadridge shall not make, and shall not permit any other member of the Broadridge Group to make, any claim or demand, or commence any Action asserting any claim or demand, including any claim of
contribution or any indemnification, against ADP or any other member of the ADP Group or any other Person released pursuant to Section 4.10(b), with respect to any Liabilities released pursuant to Section 4.10(b). 
  

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 ARTICLE V 
 ANCILLARY AGREEMENTS 
 Section 5.1 Data Center Outsourcing Services Agreement. All matters relating
to or arising out of ADP’s data center shall be governed by the Data Center Outsourcing Services Agreement, except as may be expressly stated herein or therein. In the event of any inconsistency with respect to such matters between the Data
Center Outsourcing Services Agreement and this Agreement or any other Ancillary Agreement, the Data Center Outsourcing Services Agreement shall govern to the extent of the inconsistency. 
 Section 5.2 Employee Matters Agreement. All matters relating to or arising out of any employee benefit, compensation or welfare arrangement in
respect of any present and former employee of the ADP Group or the Broadridge Group shall be governed by the Employee Matters Agreement, except as may be expressly stated herein or therein. In the event of any inconsistency with respect to such
matters between the Employee Matters Agreement and this Agreement or any other Ancillary Agreement, the Employee Matters Agreement shall govern to the extent of the inconsistency. 
 Section 5.3 Intellectual Property Transfer Agreement. All matters relating to the ownership and right to use intellectual property, including the
“ADP” name, shall be governed exclusively by the Intellectual Property Transfer Agreement, except as may be expressly stated herein or therein. In the event of any inconsistency with respect to such matters between the Intellectual
Property Transfer Agreement and this Agreement or any other Ancillary Agreement, the Intellectual Property Transfer Agreement shall govern to the extent of the inconsistency. 
 Section 5.4 Tax Allocation Agreement. All matters relating to Taxes shall be governed exclusively by the Tax Allocation Agreement, except as may
be expressly stated herein or therein. In the event of any inconsistency with respect to such matters between the Tax Allocation Agreement and this Agreement or any other Ancillary Agreement, the Tax Allocation Agreement shall govern to the extent
of the inconsistency. 
 Section 5.5 Transition Services Agreement. All matters relating to the provision of support and other
services by the ADP Group to the Broadridge Group after the Effective Time, covered by the Transition Services Agreement, shall be governed exclusively by the Transition Services Agreement, except as may be expressly stated herein or therein. In the
event of any inconsistency with respect to such matters between the Transition Services Agreement and this Agreement or any other Ancillary Agreement, the Transition Services Agreement shall govern to the extent of the inconsistency. 
  

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 ARTICLE VI 
 CERTAIN ADDITIONAL COVENANTS 
 Section 6.1 Consents for Business. After the Effective Time, each
Party shall cause the appropriate members of its respective Group to prepare and file with the appropriate Governmental Authorities applications for the transfer or issuance, as each of the Parties determines is necessary or advisable, to its Group
of all material Consents required for the members of its Group to operate its Business. The members of the Broadridge Group and the members of the ADP Group shall cooperate and use all reasonable efforts to secure the transfer or issuance of such
Consents. 
 Section 6.2 Additional Consents. In addition to the actions described in Section 6.1, the members of the ADP Group
and the members of the Broadridge Group shall cooperate to make all other filings and to give notice to and obtain any Consent required or advisable to consummate the transactions that are contemplated to occur from and after the Effective Time by
this Agreement and the Ancillary Agreements. 
 Section 6.3 Further Assurances. 
 (a) Each of the Parties shall use its commercially reasonable efforts, on and after the Distribution Date, 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 Laws, regulations and agreements to consummate and make effective the transactions contemplated by this Agreement and the Ancillary
Agreements. 
 (b) Without limiting the foregoing, on and after the Distribution Date, each Party shall cooperate with the
other Party, and without any further consideration, but at the expense of the requesting Party, cause to be executed and delivered, all instruments, including instruments of conveyance, assignment and transfer, and make all filings with, and to
obtain all Consents, under any permit, license, agreement, indenture or other instrument, and take all such other actions as either Party may request to be taken by any other Party from time to time, consistent with the terms of this Agreement and
the Ancillary Agreements, in order to effectuate the provisions and purposes of this Agreement and the Ancillary Agreements and, to the extent necessary, (i) the transfer of any Broadridge Asset from any member of the ADP Group to any member of
the Broadridge Group and the assignment and assumption of any Broadridge Liability by any member of the Broadridge Group and (ii) the transfer of any ADP Asset from any member of the Broadridge Group to any member of the ADP Group and the
assignment and assumption of any ADP Liability by any member of the ADP Group, and the other transactions contemplated hereby and thereby; provided that neither Party shall be obligated to make any payment, incur any obligation or grant any
concession, other than the payment of ordinary and customary fees to Governmental Authorities. 
 (c) ADP and Broadridge, in
their respective capacities as direct and indirect stockholders of their respective Subsidiaries, shall each properly ratify or cause to be taken any actions that are reasonably necessary or desirable to be taken by ADP and Broadridge, or any of
their respective Subsidiaries, as the case may be, to effectuate the transactions contemplated by this Agreement and any Ancillary Agreement. 
  

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 (d) Each of the Parties shall, and shall cause each of the members of their respective
Groups, at the request of the other, to use its commercially reasonable efforts to obtain, or cause to be obtained, any Consent, substitution or amendment required to novate (including with respect to any federal government contract) or assign all
obligations under agreements, leases, licenses and other obligations or Liabilities of any nature whatsoever that constitute Broadridge Liabilities or ADP Liabilities, as the case may be, or to obtain in writing the unconditional release of all
parties to such arrangements other than any member of either the Broadridge Group or the ADP Group, as the case may be, so that, in any such case, such Group will be solely responsible for all such Liabilities. 
 (e) In the event that at any time and from time to time after the Effective Time any member of the ADP Group shall receive or otherwise
possess any Broadridge Asset, ADP shall or shall cause such member of the ADP Group to promptly transfer such Broadridge Asset to Broadridge or its Affiliate or designee. 
 (f) In the event that at any time and from time to time after the Effective Time any member of the Broadridge Group shall receive or
otherwise possess any ADP Asset, Broadridge shall or shall cause such member of the Broadridge Group to promptly transfer such ADP Asset to ADP or its Affiliate or designee. 
 Section 6.4 Future Activities. Following the Effective Time and except as set forth in any Ancillary Agreement, no member of either Group shall
have any duty to refrain from (i) engaging in the same or similar activities or lines of business as any member of the other Group, (ii) conducting its business with any potential or actual supplier or customer of any member of the other
Group or (iii) engaging in, or refraining from, any other activities whatsoever relating to any of the potential or actual suppliers or customers of any member of the Group. 
 Section 6.5 Settlement of Certain Insurance Claims. 
 (a) Notwithstanding the provisions of Section 2.3(a), the Parties acknowledge and agree that, following the Distribution Date, Broadridge may make claims arising out of occurrences or events relating to the
Broadridge Business that occurred prior to the Distribution Date against applicable insurance policies of ADP covering periods prior to the Distribution Date (the “Pre-Distribution Policies”), in accordance with the terms and
subject to the conditions of such Pre-Distribution Policies. ADP shall not be responsible to negotiate, investigate, defend, settle or otherwise handle such claims on behalf of Broadridge. Notwithstanding the foregoing, each Party agrees to keep the
other Party apprised of the status of any such claims and to cooperate and assist the other Party in a commercially reasonable manner in connection with the communications and discussions with the applicable insurance providers under the
Pre-Distribution Policies. ADP shall instruct the applicable insurance carrier to negotiate with and accept proof of Loss directly from Broadridge with respect to such claims, and 

  

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to pay such claims directly to Broadridge. ADP and Broadridge each agree to provide necessary releases to resolve claim settlements. 
 (b) To the extent that the limits of any Pre-Distribution Policies preclude payment in full of Unrelated Claims filed by ADP and
Broadridge, the insurance proceeds available under such policies shall be paid to ADP and/or Broadridge on a FIFO Basis. 
 (c) In the event that, after the Distribution Date, ADP and Broadridge file Related Claims under any Pre-Distribution Policies, each of Broadridge and ADP shall receive a pro rata amount of the available insurance proceeds, based on the
relationship the Loss incurred by each such Party bears to the total Loss to both such Parties from the occurrence or event underlying the Related Claims. 
 ARTICLE VII 
 ACCESS TO INFORMATION 
 Section 7.1 Agreement for Exchange of Information. 
 (a) Each of ADP and Broadridge, on behalf of its respective Group, agrees to provide, or cause to be provided, to the other Party and its auditors, at any time after the Distribution Date, as soon as reasonably
practicable after written request therefor from such other Party, any Information in the possession or under the control of such respective Group (including access to such Group’s accountants, personnel and facilities) that the requesting Party
reasonably needs (i) to comply with reporting, disclosure, filing or other requirements imposed on the requesting Party (including under applicable securities laws) by a Governmental Authority having jurisdiction over the requesting Party
(including pursuant to Section 7.1(d)), (ii) for use in any other judicial, regulatory, administrative or other proceeding or in order to satisfy audit, accounting, claims, regulatory, litigation or other similar requirements, or
(iii) to comply with its obligations under this Agreement or any Ancillary Agreement; provided, however, that in the event that any Party reasonably determines that any such provision of Information could be commercially
detrimental to such Party or any member of its Group, violate any Law or agreement to which such Party or member of its Group is a party, or waive any attorney-client privilege applicable to such Party or member of its Group, the Parties shall take
all reasonable measures to permit the compliance with the obligations pursuant to this Section 7.1(a) in a manner that avoids any such harm or consequence. ADP and Broadridge intend that any transfer of Information that would otherwise be
within the attorney-client privilege shall not operate as a waiver of any potentially applicable privilege. 
 (b) Following
the Distribution Date, each Party shall make its employees and facilities available and accessible during normal business hours and on reasonable prior notice to provide an explanation of any Information provided hereunder. 
  

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 (c) Until the end of the first full ADP 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, consistent with past practice, to enable the other Party to meet its timetable for dissemination of its financial statements and enable such other Party’s auditors to timely complete their annual audit and
quarterly financial statements. 
 (d) In order to enable the principal executive officer or officers, principal financial
officer or officers and controller or controllers of the other Party to make the certifications required of them under SOX §302, within thirty (30) days following the end of any fiscal quarter during which Broadridge is a Subsidiary of
ADP, each Party shall cause its officers or employees to provide the other Party with the certification statements of such officers and employees with respect to such quarter or portion thereof, in substantially the same form and manner as such
officers or employees provided such certification statements prior to the Distribution Date, or as otherwise agreed upon between the Parties. Such certification statements shall also reflect any changes in certification statements necessitated by
the Separation, Distribution and any other transactions related thereto. 
 Section 7.2 Ownership of Information. Any Information
owned by one Group that is provided to a requesting Party pursuant to Section 7.1 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 as granting or conferring rights of license or otherwise in any such Information. 
 Section 7.3 Compensation
for Providing Information. The Party requesting such Information agrees to reimburse the other Party for the reasonable out-of-pocket costs, if any, of creating, gathering and copying such Information or for providing explanations of Information
provided, to the extent that such costs are incurred for the benefit of the requesting Party by or on behalf of such other Party’s Group. Except as may be specifically provided elsewhere in this Agreement or in any other Ancillary Agreement,
such costs shall be computed in accordance with the providing Party’s reasonable standard methodology and procedures. 
 Section 7.4
Record Retention. Except as otherwise required or agreed in writing, or as otherwise provided in the Tax Allocation Agreement, each Party shall use its commercially reasonable efforts to retain, in accordance with such Party’s record
retention policies in effect from time to time, applicable to such Information, all significant Information in such Party’s possession or under its control relating to the Business, Assets or Liabilities of the other Party, and, for a period of
two (2) years following the Distribution Date, prior to destroying or disposing of any such Information, (a) the Party proposing to dispose of or destroy any such Information shall use its commercially reasonable efforts to provide no less
than thirty (30) days’ prior written notice to the other Party, specifying the Information proposed to be destroyed or disposed of and (b) if, prior to the scheduled date for such destruction or disposal, the other Party 

  

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requests in writing that any of the Information proposed to be destroyed or disposed of be delivered to such other Party, the Party proposing to dispose of
or destroy such Information shall promptly arrange for the delivery of the requested Information to a location specified by, and at the expense of, the requesting Party; provided, however, that in the event that any Party reasonably
determines that any such provision of Information could be commercially detrimental to such Party or any member of its Group, violate any Law or agreement to which such Party or member of its Group is a party, or waive any attorney-client privilege
applicable to such Party or member of its Group, the Parties shall take all reasonable measures to permit the compliance with the obligations pursuant to this Section 7.4 in a manner that avoids any such harm or consequence. ADP and Broadridge
intend that any transfer of Information that would otherwise be within the attorney-client privilege shall not operate as a waiver of any potentially applicable privilege. 
 Section 7.5 Limitation of Liability. Notwithstanding Article IV, no Party shall have any Liability to the other Party in the event that any
Information exchanged or provided pursuant to this Agreement (and not otherwise constituting part of this Agreement, its Exhibits or Schedules) is found to be inaccurate. No Party shall have any Liability to the other Party if any Information is
disposed of or destroyed after complying with its obligations under Section 7.4 with respect to the retention of such Information. 
 Section 7.6 Other Agreements Providing for Exchange of Information. The rights and obligations granted under this Article VII are subject to any specific limitations, qualifications or additional provisions on the sharing, exchange
or confidential treatment of Information set forth in any Ancillary Agreement. The provisions of Section 7.1 through Section 7.7 shall not apply to matters governed by the Tax Allocation Agreement. 
 Section 7.7 Production of Witnesses; Records; Cooperation. 
 (a) Except in the case of an Action by one Party against another Party (which shall be governed by such discovery rules as may be
applicable thereto), each Party shall use its commercially reasonable efforts to make available to the other Party, upon written request, the former, current and future directors, officers, employees, other personnel and agents of the members of its
respective Group as witnesses and any books, records or other documents within its control or which it otherwise has the ability to make available, to the extent that any such Person (giving consideration to business demands of such directors,
officers, employees, other personnel and agents) or books, records or other documents may reasonably be required in connection with any Action in which the requesting Party may from time to time be involved, regardless of whether such Action is a
matter with respect to which indemnification may be sought hereunder. The requesting Party shall bear all reasonable out-of-pocket costs and expenses in connection therewith. 
 (b) If an Indemnifying Party chooses to defend or to seek to compromise or settle any Third Party Claim, the Indemnified Party shall use
its 

  

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commercially reasonable efforts to make available to the Indemnifying Party, upon written request, the former, current and future directors, officers,
employees, other personnel and agents of the members of its respective Group as witnesses and any books, records or other documents within its control or which it otherwise has the ability to make available, to the extent that any such Person
(giving consideration to business demands of such directors, officers, employees, other personnel and agents) or books, records or other documents may reasonably be required in connection with such defense, settlement or compromise, and shall
otherwise cooperate in such defense, settlement or compromise. 
 (c) Without limiting the foregoing, the Parties shall
cooperate and consult, and shall cause each member of its respective Group to cooperate and consult, to the extent reasonably necessary with respect to any Actions and any Related Claims with respect thereto. 
 (d) Without limiting any provision of this Section 7.7, each of the Parties agrees to cooperate, and to cause each member of its
respective Group to cooperate, at the other Party’s sole cost and expense, with the other Party and each member of its respective Group in the defense of any claim that the Business of the other Party or its Group members infringes upon or
misappropriates third Person Intellectual Property and shall not acknowledge or concede, or permit any member of its respective Group to acknowledge or concede (i) that the Business of the other Party or its Group members infringes upon such
third Person Intellectual Property (ii) or that such third Person Intellectual Property is valid or enforceable, in a manner that would hamper or undermine the defense of such infringement or misappropriation claim. 
 (e) In connection with any matter contemplated by this Section 7.7, the Parties will enter into a mutually acceptable joint defense
agreement so as to maintain to the extent practicable any applicable attorney-client privilege or work product immunity of any member of any Group. 
 Section 7.8 Confidentiality. 
 (a) General. Each Party acknowledges (i) that such Party has in
its possession and, in connection with this Agreement and the Ancillary Agreements such Party will receive, Information of the other Party that is not available to the general public, and (ii) that such Information may constitute, contain or
include material non-public Information of the other Party. Subject to Section 7.8(c), as of the Distribution Date, ADP, on behalf of itself and each of its Affiliates, and Broadridge, on behalf of itself and each of its Affiliates, agrees to
hold, and to cause its respective directors, officers, employees, agents, third party contractors, vendors, accountants, counsel and other advisors and representatives to hold, in strict confidence, with at least the same degree of care that such
Party applies to its own confidential and proprietary Information pursuant to its applicable policies and procedures in effect as of the Distribution Date, all Information (including Information received and/or obtained pursuant to Section 7.1)
concerning the other Party (or its Business) and such other Party’s Affiliates (or their respective Business) that is either in its possession (including Information in its 

  

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possession prior to the Distribution Date) or furnished by the other Party or the other Party’s Affiliates or their respective directors, officers,
employees, agents, third party contractors, vendors, accountants, counsel and other advisors and representatives at any time pursuant to this Agreement and the Ancillary Agreements, and will not use such Information other than for such purposes as
may be expressly permitted hereunder, except, in each case, to the extent that such Information: (i) is or becomes available to the general public, other than as a result of a disclosure by such Party or its Affiliates or any of their
respective directors, officers, employees, agents, third party contractors, vendors, accountants, counsel and other advisors and representatives in breach of this Agreement; (ii) was available to such Party or its Affiliates or becomes
available to such Party or its Affiliates, on a non-confidential basis from a source other than the other Party hereto, provided, that, the source of such Information was not bound by a confidentiality obligation with respect to such
Information, or otherwise prohibited from transmitting the Information to such Party or its Affiliates by a contractual, legal or fiduciary obligation; or (iii) is independently generated by such Party without use of or reference to any
proprietary or confidential Information of the other Party. 
 (b) No Disclosure, Compliance with Law, Return or
Destruction. Following the Effective Time, each Party agrees not to release or disclose, or permit to be released or disclosed, any Information with respect to the other Party to any other Person, except its directors, officers, employees,
agents, third party contractors, vendors, accountants, counsel, lenders, investors and other advisors and representatives who need to know such Information in connection with this Agreement or the Ancillary Agreements or for valid business reasons
relating thereto, and except in compliance with Section 7.8(c). Each Party shall advise its directors, officers, employees, agents, third party contractors, vendors, accountants, counsel, lenders, investors and other advisors and
representatives who have been provided with such Information of such Party’s confidentiality obligations hereunder and that such Information may constitute, contain or include material non-public Information of the other Party. Following the
Effective Time, each Party shall, and shall cause, its directors, officers, employees, agents, third party contractors, vendors, accountants, counsel, lenders, investors and other advisors and representatives who have been provided with such
Information to, use such Information only in accordance with (i) the terms of this Agreement or the Ancillary Agreements and (ii) applicable Law (including federal and state securities Laws). Following the Effective Time, each Party shall
promptly, after receiving a written request of the other Party, return to the other Party all such Information in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or certify to the other Party that it
has destroyed such Information (and such copies thereof and such notes, extracts or summaries based thereon), as directed by the other Party; provided, however, that in no event shall either Party be required to destroy any hardware
that includes Information if such Information is only accessible to highly skilled computer experts and cannot otherwise be deleted or destroyed without undue cost or effort (provided that such Information will remain subject to the confidentiality
protection provisions herein). 
 (c) Protective Arrangements. Notwithstanding anything herein to the contrary, in the
event that, following the Effective Time, either Party or any of its directors, officers, employees, agents, third party contractors, vendors, accountants, 

  

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counsel, lenders, investors and other advisors and representatives either determines on the advice of its counsel that it is required to disclose any
Information pursuant to applicable Law or the rules or regulations of a Governmental Authority or receives any demand under lawful process or from any Governmental Authority to disclose or provide Information of the other Party that is subject to
the confidentiality provisions hereof, such Party shall, if possible, notify the other Party prior to disclosing or providing such Information and shall cooperate at the expense of the other Party in seeking any reasonable protective arrangements
requested by such other Party. In the event that a protective arrangement is not obtained, the Person that received such request (i) may thereafter disclose or provide such Information to the extent required by such Law (as so advised by
counsel) or by lawful process or such Governmental Authority, without liability therefor and (ii) shall exercise its commercially reasonable efforts to have confidential treatment accorded any such Information so furnished. 
 ARTICLE VIII 
 NO REPRESENTATIONS OR
WARRANTIES 
 Section 8.1 NO REPRESENTATIONS OR WARRANTIES. EACH PARTY, ON BEHALF OF ITSELF AND ALL MEMBERS OF ITS GROUP, UNDERSTANDS
AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN ANY OTHER ANCILLARY AGREEMENT, (A) NO MEMBER OF THE ADP GROUP, THE BROADRIDGE GROUP OR ANY OTHER PERSON IS, IN THIS AGREEMENT, ANY ANCILLARY AGREEMENT OR IN ANY OTHER AGREEMENT OR
DOCUMENT, MAKING ANY REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, TO ANY PARTY OR ANY MEMBER OF ANY GROUP IN ANY WAY WITH RESPECT TO ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THE BUSINESS, ASSETS, CONDITION OR
PROSPECTS (FINANCIAL OR OTHERWISE) OF, OR ANY OTHER MATTER INVOLVING, ANY ADP ASSETS, ANY ADP LIABILITIES, THE ADP BUSINESS, ANY BROADRIDGE ASSETS, ANY BROADRIDGE LIABILITIES OR THE BROADRIDGE BUSINESS, (B) EACH PARTY AND EACH MEMBER OF EACH
GROUP SHALL TAKE ALL OF THE ASSETS, THE BUSINESS AND LIABILITIES TRANSFERRED TO OR ASSUMED BY IT PURSUANT TO THIS AGREEMENT OR ANY ANCILLARY AGREEMENT 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 (C) EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY APPLICABLE ANCILLARY AGREEMENT, NONE OF ADP, BROADRIDGE OR ANY MEMBERS OF THE ADP GROUP OR BROADRIDGE GROUP
OR ANY OTHER PERSON MAKES ANY REPRESENTATION OR WARRANTY WITH RESPECT TO ANY OF THE PRE-DISTRIBUTION TRANSACTIONS OR THE DISTRIBUTION OR THE ENTERING INTO OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. EXCEPT AS EXPRESSLY SET
FORTH HEREIN OR IN ANY ANCILLARY AGREEMENT, EACH PARTY AND 
  

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EACH MEMBER OF EACH GROUP SHALL BEAR THE ECONOMIC AND LEGAL RISK THAT ANY CONVEYANCES OF ASSETS SHALL PROVE TO BE INSUFFICIENT OR THAT THE TITLE OF ANY
MEMBER OF ANY GROUP TO ANY ASSETS SHALL BE OTHER THAN GOOD AND MARKETABLE AND FREE FROM ENCUMBRANCES. 
 ARTICLE IX 
 TERMINATION 
 Section 9.1 Termination.
This Agreement may be terminated by ADP in its sole discretion at any time prior to the consummation of the Distribution. 
 Section 9.2
Effect of Termination. In the event of any termination of this Agreement prior to consummation of the Distribution, neither Party (nor any of its directors or officers) shall have any Liability or further obligation to the other Party.

 ARTICLE X 
 MISCELLANEOUS

 Section 10.1 Complete Agreement; Representations. 
 (a) This Agreement, together with the exhibits and schedules hereto and the Ancillary Agreements, constitutes the entire agreement between
the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 
 (b) ADP represents on behalf of itself and each other member of the ADP Group and Broadridge represents on behalf of itself and each other
member of the Broadridge Group as follows: 
 (i) each such Person has the requisite corporate or other power and authority
and has taken all corporate or other action necessary in order to execute, deliver and perform each of this Agreement and each Ancillary Agreement to which it is a party and to consummate the transactions contemplated by such agreements; and

 (ii) this Agreement has been duly executed and delivered by such Person (if such Person is a Party) and constitutes a valid
and binding agreement of it enforceable in accordance with the terms thereof (assuming the due execution and delivery thereof by the other Party), and each of the Ancillary Agreements to which it is or will be a party is or will be duly executed and
delivered by it and will constitute a valid and binding agreement of it enforceable in accordance with the terms thereof (assuming the due execution and delivery thereof by the other party or parties to such Ancillary Agreements), except as such
enforceability may be limited by bankruptcy, 

  

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fraudulent conveyance, insolvency, reorganization, moratorium and other Laws relating to creditors’ rights generally and by general equitable
principles. 
 Section 10.2 Costs and Expenses. Except as expressly provided in this Agreement or any Ancillary Agreement, and except
with respect to the Transaction Expenses (defined below) set forth on Schedule 10.2 to be borne by Broadridge, the ADP Group shall bear all costs and expenses incurred in connection with the negotiation, preparation, execution and performance
of this Agreement, the Ancillary Agreements and the transactions contemplated hereby and thereby (the “Transaction Expenses”) to the extent such costs and expenses are incurred on or prior to the Distribution Date. Except as
expressly provided in this Agreement, any Ancillary Agreement or Schedule 10.2, each Party shall bear its respective Transaction Expenses to the extent incurred after the Distribution Date. 
 Section 10.3 Governing Law. This Agreement and any dispute arising out of, in connection with or relating to this Agreement shall be governed by
and construed in accordance with the Laws of the State of New York, without giving effect to the conflicts of laws principles thereof. 
 Section 10.4 Notices. All notices, requests, claims, demands and other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally or by facsimile transmission or mailed (first
class postage prepaid) to the Parties at the following addresses or facsimile numbers: 
 If to ADP or any member of the ADP Group, to:

 Automatic Data Processing, Inc. 
 One ADP Boulevard 
 Roseland, New Jersey 07068 
 Attn: General Counsel 
 Fax: 973-974-3324 
 If to Broadridge or any member of the Broadridge Group, to: 
 Broadridge Financial Solutions, Inc. 
 2 Journal Square Plaza 
 Jersey City, New Jersey 07306 
 Attn: General
Counsel 
 Fax: 201-714-3506 
 All such notices, requests and other communications will (i) if delivered personally to the address as provided in this section, be deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as
provided in this section, be deemed given upon receipt and (iii) if delivered by mail in the manner described above to the address as provided in this section, be deemed given upon receipt (in each case regardless of whether such notice,
request or other communication is received by any other Person to whom a copy of such notice, request or other communication is to be 

  

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delivered pursuant to this section). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to
that party by giving notice specifying such change to the other party. 
 Section 10.5 Amendment, Modification or Waiver. 

(a) Prior to the Effective Time, this Agreement may be amended, modified, waived, supplemented or superseded, in whole or in part, by
ADP in its sole discretion by execution of a written amendment delivered to Broadridge. Subsequent to the Effective Time, this Agreement may be amended, modified, supplemented or superseded only by an instrument signed by duly authorized signatories
of both Parties. 
 (b) Following the Effective Time, any term or condition of this Agreement may be waived at any time by the
Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition. No waiver by any Party of any term or condition
of this Agreement, in any one or more instances, shall be deemed or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by Law or otherwise afforded,
will be cumulative and not alternative. 
 Section 10.6 No Assignment; Binding Effect; No Third Party Beneficiaries. 
 (a) Neither this Agreement nor any right, interest or obligation hereunder may be assigned by either Party hereto without the prior
written consent of the other Party hereto and any attempt to do so will be void, except that following the Effective Time each Party hereto may assign any or all of its rights, interests and obligations hereunder to an Affiliate, provided that any
such Affiliate agrees in writing to be bound by all of the terms, conditions and provisions contained herein. Subject to the preceding sentence, this Agreement is binding upon, inures to the benefit of and is enforceable by the Parties hereto and
their respective successors and assigns. 
 (b) Except for the provisions of Article IV relating to indemnification, the terms
and provisions of this Agreement are intended solely for the benefit of each Party hereto and their respective Affiliates, successors or permitted assigns, and it is not the intention of the Parties to confer third party beneficiary rights upon any
other Person. 
 Section 10.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
 Section 10.8 Negotiation. In the event
that any dispute arises between the Parties that cannot be resolved, either Party shall have the right to refer the dispute for resolution to the chief financial officers of the Parties by delivering to the other Party a 

  

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written notice of such referral (a “Dispute Escalation Notice”). Following receipt of a Dispute Escalation Notice, the chief financial
officers of the Parties shall negotiate in good faith to resolve such dispute. In the event that the chief financial officers of the Parties are unable to resolve such dispute within fifteen (15) business days after receipt of the Dispute
Escalation Notice, either Party shall have the right to refer the dispute to the chief executive officers of the Parties, who shall negotiate in good faith to resolve such dispute. In the event that the chief executive officers of the Parties are
unable to resolve such dispute within thirty (30) business days after the date of the Dispute Escalation Notice, either Party shall have the right to commence litigation in accordance with Section 10.10. The Parties agree that all
discussions, negotiations and other Information exchanged between the Parties during the foregoing escalation proceedings shall be without prejudice to the legal position of a Party in any subsequent Action. 
 Section 10.9 Specific Performance. From and after the Distribution, in the event of any actual or threatened default in, or breach of, any of the
terms, conditions and provisions of this Agreement or any Ancillary Agreement, the Parties agree that the Party or Parties to this Agreement or such Ancillary Agreement who are or are to be thereby aggrieved shall have the right to specific
performance and injunctive or other equitable relief of its or their rights under this Agreement or such Ancillary Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be
cumulative. The Parties agree that, from and after the Distribution, the remedies at law for any breach or threatened breach of this Agreement or any Ancillary Agreement, including monetary damages, are inadequate compensation for any loss, that any
defense in any action for specific performance that a remedy at law would be adequate is hereby waived, and that any requirements for the securing or posting of any bond with such remedy are hereby waived. 
 Section 10.10 New York Forum. Subject to the prior exhaustion of the procedures set forth in Section 10.8, each of the Parties agrees that,
notwithstanding anything herein, all Actions arising out of or in connection with this Agreement or any Ancillary Agreement (except to the extent any such Ancillary Agreement provides otherwise), or for recognition and enforcement of any judgment
arising out of or in connection with the foregoing agreements, shall be tried and determined exclusively in the state or federal courts in the State of New York, County of New York, and each of the Parties hereby irrevocably submits with regard to
any such action or proceeding for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Parties hereby expressly waives any right it may have to assert, and agrees
not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the aforesaid courts for any reason; (b) any claim that it or its
property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; and (c) any claim that (i) any of the aforesaid courts is an inconvenient or inappropriate forum for such action or
proceeding, (ii) venue is not proper in any of the aforesaid courts and (iii) this Agreement or any such Ancillary Agreement, or the subject matter hereof or thereof, may not be enforced in or by any of the aforesaid courts. Each of the
Parties agrees that mailing of process or other papers in 

  

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connection with any such action or proceeding in the manner provided in Section 10.4 or any other manner as may be permitted by Law shall be valid and
sufficient service thereof. 
 Section 10.11 WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY
ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT
(i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE WAIVER IN THIS SECTION, (ii) SUCH PARTY UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (iii) SUCH PARTY MAKES SUCH WAIVER VOLUNTARILY AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS, AGREEMENTS AND CERTIFICATIONS HEREIN.

 Section 10.12 Interpretation; Conflict With Ancillary Agreements. The Article and Section headings contained in this Agreement are
solely for the purpose of reference, are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement. Except as specifically set forth in each Ancillary Agreement, the provisions of each
Ancillary Agreement shall govern in the event of any conflict between any provision of this Agreement and that of the relevant Ancillary Agreement. 
 Section 10.13 Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future Law, the remaining provisions of this Agreement will remain in full force and effect and will
not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. 
  

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

			
	AUTOMATIC DATA PROCESSING, INC.
		
	By:	 	  
		 	 Name:
 Title:

  

			
	BROADRIDGE FINANCIAL SOLUTIONS, LLC
		
	By:	 	  
		 	 Name:
 Title:

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