Document:

EX-10.3

 Exhibit 10.3 

Donnelley Financial 

Nonqualified Deferred Compensation Plan 

(effective [●], 2016) 

 DONNELLEY FINANCIAL 

NONQUALIFIED DEFERRED COMPENSATION PLAN 

TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE I PURPOSE
	  	 	1	  
		
	 ARTICLE II DEFINITIONS
	  	 	1	  
		
	 ARTICLE III ELIGIBILITY, ENROLLMENT, PARTICIPATION
	  	 	11	  
			
	 Section 3.1.
	 	 Eligibility
	  	 	11	  
	 Section 3.2.
	 	 Enrollment and Commencement of Participation
	  	 	11	  
	 Section 3.3.
	 	 Termination of Eligibility
	  	 	13	  
		
	 ARTICLE IV DEFERRALS, COMPANY CONTRIBUTIONS, DEEMED INVESTMENTS, TAXES, ETC.
	  	 	14	  
			
	 Section 4.1.
	 	 Participant Annual Deferral Amounts
	  	 	14	  
	 Section 4.2.
	 	 DFS Participant and CSR Participant Deferral Amounts
	  	 	14	  
	 Section 4.3.
	 	 Short Plan Year
	  	 	15	  
	 Section 4.4.
	 	 Deferral Elections
	  	 	16	  
	 Section 4.5.
	 	 Withholding and Crediting of Deferral Amounts, DFS Deferral Amounts and CSR Deferral Amounts,
etc.
	  	 	17	  
	 Section 4.6.
	 	 Leave of Absence
	  	 	21	  
	 Section 4.7.
	 	 Company Contribution Amount
	  	 	22	  
	 Section 4.8.
	 	 Vesting
	  	 	23	  
	 Section 4.9.
	 	 Deemed Investments
	  	 	26	  
	 Section 4.10.
	 	 No Crediting to Accounts After Distribution
	  	 	30	  
	 Section 4.11.
	 	 FICA and Other Taxes
	  	 	30	  
	 Section 4.12.
	 	 Spin-Off
	  	 	32	  
		
	 ARTICLE V RETIREMENT BENEFIT
	  	 	33	  
			
	 Section 5.1.
	 	 Retirement Benefit
	  	 	33	  
	 Section 5.2.
	 	 Time and Form of Retirement Benefit Payment
	  	 	33	  
		
	 ARTICLE VI SEPARATION FROM SERVICE BENEFIT
	  	 	34	  
			
	 Section 6.1.
	 	 Separation from Service Benefit
	  	 	34	  
	 Section 6.2.
	 	 Time and Form of Separation from Service Benefit Payment
	  	 	35	  
		
	 ARTICLE VII CHANGE IN CONTROL BENEFIT
	  	 	36	  
			
	 Section 7.1.
	 	 Change in Control Benefit
	  	 	36	  
	 Section 7.2.
	 	 Time and Form of Change in Control Benefit Payment
	  	 	36	  

  
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	 ARTICLE VIII SCHEDULED DISTRIBUTIONS; UNFORESEEABLE EMERGENCY PAYMENTS
	  	 	37	  
			
	 Section 8.1.
	 	 Scheduled Distributions
	  	 	37	  
	 Section 8.2.
	 	 Other Payments Take Precedence Over Scheduled Distributions
	  	 	37	  
	 Section 8.3.
	 	 Unforeseeable Emergency
	  	 	38	  
		
	 ARTICLE IX CHANGES IN THE FORM OR TIMING OF PAYMENTS
	  	 	39	  
			
	 Section 9.1.
	 	 Election Changes
	  	 	39	  
	 Section 9.2.
	 	 Other Changes
	  	 	40	  
		
	 ARTICLE X DEATH BENEFIT
	  	 	41	  
			
	 Section 10.1.
	 	 Death Benefit
	  	 	41	  
	 Section 10.2.
	 	 Payment of Death Benefit
	  	 	42	  
		
	 ARTICLE XI BENEFICIARY DESIGNATION
	  	 	42	  
			
	 Section 11.1.
	 	 Beneficiary Designation
	  	 	42	  
	 Section 11.2.
	 	 Spousal Consent
	  	 	42	  
	 Section 11.3.
	 	 Acknowledgment
	  	 	43	  
	 Section 11.4.
	 	 No Beneficiary Designation
	  	 	43	  
	 Section 11.5.
	 	 Discharge of Obligations
	  	 	43	  
		
	 ARTICLE XII PLAN AMENDMENT, TERMINATION OR LIQUIDATION
	  	 	44	  
			
	 Section 12.1.
	 	 Amendment
	  	 	44	  
	 Section 12.2.
	 	 Termination and Liquidation of Plan
	  	 	44	  
	 Section 12.3.
	 	 Effect of Payment
	  	 	47	  
		
	 ARTICLE XIII ADMINISTRATION
	  	 	47	  
			
	 Section 13.1.
	 	 Benefits Committee
	  	 	47	  
	 Section 13.2.
	 	 Administration Upon Change In Control
	  	 	48	  
	 Section 13.3.
	 	 Agents
	  	 	48	  
	 Section 13.4.
	 	 Binding Effect of Decisions
	  	 	49	  
	 Section 13.5.
	 	 Indemnity
	  	 	49	  
	 Section 13.6.
	 	 Employer Information
	  	 	49	  
		
	 ARTICLE XIV COORDINATION WITH OTHER BENEFITS
	  	 	50	  
		
	 ARTICLE XV CLAIMS AND APPEALS PROCEDURES
	  	 	50	  
			
	 Section 15.1.
	 	 Authority to Submit Claims
	  	 	50	  
	 Section 15.2.
	 	 Procedure for Filing a Claim
	  	 	50	  

  
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	 Section 15.3.
	 	 Initial Claim Review
	  	 	51	  
	 Section 15.4.
	 	 Claim Determination
	  	 	51	  
	 Section 15.5.
	 	 Manner and Content of Notification of Adverse Determination of a Claim
	  	 	52	  
	 Section 15.6.
	 	 Procedure for Filing an Appeal of an Adverse Determination
	  	 	52	  
	 Section 15.7.
	 	 Appeal Procedure
	  	 	52	  
	 Section 15.8.
	 	 Timing and Notification of the Determination of an Appeal
	  	 	53	  
	 Section 15.9.
	 	 Manner and Content of Notification of Adverse Determination of Appeal
	  	 	54	  
	 Section 15.10.
	 	 Delivery and Receipt
	  	 	54	  
	 Section 15.11.
	 	 Limitation on Actions
	  	 	55	  
	 Section 15.12.
	 	 Failure to Exhaust Administrative Remedies
	  	 	55	  
		
	 ARTICLE XVI TRUST
	  	 	55	  
			
	 Section 16.1.
	 	 Establishment of the Trust
	  	 	55	  
	 Section 16.2.
	 	 Investment of Trust Assets
	  	 	55	  
	 Section 16.3.
	 	 Interrelationship of the Plan and the Trust
	  	 	56	  
	 Section 16.4.
	 	 Distributions From the Trust
	  	 	56	  
		
	 ARTICLE XVII MISCELLANEOUS
	  	 	56	  
			
	 Section 17.1.
	 	 Status of Plan
	  	 	56	  
	 Section 17.2.
	 	 Unsecured General Creditor
	  	 	56	  
	 Section 17.3.
	 	 Employer’s Liability
	  	 	57	  
	 Section 17.4.
	 	 Nonassignability
	  	 	57	  
	 Section 17.5.
	 	 Withholding for Taxes
	  	 	58	  
	 Section 17.6.
	 	 Immunity of Benefits Committee Members
	  	 	58	  
	 Section 17.7.
	 	 Not a Contract of Employment
	  	 	59	  
	 Section 17.8.
	 	 Furnishing Information
	  	 	59	  
	 Section 17.9.
	 	 Terms
	  	 	59	  
	 Section 17.10.
	 	 Captions
	  	 	60	  
	 Section 17.11.
	 	 Governing Law
	  	 	60	  
	 Section 17.12.
	 	 Notice
	  	 	60	  
	 Section 17.13.
	 	 Successors
	  	 	60	  
	 Section 17.14.
	 	 Spouse’s Interest
	  	 	61	  
	 Section 17.15.
	 	 Validity
	  	 	61	  
	 Section 17.16.
	 	 Incompetent
	  	 	61	  
	 Section 17.17.
	 	 Court Order
	  	 	61	  
	 Section 17.18.
	 	 Insurance
	  	 	62	  
	 Section 17.19.
	 	 Legal Fees To Enforce Rights After Change in Control
	  	 	62	  

  
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 DONNELLEY FINANCIAL 

NONQUALIFIED DEFERRED COMPENSATION PLAN 

(effective [●], 2016) 

ARTICLE I 
 PURPOSE 

The purpose of the Plan is to provide specified payments to a select group of management or highly compensated Employees who contribute
materially to the continued growth, development and success of Donnelley Financial Solutions, Inc., a Delaware corporation, and its subsidiaries that participate in the Plan. The Plan shall be unfunded for tax purposes and for purposes of Title I of
ERISA. This Plan is a continuation for Employees of the R. R. Donnelley & Sons Company Nonqualified Deferred Compensation Plan (the “RRD Plan”) as of the Effective Date, and all deferrals and other benefits accrued by the
Employees under the RRD Plan shall continue under the terms of this Plan. 
 ARTICLE II 

DEFINITIONS 
 For the purposes of
the Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the meanings set forth below. 
  

	2.1	“Account” shall mean an account established on the Company’s books and records on behalf of a Participant equal to the sum of the Participant’s (i) Deferral Account and (ii) Company
Contribution Account. 

  

	2.2	“Administrator” shall be the person appointed pursuant to Section 13.2 to administer the Plan upon a Change in Control. 

 

	2.3	“Adverse Determination” means a Determination that is a denial, reduction or termination of, or a failure to provide or make payment (in whole or in part) with respect to a Claim, including any such denial,
reduction, termination or failure to provide or make payment that is based on a determination of an Employee’s or former Employee’s eligibility to participate in the Plan. 

  
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	2.4	“Affiliate” shall mean (a) a corporation that is a member of the same controlled group of corporations (within the meaning of section 414(b) of the Code) as an Employer, (b) a trade or business
(whether or not incorporated) under common control (within the meaning of section 414(c) of the Code) with an Employer, (c) any organization (whether or not incorporated) that is a member of an affiliated service group (within the meaning of
section 414(m) of the Code) that includes (i) an Employer, (ii) a corporation described in clause (a) of this definition or (iii) a trade or business described in clause (b) of this definition, or (d) any other entity
that is required to be aggregated with an Employer pursuant to regulations promulgated under section 414(o) of the Code by the U.S. Treasury Department. A corporation, trade or business or entity shall be an Affiliated employer only for such period
or periods of time during which such corporation, trade or business or entity is described in the preceding sentence. 

  

	2.5	“Annual Bonus” shall mean compensation relating to services performed during a calendar year, regardless of whether such compensation is paid in such calendar year or included on an IRS Form W-2 for such
calendar year, that is earned by a Participant as an Employee under any Employer’s annual cash bonus plan or annual cash incentive plan, provided that such compensation has been designated by the Benefits Committee to be eligible for
deferral under the Plan. 

  

	2.6	“Annual Deferral Amount” shall mean that portion of a Participant’s Base Salary and Annual Bonus that the Participant defers for a Plan Year and is withheld from the Participant’s compensation in
accordance with Article IV. 

  

	2.7	“Appeal” shall mean a request by a Claimant to the Benefits Committee to review an Adverse Determination. 

  

	2.8	“Base Salary” shall mean the cash compensation of a Participant, an DFS Participant or a CSR Participant for a calendar year relating to services performed during such calendar year, excluding bonuses,
commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments (other than under an annual cash incentive plan designated by the Benefits Committee to be eligible for deferral under the Plan, as described in
Section 2.5), non-monetary awards, and other fees, and automobile and other allowances paid to the Participant, DFS Participant or CSR Participant. Base Salary shall also include compensation voluntarily deferred or contributed by a
Participant, an DFS Participant or a CSR Participant pursuant to all qualified and nonqualified plans of his or her Employer and amounts not otherwise included in his or her gross income under sections 125 and 402(e)(3) of the Code pursuant to plans
established or maintained by his or her Employer; provided, however, that all such amounts shall be considered Base Salary only to the extent that had there been no such plan, the amount would have been payable in cash to the Participant, DFS
Participant or CSR Participant. 

  

	2.9	“Beneficial Owner” shall have the meaning defined in Rule 13d-3 under the Securities Exchange Act of 1934. 

  
 -2- 

	2.10	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article XI, entitled to receive benefits under the Plan upon the death of a Participant, an DFS
Participant or a CSR Participant. 

  

	2.11	“Benefits Committee” shall mean the committee described in Section 13.1. 

  

	2.12	“Board” shall mean the board of directors of the Company. 

  

	2.13	“Change in Control” shall be deemed to have occurred with respect to a Participant, an DFS Participant or a CSR Participant on the date the conditions set forth in any one of the following subparagraphs shall
have been satisfied. 

  

	 	(a)	Change in Ownership. Any Person, or more than one Person acting as a group, is or becomes the Beneficial Owner, directly or indirectly, of the Participant’s, DFS Participant’s or CSR Participant’s
Employer’s securities representing more than fifty percent (50%) of the total fair market value or total voting power of such Employer’s then outstanding securities. 

 

	 	(b)	Change in Effective Control. Any Person, or more than one Person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition of the
Participant’s, DFS Participant’s or CSR Participant’s Employer’s securities by such Person or Persons) ownership of fifty percent (50%) or more of the total voting power of such Employer’s then outstanding securities.

  

	 	(c)	Change in Board Composition. A majority of the members of the board of directors of the Participant’s, DFS Participant’s or CSR Participant’s Employer is replaced during any 12-month period by
directors whose appointment or election is not endorsed by at least two-thirds (2/3) of the directors before such appointment or election. 

  

	 	(d)	Change in Asset Ownership. Any Person, or more than one Person acting as a group, who is not a Related Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition
of assets of the Employer of the Participant, DFS Participant or CSR Participant by such Person or Persons) all or substantially all of the assets of such Employer having a total gross fair market value equal to or more than fifty percent
(50%) of the total gross fair market value of all of the assets of such Employer immediately before such acquisition or acquisitions. “Related Person” shall mean (i) a stockholder of the Participant’s, DFS Participant’s
or CSR Participant’s Employer who receives assets of such Employer in exchange for the stockholder’s stock; (ii) a Person, or more than one Person acting as a group, in which the Employer owns directly or indirectly at least fifty
percent (50%) of the total value or voting power; or (iii) an entity at least fifty percent (50%) owned, directly or indirectly, by a Person or Persons described in clause (ii). 

  
 -3- 

 A Change in Control shall also occur if any of the four circumstances described in clause (a),
(b), (c) or (d) above shall occur with respect to (i) the Company and any other corporation that is a direct or indirect owner of more than fifty percent (50%) of the total fair market value and total voting power of the Employer
of the Participant, DFS Participant or CSR Participant or (ii) the corporation(s) that are liable for the payment of the Participant’s vested Account balance, the DFS Participant’s vested DFS Account balance or CSR Participant’s
CSR Account balance, as the case may be. The foregoing to the contrary notwithstanding, a Change in Control shall not occur with respect to a Participant, an DFS Participant or a CSR Participant if (i) a Potential Change in Control related to
such Change in Control involves a publicly announced transaction or publicly announced proposed transaction which at the time of the announcement has not been previously approved by the Board and (ii) the Participant, DFS Participant or CSR
Participant is part of the purchasing group proposing such a transaction. A Change in Control also shall not occur with respect to a Participant, an DFS Participant or a CSR Participant if he or she is part of a purchasing group which consummates
the Change in Control transaction. A Participant, an DFS Participant or a CSR Participant shall be a part of the purchasing group for purposes of the two preceding sentences if he or she is an equity participant, or has agreed to become an equity
participant, in the purchasing group (except for passive ownership of less than five percent (5%) of the equity of the purchasing group). 

Notwithstanding the foregoing, the Benefits Committee shall interpret all provisions relating to a Change in Control in a manner that is
consistent with applicable tax law. 
  

	2.14	“Change in Control Benefit” shall have the meaning set forth in Article VII. 

  

	2.15	“Claim” shall mean an initial request to the Benefits Committee for a payment or for a request of a determination of eligibility to participate in the Plan. If the procedure described in Section 15.2 is
not followed by a Claimant, then the Claimant’s request shall not be considered. 

  

	2.16	“Claimant” shall have the meaning set forth in Section 15.1. 

  

	2.17	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

  

	2.18	“Company” shall mean Donnelley Financial Solutions, Inc., a Delaware corporation, and any successor to all or substantially all of the Company’s assets or business. 

 

	2.19	“Company Contribution Account” shall mean an account established on the Company’s books and records on behalf of a Participant or an DFS Participant to which amounts are credited in accordance with
Section 4.7, as adjusted for earnings and losses and distributions made pursuant to the Plan. 

  

	2.20	“Company Contribution Amount” shall mean, for any Plan Year, the amount described in Section 4.7. 

  

	2.21	“Crediting Date” shall mean the date that is on or before the forty-fifth (45th) day occurring immediately after the end of the twelve-month period in
which the annual compensation of a Participant or an DFS Participant is payable as set forth in the participant’s employment agreement with an Employer. 

  
 -4- 

	2.22	“CSR Account” shall mean an account established on the Company’s books and records on behalf of a CSR Participant equal to the CSR Participant’s CSR Deferral Account. 

 

	2.23	“CSR Deferral Account” shall mean an account established on the Company’s books and records on behalf of a CSR Participant, to which account amounts are credited in accordance with Section 4.5(d) or
Section 4.5(e), as adjusted for earnings and losses and distributions pursuant to the Plan. 

  

	2.24	“CSR Deferral Amount” shall mean the portion of a CSR Participant’s (i) Base Salary or draw payments and (ii) commissions that the CSR Participant defers for a Plan Year and is withheld from the
CSR Participant’s compensation in accordance with Article IV. 

  

	2.25	“CSR Participant” shall mean a commissioned Sales Representative within the meaning of clause (ii) of Section 2.50 who satisfies the criteria established by the Benefits Committee to be eligible to
participate in the Plan as a CSR Participant and who has elected to participate in the Plan pursuant to Section 3.2(b). 

  

	2.26	“Deferral Account” shall mean an account established on the Company’s books and records on behalf of a Participant, to which account amounts are credited in accordance with Section 4.5(a), as
adjusted for earnings and losses and distributions pursuant to the Plan. 

  

	2.27	“Determination” means the Claims Administrator’s decision with respect to a Claim or an Appeal. 

  

	2.28	“DFS Account” shall mean an account established on the Company’s books and records on behalf of an DFS Participant equal to the sum of the DFS Participant’s (i) DFS Deferral Account,
(ii) DFS Bonus Account and (iii) Company Contribution Account. 

  

	2.29	“DFS Bonus Account” shall mean an account established on the Company’s books and records on behalf of an DFS Participant, to which account amounts are credited in respect of his or her Signing Credit(s)
and Paid Billing Bonus(es) awarded pursuant to employment agreements between the DFS Participant and an Employer, as adjusted for earnings and losses and distributions pursuant to the Plan. 

 

	2.30	“DFS Deferral Account” shall mean an account established on the Company’s books and records on behalf of a DFS Participant, to which account amounts are credited in accordance with Section 4.5(b) or
Section 4.5(c), as adjusted for earnings and losses and distributions pursuant to the Plan. 

  

	2.31	“DFS Deferral Amount” shall mean that portion of an DFS Participant’s (i) Base Salary or draw payments and (ii) commissions that the DFS Participant defers for a Plan Year and is withheld from
the DFS Participant’s compensation in accordance with Article IV. 

  

	2.32	“DFS Participant” shall mean either (i) a Sales Representative in the Global Capital Markets Unit of the Company or the Global Investment Markets Business Unit of the Finance Business Unit of the Company
or (ii) any other management or highly compensated Employee who satisfies the eligibility criteria established by the Benefits Committee to be eligible to participate in the Plan as an DFS Participant and who has elected to participate in the
Plan pursuant to Section 3.2(b). 

  
 -5- 

	2.33	“DFS Transferred Account” shall mean an account established on the Company’s books and records on behalf of an DFS Participant that was credited to the R. R. Donnelley & Sons Company Nonqualified
Deferred Compensation Plan with the balance as of February 28, 2009 of the DFS Participant’s account under the R. R. Donnelley & Sons Company Global Capital Markets and Global Investment Markets Business Units of the Financial
Business Unit Sales Representative Deferred Compensation Plan. 

  

	2.34	“Director” shall mean the Company’s Director of Executive Compensation. In the event of the temporary absence of the Director, whether due to illness, disability or otherwise, or upon the resignation or
removal of the Director, the individual who performs substantially similar duties with respect to the Plan (regardless of the individual’s title with the Company) shall be deemed to be the Director. 

 

	2.35	“Distribution Date” shall mean the date on which a Participant’s vested Account balance, an DFS Participant’s vested DFS Account balance and DFS Transferred Account balance, if any, or a CSR
Participant’s CSR Account balance shall become distributable. Subject to Section 9.2, the Distribution Date shall be: 

  

	 	(a)	in the case of a Participant or a CSR Participant whose vested account balance first becomes (or became) distributable on or after January 1, 2011, the later of (i) the first day of the Plan Year immediately
following the Plan Year in which he or she has a Separation from Service or Retirement, and (ii) the next day after the expiration of the six-month period immediately following the date on which he or she has a Separation from Service or
Retirement, if he or she is a Specified Employee on such date; 

  

	 	(b)	in the case of a Participant or a CSR Participant, the first day of the Plan Year immediately following the Plan Year in which he or she has a Separation from Service or Retirement, if he or she is not a Specified
Employee on such date; 

  

	 	(c)	in the case of an DFS Participant, the second anniversary of his or her Retirement; 

  

	 	(d)	in the case of an DFS Participant who has a Separation from Service other than by reason of his or her death, the date that is the second anniversary of his or her Separation from Service date; 

 

	 	(e)	notwithstanding Section 2.29(a), (b), (c) or (d), if (i) the Participant, DFS Participant or CSR Participant, as the case may be, has elected a Change in Control Benefit and (ii) a Change in Control
occurs before his or her Separation from Service or Retirement, the date on which the Change in Control occurs; 

  

	 	(f)	notwithstanding Section 2.29(a), (b), (c) or (d), in the case of a Scheduled Distribution, the business day occurring immediately before the date of the Scheduled Distribution; or 

  
 -6- 

	 	(g)	if the Participant, DFS Participant or CSR Participant, as the case may be, dies before the distribution of his or her vested Account balance, vested DFS Account balance and any DFS Transferred Account or CSR Account
balance, as applicable, occurs or commences, the date on which the Benefits Committee is provided with evidence satisfactory to the Benefits Committee of his or her death. 

 

	2.36	“Election Form” shall mean the form established from time to time by the Benefits Committee that each Participant, DFS Participant and CSR Participant must complete, sign and return to the Benefits Committee
in order to make a valid deferral and distribution election under the Plan. Initial investment elections applicable to such elective deferrals shall also be made on the Election Form. Such term shall also refer to any electronic means of making
deferral or distribution elections that is approved by the Benefits Committee. 

  

	2.37	“Employee” shall mean an individual (i) whose employment relationship with an Employer is, under common law, that of an employee and (ii) who has not experienced a Separation from Service.

  

	2.38	“Employer” shall mean the Company or any subsidiary of the Company that participates in the Plan. 

  

	2.39	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  

	2.40	“Measurement Fund” shall mean a common trust fund, mutual fund or other collective investment vehicle selected by the Benefits Committee to serve as a benchmark for determining the rate of return on a
Participant’s Account, an DFS Participant’s DFS Account and DFS Transferred Account, if any, or a CSR Participant’s CSR Account, to the extent such account is deemed to be invested in such Measurement Fund in accordance with
Section 4.9. 

  

	2.41	“Paid Billings Bonus” shall mean the bonus awarded to an DFS Participant in connection with his or her entering into an employment agreement with an Employer, which bonus, pursuant to the DFS
Participant’s employment agreement, may be earned over the term of the employment agreement if certain billings targets are achieved. When a portion of the bonus is earned because a billings target has been achieved, such portion is credited to
the DFS Participant’s DFS Bonus Account as of the DFS Participant’s Crediting Date or relevant anniversary thereof. 

  

	2.42	“Participant” shall mean any Employee who satisfies the eligibility criteria established by the Benefits Committee to be eligible to participate in the Plan as a Participant and who has elected to participate
in the Plan pursuant to Section 3.2(a). In connection with the spin-off and distribution of the Company by R. R. Donnelley & Sons Company (the “Spin-Off”) and pursuant to the terms of the Separation and Distribution Agreement
by and among R. R. Donnelley & Sons Company, LSC Communications, Inc. and the Company (the “Separation Agreement”), each Employee as of the Effective Date who was participating in the RRD Plan as of the Effective Date (each, a
“Transferred Donnelley Financial Participant”) shall automatically become a participant as of the Effective Date. 

  
 -7- 

	2.43	“Person” shall have the meaning given in section 3(a)(9) of the Securities Exchange Act of 1934, as modified and used in sections 13(d) and 14(d) thereof; provided, however, that a Person shall not
include (i) the Company or any of its Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

 

	2.44	“Plan” shall mean the Donnelley Financial Solutions, Inc. Nonqualified Deferred Compensation Plan, effective [●], 2016, which shall be evidenced by this instrument, as it may be amended from time to
time. 

  

	2.45	“Plan Agreement” shall mean a written agreement in a form approved by the Benefits Committee, as may be amended from time to time, which is entered into by and between (i) an Employer and (ii) a
Participant, an DFS Participant or a CSR Participant. Each Plan Agreement shall apply to the entire benefit to which such an individual is entitled under the Plan. If more than one Plan Agreement has been entered into by an individual and any
Employer, then the Plan Agreement bearing the latest date of acceptance by an Employer shall be the governing instrument and it shall supersede all previous Plan Agreements in their entirety. The terms of any Plan Agreement may be different then the
terms of any other Plan Agreement, and any Plan Agreement may provide additional benefits not set forth in the Plan or limit the benefits otherwise provided under the Plan; provided, however, that any such additional benefits or benefit
limitations must be agreed to by both parties and be clearly set forth in such Plan Agreement. 

  

	2.46	“Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing through December 31 of such calendar year. 

 

	2.47	“Potential Change in Control” shall be deemed to have occurred if the conditions set forth in any one of the following paragraphs shall have been satisfied: 

 

	 	(a)	the Employer of a Participant, an DFS Participant or a CSR Participant enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; 

 

	 	(b)	the Employer of a Participant, an DFS Participant or a CSR Participant or any other Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in
Control; or 

  

	 	(c)	any Person who is or becomes the Beneficial Owner, directly or indirectly, of securities of the Employer of a Participant, an DFS Participant or a CSR Participant representing
9 1⁄2 % or more of the combined voting power of such Employer’s then outstanding securities increases such Person’s beneficial ownership of such
securities by 5% or more over the percentage so owned by such Person on the date hereof. 

  
 -8- 

	2.48	“Quarterly Installment Method” shall be payments of quarterly installments over the number of years selected by a Participant, an DFS Participant or a CSR Participant in accordance with the Plan, calculated as
follows: (i) for the first quarterly installment, the Participant’s vested Account balance, the DFS Participant’s vested DFS Account balance and DFS Transferred Account balance, if any, or the CSR Participant’s CSR Account
balance, as the case may be, shall be calculated as of the close of business on the business day immediately preceding his or her Distribution Date by multiplying such balance by a fraction, the numerator of which is one and the denominator of which
is the number of quarterly installments to be paid; and (ii) for remaining quarterly installments, the Participant’s vested Account balance, the DFS Participant’s vested DFS Account balance and DFS Transferred Account balance, if any,
or the CSR Participant’s CSR Account balance, as the case may be, shall be calculated on the last business day of the applicable remaining calendar quarter by multiplying the then balance by a fraction, the numerator of which is one and the
denominator of which is the number of remaining quarterly installments to be paid (including the then current payment). Notwithstanding the foregoing provisions of this Section 2.48, if at any time after quarterly installments payments have
commenced on or after January 1, 2011, the Participant’s vested Account balance, the DFS Participant’s vested DFS Account balance and DFS Transferred Account balance, if any, or the CSR Participant’s CSR Account balance, as the
case may be, when added together with his or her interests under all other plans and arrangements of the same type within the meaning of Treasury Regulation § 1.409A-1(c)(2) is not greater than the then applicable dollar limit under section
402(g)(1)(B) of the Code, then the Participant’s Account balance, the DFS Participant’s DFS Account and DFS Transferred Account, if any, or the CSR Participant’s CSR Account, as the case may be, shall be paid in a cash lump sum on the
next quarterly installment payment date. 

  

	2.49	“Retirement” shall mean an Employee’s separation from service with the Employers, as described in Treasury Regulation § 1.409A-1(h), on or after age 55 with five Years of Service for any reason
other than a leave of absence or death. 

  

	2.50	“Sales Representative” shall mean any Employee who is a sales representative (i) in the Global Capital Markets Unit] or the Global Investments Markets Business Unit of the Company and who is eligible to
participate in the Global Capital Markets Sales Compensation Plan or the Global Investments Markets Commission Plan or (ii) eligible to earn commissions under another Company commission plan. 

 

	2.51	“Scheduled Distribution” shall mean the first day of the Plan Year designated by a Participant, an DFS Participant or a CSR Participant who elects on an Election Form to receive all or a portion of his or her
vested Account balance, vested DFS Account balance and any DFS Transferred Account or CSR Account balance, as applicable, in the form of a Scheduled Distribution. The Plan Year so designated may not be earlier than the first Plan Year beginning
after the expiration of three Plan Years after the end of the Plan Year to which the deferral election relates. For example, if a Participant elects a Scheduled Distribution of his or her vested Account balance attributable to the Annual Deferral
Amount earned in the Plan Year commencing January 1, 2017, the earliest Plan Year that may be elected by the Participant for the Scheduled Distribution is 2021 and the Scheduled Distribution would become payable on January 1, 2021.

  
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	2.52	“Separation from Service” shall mean an Employee’s separation from service with the Employers, as described in Treasury Regulation § 1.409A-1(h) or in Section 4.6, whichever is later, other than
a Retirement. 

  

	2.53	“Signing Credit” shall mean the dollar amount awarded to an DFS Participant in connection with entering into an employment agreement with an Employer, which amount is credited to his or her DFS Bonus Account
within thirty (30) days of the effective date of the employment agreement. 

  

	2.54	“Specified Employee” shall mean any individual who is determined to be a “specified employee” within the meaning of section 409A(a)(2)(B)(i) of the Code, in accordance with the terms of the document
entitled “Section 409A: Policy of Donnelley Financial Solutions, Inc. and its Affiliates Regarding Specified Employees.” 

  

	2.55	“Treasurer” shall mean the Treasurer of the Company. In the event of the temporary absence of the Treasurer, whether due to illness, disability or otherwise, or upon the resignation or removal of the
Treasurer, the individual who performs substantially similar duties with respect to the Plan (regardless of the individual’s title with the Company) shall be deemed to be the Treasurer for purposes of the Plan. 

 

	2.56	“Trust” shall mean one or more trusts established pursuant to the Master Trust Agreement dated as of [●], 2016 between the Company and the Trustee. 

 

	2.57	“Trustee” shall have the same meaning as that term is defined in the Trust, as amended from time to time. 

  

	2.58	“Unforeseeable Emergency” shall mean a severe financial hardship to a Participant, an DFS Participant or a CSR Participant resulting from (i) an illness or accident of such an individual or his or her
spouse, dependent or Beneficiary, (ii) a loss of such Participant’s, DFS Participant’s or CSR Participant’s property due to casualty (or the need to rebuild a home following damage not otherwise covered by insurance), or
(iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of such Participant, DFS Participant or CSR Participant, all as determined in the sole discretion of the Benefits Committee.

  

	2.59	“Years of Service” shall mean the total number of full years in which a Participant, an DFS Participant or a CSR Participant has been employed by one or more Employers. For purposes of this definition, a year
of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the hire date of such Participant, DFS Participant or CSR Participant and that, for any subsequent year,
commences on an anniversary of that hire date. The Benefits Committee may make a determination as to whether any partial year of employment of an Employee shall be counted as a Year of Service. If the Benefits Committee does not make a
determination, partial years of employment shall be disregarded. 

  
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 ARTICLE III 

ELIGIBILITY, ENROLLMENT, PARTICIPATION 

Section 3.1. Eligibility. The Benefits Committee shall establish criteria for participation in the Plan whereby a select
group of management or highly compensated Employees (i) will be eligible to participate in the Plan as Participants, and (ii) who are Sales Representatives will be eligible to participate in the Plan either as DFS Participants or as CSR
Participants. 
 Section 3.2. Enrollment and Commencement of Participation. 

(a) Participants. An Employee who is eligible to participate in the Plan as a Participant who first elects to
participate in the Plan for a Plan Year shall complete, execute and return to the Benefits Committee, no later than the date selected by the Benefits Committee in its sole discretion, an Election Form and a Beneficiary designation form before the
first day of such Plan Year. The Employee shall indicate on the Election Form the percentages of his or her Base Salary and Annual Bonus, or both, that will be earned by the Employee in such Plan Year that he or she elects to defer the receipt
thereof in accordance with his or her election and the terms of the Plan, including Section 4.4(a). 
 (b) DFS
Participants and CSR Participants. A Sales Representative who is eligible to participate in the Plan either as an DFS Participant or a CSR Participant who first elects to participate in the Plan for a Plan Year shall complete, execute and return
to the Benefits Committee, no later than the date selected by the Benefits Committee in its sole discretion, an Election Form and a Beneficiary designation form before the first day 

  
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of such Plan Year. A Sales Representative who is eligible to participate in the Plan as a CSR Participant shall indicate on the Election Form the percentages of his or her (i) Base Salary or
draw payments or (ii) commissions, or both, that will be earned by such Sales Representative in such Plan Year that he or she elects to defer the receipt thereof in accordance with his or her election and Plan terms, including
Section 4.4(a). A Sales Representative who is eligible to participate in the Plan as an DFS Participant shall indicate on the Election Form the percentages or dollar amounts of his or her (i) Base Salary or draw payments,
(ii) commissions, or both, and (iii) any Paid Billings Bonus that may be earned in such Plan Year that he or she elects to defer the receipt thereof in accordance with his or her election and Plan terms, including Section 4.4(a). An
DFS Participant who expects to enter into a new employment agreement with an Employer in such Plan Year shall also elect on the Election Form, the percentage or dollar amount of any Paid Billings Bonus that may be awarded in such employment
agreement for the first year of the term of such new employment agreement if the DFS Participant wishes to defer any such Paid Billings Bonus, even though the DFS Participant does not know (i) whether he or she will in fact enter into a new
employment agreement, (ii) whether any Paid Billings Bonus will be awarded in the employment agreement, (iii) if a Paid Billings Bonus is awarded, what the amount thereof would be, and (iv) whether the portion of the Paid Billings
Bonus awarded in such Plan Year will be earned. 
 (c) Initial Eligibility. An Employee who first is selected to
participate in the Plan after the first day of a Plan Year must complete the requirements described in Section 3.2(a) or Section 3.2(b), as applicable, within 30 days after he or she first becomes eligible to participate in the Plan, or
earlier, as may be required by the Benefits 

  
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Committee, in its sole discretion, in order to participate in the Plan for such Plan Year. Such an Employee shall not be permitted to defer receipt of any portion of his or her compensation that
is earned for services performed before the Employee commences participation in the Plan. In addition, the Benefits Committee shall establish from time to time such other enrollment requirements as it determines, in its sole discretion, are
necessary or desirable. 
 (d) Participation. Each Employee who enrolls in the Plan pursuant to Section 3.2 shall
commence participation in the Plan on the date that the Benefits Committee determines, in its sole discretion, that the Employee has met all enrollment requirements set forth in the Plan and as required by the Benefits Committee, including returning
all required documents to the Benefits Committee within the specified time period. If an Employee fails to meet all requirements contained in this Section 3.2 within the period required, then the Employee shall not be eligible to participate in
the Plan during the relevant Plan Year. 
 Section 3.3. Termination of Eligibility. If the Benefits Committee determines
that a Participant, an DFS Participant or a CSR Participant no longer qualifies as a member of a select group of management or highly compensated employees (within the meaning of sections 201(2), 301(a)(3) and 401(a)(l) of ERISA), then, to the
extent permitted under section 409A of the Code, the Benefits Committee shall (i) terminate any deferral election that such Participant, DFS Participant or CSR Participant has made for the remainder of the Plan Year in which the Benefits
Committee makes such determination and (ii) take any further action that the Benefits Committee deems appropriate. In the event that a Participant, an DFS Participant or a CSR Participant becomes ineligible to defer compensation under the Plan,
his or her account balance(s) shall continue to be governed by the terms of the Plan until such time as the vested portion of such account balance(s) is paid in accordance with the terms of the Plan. 

  
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 ARTICLE IV 

DEFERRALS, COMPANY CONTRIBUTIONS, DEEMED INVESTMENTS, TAXES, ETC. 

Section 4.1. Participant Annual Deferral Amounts. A Participant may elect to defer for a Plan Year the receipt of
(i) any whole percentage of his or her Base Salary or (ii) any whole percentage of his or her Annual Bonus, or (iii) both, provided that the percentage of Base Salary that may be deferred cannot exceed 50% of Base Salary and
the percentage of Annual Bonus that may be deferred cannot exceed 90% of the Annual Bonus. The minimum Annual Deferral Amount is $2,000, in any combination of whole percentages of Base Salary and Annual Bonus. The Participant’s election shall
apply to Base Salary earned in the Plan Year with respect to which the election applies and the Base Salary earned in the immediately succeeding Plan Year to the extent that the last payroll period beginning in the Plan Year to which the
Participant’s election applies extends into such succeeding Plan Year. 
 Section 4.2. DFS Participant and CSR
Participant Deferral Amounts. Each DFS Participant and each CSR Participant may elect to defer for a Plan Year (i) any whole percentage of his or her Base Salary or draw payments or (ii) any whole percentage of his or her commissions
under the [Global Capital Markets Sales Compensation Plan], the [Global Investments Markets Commission Plan] or other Company commission plan pursuant to which such individual may earn commissions, or (iii) both, provided that the
percentage of Base Salary or draw payments cannot exceed 50% of the Base Salary or draw payments and the percentage of commissions that may be deferred cannot exceed (a) 90% of such commissions earned by an DFS Participant and (b) 75% of
such commissions earned by a CSR Participant. The minimum 

  
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DFS Deferral Amount and the minimum CSR Deferral Amount is $2,000, each in any combination of whole percentages of Base Salary or draw payments and commissions otherwise payable in the Plan Year.
Notwithstanding the previous provisions of this Section 4.2, DFS Participants also have the right to specify his or her deferrals in dollar amounts or in whole percentages. Each election with respect to Base Salary or draw payments and
commissions shall apply to that earned (i) in the Plan Year with respect to which the election applies and (ii) in the immediately succeeding Plan Year to the extent that the last payroll period beginning in the Plan Year to which the
election applies extends into such succeeding Plan Year. 
 Section 4.3. Short Plan Year. Notwithstanding
Section 4.1, except the last sentence thereof, if an Employee becomes a Participant after the first day of a Plan Year, the minimum Annual Deferral Amount shall be an amount equal to $2,000, in any combination of whole percentages of Base
Salary and Annual Bonus earned in the Plan Year multiplied by a fraction, the numerator of which is the number of complete months remaining in the Plan Year after the Employee becomes a Participant and the denominator of which is 12 (the
“Partial Year Fraction”). Notwithstanding Section 4.2, except the last sentence thereof, if an Employee becomes an DFS Participant or a CSR Participant after the first day of a Plan Year, the minimum DFS Deferral Amount or the minimum
CSR Deferral Amount, as applicable, is $2,000, in any combination of whole percentages of Base Salary or draw payments and commissions earned in the Plan Year, multiplied by the Partial Year Fraction. Notwithstanding the previous provisions of this
Section 4.3, DFS Participants also have the right to specify his or her deferrals in dollar amounts or in whole percentages. 

  
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 Section 4.4. Deferral Elections. 

(a) First Plan Year. In connection with a Participant’s commencement of participation in the Plan, the Participant
shall make an irrevocable election on an Election Form specifying the whole percentages of Base Salary or Annual Bonus, or both, (to the maximum percentages set forth in Section 4.1) for the Plan Year in which participation commences that the
Participant wishes to defer that are earned after the date the election is made. In connection with an DFS Participant’s or a CSR Participant’s commencement of participation in the Plan, the participant shall make an irrevocable election
on an Election Form specifying the whole percentages of Base Salary or draw payments and commissions (to the maximum percentages set forth in Section 4.2) for the Plan Year in which participation commences that the participant wishes to defer
that are earned after the date the election is made. Notwithstanding the previous provisions of this Section 4.4(a), DFS Participants also have the right to specify his or her deferrals in dollar amounts or in whole percentages. Each
Participant, DFS Participant and CSR Participant also shall specify on the Election Form the payment form in which his or her vested account balance(s) shall be paid on account of his or her Separation from Service and the form in which the payment
shall be made on account of his or her Retirement. For an election to be valid, the Election Form must be completed and signed by the Participant, the DFS Participant or the CSR Participant, as the case may be, timely delivered to the Benefits
Committee (in accordance with Section 3.2), and accepted by the Benefits Committee. 

  
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 (b) Subsequent Plan Years. For each succeeding Plan Year with respect to
which an Employee is a Participant, an DFS Participant or a CSR Participant, an irrevocable deferral election for such a Plan Year, and such other elections as the Benefits Committee deems necessary or desirable under the Plan, shall be made by
timely delivering a new Election Form to the Benefits Committee, in accordance with its rules and procedures, before the end of the Plan Year preceding the Plan Year with respect to which the election applies with respect to an Employee. If no valid
election applies with respect to an Employee for a Plan Year, then no compensation earned by the Employee in such Plan Year amount shall be deferred. An DFS Participant who expects to enter into a new employment agreement with an Employer in a Plan
Year shall also elect on the Election Form, the percentage or dollar amount of any Paid Billings Bonus that may be awarded in such employment agreement for the first year of the term of such new employment agreement if the DFS Participant wishes to
defer any such Paid Billings Bonus, even though the DFS Participant does not know (i) whether he or she will in fact enter into a new employment agreement, (ii) whether any Paid Billings Bonus will be awarded in the employment agreement,
(iii) if a Paid Billings Bonus is awarded, what the amount thereof would be, and (iv) whether the portion of the Paid Billings Bonus awarded in such Plan Year will be earned. 

Section 4.5. Withholding and Crediting of Deferral Amounts, DFS Deferral Amounts and CSR Deferral Amounts, etc. 

(a) Annual Deferral Amounts. For each Plan Year, the Base Salary portion of a Participant’s Annual Deferral Amount
shall be withheld from each of the Participant’s regularly scheduled Base Salary payments in substantially equal amounts, as adjusted from time to time for increases and decreases in his or her Base Salary, and a credit to the
Participant’s Deferral Account shall be made equal to such amount on the applicable Base Salary payment date. The Annual Bonus portion of the Annual Deferral Amount shall be withheld on the date the Annual Bonus is or otherwise would be paid to
the Participant and a credit to the Participant’s Deferral Account shall be made equal to each amount on such date. 

  
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 (b) DFS Deferral Amounts when an DFS Participant Receives Base Salary; Signing
Credit and Paid Billings Bonus. When an DFS Participant’s compensation is payable in the form of Base Salary, the Base Salary portion of his or her DFS Deferral Amount for a Plan Year shall be withheld from the DFS Participant’s Base
Salary and credited to his or her DFS Deferral Account in accordance with this Section 4.5(b). Such Base Salary portion shall be withheld in substantially equal installments, adjusted from time to time to correspond to increases and decreases
in Base Salary, on each regularly scheduled Base Salary payment date. A credit shall be made to the DFS Participant’s DFS Deferral Account equal to the amount withheld on each scheduled payment date. The commissions portion of an DFS
Participant’s DFS Deferral Amount shall be withheld in substantially equal installments on the dates the commissions would otherwise be paid and a credit shall be made to his or her DFS Deferral Account equal to the amount withheld on date of
the withholding. A credit shall be automatically made to the DFS Participant’s DFS Bonus Account on the DFS Participant’s Crediting Date or applicable anniversary thereof equal to the portion of the DFS Participant’s Paid Billings
Bonus that is earned because a billings target set forth in his or her employment agreement has been achieved. A credit shall be automatically made to an DFS Participant’s DFS Bonus Account equal to his or her Signing Credit on the DFS
Participant’s Crediting Date. 

  
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 (c) DFS Deferral Amounts when an DFS Participant Receives Draw Payments;
Signing Credit and Paid Billings Bonus. When an DFS Participant’s compensation is payable in the form of draw payments rather than Base Salary, his or her DFS Deferral Amount for a Plan Year that applies to his or her draw payments shall be
withheld from such DFS Participant’s draw payments and credited to his or her DFS Deferral Account in accordance with this Section 4.5(c). The draw portion of an DFS Participant’s DFS Deferral Amount for a Plan Year shall be withheld
from his or her draw payments in substantially equal installments, adjusted from time to time to correspond to increases and decreases in the DFS Participant’s gross draw payments, on each draw payment date. A credit shall be made to the DFS
Participant’s DFS Deferral Account equal to the amount withheld on each draw payment date. The commission portion of an DFS Participant’s DFS Deferral Amount shall be withheld in substantially equal installments on the dates the
commissions would otherwise be paid and a credit shall be made to the DFS Participant’s DFS Deferral Account on each date of withholding equal to the amount of commissions withheld on such date. A credit shall be automatically made to the DFS
Participant’s DFS Bonus Account on his or her Crediting Date or applicable anniversary thereof equal to the portion of the DFS Participant’s Paid Billings Bonus that is earned because a billings target set forth in his or her employment
agreement has been achieved. A credit shall automatically be made to an DFS Participant’s DFS Bonus Account equal to his or her Signing Credit on the DFS Participant’s Crediting Date. 

  
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 (d) CSR Deferral Amounts when a CSR Participant Receives Base Salary. When
a CSR Participant’s compensation is payable in the form of Base Salary, his or her CSR Deferral Amount for a Plan Year that applies to his or her Base Salary shall be withheld from the CSR Participant’s Base Salary and credited to his or
her CSR Deferral Account in accordance with this Section 4.5(d). The Base Salary portion of a CSR Participant’s CSR Deferral Amount for a Plan Year shall be withheld in substantially equal installments, adjusted from time to time to
correspond to increases and decreases in Base Salary, on each regularly scheduled Base Salary payment date. A credit shall be made to the CSR Participant’s CSR Deferral Account equal to the amount withheld on each scheduled payment date. The
commissions portion of a CSR Participant’s CSR Deferral Amount shall be withheld in substantially equal installments on the dates the commissions would otherwise be paid and a credit shall be made to his or her CSR Deferral Account equal to the
amount withheld on the date of the withholding. 
 (e) CSR Deferral Amounts when a CSR Participant Receives Draw
Payments. When a CSR Participant’s compensation is payable in the form of draw payments rather than Base Salary, his or her CSR Deferral Amount for a Plan Year that applies to his or her draw payments shall be withheld from such CSR
Participant’s draw payments and credits shall be made to his or her CSR Deferral Account in accordance with this Section 4.5(e). The draw portion of a CSR Participant’s CSR Deferral Amount for a Plan Year shall be withheld from his or
her draw payments in substantially equal installments, adjusted from time to time to correspond to increases and decreases in the CSR Participant’s gross draw payments on each draw payment date. A credit shall be made to the CSR
Participant’s CSR Deferral Account equal to the amount withheld on each draw payment date. The commission portion of a CSR Participant’s CSR Deferral Amount shall be withheld in substantially equal installments on the dates the commissions
would otherwise be paid, and a credit shall be made to the CSR Participant’s CSR Deferral Account on each date of the withholding equal to the amount of commissions withheld on such date. 

  
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 Section 4.6. Leave of Absence. 

(a) Paid Leave. If a Participant, an DFS Participant or a CSR Participant is authorized by his or her Employer to take a
paid leave of absence from employment, the Annual Deferral Amount, DFS Deferral Amount or CSR Deferral Amount, as applicable, shall continue to be withheld during such paid leave of absence in accordance with Section 4.5 for a period not to
exceed six months or, if longer, the period of such leave of absence as set forth in a written agreement between the Participant, DFS Participant or CSR Participant, as the case may be, and his or her Employer. Upon the expiration of such relevant
period, the participant shall be deemed to have a Separation from Service if he or she has not returned to employment before such expiration. 

(b) Unpaid Leave. If a Participant, an DFS Participant or a CSR Participant is authorized by his or her Employer to take
an unpaid leave of absence from the employment of the Employer for any reason, his or her deferral election shall be cancelled for the remainder of the Plan Year. The Participant, DFS Participant or CSR Participant, as applicable, shall be deemed to
have a Separation from Service six months after the beginning of such leave of absence if the duration of the leave is six months or longer, except that if the maximum period of the leave of absence is set forth in a written agreement between the
Participant, DFS Participant or CSR Participant, as the case may be, and his or her Employer, the participant shall not have a Separation from Service due to the leave unless he or she does not return to work with an Employer before the expiration
of the maximum leave of absence set forth in such agreement. 

  
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 Section 4.7. Company Contribution Amount. 

(a) Employment Agreements. For each Plan Year, the Company shall credit amounts to a Participant’s or an DFS
Participant’s Company Contribution Account in accordance with an employment or other agreement entered into between such an individual and his or her Employer. If such an agreement provides that such amounts are subject to a vesting schedule,
such amounts credited under the Plan shall be subject to such vesting schedule. Such amounts shall be credited to a participant’s Company Contribution Account on the date or dates prescribed by the applicable agreement. If no Crediting Date is
prescribed by an agreement, an amount deferred in a Plan Year shall be credited as of the last day of such Plan Year. 
 (b)
Discretionary. For each Plan Year, the Company, in its sole discretion, may, but is not required to, credit any amount it desires to the Company Contribution Account of any Participant or DFS Participant. The amount so credited may be smaller
or larger than the amount credited to the Company Contribution Account of any other Participant or DFS Participant, and the amount credited to any participant’s Company Contribution Account for a Plan Year may be zero, even though one or more
other participants are credited with a Company Contribution Amount for that Plan Year. A Company Contribution Amount described in this Section 4.7(b), if any, shall be credited as of the last day of the Plan Year. If a Participant or an DFS
Participant is not employed by an Employer as of the last day of a Plan Year, then the Company Contribution 

  
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Amount for that Plan Year for such participant shall be zero. Notwithstanding the previous sentence, if a participant’s Retirement occurs within a Plan Year or if he or she dies within a
Plan Year, then a pro-rated portion of the Company Contribution Amount for that Plan Year for such participant shall be credited as of the last day of the Plan Year. 

Section 4.8. Vesting. 

(a) Deferral Account. A Participant shall at all times be 100% vested in his or her Deferral Account. 

(b) DFS Deferral Account. An DFS Participant shall at all times be 100% vested in his or her DFS Deferral Account. 

(c) CSR Deferral Account. A CSR Participant shall at all times be 100% vested in his or her CSR Deferral Account. 

(d) DFS Bonus Account. Except as provided in Section 4.8(i), Section 5.1 and Article VII, an DFS Participant
shall become vested in a Signing Credit and the portion(s) of Paid Billings Bonus that are credited to his or her DFS Bonus Account on the date that is the fifth anniversary of the DFS Participant’s Crediting Date that applies to the employment
agreement between the DFS Participant and the Employer pursuant to which such Signing Credit and Paid Billings Bonus were awarded, provided, however, that if the DFS Participant is not employed by an Employer on the fifth anniversary of such
Crediting Date, then all amounts credited to the DFS Participant’s DFS Bonus Account in respect of such credit and bonus shall be forfeited. An DFS Participant who has a Separation from Service other than by reason of his or her disability (as
determined under Section 4.8(f)) or death before he or she becomes vested in amounts attributable to any Signing Credit or Paid Billings Bonus shall forfeit such unvested amounts. 

  
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 (e) Company Contribution Account. Participants shall become vested in the
amounts credited to their Company Contribution Accounts as determined by the Company at the time the amount is so credited. Except as provided in Section 4.8(i), Section 5.1 and Article VII, DFS Participants shall become 100% vested in the
amount credited to their Company Contribution Accounts for a Plan Year on the first day of the fifth anniversary of the date such amount was so credited. 

(f) DFS Transferred Accounts. DFS Transferred Accounts shall vest in accordance with the terms applicable to such
accounts as established under the R. R. Donnelley & Sons Company Global Capital Markets and Global Investment Markets Business Units of the Financial Business Unit Sales Representative Deferred Compensation Plan. 

(g) Disability. Notwithstanding Section 4.8(d) and (e), a Participant or DFS Participant who becomes permanently
disabled, as determined by the Benefits Committee in its sole discretion, shall become fully vested 60 days after the date he or she begins receiving long term disability benefits under the Company’s long term disability program. 

(h) Other Accelerated Vesting. In the event of a Change in Control or upon the Retirement or death of a Participant
while such participant is employed by an Employer, his or her Company Contribution Account shall immediately become 100% vested, except to the extent that the Benefits Committee determines in the case of a

  
 -24- 

 
Change in Control that the acceleration of vesting would cause the deduction limitations of section 280G of the Code to apply. In the event of a Change in Control or upon an DFS
Participant’s Retirement or death while such participant is employed by an Employer, his or her DFS Deferral Account, DFS Bonus Account and Company Contribution Account shall immediately become 100% vested, except to the extent that the
Benefits Committee determines in the case of a Change in Control that the acceleration of vesting would cause the deduction limitations of section 280G of the Code to apply. Any participant may request independent verification of the Benefits
Committee’s calculations with respect to the application of the deduction limitations of section 280G of the Code. If a participant requests an independent verification, the Benefits Committee must provide him or her within 90 days of such a
request an opinion, along with supporting calculations, from a nationally recognized accounting firm (the “Accounting Firm”) selected by the participant, stating that it is the Accounting Firm’s opinion that the vesting of the Company
Contribution Account would cause the deduction limitations of section 280G of the Code to apply. The cost of such opinion and calculations shall be paid for by the Company. 

(i) Forfeiture for Termination of Employment for Cause or Competition with the Company. Notwithstanding any other
provisions of the Plan, all unvested amounts credited to an DFS Participant’s Company Contribution Account and all earnings thereon and all earnings credited to his or her DFS Deferral Account and DFS Bonus Account shall be forfeited
(i) if the DFS Participant directly or indirectly becomes employed by or does any work for a competitor of the Company’s financial printing business in the twelve-month period beginning on the first date of the month occurring after the
month in which his or her termination of employment with the Company and its affiliates occurs or (ii) the DFS Participant’s employment with the Company or an affiliate is terminated for cause (as determined by the Company in its sole
discretion). 

  
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 Section 4.9. Deemed Investments. 

(a) Investment Elections. Each Participant in connection with his or her deferral elections pursuant to Section 4.4
shall elect on the Election Form the percentage, in increments of 1%, of his or her Annual Deferral Amount and Company Contribution Amount that shall be deemed to be invested in one or more Measurement Funds. Each DFS Participant in connection with
his or her deferral elections pursuant to Section 4.4 shall elect on the Election Form the percentage, in increments of 1%, of the Base Salary or draw payments and commissions deferred by the DFS Participant, and the Company Contribution Amount
credited to his or her Company Contribution Account that shall be deemed to be invested in one or more Measurement Funds. Notwithstanding the foregoing sentence, until an DFS Participant becomes 100% vested in his or her Company Contribution
Account, such account shall be credited with earnings periodically throughout the Plan Year based upon the applicable percentage of the annual yield on the first business day of the Plan Year of U.S. Treasury Notes with a maturity of five years, as
posted on the Federal Reserve’s website. Prior to the fifth anniversary of the DFS Participant’s Crediting Date that applies to the employment agreement between the DFS Participant and the Employer pursuant to which a Signing Credit or a
Paid Billings Bonus was awarded, the DFS Participant shall elect, on the form and at the time and manner determined solely by the Committee in its discretion, the whole percentage or dollar amounts of such Signing Bonus and Paid Billings Bonus that
shall be deemed to be 

  
 -26- 

 
invested in one or more Measurement Funds. Each CSR Participant in connection with his or her deferral elections pursuant to Section 4.4 shall elect on the Election Form the percentage, in
increments of 1%, of the Base Salary or draw payments and commissions deferred by the CSR Participant that shall be deemed invested in one or more Measure Funds. If a Participant, an DFS Participant or a CSR Participant does not elect any
Measurement Fund, such amounts credited to his or her account(s) shall automatically be deemed invested in the lowest-risk Measurement Fund (the “default Measurement Fund”), as determined by the Benefits Committee in its sole discretion.

 (b) Changing Investments. A Participant, an DFS Participant or a CSR Participant may elect, by use of any medium
approved by the Benefits Committee, to change the portion of the balance(s) of his or her account(s) that is deemed to be invested in one or more Measurement Funds by specifying the whole percentage of such amounts or account balances that is to be
deemed invested in each Measurement Fund. Any such election shall apply as of the first business day deemed reasonably practicable by the Benefits Committee, in its sole discretion, and shall continue to apply thereafter for each subsequent day in
which the participant participates in the Plan, unless changed in accordance with the previous sentence. 
 (c) Selection
of Measurement Funds. The Benefits Committee may, in its sole discretion, discontinue, substitute or add a Measurement Fund at any time. Each discontinuance, substitution or addition of a Measurement Fund shall take effect as of the first day of
the first calendar month that begins at least 30 days after the day on which the Benefits Committee gives Participants, DFS Participants and CSR Participants written notice of such discontinuance, substitution or addition. 

  
 -27- 

 (d) Crediting or Debiting Method. The performance of each Measurement Fund
(either positive or negative) shall be determined by the Director of Global Trust Investments, in its reasonable discretion, based on the performance of the investment vehicles upon which the Measurement Funds are based. In determining the value of
each Measurement Fund, the Benefits Committee may establish the value of the Measurement Fund at a lower amount than the investment vehicle upon which such Measurement Fund is based to take into account expenses incurred in the administration of the
Plan. Each Participant’s Account, each DFS Participant’s DFS Account and each CSR Participant’s CSR Account shall be credited or debited on each business day to the extent values are available for the investments upon which the
Measurement Funds elected (or the default Measurement Fund deemed elected) by him or her are based. 
 (e) No Actual
Investment. Notwithstanding any other provision of the Plan that may be interpreted to the contrary, the Measurement Funds, as well as the rate based upon the U.S. Treasury Notes with a maturity of five years in the case of Company Contribution
Accounts of DFS Participants who are not 100% vested in such accounts, are to be used for measurement purposes only and shall not be considered or construed in any manner as an actual investment of a Participant’s Account, an DFS
Participant’s DFS Account or a CSR Participant’s CSR Account. In the event that the Company or the Trustee decides to invest funds of the Trust in any or all of the investments on which the Measurement Funds are based or in U.S. Treasury
Notes with a maturity of five years, no Participant, DFS Participant or CSR Participant shall have any rights in or to such investments. Without limiting the foregoing, each Participant’s Account, each DFS Participant’s DFS Account and
each CSR Participant’s CSR Account shall at all times be a bookkeeping entry only and shall not represent any investment made on his or her behalf by the Company or the Trust. 

  
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 (f) DFS Transferred Accounts. Earnings shall be credited to the balance of
each DFS Transferred Account periodically throughout the Plan Year based upon the applicable percentage of the annual yield on the first business day of the Plan Year of United States Treasury Notes with a maturity of five years, as posted on the
Federal Reserve’s website. If an DFS Account is distributed to an accountholder as of any day other than January 1st, then the DFS Account shall be credited with an amount representing
earnings based upon the number of whole months during the Plan Year prior to the date of distribution. Each DFS Transferred Account shall at all times be a bookkeeping entry only and shall not represent any investment made on behalf of the
accountholder. 
 (g) Unvested Signing Bonuses and Paid Billings Bonuses. Until an DFS Participant’s Signing
Credit(s) and earned Paid Billings Bonus(es) become vested pursuant to Section 4.8, an amount representing earnings in respect of such Signing Credit(s) and Paid Billings Bonus(es) shall be credited to his or her DFS Bonus Account periodically
throughout the Plan Year based upon the applicable percentage of the annual yield on the first business day of the Plan Year of United States Treasury Notes with a maturity of five years, as posted on the Federal Reserve’s website. If an DFS
Bonus Account is distributed to an accountholder as of any day other than January 1st, then the DFS Bonus Account shall be credited with an amount representing earnings based upon the number
of whole months during the Plan Year prior to the date of distribution. 

  
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 (h) Unsecured Creditors. Participants, DFS Participants and CSR
Participants shall at all times be unsecured creditors of the Employers. 
 Section 4.10. No Crediting to Accounts After
Distribution. Notwithstanding any provision in the Plan to the contrary, should the complete distribution of a Participant’s vested Account balance, an DFS Participant’s vested DFS Account balance or a CSR Participant’s vested CRS
Account balance occur before the date on which any amount would otherwise be credited to such account, such amount, other than a Company Contribution Amount, shall be paid to the former Participant, former DFS Participant or former CSR Participant,
as the case may be, on or before the March 15th occurring immediately after the end of the Plan Year in which such amount would have been credited to the account. Any Company Contribution
Amount that otherwise would have been credited to a Company Contribution Account of a Participant or DFS Participant and any amount representing earnings that would otherwise have been credited to a Company Contribution Account, a Deferral Account,
DFS Deferral Account, an DFS Transferred Account or a CSR Deferral Account after the Distribution Date shall be forfeited. 

Section 4.11. FICA and Other Taxes. 

(a) Annual Deferral Amounts, DFS Deferral Amounts and CSR Deferral Amounts. For each Plan Year in which an Annual
Deferral Amount is being withheld from a Participant’s current compensation, the Participant’s Employer shall withhold, in a manner determined by the Company, from the Participant’s Base Salary and Annual Bonus that are not being
deferred, as applicable, the Participant’s share of FICA and other taxes on such Annual Deferral Amount. For each Plan Year in which an DFS 

  
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Deferral Amount is being withheld from an DFS Participant’s current compensation, the DFS Participant’s Employer shall withhold, in a manner determined by the Company, from the DFS
Participant’s Base Salary or draw payments that are not being deferred the DFS Participant’s share of FICA and other taxes on such DFS Deferral Amount. For each Plan Year in which a CSR Deferral Amount is being withheld from a CSR
Participant’s current compensation, the CSR Participant’s Employer shall withhold, in a manner determined by the Company, from the CSR Participant’s Base Salary or draws payments that are not being deferred the CSR Participant’s
share of FICA and other taxes on such CSR Deferral Amount. If deemed necessary, the Benefits Committee may reduce any Annual Deferral Amount, DFS Deferral Amount or CSR Deferral Amount in order to comply with this Section 4.11(a). 

(b) Company Contribution Account. When a Participant or an DFS Participant becomes vested in a Company Contribution
Amount that had been credited to his or her Company Contribution Account for a Plan Year, his or her Employer shall withhold from the portion of his or her current compensation that is not deferred his or her share of FICA and other taxes due on
such vested amount. If deemed necessary, the Benefits Committee may reduce the vested portion of such Company Contribution Account in order to satisfy the taxes due as a result of such vesting. 

(c) Distributions. Each Participant’s, DFS Participant’s and CSR Participant’s Employer, or the Trustee,
shall withhold from any payments under the Plan made to such Participant, DFS Participant or CSR Participant, as the case may be, all federal, state and local income, employment and other taxes required to be withheld by the Employer or the Trustee,
in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Company or the Trustee. 

  
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 Section 4.12. Spin-Off. Pursuant to the terms of the Separation Agreement, as
of the Effective Date, the Company assumed, and transferred to the Plan, all assets, liabilities and obligations of R. R. Donnelley & Sons Company under the RRD Plan with respect to any Transferred Donnelley Financial Participant, and any
such obligations shall be administered and paid under the terms of this Plan; provided, however, that all deferral, investment and distribution elections made by such Transferred Donnelley Financial Participants under the RRD Plan with respect to
any Plan Year occurring prior to the Effective Date and the Plan Year in which the Effective Date occurs will continue to apply and shall be administered under this Plan. All service and compensation that would be taken into account for purposes of
determining the amount of a Transferred Donnelley Financial Participant’s benefit under the RRD Plan as of the Effective Date shall be taken into account for the same purposes under this Plan. For the avoidance of doubt, no Transferred
Donnelley Financial Participant shall be treated as incurring a Separation from Service, Retirement or similar event for purposes of determining the right to a distribution, benefits or any other purpose under the Plan as a result of the Spin-Off or
the transfer of the Transferred Donnelley Financial Participant’s employment to the Company or any subsidiary of the Company. As of the Effective Date, the Plan shall assume and honor the terms of all domestic relations orders in effect under
the RRD Plan in respect of Transferred Donnelley Financial Participants. 

  
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 ARTICLE V 

RETIREMENT BENEFIT 

Section 5.1. Retirement Benefit. Notwithstanding Section 4.8(e), each Participant shall become fully vested in his or
her Company Contribution Account balance as of the first day of the Plan Year immediately following the Plan Year in which the date of his or her Retirement occurs. Notwithstanding Section 4.8(d) and (e), each DFS Participant shall become fully
vested in his or her DFS Deferral Account, DFS Bonus Account and Company Contribution Account upon his or her Retirement. A Participant’s or an DFS Participant’s Company Contribution Account balance shall be determined as of the close of
business on the business day immediately preceding the Distribution Date. 
 Section 5.2. Time and Form of Retirement Benefit
Payment. Each Participant, DFS Participant and CSR Participant, in connection with his or her commencement of participation in the Plan, shall elect on an Election Form to receive his or her Account balance, DFS Account balance or CSR Account
balance, as applicable, and with respect to an DFS Participant, any DFS Transferred Account balance, on account of Retirement in a cash lump sum or pursuant to the Quarterly Installment Method for a maximum period of 15 years. Subject to
Section 9.2, payment of a Participant’s Account balance, an DFS Participant’s DFS Account balance or a CSR Participant’s CSR Account balance, and, with respect to an DFS Participant, any DFS Transferred Account balance, on
account of such participant’s Retirement shall be made, or shall commence, within 60 days of the Distribution Date according to his or her direction on the most recently filed Election Form, provided that the conditions set forth in
Article IX are satisfied, and provided further that if the amount of such Account, DFS Account or CSR Account and, with respect to an DFS Participant any DFS Transferred Account, added together with the interests of 

  
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the Participant, DFS Participant or CSR Participant, as the case may be, under all other plans and arrangements of the same type within the meaning of Treasury Regulation
§ 1.409A-1(c)(2), is not greater than the then applicable dollar limit under section 402(g)(1)(B) of the Code, then the Participant’s Account balance, the DFS Participant’s DFS Account or the CSR Participant’s CSR Account,
as the case may be, and, with respect to an DFS Participant, any DFS Transferred Account, shall be paid in a cash lump sum on the applicable Distribution Date. If there is no valid election regarding the form of payment on account of Retirement (or
the election does not satisfy the conditions set forth in Article IX), then the account balance(s) shall be paid, subject to Section 9.2, in a cash lump sum within 60 days of the applicable Distribution Date. 

ARTICLE VI 
 SEPARATION FROM
SERVICE BENEFIT 
 Section 6.1. Separation from Service Benefit. Each Participant who has a Separation from Service shall
be entitled to receive his or her vested Account balance calculated as of the close of business on the business day immediately preceding the Participant’s Distribution Date. Each DFS Participant who has a Separation from Service shall be
entitled to receive his or her vested DFS Account balance and DFS Transferred Account balance, if any, on the second anniversary of his or her date of Separation from Service, except that if an DFS Participant performs services for a competitor of
the Company before such second anniversary, then the DFS Participant shall be entitled to receive his or her vested DFS Account balance and DFS Transferred Account balance, if any, on the later of (i) the second anniversary of his or her date
of Separation from Service and (ii) the date on which he or she attains age 55. Each CSR Participant who has a Separation from Service shall be entitled to receive his or her CSR Account balance, calculated as of the close of business on the
business day immediately preceding the CSR Participant’s Distribution Date. 

  
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 Section 6.2. Time and Form of Separation from Service Benefit Payment. Each
Participant, DFS Participant and CSR Participant in connection with his or her commencement of participation in the Plan, shall elect on an Election Form to receive his or her vested Account balance, vested DFS Account balance or CSR Account
balance, as the case may be, and, with respect to an DFS Participant, any DFS Transferred Account, on account of his or her Separation from Service in a cash lump sum or pursuant to the Quarterly Installment Method for a maximum period of five
years. Subject to Section 9.2, payment of a Participant’s vested Account balance, an DFS Participant’s vested DFS Account balance or a CSR Participant’s CSR Account balance, and, with respect to an DFS Participant, any DFS
Transferred Account balance, on account of his or her Separation from Service shall be made, or shall commence, within 60 days of the Distribution Date according to his or her direction on the most recently filed Election Form, provided that
the conditions set forth in Article IX are satisfied, and provided further that if the amount of such Account, DFS Account or CSR Account and, with respect to an DFS Participant, any DFS Transferred Account, added together with the interests
of the Participant, DFS Participant or CSR Participant, as applicable, under all other plans and arrangements of the same type within the meaning of Treasury Regulation § 1.409A-1(c)(2), is not greater than the then applicable dollar limit
under section 402(g)(1)(B) of the Code, then the Participant’s Account balance, the DFS Participant’s DFS Account balance or the CSR Participant’s CSR Account balance, as the case may be, and, with respect to an DFS Participant, any
DFS Transferred Account, shall be paid in a cash lump sum on the applicable Distribution Date. If there is no valid election regarding the form of payment on account of his or her Separation from Service (or the election does not satisfy the
conditions set forth in Article IX), then the vested account balance(s) shall be paid, subject to Section 9.2, in a cash lump sum within 60 days of the applicable Distribution Date. 

  
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 ARTICLE VII 

CHANGE IN CONTROL BENEFIT 

Section 7.1. Change in Control Benefit. Each Participant, DFS Participant and CSR Participant, in connection with his or
her commencement of participation in the Plan, shall elect on an Election Form whether to (i) receive a Change in Control Benefit or (ii) have his or her account balance(s) remain in the Plan, subject to its terms and conditions, upon the
occurrence of a Change in Control. If a Participant, an DFS Participant or a CSR Participant does not timely submit an election with respect to the payment of the Change in Control Benefit, then such Participant’s, DFS Participant’s or CSR
Participant’s account balance(s) shall remain in the Plan upon a Change in Control and shall continue to be subject to the terms and conditions of the Plan. 

Section 7.2. Time and Form of Change in Control Benefit Payment. The Change in Control Benefit for a Participant or a CSR
Participant shall be equal to the Participant’s Account balance or the CSR Participant’s CSR Account balance, as applicable, calculated as of the close of business on the date of the Change in Control, and shall be paid in a cash lump sum
within 60 days of the Participant’s or CSR Participant’s Distribution Date. A DFS Participant’s Change in Control Benefit shall be equal to the DFS Participant’s DFS Account balance and DFS Transferred Account balance, if any,
calculated at the same time and paid in the same form and within the same time period as the vested Account balance of a Participant with respect to whom a Change in Control occurred. 

  
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 ARTICLE VIII 

SCHEDULED DISTRIBUTIONS; UNFORESEEABLE EMERGENCY PAYMENTS 

Section 8.1. Scheduled Distributions. In connection with each election to defer an Annual Deferral Amount, a Participant
may irrevocably elect to receive a Scheduled Distribution from the Plan with respect to all or a portion of such Annual Deferral Amount, adjusted for deemed earnings and losses. In connection with each election to defer an DFS Deferral Amount, an
DFS Participant may irrevocably elect to receive a Scheduled Distribution from the Plan with respect to all or a portion of such DFS Deferral Amount, adjusted for deemed earnings and losses. In connection with each election to defer a CSR Deferral
Amount, a CSR Participant may irrevocably elect to receive a Scheduled Distribution from the Plan with respect to all or a portion of such CSR Deferral Amount, adjusted for deemed earnings and losses. A Scheduled Distribution shall be paid in cash
lump sum, calculated as of the close of business on the Distribution Date, in an amount equal to the portion of the Annual Deferral Amount, DFS Deferral Amount or CSR Deferral Amount that the participant elected to have distributed in a Scheduled
Distribution. Subject to the other terms and conditions of the Plan, including Section 9.2, each Scheduled Distribution shall be paid within 60 days of the date of the Distribution Date. 

Section 8.2. Other Payments Take Precedence Over Scheduled Distributions. If a Distribution Date occurs that triggers a
payment under Article V, VI, VII or X or a payment is to be made pursuant to Section 8.3, then any amount subject to a Scheduled Distribution election shall not be paid in accordance with Section 8.1, to the extent it is payable pursuant
to such other applicable Article or Section 8.3. If a payment on account of an Unforeseeable Emergency is to be made pursuant to Section 8.3, then, to the extent necessary to satisfy the Unforeseeable 

  
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Emergency, any amount subject to a Scheduled Distribution election shall not be paid in accordance with Section 8.1, but shall be paid in accordance with Section 8.3. Notwithstanding
the foregoing, the Benefits Committee shall interpret this Section 8.2 in a manner that is consistent with applicable law. 

Section 8.3. Unforeseeable Emergency. 

(a) In General. A Participant, an DFS Participant or a CSR Participant who experiences an Unforeseeable Emergency may
file a request with the Benefits Committee to receive a distribution from his or her vested Account balance, vested DFS Account balance or CSR Account balance, as the case may be, equal to an amount reasonably necessary to satisfy his or her
emergency financial need and pay any taxes and penalties reasonably anticipated as a result of the distribution. The Executive Vice President, Chief Human Resource Officer, in his or her sole discretion, shall determine whether the Participant, DFS
Participant or CSR Participant, as applicable, has experienced an Unforeseeable Emergency. The Benefits Committee shall not make a distribution on account of an Unforeseeable Emergency to the extent that the Executive Vice President, Chief Human
Resource Officer determines that the emergency need may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the assets of the Participant, DFS Participant or CSR Participant, as the case may be (to the
extent such liquidation would not cause severe financial hardship), or by cessation of the participant’s deferrals under the Plan. In making his or her determination, the Executive Vice President, Chief Human Resource Officer is not required to
consider any amounts that are available under a tax-qualified plan (including any amount that may be available by obtaining a loan under such a plan) or under another nonqualified deferred 

  
 -38- 

 
compensation plan. The payment of any amount under this Section 8.3 shall be subject to Section 9.2. If the Executive Vice President, Chief Human Resource Officer, grants a request for
a payment on account of an Unforeseeable Emergency, then the deferral election of the requesting participant shall be cancelled for the remainder of the Plan Year or, if longer, for six months. 

(b) Coordination with 401(k) Plan. If a Participant, an DFS Participant or a CSR Participant receives a hardship
distribution within the meaning of Treasury Regulation § 1.401(k)-1(d)(3) under the RR Donnelley & Sons Company Savings Plan or any other plan with a cash or deferred arrangement within the meaning of section 401(k) of the Code
that is maintained by an Employer or an Affiliate, then his or her deferral election under the Plan shall be cancelled, and he or she shall not be permitted to defer any amounts under the Plan for a period of six months after the receipt of the
hardship distribution. The Employee shall be again eligible to defer compensation under the Plan upon the expiration of such six-month period if he or she is then eligible to participate. 

ARTICLE IX 
 CHANGES IN THE FORM
OR TIMING OF PAYMENTS 
 Section 9.1. Election Changes. Each Participant, DFS Participant and CSR Participant may change
the form or timing of a payment of his or her vested account balance(s) only in accordance with this Section 9.1. Such an individual who wishes to change the time or form of a previously elected payment must submit a new Election Form to the
Benefits Committee, in accordance with any rules and procedures established by the Benefits Committee, at least 12 months before the payment would otherwise be made, except that any change in the form of Retirement payment must be made before the
individual attains age 50. The first payment pursuant to a new election must be at least five years after the time the payment would otherwise have been made, and the new election shall have no effect until at least 12 months after the date on which
such election is made. 

  
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 Section 9.2. Other Changes. 

(a) Section 162(m). The Company shall delay a payment to a Participant, an DFS Participant or a CSR Participant to
the extent the Company reasonably anticipates that if the payment were made as scheduled, the Employer of such individual would not be permitted fully to deduct the payment under section 162(m) of the Code, provided that the payment is made,
at the Company’s discretion, either (i) during the first taxable year of the individual in which the Company reasonably anticipates that the payment would be deductible for such year or (ii) during the period beginning with the date
of the Separation from Service or Retirement of the individual and ending on the later of (w) the last day of the Employer’s taxable year in which the such Separation from Service or Retirement occurs and (x) the fifteenth day of the
third month following such Separation from Service or Retirement. If a payment is delayed to a date on or after such Separation from Service or Retirement, however, and the individual is a Specified Employee on the date of his or her Separation from
Service or Retirement, then the payment shall be treated as a payment on account of the his or her Separation from Service or Retirement. Thus, in the case of a delayed payment to such an individual, the payment shall be made during the period
beginning with the date that is six months after such Separation from Service or Retirement and ending on the later of (y) the last day of the Employer’s taxable year in which occurs the last day of the sixth month period beginning on the
date after such Separation from Service or Retirement and (z) the fifteenth day of the third 

  
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month following the last day of the sixth month beginning on the date after such Separation from Service or Retirement. The Participant’s Account, the DFS Participant’s DFS Account and
any DFS Transferred Account, or the CSR Participant’s CSR Account, as applicable, shall continue to be adjusted in accordance with Section 4.9 until it is fully paid. 

(b) Payment upon Income Inclusion Under Section 409A. To the extent an amount deferred under the Plan is included
in the income of a Participant, an DFS Participant or a CSR Participant as a result of a failure to comply with section 409A of the Code, the Plan shall distribute to the Participant, DFS Participant or CSR Participant, as the case may be, in the
year of inclusion an amount equal to the lesser of the amount included in his or her income and the amount of the Participant’s vested Account balance, the DFS Participant’s vested DFS Account balance and any DFS Transferred Account or the
CSR Participant’s CSR Account, as applicable. 
 (c) Payments That Would Violate Applicable Law. If the Company
reasonably anticipates that a payment would violate a federal securities law or other applicable law, then the payment shall be delayed until the earliest date the Company reasonably anticipates that the payment can be made without a violation of
law. 
 ARTICLE X 
 DEATH
BENEFIT 
 Section 10.1. Death Benefit. In the case of a Participant, an DFS Participant or a CSR Participant who dies
before his or her vested account balance(s) have been paid in full, his or her Beneficiary shall be entitled to receive the remainder of such vested account balance(s), calculated as of the close of business of the business day immediately preceding
the Distribution Date of such Participant, DFS Participant or CSR Participant. 

  
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 Section 10.2. Payment of Death Benefit. The Death Benefit in respect of a
Participant, an DFS Participant or a CSR Participant shall be paid to his or her Beneficiary in a cash lump sum within 60 days of the Distribution Date. 

ARTICLE XI 
 BENEFICIARY
DESIGNATION 
 Section 11.1. Beneficiary Designation. Each Participant, DFS Participant and CSR Participant shall have
the right, at any time, to designate his or her Beneficiary (primary, as well as contingent) to receive his or her vested account balance(s) upon such participant’s death. Each participant shall designate his or her Beneficiary by completing
and signing the Beneficiary designation form and returning it to the Benefits Committee or its designated agent. Each participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the
Beneficiary designation form and the Benefits Committee’s rules and procedures, as in effect from time to time. If a participant designates more than one person to be his or her primary Beneficiary and one or more of those persons predeceases
such participant, then the share of such deceased person(s) shall be allocated pro rata to such surviving persons. 

Section 11.2. Spousal Consent. If a Participant, an DFS Participant or a CSR Participant names someone other than his or
her spouse as a Beneficiary, then the Benefits Committee may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Benefits Committee, executed by such spouse and returned to the 

  
 -42- 

 
Benefits Committee. Upon the acceptance by the Benefits Committee of a new Beneficiary designation form from a participant, all Beneficiary designations previously filed by such participant shall
be canceled. The Benefits Committee shall be entitled to rely on the last Beneficiary designation form filed by a participant and accepted by the Benefits Committee prior to his or her death. 

Section 11.3. Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received
and acknowledged in writing by the Benefits Committee or its designated agent. 
 Section 11.4. No Beneficiary
Designation. If a Participant, an DFS Participant or a CSR Participant fails to designate a Beneficiary or, if no Beneficiary survives the participant (or if no Beneficiary survives until the complete distribution of the Participant’s
vested Account balance, the DFS Participant’s vested DFS Account balance and any DFS Transferred Account balance or the CSR Participant’s CSR Account balance), then the participant’s Beneficiary shall be deemed to be his or her
surviving spouse. If the deceased Participant, DFS Participant or CSR Participant has no surviving spouse, then the Participant’s vested Account balance, the DFS Participant’s vested DFS Account balance and any vested DFS Transferred
Account balance or the CSR Participant’s CSR Account balance, as the case may be, shall be payable to the executor or personal representative of the deceased participant’s estate. 

Section 11.5. Discharge of Obligations. The payment of a deceased Participant’s vested Account balance, a deceased DFS
Participant’s DFS Account and any DFS Transferred Account or a deceased CSR Participant’s CSR Account balance to his or her Beneficiary shall fully and completely discharge all Employers and the Benefits Committee from all obligations
under the Plan with respect to such Participant, DFS Participant or CSR Participant. 

  
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 ARTICLE XII 

PLAN AMENDMENT, TERMINATION OR LIQUIDATION 

Section 12.1. Amendment. The Company shall have the right, at any time, to amend the Plan in whole or in part by the action
of its board of directors, its Human Resources Committee or the Benefits Committee; provided, however, that: (i) no amendment shall be effective to decrease the value of a Participant’s Account balance, an DFS Participant’s DFS
Account balance and the balance of any DFS Transferred Account or a CSR Participant’s CSR Account balance (the value of such balance(s) calculated as if the participant had experienced a Separation from Service as of the effective date of the
amendment) and (ii) no amendment to this Section 12.1 or Section 13.2 after a Change in Control shall be effective, and provided further, that the Company’s Executive Vice President, Chief Human Resources Officer shall
have the right to amend the Plan, but only to the extent that such amendment: (i) is required or deemed advisable as the result of legislation or regulation; (ii) concerns solely routine ministerial or administrative matters; or
(iii) does not concern routine ministerial or administrative matters but does not materially increase any cost to any Employer. No amendment to the Plan shall affect any Participant, DFS Participant, CSR Participant or Beneficiary who has
become entitled to the payments under the Plan on or before the earlier of (i) the date of the amendment and (ii) the effective date of the amendment. 

Section 12.2. Termination and Liquidation of Plan. The Plan may be terminated and payments hereunder may be accelerated in
connection with the termination of the Plan (such payment acceleration referred to herein as a “liquidation” of the Plan) only if the conditions of 

  
 -44- 

 
subsection (a), (b), (c) or (d) of this Section 12.2 are satisfied. Until 60 days before the Plan is completely liquidated, or such other time reasonably anticipated by the
Benefits Committee to permit an orderly liquidation of the Plan, the Measurement Funds available to Participants, DFS Participants and CSR Participants immediately before the termination of the Plan shall be comparable in number and type to those
Measurement Funds available in the Plan Year preceding the Plan Year in which the termination of the Plan becomes effective. 

(a) Corporate Dissolution or Bankruptcy Court Approval. The Company may terminate and liquidate the Plan with respect to
Participants, DFS Participants and CSR Participants who are Employees of one or more Employers (i) within 12 months of the dissolution of such Employer(s) that is taxed to stockholders under section 331 of the Code or (ii) with the
approval of a bankruptcy court pursuant to 11 U.S.C. § 503(b)(1)(A), provided that all payments to each affected Participant, DFS Participant and CSR Participant are included in his or her gross income at the earlier of (x) the
taxable year in which the payment is actually or constructively received by him or her and (y) the latest of the following: (1) the calendar year in which the Plan termination and liquidation occurs; (2) the first calendar year in
which the amount of the payment is no longer subject to a substantial risk of forfeiture; and (3) the first calendar year in which the payment is administratively practicable. 

(b) Change in Control. The Plan may be terminated and liquidated with respect to Participants, DFS Participants and CSR
Participants who are Employees of an Employer that experiences a Change in Control at any time within 30 days before and 12 months after such Change in Control by the person who after the Change in Control is primarily liable for the payments under
the Plan, provided that all plans, agreements and 

  
 -45- 

 
other arrangements that are of the same type (within the meaning of Treasury Regulation § 1.409A-1(c)(2)) as the Plan are terminated and liquidated with respect to each Participant, DFS
Participant and CSR Participant affected by the Change in Control, and provided further that all such Participants, DFS Participants and CSR Participants receive all compensation deferred under the Plan and all plans, agreements and other
arrangements of the same type as the Plan within 12 months of the date all necessary actions to terminate and liquidate the Plan and such other plans, agreements and arrangements are irrevocably taken by the person primarily responsible for the
payments thereunder. 
 (c) No New Plan for Three Years. The Company may liquidate and terminate the Plan with respect
to one or more Employers only if the following five conditions are satisfied: (i) there is not a downturn in the financial health of such Employer(s); (ii) all plans, programs and arrangements of the same type (within the meaning of
Treasury Regulation § 1.409A-1(c)(2)) as the Plan in which any Participant, DFS Participant or CSR Participant employed by such Employer(s) participates are also terminated and liquidated; (iii) no payments are made under the Plan
within 12 months following the date the Company terminates the Plan with respect to such Employer(s), other than payments that would be made if the Plan had not been terminated with the intent to liquidate the Plan; (iv) all payments are made
within 24 months following the date of Plan termination; and (v) such Employer(s) do not establish a new plan of the same type for those Employees of such Employer(s) who had participated in the Plan within the three year period following the
date the Company takes all necessary action to terminate and liquidate the Plan with respect to such Employer(s). 

  
 -46- 

 (d) Other Permissible Events. The Company may terminate and liquidate the
Plan upon any other event or condition that the Internal Revenue Service may provide in a regulation, ruling or notice or other publication in the Internal Revenue Bulletin. 

Section 12.3. Effect of Payment. The full payment of a Participant’s vested Account balance, an DFS Participant’s
vested DFS Account and any DFS Transferred Account and a CSR Participant’s CSR Account balance shall completely discharge all obligations to such Participant, DFS Participant or CSR Participant and his or her Beneficiary under the Plan, and the
Participant’s, DFS Participant’s or CSR Participant’s Plan Agreement shall terminate. 
 ARTICLE XIII 

ADMINISTRATION 

Section 13.1. Benefits Committee. Except as otherwise provided in this Article XIII, the Plan shall be administered by the
Benefits Committee. 
 (a) Members. Treasurer and Vice President shall be members of the Benefits Committee. The
Benefits Committee may appoint additional members to the Benefits Committee and may replace vacancies pursuant to procedures established in its by-laws. 

(b) Benefits Committee Duties and Actions. The Benefits Committee shall have the authority to (i) make, amend,
interpret and enforce all appropriate rules and regulations for the administration of the Plan, (ii) decide or resolve any and all questions, including interpretations of the Plan, as may arise in connection with the Plan, and (iii) take
any action as may be required or advisable for the proper administration of the Plan. Any individual serving on the Benefits Committee who is a Participant, an DFS Participant or a CSR Participant shall not vote or act on any matter relating solely
to 

  
 -47- 

 
himself or herself. When making a determination or calculation, the Benefits Committee shall be entitled to rely on information furnished by a Participant, an DFS Participant, a CSR Participant
or the Company. Any action taken by the Benefits Committee with respect to any one or more Participants, DFS Participants or CSR Participants shall not be binding on the Benefits Committee as to any action to be taken with respect to any other
participant. Each determination required or permitted under the Plan shall be made by the Benefits Committee in its sole and absolute discretion. The members of the Benefits Committee may allocate their responsibilities and may designate any other
person or committee, including employees of the Company, to carry out any of their responsibilities with respect to administration of the Plan. 

Section 13.2. Administration Upon Change In Control. Upon and after the occurrence of a Change in Control, the Plan shall
be administered by an independent third party selected by the Trustee and approved by the individual who, immediately prior to the Change in Control, was the Company’s highest ranking officer (the “Ex-CEO”). Such independent third
party (the “Administrator”) shall have the discretionary power to determine all questions arising in connection with the administration of the Plan and the interpretation of the Plan and Trust including, but not limited to benefit
entitlement determinations. Upon a Change in Control and for a period of three years thereafter, the Administrator may be terminated (and a replacement appointed) by the Trustee only with the approval of the Ex-CEO. Upon a Change in Control and for
a period of three years thereafter, the Company may not terminate the services of the Administrator. 
 Section 13.3.
Agents. In the administration of the Plan, the Benefits Committee or, if applicable, the Administrator, may from time to time employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly
appointed representative) and may from time to time consult with counsel who may be counsel to any Employer. 

  
 -48- 

 Section 13.4. Binding Effect of Decisions. Any decision or action of the
Benefits Committee or, if applicable, the Administrator, with respect to any matter arising out of or in connection with the administration, interpretation and application of the Plan shall be final, binding and conclusive upon all persons having
any interest in the Plan and all persons claiming under any Participant, DFS Participant, CSR Participant, former Participant, former DFS Participant, former CSR Participant or Beneficiary. 

Section 13.5. Indemnity. The Company shall: (i) pay all reasonable administrative expenses and fees of the Benefits
Committee or, if any, the Administrator; and (ii) indemnify and hold harmless the Benefits Committee or, if any, the Administrator (or any agent or delegate of either the Benefits Committee or the Administrator) against any and all claims,
losses, damages, costs, expenses and liabilities including, without limitation, attorney’s fees and expenses arising in connection with the performance of its duties hereunder, except with respect to matters resulting from the gross negligence
or willful misconduct of the Benefits Committee or, as applicable, the Administrator, or the employees, delegates or agents of either. 

Section 13.6. Employer Information. To enable the Benefits Committee or, as the case may be, the Administrator, to perform
its functions, the Company and each Employer shall supply full and timely information to the Benefits Committee or the Administrator as requested, on all matters relating to the compensation of the Participants, DFS Participants and CSR
Participants, the date and circumstances of the Retirement, disability, death or Separation from Service of the Participants, DFS Participants and CSR Participants, and such other pertinent information as the Benefits Committee or Administrator may
reasonably require. 

  
 -49- 

 ARTICLE XIV 

COORDINATION WITH OTHER BENEFITS 

The benefits provided to a Participant, an DFS Participant or a CSR Participant or to his or her Beneficiary under the Plan are in addition to
any other benefits available to such Participant, DFS Participant, CSR Participant or Beneficiary under any other plan or program for employees of such Participant’s, DFS Participant’s or CSR Participant’s Employer. The Plan shall
supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided. 
 ARTICLE
XV 
 CLAIMS AND APPEALS PROCEDURES 

Section 15.1. Authority to Submit Claims. Any Participant, DFS Participant, CSR Participant or Beneficiary who believes
that he or she is entitled to a payment under the Plan, including a payment greater than the payment initially determined by the Benefits Committee, may (or his or her duly authorized representative may) file a Claim in writing with the Benefits
Committee. The Benefits Committee shall determine whether an individual is duly authorized to act on behalf of a Participant, DFS Participant, CSR Participant or Beneficiary in connection with the Claim and may establish reasonable procedures for
making such a determination. Any such Participant, DFS Participant, CSR Participant, Beneficiary or duly authorized representative is referred to in the Plan as a Claimant. 

Section 15.2. Procedure for Filing a Claim. In order for a communication from a Claimant to constitute a valid Claim, the
communication must be delivered to the Benefits Committee in writing on the form designated by the Benefits Committee or in such other form as may be acceptable to the Benefits Committee. 

  
 -50- 

 Section 15.3. Initial Claim Review. The initial Claim review shall be
conducted by the Benefits Committee, with or without the presence of the Claimant, as determined by the Benefits Committee in its discretion. The Benefits Committee shall consider the applicable terms and provisions of the Plan, information and
evidence that is presented by the Claimant and any other information the Benefits Committee deems relevant. In reviewing the Claim, the Benefits Committee shall also consider determinations made within the immediately preceding 24 months of Claims
of similarly situated Claimants. 
 Section 15.4. Claim Determination. 

(a) The Benefits Committee shall make a Determination regarding a Claim and notify the Claimant of such Determination within a
reasonable period of time, but in any event (except as described in Section 15.4(b) below) within 90 days after the Benefits Committee receives the Claim. 

(b) The Benefits Committee may extend the period for making a Determination to a maximum of 90 additional days if the Benefits
Committee determines that circumstances require an extension of time. The Benefits Committee shall notify the Claimant before the end of the initial 90-day period of the circumstances requiring the extension
of time and the date by which the Benefits Committee expects to render a Determination. 

  
 -51- 

 Section 15.5. Manner and Content of Notification of Adverse Determination of a
Claim. The Benefits Committee shall provide a Claimant with written or electronic notice of an Adverse Determination. Such notice shall: 

(i) specify the specific reason or reasons for the Adverse Determination; 

(ii) reference the specific provision(s) of the Plan on which the Adverse Determination is based; 

(iii) describe any additional material or information necessary for the Claimant to perfect the Claim and explain of why such
material or information is necessary; and 
 (iv) describe the Plan’s appeal procedure and the time limits applicable to
such procedure, and include a statement describing the Claimant’s right to bring a civil action under section 502(a) of ERISA after an Adverse Determination of an appeal of a Claim. 

Section 15.6. Procedure for Filing an Appeal of an Adverse Determination. In order for a communication from a Claimant to
constitute a valid appeal, the communication must be submitted by a Claimant in writing on the form designated by the Benefits Committee, or in such other form as may be acceptable to the Benefits Committee, and delivered to the Benefits Committee
within 60 days of the Claimant’s receipt of the notice of the Adverse Determination on the Claim. If the Benefits Committee does not receive a valid appeal within 60 days of the delivery to the Claimant of the notice of the Adverse
Determination for the related Claim, the Claimant shall be barred from filing an appeal of such Claim and he or she shall be deemed to have failed to exhaust all administrative remedies under the Plan. 

Section 15.7. Appeal Procedure. An appeal of an Adverse Determination shall be conducted by the Benefits Committee, with or
without the presence of the Claimant, as determined by the Benefits Committee in its discretion. The Benefits Committee shall consider the applicable terms and provisions of the Plan, information and evidence that is presented by the

  
 -52- 

 
Claimant (including all comments, documents, records and other information submitted by the Claimant without regard to whether such information was submitted or considered in the initial
Determination) and any other information the Benefits Committee deems relevant. The Claimant shall be provided, upon request and free of charge, reasonable access to and copies of all relevant documents and shall be allowed to submit any supporting
comments, documents, records and other information. 
 Section 15.8. Timing and Notification of the Determination of an
Appeal. 
 (a) The Benefits Committee shall make a Determination regarding an appeal and notify the Claimant of its
Determination within a reasonable period of time, but in any event (except as described in Section 15.8(b) below) within 60 days after the Benefits Committee receives the appeal. 

(b) The Benefits Committee may extend the period for making the Determination of the appeal of denied Claim to a maximum of 60
additional days if the Benefits Committee determines that circumstances require an extension of time. The Benefits Committee shall notify the Claimant before the end of the initial 60-day period of the
circumstances requiring the extension of time and the date by which the Benefits Committee expects to render a decision. If such an extension is due to a failure of the Claimant to submit information necessary to decide the appeal, the period in
which the Benefits Committee is required to make a decision shall be tolled by the Benefits Committee from the date on which the Benefits Committee notifies the Claimant until the date the Benefits Committee has received the requested information
from the Claimant. If the Claimant fails to respond to the Benefits Committee’s request for additional information within a reasonable time, the Benefits Committee may, in its discretion, render a Determination on the appeal based on the record
before the Benefits Committee. 

  
 -53- 

 Section 15.9. Manner and Content of Notification of Adverse Determination of
Appeal. The Benefits Committee shall provide a Claimant with written or electronic notice of any Adverse Determination of an appeal of a denial of a Claim. Such notice shall: 

(i) specify the reason or reasons for the Adverse Determination; 

(ii) reference the specific provision(s) of the Plan on which the Adverse Determination is based; 

(iii) state that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all
relevant documents; and 
 (iv) state that the Claimant has a right to bring a civil action under section 502(a) of ERISA.

 Section 15.10. Delivery and Receipt. For purposes of the Article XV, any notice, Claim or document may be delivered in
person; provided, however, that any notice sent by the Benefits Committee related to a Claim may be sent by facsimile or by electronic mail if there is a verifiable confirmation that such notice was received and the facsimile or electronic
mail is followed by a hard copy sent by next business day courier service no later than the next business day. Any Claim or document sent to a Claimant shall be sent to the Claimant’s last known address. Any Claim or document that satisfies the
requirements described in this Section 15.10 shall be deemed delivered and received on the earlier of (a) the date of its actual receipt, if receipt is evidenced in writing, (b) 10 days after deposit in the United States Mail, first
class postage prepaid and return receipt requested, and (c) the date of confirmation of successful transmission of a facsimile or electronic mail. If the requirements described in this Section 15.10 are not satisfied, then the notice,
Claim or document shall be deemed not delivered or received and not be effective. 

  
 -54- 

 Section 15.11. Limitation on Actions. No legal action, including without
limitation any lawsuit, may be brought by a Claimant more than two years after the date the Claimant has received an Adverse Determination of his or her appeal of a Claim denial. 

Section 15.12. Failure to Exhaust Administrative Remedies. No legal action may be brought by a Claimant who has not timely
filed a Claim and an appeal of the denial of such Claim and otherwise exhausted all administrative remedies under the Plan. 
 ARTICLE XVI

 TRUST 

Section 16.1. Establishment of the Trust. The Company shall maintain the Trust, and each Employer shall at least annually
transfer over to the Trust such assets as the Company determines, in its sole discretion, are necessary to provide for the Employer’s liabilities created with respect to the Annual Deferral Amounts, DFS Deferral Amounts, CSR Deferral Amounts
and Company Contribution Amounts for such Employer’s Participants, DFS Participants and CSR Participants, taking into consideration the value of the assets in the Trust attributable to such Employer’s liabilities at the time of the
transfer. 
 Section 16.2. Investment of Trust Assets. The Trustee of the Trust shall be authorized, upon written
instructions received from the Benefits Committee or investment manager appointed by the Benefits Committee, to invest and reinvest the assets of the Trust in accordance with the Trust Agreement. 

  
 -55- 

 Section 16.3. Interrelationship of the Plan and the Trust. The provisions of
the Plan shall govern the rights of each Participant, DFS Participant and CSR Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Employers and the creditors of the Employers to the
assets transferred to the Trust. Each Employer shall at all times remain liable to carry out its obligations under the Plan and Trust. 

Section 16.4. Distributions From the Trust. Each Employer’s obligations under the Plan may be satisfied with Trust
assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Employer’s obligations under the Plan. 

ARTICLE XVII 
 MISCELLANEOUS 

Section 17.1. Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of section 401(a)
of the Code and that “is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of sections 201(2),
301(a)(3) and 401(a)(l) of ERISA. The Plan is also intended to comply with section 409A of the Code and the regulations promulgated thereunder. The Plan shall be administered and interpreted to the extent possible in a manner consistent with the
intent expressed in this Section 17.1. 
 Section 17.2. Unsecured General Creditor. Participants, DFS Participants,
CSR Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of any Employer. For purposes of the payment of benefits under the Plan, any and all of an
Employer’s assets shall be, and remain, the 

  
 -56- 

 
general, unpledged unrestricted assets of the Employer. An Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future, and
Participants, DFS Participants, CSR Participants and their Beneficiaries, heirs, successors and assigns shall at all times be unsecured creditors of the Employers. 

Section 17.3. Employer’s Liability. An Employer’s liability for the payment of benefits shall be defined only by
the Plan and the Plan Agreements. An Employer shall have no obligation to a Participant, an DFS Participant, a CSR Participant or any Beneficiary under the Plan except as expressly provided in the Plan or in a Plan Agreement. 

Section 17.4. Nonassignability. No Participant, DFS Participant, a CSR Participant, Beneficiary or any other person shall
have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are,
and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts,
judgments, alimony or separate maintenance owed by a Participant, DFS Participant, CSR Participant, Beneficiary or any other person, be transferable by operation of law in the event of his or her bankruptcy or insolvency or be transferable to a
spouse as a result of a property settlement or otherwise. Any attempt to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, except as
specifically permitted under the Plan, shall be null and void and without legal effect. 

  
 -57- 

 Section 17.5. Withholding for Taxes. Notwithstanding anything contained in the
Plan to the contrary, the Employers shall withhold from payments to be made under the Plan such amount or amounts as may be required for purposes of complying with the tax withholding provisions of the Code or any applicable State law for purposes
of paying any tax attributable to any amounts payable or creditable under the Plan. The Company may reduce a Participant’s Account, an DFS Participant’s DFS Account and any DFS Transferred Account or a CSR Participant’s CSR Account in
the amount of employment taxes payable with respect to compensation deferred before the Participant’s, DFS Participant’s or CSR Participant’s Separation from Service. 

Section 17.6. Immunity of Benefits Committee Members. The members of the Benefits Committee may rely upon any information,
report or opinion supplied to them by any officer of the Company or any legal counsel, independent public accountant or actuary, and shall be fully protected in relying upon any such information, report or opinion. No member of the Benefits
Committee shall have any liability to the Company or any Participant, DFS Participant, CSR Participant, former Participant, former DFS Participant, former CSR Participant, any Beneficiary, or to any person claiming under or through any Participant,
DFS Participant, CSR Participant, former Participant, former DFS Participant, former CSR Participant or any Beneficiary or other person interested or concerned in connection with any decision made by such member of the Benefits Committee pursuant to
the Plan which was based upon any such information, report or opinion if such member of the Benefits Committee relied thereon in good faith. 

  
 -58- 

 Section 17.7. Not a Contract of Employment. The terms and conditions of the
Plan shall not be deemed to constitute a contract of employment between any Employer and a Participant, an DFS Participant or a CSR Participant. Employment of a Participant, an DFS Participant or a CSR Participant is hereby acknowledged to be an
“at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, unless expressly provided otherwise in a written employment agreement. Nothing in the
Plan shall be deemed to give a Participant, an DFS Participant or a CSR Participant the right to be retained in the service of any Employer or to interfere with the right of any Employer to discipline or discharge the Participant, DFS Participant or
CSR Participant at any time. 
 Section 17.8. Furnishing Information. A Participant, an DFS Participant or a CSR
Participant or his or her Beneficiary will cooperate with the Benefits Committee by furnishing any and all information requested by the Benefits Committee and take such other actions as may be requested in order to facilitate the administration of
the Plan and payments hereunder, including but not limited to taking such physical examinations as the Benefits Committee may deem necessary in connection with the purchase of insurance, as described in Section 17.18. 

Section 17.9. Terms. Whenever any words are used herein in the masculine, they shall be construed as though they were in
the feminine in all cases where they would so apply. Whenever any word is used herein in the singular, it shall be construed as though it was used in the plural, in all cases where it would reasonably so apply; and whenever any word is used herein
in the plural, it shall be construed as though it was used in the singular, in all cases where it would so reasonably apply. 

  
 -59- 

 Section 17.10. Captions. The captions of the articles, sections and paragraphs
of the Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions. 

Section 17.11. Governing Law. The provisions of the Plan shall be construed and interpreted according to the internal laws
of the State of Illinois without regard to its conflicts of laws principles, to the extent not preempted by any applicable federal law. 

Section 17.12. Notice. Any notice or filing required or permitted to be given to the Benefits Committee under the Plan
shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below: 

Donnelley Financial Solutions, Inc. 

Attn: VP, Human Resources 

35 W. Wacker Drive 

Chicago, IL 60601 
 Such notice
shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 

Any notice or filing required or permitted to be given to a Participant, DFS Participant or CSR Participant, any former participant or any
Beneficiary under the Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to his or her last known address. 

Section 17.13. Successors. The provisions of the Plan shall bind and inure to the benefit of the Employers and their
successors and assigns and to the Participants, DFS Participants and CSR Participants and their Beneficiaries. 

  
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 Section 17.14. Spouse’s Interest. The interest in the benefits hereunder
of a spouse of a Participant, DFS Participant or CSR Participant who has predeceased such Participant, DFS Participant or CSR Participant shall automatically pass to the Participant, DFS Participant or CSR Participant, as applicable, and shall not
be transferable by such spouse in any manner, including but not limited to such spouse’s will, nor shall such interest pass under the laws of intestate succession. 

Section 17.15. Validity. In case any provision of the Plan shall be illegal or invalid for any reason, said illegality or
invalidity shall not affect the remaining parts hereof, but the Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. 

Section 17.16. Incompetent. If the Benefits Committee determines in its discretion that a payment under the Plan is to be
made to a minor, a person declared incompetent or to a person incapable of handling the disposition of such person’s property, the Benefits Committee may direct that such payment be made to the guardian, legal representative or person having
the care and custody of such minor, incompetent or incapable person. The Benefits Committee may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to such payment. Any payment made shall be for the
account of the Participant, DFS Participant or CSR Participant, as the case may be, or his or her Beneficiary, and shall be a complete discharge of any liability under the Plan for such payment. 

Section 17.17. Court Order. The Benefits Committee is authorized to comply with any court order in any action in which the
Plan or the Benefits Committee has been named as a party, including any action involving a determination of a Participant’s, DFS Participant’s or CSR 

  
 -61- 

 
Participant’s rights or interests under the Plan. Notwithstanding the foregoing, the Benefits Committee shall interpret this provision in a manner that is consistent with applicable tax law,
including but not limited to guidance issued after the effective date of the Plan or any amendment or restatement thereof. 

Section 17.18. Insurance. The Employers, on their own behalf or on behalf of the Trustee, and, in their sole discretion,
may apply for and procure insurance on the life of a Participant, an DFS Participant or a CSR Participant, in such amounts and in such forms as the Trust may choose. The Employers or the Trustee, as the case may be, shall be the sole owner and
beneficiary of any such insurance. Such Participant, DFS Participant or CSR Participant shall have no interest whatsoever in any such policy or policies, and at the request of his or her Employer shall submit to medical examinations and supply such
information and execute such documents as may be required by the insurance company or companies to whom the Employers have applied for insurance. 

Section 17.19. Legal Fees To Enforce Rights After Change in Control. The Company and each Employer are aware that upon the
occurrence of a Change in Control, the Board or the board of directors of an Employer (which might then be composed of new members) or a shareholder of the Company or an Employer, or of any successor corporation might then cause or attempt to cause
the Company, an Employer or such successor to refuse to comply with its obligations under the Plan and might cause or attempt to cause the Company or an Employer to institute, or may institute, litigation seeking to deny Participants, DFS
Participants or CSR Participants the payments intended under the Plan. In these circumstances, the purpose of the Plan could be frustrated. Accordingly, if, following a Change in Control, it should appear to any Participant, DFS Participant or CSR
Participant that the Company, his or her Employer or any 

  
 -62- 

 
successor corporation has failed to comply with any of its obligations under the Plan or any Plan Agreement thereunder or, if the Company, such Employer or any other person takes any action to
declare the Plan void or unenforceable or institutes any litigation or other legal action designed to deny, diminish or to recover from any Participant, DFS Participant or CSR Participant the payments intended to be provided, then the Company and
his or her Employer irrevocably authorize such Participant, DFS Participant or CSR Participant to retain counsel of his or her choice at the expense of the Company and his or her Employer (who shall be jointly and severally liable) to represent such
Participant, DFS Participant or CSR Participant in connection with the initiation or defense of any litigation or other legal action, whether by or against the Company, his or her Employer or any director, officer, shareholder or other person
affiliated with the Company, his or her Employer or any successor thereto in any jurisdiction. 
 IN WITNESS WHEREOF, the Company has signed this Plan
document as of                     , 2016. 
  

			
	Donnelley Financial Solutions, Inc.
		
	By:	 	 
	Title:	 	 

  
 -63-EX-4.2

 Exhibit 4.2 

EXECUTION COPY 
 Legg
Mason, Inc. 
 5.45% Junior Subordinated Notes due 2056 

 
  

Underwriting Agreement 

August 3, 2016 
 Morgan Stanley & Co. LLC 

1585 Broadway 
 New York, New York 10036 

Merrill Lynch, Pierce, Fenner & Smith 

                     Incorporated 

One Bryant Park 
 New York, New York 10036 

Citigroup Global Markets Inc. 
 388 Greenwich Street 

New York, New York 10013 
 J.P. Morgan Securities LLC 

383 Madison Avenue 
 New York, New York 10179 

Wells Fargo Securities, LLC 
 550 South Tryon Street, 5th Floor

 Charlotte, North Carolina 28202 
 As
Representatives of the several Underwriters 
 named in Schedule I hereto 

Ladies and Gentlemen: 
 Legg Mason, Inc., a
Maryland corporation (the “Company”), proposes, subject to the terms and conditions stated herein, to issue and sell to the Underwriters named in Schedule I hereto (the “Underwriters”), for which Morgan Stanley & Co. LLC,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as the representatives (the “Representatives”), 5.45%

  
 1 

 
Junior Subordinated Notes due 2056 (the “Securities”). The Securities will be issued pursuant to an indenture dated as of March 14, 2016 (the “Base Indenture”) between
the Company and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by the Second Supplemental Indenture thereto to be dated as of August 8, 2016 (the “Supplemental Indenture”). The Base Indenture as
supplemented by the Supplemental Indenture is referred to herein as the “Indenture.” 
 1. The Company represents and warrants to,
and agrees with, each of the Underwriters that: 
 (a) An automatic shelf registration statement (as defined in Rule 405) on
Form S-3 (File No. 333-209616) (the “Initial Registration Statement”) in respect of the Securities has been filed with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the
“Act”), and the rules and regulations of the Commission thereunder; the Initial Registration Statement and any post-effective amendment thereto, each in the form heretofore delivered to the Representatives, and excluding exhibits to the
Initial Registration Statement, became effective upon filing; and no stop order suspending the effectiveness of the Initial Registration Statement, any post-effective amendment thereto or any part thereof has been issued and no proceeding for that
purpose has been initiated or threatened by the Commission; the base prospectus filed as part of the Initial Registration Statement, in the form in which it has most recently been filed with the Commission on or prior to the date of this Agreement
relating to the Securities, is hereinafter called the “Basic Prospectus”; any preliminary prospectus (including any preliminary prospectus supplement) relating to the Securities filed with the Commission pursuant to Rule 424(b) under the
Act is hereinafter called a “Preliminary Prospectus”; the various parts of the Initial Registration Statement including all exhibits thereto and including any prospectus supplement relating to the Securities that is filed with the
Commission and deemed by virtue of Rule 430B under the Act to be part of the Initial Registration Statement, each as amended at the time such part of the Initial Registration Statement became effective, are hereinafter collectively called the
“Registration Statement”; the Basic Prospectus, as amended and supplemented immediately prior to the Applicable Time (as defined in Section 1(c) hereof), is hereinafter called the “Pricing Prospectus”; the form of the final
prospectus relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Act in accordance with Section 5(a) hereof is hereinafter called the “Prospectus”; any reference herein to the Basic Prospectus, the Pricing
Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3, as of the date of such prospectus; any reference to any
amendment or supplement to the Basic Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any post-effective amendment to the Registration Statement, any prospectus supplement relating to the Securities
filed with the Commission pursuant to Rule 424(b) under the Act and any documents filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and incorporated therein, in each case after the date of the Basic
Prospectus, such Preliminary Prospectus, or the Prospectus, as the case may be; any reference to any amendment to the Registration Statement shall be deemed to refer to and include any annual report of the Company filed pursuant to Section 13(a) or
15(d) of the 

  
 -2- 

 
Exchange Act after the effective date of the Registration Statement that is incorporated by reference in the Registration Statement; and any “issuer free writing prospectus” as defined
in Rule 433 under the Act relating to the Securities is hereinafter called an “Issuer Free Writing Prospectus”; 

(b) No order preventing or suspending the use of any Preliminary Prospectus has been issued by the Commission, and each
Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder, and did not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and
warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by an Underwriter through the Representatives expressly for use therein; 

(c) For the purposes of this Agreement, the “Applicable Time” is 2:30 p.m. (Eastern time) on the date of this
Agreement; (i) the Pricing Prospectus as supplemented by the final term sheet prepared and filed pursuant to Section 5(a) hereof and substantially in the form set forth in Schedule V hereto, taken together (collectively, the “Pricing Disclosure
Package”) as of the Applicable Time and (ii) any investor presentation listed on Schedule IV (the “Additional Issuer Information”) or any electronic road show, each when taken together with the Pricing Disclosure Package, did not
include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing
Prospectus listed on Schedule II(a) hereto does not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus and each such Issuer Free Writing Prospectus, as supplemented by and taken
together with the Pricing Disclosure Package as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements or omissions made in an Issuer Free Writing Prospectus in reliance upon and in conformity with information
furnished in writing to the Company by an Underwriter through the Representatives expressly for use therein; 
 (d) The
documents incorporated by reference in the Pricing Prospectus and the Prospectus, when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Act or the Exchange
Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; and any further documents so filed and incorporated by reference in the Prospectus or any further amendment or supplement thereto, when such documents become effective or are filed with the Commission, as the case
may be, will conform in all material respects to the requirements of the Act or the Exchange Act, as applicable, 

  
 -3- 

 
and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the
Company by an Underwriter through the Representatives expressly for use therein; and no such documents were filed with the Commission since the Commission’s close of business on the business day immediately prior to the date of this Agreement
and prior to the execution of this Agreement, except as set forth on Schedule II(b) hereto; 
 (e) The Registration Statement
conforms, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus will conform, in all material respects to the requirements of the Act, the rules and regulations of the Commission thereunder and
the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and do not and will not, as of the applicable effective date as to each part of the Registration Statement and as of the applicable filing date as to the Prospectus
and any amendment or supplement thereto, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this
representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by an Underwriter through the Representatives expressly for use therein; 

(f) (i) At the time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto for the
purposes of complying with Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Sections 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Company or
any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c)) made any offer relating to the Securities in reliance on the exemption in Rule 163, and (iv) at the Applicable Time (with such date being used as the
determination date for purposes of this clause (iv)), the Company was or is (as the case may be) a “well-known seasoned issuer” as defined in Rule 405. The Company agrees to pay the fees required by the Commission relating to the
Securities within the time required by Rule 456(b)(1) without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r); 

(g) (i) At the earliest time after the filing of the Initial Registration Statement that the Company or another offering
participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act) of the Securities and (ii) as of the Applicable Time (with such date being used as the determination date for purposes of this clause (ii)), the Company was not
and is not an “ineligible issuer” (as defined in Rule 405 under the Act), without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an “ineligible
issuer”; 
 (h) The Company has been duly incorporated and is validly existing in good standing under the laws of the
State of Maryland with all requisite power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as 

  
 -4- 

 
described in the Pricing Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign corporation or organization and is in good standing under the laws of each
jurisdiction which requires such qualification, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a material adverse change in
the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its subsidiaries (each a “subsidiary” and collectively, the “subsidiaries”; provided that such terms for
purposes of this Agreement shall not include the following entities: Permal Hedge Fund Opportunities, Brandywine Concentrated Large Cap Core Equity Portfolio, Brandywine Dynamic Large Cap Value Extended Equity Portfolio, Brandywine Investment Trust
Diversified Large Cap Value Portfolio, Quantitative Global Equity Value Portfolio, Diversified Mid Cap Dedicated Value Equity Portfolio, Systematic Mid Cap Value Equity Portfolio, Diversified Small Cap Select Value Equity Portfolio, Global All Cap
Equity Portfolio, Global Small Cap Equity Portfolio, Global Macro Equity Portfolio, Dynamic Alternative Equity Portfolio, the Global Currents Investment Trust, Brandywine Global Macro and Brandywine Global Investment Management Trust-30th Street Fund) considered as one enterprise, whether or not arising in the ordinary course of business (a “Material Adverse Effect”); 

(i) Except as would not result in a Material Adverse Effect, each of the Company’s subsidiaries: (i) has been duly
incorporated or organized, (ii) is validly existing in good standing under the laws of the jurisdiction in which it is chartered or organized with all requisite power and authority to own or lease, as the case may be, and to operate its properties
and conduct its business as described in the Pricing Disclosure Package and the Prospectus, and (iii) is duly qualified to do business as a foreign corporation or organization and is in good standing under the laws of each jurisdiction which
requires such qualification, whether by reason of the ownership or leasing of property or the conduct of business; 
 (j)
Except as would not result in a Material Adverse Effect, (A) all the outstanding shares of capital stock of each of the Company’s subsidiaries have been duly and validly authorized and issued and are fully paid and nonassessable, and (B) except
as may be otherwise set forth in the Pricing Disclosure Package and the Prospectus, all outstanding shares of capital stock of such subsidiaries are owned by the Company either directly or through wholly-owned subsidiaries free and clear of any
perfected security interest or any other security interest, mortgage, pledge, lien, encumbrance or claim; 
 (k) The
Company’s authorized equity capitalization is as set forth in the Pricing Disclosure Package and the Prospectus; the capital stock of the Company conforms in all material respects to the description thereof contained in the Pricing Disclosure
Package and the Prospectus; the outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and nonassessable; 

(l) The Base Indenture and the Supplemental Indenture have been duly authorized by the Company and, at the Time of Delivery,
will have been duly executed and delivered by the Company; at the Time of Delivery, the Base Indenture and the 

  
 -5- 

 
Supplemental Indenture will constitute valid and legally binding instruments, enforceable in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and
other similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles (collectively, the “Enforceability Exceptions”); and the Base Indenture has been qualified under and conforms in
all material respects to the requirements of the Trust Indenture Act and the rules and regulations of the Commission applicable to an indenture that is qualified thereunder; 

(m) The Securities have been duly authorized by the Company and, at the Time of Delivery, will have been duly executed and
delivered by the Company; at the Time of Delivery, when the Securities are executed and authenticated in accordance with the provisions of the Indenture and the Securities delivered to and paid for by the Underwriters in accordance with the terms of
this Agreement, the Securities will be valid and legally binding instruments, enforceable in accordance with their terms, subject, as to enforcement, to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture pursuant to
which the Securities are to be issued; 
 (n) All corporate action required to be taken for the consummation of the
transactions contemplated hereby has been duly and validly taken by the Company; 
 (o) The statements set forth in the
Pricing Prospectus and the Prospectus under the captions “Description of Notes” and “Description of Debt Securities—Junior Subordinated Debt Securities,” insofar as they purport to constitute a summary of the terms of the
Securities and under the caption “Material United States Federal Income Tax Considerations” insofar as they purport to describe the provisions of the laws and documents referred to therein, subject to the conditions, limitations and
assumptions described therein, are accurate, complete and fair; 
 (p) There is no franchise, contract or document which is
required to be described in the Registration Statement, the Pricing Prospectus or the Prospectus or to be filed as an exhibit thereto which has not been so described and filed as required; 

(q) This Agreement has been duly authorized, executed and delivered by the Company; 

(r) The Company is not and, after giving pro forma effect to the offering and sale of the Securities and the use of the
proceeds as described in the Pricing Disclosure Package and the Prospectus, will not be required to register as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”); 

(s) No consent, approval, authorization, filing with or order of any court or governmental agency or body is required by the
Company in connection with the transactions contemplated herein, except for the filing of this Agreement on a Report on Form 8-K or such as have been already obtained or will have been obtained by the Company prior to the Time of Delivery and
such as may be required by the Company under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Underwriters in the manner contemplated herein and in the Pricing Disclosure Package and the
Prospectus; 

  
 -6- 

 (t) Neither the execution and delivery of the Indenture, the issue and sale of
the Securities nor the consummation of any other of the transactions contemplated herein nor the fulfillment of the terms hereof by the Company will conflict with, result in a breach or violation of, or imposition of any lien, charge or encumbrance
upon any property or assets of the Company or any of its subsidiaries pursuant to (i) the charter, by-laws, certificate of formation or the limited liability company agreement, as applicable, of the Company or any of its subsidiaries; (ii) the terms
of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party or bound or to which its or their
property is subject; or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority
having jurisdiction over the Company or any of its subsidiaries or any of its or their assets, properties, or operations; except in the cases of clause (i) (solely with respect to the Company’s subsidiaries) and clauses (ii) through (iii) as
would not result in a Material Adverse Effect or a material adverse effect on the performance of this Agreement or the consummation of any of the transactions contemplated hereby; 

(u) The financial statements included in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
together with the related schedules and notes, present fairly, in all material respects, the financial position of the Company and its consolidated subsidiaries at the dates indicated and the statement of operations, stockholders’ equity and
cash flows of the Company and its consolidated subsidiaries for the periods specified; said financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) applied on a consistent basis
throughout the periods involved and comply as to form with the applicable accounting requirements of the Act and the published rules and regulations thereunder. The supporting schedules, if any, included in the Registration Statement, Pricing
Disclosure Package and Prospectus present fairly in accordance with GAAP the information required to be stated therein; and the selected financial data and the summary financial information included in the Pricing Disclosure Package and the
Prospectus present fairly the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included in the Registration Statement. The interactive data in eXtensible Business Reporting
Language included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the
Commission’s rules and guidelines applicable thereto; 
 (v) There is no action, suit, proceeding, inquiry or
investigation before or brought by any court or governmental agency or body or before any arbitrator, now pending, or, to the knowledge of the Company, threatened, against or affecting the Company or any subsidiary that (i) could reasonably be
expected to result in a material adverse effect on the performance of this Agreement or the consummation of any of the transactions contemplated hereby or (ii) except as set forth in the Company’s Annual

  
 -7- 

 
Report on Form 10-K for the fiscal year ended March 31, 2016, which is incorporated by reference in the Pricing Disclosure Package and the Prospectus, could reasonably be expected to result in a
Material Adverse Effect; 
 (w) The Company and each of its subsidiaries own or lease all such properties as are necessary to
the conduct of its operations as presently conducted; 
 (x) Neither the Company nor any of its subsidiaries is in violation
or default of (i) any provision of its charter or by-laws, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a
party or bound or to which its property is subject, or (iii) except as set forth in the Pricing Disclosure Package and the Prospectus, any statute, law, rule, regulation, judgment, order or decree of any Federal, state, local or foreign court,
regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or such subsidiary or any of its or their properties; except, in the case of clauses (i) (with respect to subsidiaries
only), (ii) or (iii), for any such violations or defaults that would not be reasonably expected to result in a Material Adverse Effect; 

(y) PricewaterhouseCoopers LLP, which has certified certain financial statements of the Company and its subsidiaries, and has
audited the Company’s internal control over financial reporting, is an independent registered public accounting firm within the meaning of the Act and the rules and regulations thereunder; 

(z) Each of the Company and the subsidiaries listed on Schedule III hereto (the “Significant Subsidiaries”) has filed
all foreign, federal, state and local tax returns that are required to be filed or has requested extensions thereof (except in any case in which the failure so to file would not have a Material Adverse Effect), has paid all taxes required to be paid
by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not have a
Material Adverse Effect, except as set forth in or contemplated in the Pricing Disclosure Package and the Prospectus (exclusive of any supplement thereto); the Company does not have any significant subsidiaries as defined by Rule 1-02 of Regulation
S-X that are not listed on Schedule III; 
 (aa) The Company and its subsidiaries, as an entity, are insured by insurers of
recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged; and, except as set forth in the Pricing Disclosure Package and the Prospectus, there are
no claims by the Company or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause that could reasonably be expected to have a Material
Adverse Effect; neither the Company nor any such subsidiary has been refused any insurance coverage sought or applied for; and the Company and each such subsidiary believes that it will be able to renew its existing insurance coverage as and when
such coverage expires, should it elect to do so, or to obtain similar coverage from similar insurers as may be necessary to 

  
 -8- 

 
continue its business at a cost that would not have a Material Adverse Effect, except as set forth in or contemplated in the Pricing Disclosure Package and the Prospectus (exclusive of any
supplement thereto); 
 (bb) No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any
dividends to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s property
or assets to the Company or any other subsidiary of the Company, except as may be described in or contemplated by the Pricing Disclosure Package and the Prospectus and except as would not reasonably be expected to result in a Material Adverse
Effect; 
 (cc) The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting
principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any differences. The Company and its subsidiaries’ internal controls over financial reporting are effective and the Company and its subsidiaries are not aware of any
material weakness in their internal control over financial reporting; 
 (dd) The Company maintains disclosure controls and
procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; 

(ee) The Company and its subsidiaries possess all licenses, certificates, permits and other authorizations issued by the
appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, except for such licenses, certificates, permits and other authorizations as to which the failure to so own, hold or possess would not have
a Material Adverse Effect, and neither the Company nor any such subsidiary has received any notice of proceedings relating to the revocation or modification of any such license, certificate, authorization or permit which, singly or in the aggregate,
if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to result in a Material Adverse Effect, except as set forth in or contemplated in the Pricing Disclosure Package and the Prospectus (exclusive of any
supplement thereto); 
 (ff) The Company has not taken, directly or indirectly, any action designed to or that would
constitute or that might reasonably be expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities in violation of the Exchange Act or otherwise; 

  
 -9- 

 (gg) The Company and its subsidiaries (i) are in compliance with any and all
applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii)
have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses, (iii) have not received notice of any actual or potential liability under
any environmental law, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not, individually or in the aggregate, result in a Material Adverse Effect. Except
as set forth in the Pricing Disclosure Package and the Prospectus, neither the Company nor any of the subsidiaries has been named as a “potentially responsible party” under the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended; 
 (hh) The minimum funding standard under Section 302 of the Employee Retirement Income
Security Act of 1974, as amended, and the regulations and published interpretations thereunder (“ERISA”), has been satisfied by each “pension plan” (as defined in Section 3(2) of ERISA) which has been established or maintained by
the Company and/or one or more of its subsidiaries, and the trust forming part of each such plan which is intended to be qualified under Section 401 of the Code is so qualified; each of the Company and its subsidiaries has fulfilled its obligations,
if any, under Section 515 of ERISA; neither the Company nor any of its subsidiaries maintains or is required to contribute to a “welfare plan” (as defined in Section 3(1) of ERISA) which provides retiree or other post-employment welfare
benefits or insurance coverage (other than “continuation coverage” (as defined in Section 602 of ERISA)); each pension plan and welfare plan established or maintained by the Company and/or one or more of its subsidiaries is in compliance
in all material respects with the currently applicable provisions of ERISA; and neither the Company nor any of its subsidiaries has incurred or could reasonably be expected to incur any withdrawal liability under Section 4201 of ERISA, any liability
under Section 4062, 4063, or 4064 of ERISA, or any other liability under Title IV of ERISA; 
 (ii) Except as would not have
a Material Adverse Effect, there is and has been no failure on the part of the Company, or, to the Company’s knowledge, any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the
Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section 402 relating to loans and Sections 302 and 906 relating to certifications; 

(jj) The Company and its subsidiaries own, possess, license or have other rights to use all patents, patent applications, trade
and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, the “Intellectual Property”) necessary for the
conduct of their business, taken as a whole, as now conducted; and neither the Company nor any of its subsidiaries has received any notice of infringement of or conflict with asserted rights of others with respect to any Intellectual Property, which
infringement or conflict, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect; 

  
 -10- 

 (kk) Neither the Company nor any of its subsidiaries have failed to file with
applicable regulatory authorities any statement, report, information or form required by any applicable law, regulation or order, except where the failure to file or to be so in compliance would not, individually and in the aggregate, have a
Material Adverse Effect. No deficiencies have been asserted by any regulatory commission, agency or authority with respect to any such filings or submissions, except for any such failures to be in compliance or deficiencies which would not,
individually and in the aggregate, have a Material Adverse Effect; 
 (ll) The Company is subject to the reporting
requirements of Section 13 or Section 15(d) of the Exchange Act; 
 (mm) The Company has not taken, and will not take,
directly or indirectly, any action prohibited by Regulation M under the Exchange Act in connection with the offering of the Securities; 

(nn) The Company is not required to be registered, licensed or qualified as an investment adviser or a broker-dealer or as a
commodity trading advisor, a commodity pool operator or a future commission merchant or any or all of the foregoing, as applicable; each of the Company’s subsidiaries that is required to be registered, licensed or qualified as an investment
adviser or a broker-dealer or as a commodity trading advisor, a commodity pool operator or a futures commission merchant or any or all of the foregoing, as applicable, is so registered, licensed or qualified in each jurisdiction where the conduct of
its business requires such registration, license or qualification (and such registration, license or qualification is in full force and effect), and is in compliance with all applicable laws requiring any such registration, licensing or
qualification, except for any failures to be so registered, licensed or qualified or to be in such compliance that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; 

(oo) The Company is not a party as an investment advisor or distributor to any investment advisory agreement or distribution
agreement; each of the investment advisory agreements and distribution agreements to which any of the Company’s subsidiaries is a party is a valid and legally binding obligation of such subsidiary which is a party thereto and complies with the
applicable provisions of the Investment Advisers Act of 1940, as amended, except for any failures to be so valid and legally binding and in compliance that, individually or in the aggregate, would not reasonably be expected to have a Material
Adverse Effect; and none of the Company’s subsidiaries is in breach or violation of or in default under any such agreement which breach, violation, default or invalidity, individually or in the aggregate, would reasonably be expected to have a
Material Adverse Effect; 
 (pp) The Company does not sponsor any funds; each fund sponsored by any of the Company’s
subsidiaries (a “Fund” or the “Funds”) and which is required to be 

  
 -11- 

 
registered with the Commission as an investment company under the Investment Company Act is duly registered with the Commission as an investment company under the Investment Company Act and the
securities of each fund have been issued and sold in accordance with applicable law, except for any failures to be so registered or otherwise comply with applicable law that, individually or in the aggregate, would not reasonably be expected to have
a Material Adverse Effect; 
 (qq) The operations of the Company and its subsidiaries are and have been conducted at all
times in compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its
subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened; 
 (rr)
Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently the target of any sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”); and the Company will not
directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, to fund any activities of or business with any person, or in
any country or territory, that, at the time of the funding, is the subject of Sanctions; and 
 (ss) Neither the issuance,
sale and delivery of the Securities nor the application of the proceeds thereof by the Company as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus will violate Regulation T, U or X of the Board of
Governors of the Federal Reserve System or any other regulation of such Board of Governors. 
 Any certificate signed by any officer of the
Company and delivered to the Representatives or counsel for the Representatives in connection with the offering of the Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby, to the Representatives on
behalf of the Underwriters. 
 2. Subject to the terms and conditions herein set forth, the Company agrees to issue and sell to each of the
Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company the aggregate principal amount of the Securities set forth opposite the name of such Underwriter in Schedule I hereto (i) in the case of
retail sales, at a purchase price of 96.85% of the principal amount thereof, plus accrued interest, if any, from August 8, 2016 to the Time of Delivery thereof; and (ii) in the case of institutional sales, at a purchase price of 98.00% of the
principal amount thereof, plus accrued interest, if any, from August 8, 2016 to the Time of Delivery thereof. 

  
 -12- 

 3. Upon the authorization by the Representatives of the release of the Securities, the several
Underwriters propose to offer the Securities for sale upon the terms and conditions set forth in the Prospectus. 
 4. (a) The
Securities to be purchased by each Underwriter hereunder will be represented by one or more definitive global Securities in book-entry form which will be deposited by or on behalf of the Company with The Depository Trust Company (“DTC”) or
its designated custodian. The Company will deliver the Securities to the Representatives, for the account of each Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal
(same-day) funds to the account specified by the Company to the Representatives at least forty-eight hours in advance, by causing DTC to credit the Securities to the accounts specified by the Representatives at DTC. The Company will cause the
certificates representing the Securities to be made available to the Representatives for checking at least twenty-four hours prior to the Time of Delivery with respect thereto at the office of DTC or its designated custodian (the “Designated
Office”). The time and date of such delivery and payment shall be 9:30 a.m., New York City time, on August 8, 2016, or at such other time and date as the Representatives and the Company may agree upon in writing. Such time and date
for delivery of the Securities is herein called the “Time of Delivery.” 
 (b) The documents to be delivered at the Time of
Delivery by or on behalf of the parties hereto pursuant to Section 8 hereof, including the cross-receipt for the Securities and any additional documents requested by the Underwriters pursuant to Section 8(i) hereof, will be delivered at such time
and date at the offices of Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York 10017 (the “Closing Location”), and the Securities will be delivered at the Designated Office, all at the Time of Delivery. A
telephonic meeting will be held at the Closing Location at 1:00 p.m., New York City time, on the New York Business Day immediately preceding the Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the
preceding sentence will be available for review by the parties hereto. For the purposes of this Section 4, “New York Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in New York City are generally authorized or obligated by law or executive order to close. 
 5. The Company agrees with each
of the Underwriters: 
 (a) To prepare the Prospectus in a form reasonably acceptable to the Representatives and to file such Prospectus
pursuant to Rule 424(b) under the Act not later than the Commission’s close of business on the second business day following the date of this Agreement or such earlier time as may be required under the Act; to make no further amendment or any
supplement to the Registration Statement, the Basic Prospectus or the Prospectus prior to the Time of Delivery without the Representatives’ consent which shall not be unreasonably withheld; to advise the Representatives, promptly after it
receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any amendment or supplement to the Prospectus has been filed; to prepare a final term sheet, containing solely a description
of the Securities, in a form reasonably acceptable to the Representatives and to file such term sheet pursuant to Rule 433(d) under the Act within the time required by such Rule; to file promptly all other material required to be filed by the
Company with the Commission pursuant to Rule 433(d) under the Act; to advise the Representatives, promptly after it receives 

  
 -13- 

 
notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus in respect of the
Securities, of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or
supplementing of the Registration Statement or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus or
suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order; 
 (b) Promptly from time to
time to take such action as the Representatives may reasonably request to qualify the Securities for offering and sale under the securities laws of such jurisdictions as the Representatives may request and to comply with such laws so as to permit
the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Securities, provided that in connection therewith the Company shall not be required to qualify as a foreign
corporation or to file a general consent to service of process in any jurisdiction; 
 (c) To furnish the Underwriters with copies of the
Prospectus as then amended or supplemented in New York City in such quantities as the Representatives may reasonably request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required
at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Securities and if at such time either (i) any event shall have occurred or condition shall exist as a result
of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made when such Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is delivered, not misleading, or, (ii) if for any other reason it shall be necessary during such period to amend or supplement the Prospectus or
to file under the Exchange Act any document incorporated by reference in the Prospectus in order to comply with the Act, the Exchange Act or the Trust Indenture Act, to notify the Representatives and upon the Representatives’ consent to file
such document in a form reasonably acceptable to the Representatives and to prepare and furnish without charge to each Underwriter and to any dealer in securities as many copies as the Representatives may from time to time reasonably request, of an
amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such compliance; and in case any Underwriter is required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a)
under the Act) in connection with sales of any of the Securities at any time nine months or more after the time of issue of the Prospectus, upon the Representatives’ request but at the expense of such Underwriter, to prepare and deliver to such
Underwriter as many copies as the Representatives may reasonably request of an amended or supplemented Prospectus complying with Section 10(a)(3) of the Act; 

(d) To make generally available to its securityholders as soon as practicable, but in any event not later than eighteen months after the
effective date of the Registration Statement (as defined in Rule 158(c) under the Act), an earnings statement of the Company and its subsidiaries (which need not be audited) complying with Section 11(a) of the Act and the rules and regulations
of the Commission thereunder (including, at the option of the Company, Rule 158); 

  
 -14- 

 (e) To not, without the prior written consent of the Representatives, offer, sell, contract to
sell, pledge, or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or
otherwise) by the Company or any affiliate of the Company or any person in privity with the Company or any affiliate of the Company), directly or indirectly, including the filing (or participation in the filing) of a registration statement with the
Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, any debt securities issued or guaranteed by the Company that are
substantially similar to the Securities (other than the Securities) or publicly announce an intention to effect any such transaction, until a period of 30 days from the date of this Agreement; 

(f) To use the net proceeds received by it from the sale of the Securities in the manner specified in the Pricing Prospectus and the
Prospectus under the caption “Use of Proceeds”; and 
 (g) To use its commercially reasonable efforts to effect the listing of the
Securities on the New York Stock Exchange within 30 days of the Time of Delivery. 
 6. (a) (i) The Company represents and agrees that,
other than the final term sheet prepared and filed pursuant to Section 5(a) hereof and the Issuer Free Writing Prospectuses listed under Schedule II(a) hereto, without the prior consent of the Representatives, it has not made and will not make
any offer relating to the Securities that would constitute an “issuer free writing prospectus,” as defined in Rule 433 under the Act; 

(ii) each Underwriter represents and agrees that, without the prior consent of the Company and the Representatives, other than one or more
term sheets relating to the Securities containing customary information and conveyed to purchasers of Securities, it has not made and will not make any offer relating to the Securities that would constitute a free writing prospectus; and 

(iii) any such free writing prospectus the use of which has been consented to by the Company and the Representatives is listed on Schedule
II(a) hereto; 
 (b) The Company has complied and will comply with the requirements of Rule 433 under the Act applicable to any Issuer Free
Writing Prospectus, including timely filing with the Commission or retention where required and legending; and 
 (c) The Company agrees
that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement, the Pricing
Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company
will give prompt notice thereof to 

  
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the Representatives and, if requested by the Representatives, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus or other document which will correct
such conflict, statement or omission; provided, however, that this representation and warranty shall not apply to any statements or omissions in an Issuer Free Writing Prospectus made in reliance upon and in conformity with information
furnished in writing to the Company by an Underwriter through the Representatives expressly for use therein. 
 7. The Company covenants and
agrees with the several Underwriters that the Company will pay or cause to be paid the following: (i) the fees, disbursements and expenses of the Company’s counsel and accountants in connection with the registration of the Securities under the
Act and all other expenses of the Company in connection with the preparation, printing, reproduction and filing of the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus
and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) the cost of printing or producing any Agreement among Underwriters, this Agreement, the Indenture, any Blue Sky Memorandum,
closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Securities; (iii) all expenses in connection with the qualification of the Securities for offering and
sale under state securities laws as provided in Section 5(b) hereof, including the fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with any Blue Sky survey; (iv) any fees charged by
securities rating services for rating the Securities; (v) the cost of preparing the Securities; (vi) the fees and expenses of the Trustee and its agents and the fees and disbursements of its counsel in connection with the Indenture and the
Securities; and (vii) all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section. It is understood, however, that, except as provided in this Section,
and Sections 9 and 12 hereof, the Underwriters will pay all of their own costs and expenses, including the fees of their counsel, transfer taxes on resale of any of the Securities by them, and any advertising expenses connected with any offers they
may make. 
 8. The obligations of the Underwriters hereunder, as to the Securities to be delivered at the Time of Delivery, shall be
subject, in their discretion, to the condition that all representations and warranties and other statements of the Company herein are, at and as of the Time of Delivery, true and correct, the condition that the Company shall have performed all of
its obligations hereunder theretofore to be performed, and the following additional conditions: 
 (a) The Prospectus shall have been filed
with the Commission pursuant to Rule 424(b) under the Act within the applicable time period prescribed for such filing by the rules and regulations under the Act and in accordance with Section 5(a) hereof; the final term sheet contemplated by
Section 5(a) hereof, and any other material required to be filed by the Company pursuant to Rule 433(d) under the Act, shall have been filed with the Commission within the applicable time period prescribed for such filings by Rule 433; no stop
order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission; no stop order suspending or preventing the use
of the Prospectus or any Issuer Free Writing Prospectus shall have been initiated or threatened by the Commission; and all requests for additional information on the part of the Commission shall have been complied with to the Representatives’
reasonable satisfaction; 

  
 -16- 

 (b) Davis Polk & Wardwell LLP, counsel for the Underwriters, shall have furnished to the
Representatives such written opinion or opinions, dated the Time of Delivery, with respect to the validity of the Securities, the Pricing Disclosure Package and the Prospectus and such other related matters as the Representatives may reasonably
request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters; 

(c) Shearman & Sterling LLP, counsel for the Company, shall have furnished to the Representatives its written opinion and disclosure
letter, dated the Time of Delivery, in form and substance satisfactory to the Representatives, to the effect set forth in Exhibit A-1 hereto and with customary assumptions and qualifications; 

(d) Thomas Merchant, General Counsel for the Company, or other counsel of the Company satisfactory to the Representatives shall have furnished
to the Representatives his written opinion, dated the Time of Delivery, in form and substance satisfactory to the Representatives, to the effect set forth in Exhibit A-2 hereto; 

(e) On the date of the Prospectus at the Applicable Time, on the effective date of any post-effective amendment to the Registration Statement
filed subsequent to the date of this Agreement and also at the Time of Delivery, PricewaterhouseCoopers LLP shall have furnished to the Representatives a letter or letters, dated the respective dates of delivery thereof, in form and substance
satisfactory to you, containing statements and information of the type ordinarily included in accountants’ comfort letters to underwriters; provided that the letter dated the Time of Delivery shall have a “cut off” date not
earlier than the date of this Agreement. 
 (f) On the date of the Prospectus at the Applicable Time, on the effective date of any
post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at the Time of Delivery, Peter Nachtwey, Chief Financial Officer of the Company, shall have furnished to the Representatives a
certificate, dated the respective dates of delivery thereof, in form and substance satisfactory to you, with respect to certain financial data contained in the Pricing Disclosure Package and the Prospectus. 

(g) Since the respective dates as of which information is given in the Pricing Prospectus there shall not have been any change in the capital
stock or long term debt of the Company or any of its subsidiaries or any change, or any development involving a prospective change, in or affecting the general affairs, management, financial position, stockholders’ equity or results of
operations of the Company and its subsidiaries, otherwise than as set forth or contemplated in the Pricing Prospectus or related to restricted stock and stock option awards to employees, the effect of which, in any such case, is in the
Representatives’ judgment so material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Securities at the Time of Delivery on the terms and in the manner contemplated in the
Prospectus; 

  
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 (h) On or after the Applicable Time (i) no downgrading shall have occurred in the rating accorded
the Company’s debt securities or preferred stock by any “nationally recognized statistical rating organization,” as that term is defined in Section 3(a)(62) of the Exchange Act, and (ii) no such organization shall have publicly
announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company’s debt securities or preferred stock; 

(i) On or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in trading in
securities generally on the New York Stock Exchange; (ii) a suspension or material limitation in trading in the Company’s securities on the New York Stock Exchange; (iii) a general moratorium on commercial banking activities declared by either
Federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States; (iv) the outbreak or escalation of hostilities involving the United States or the declaration
by the United States of a national emergency or war or (v) the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in
clause (iv) or (v) in the Representatives’ judgment makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Securities at the Time of Delivery on the terms and in the manner contemplated in the
Prospectus; 
 (j) The Company shall have furnished or caused to be furnished to the Representatives at the Time of Delivery certificates of
officers of the Company reasonably satisfactory to the Representatives as to the accuracy of the representations and warranties of the Company herein at and as of the Time of Delivery, as to the performance by the Company of all of its obligations
hereunder to be performed at or prior to the Time of Delivery, as to the absence of any Material Adverse Effect since the date of the most recent financial statements included or incorporated by reference in the Prospectus (exclusive of any
supplement thereto) except as set forth in or contemplated in the Pricing Disclosure Package and the Prospectus (exclusive of any supplement thereto), as to the matters set forth in subsections (a) and (f) of this Section and as to such other
matters as the Representatives may reasonably request. 
 9. (a) The Company will indemnify and hold harmless each Underwriter against any
losses, claims, damages or liabilities, joint or several, to which such Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon
an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any
Additional Issuer Information, any Issuer Free Writing Prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Act, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with
investigating or defending any such action or claim as such expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the

  
 -18- 

 
Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, in reliance upon and in conformity with written information furnished to the Company by any Underwriter
through the Representatives expressly for use therein. 
 (b) Each Underwriter severally and not jointly agrees to indemnify and hold
harmless the Company against any losses, claims, damages or liabilities to which the Company may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement
thereto, or any Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each
case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Prospectus or
the Prospectus or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus, in reliance upon and in conformity with written information furnished to the Company by such Underwriter through the Representatives expressly for use
therein; and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as such expenses are incurred. 

(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party
shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection unless and to the extent it did not otherwise learn of such action and such failure results in forfeiture by the indemnifying
party of substantial rights and defenses. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party
under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof. No indemnifying party shall, without the written consent
of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether
or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or
claim and (ii) does not include any statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. No indemnified party shall, without the written consent of the indemnifying party, effect
the settlement or compromise 

  
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of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not
the indemnifying party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnifying party from all liability arising out of such action or claim and
(ii) does not include any statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnifying party. 

(d) If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering
of the Securities. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under subsection (c) above, then each
indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the
Underwriters on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative
benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total
underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by
pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount
paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the underwriting
discount or commission applicable to the Securities purchased by such Underwriter hereunder. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations in this subsection (d) to contribute are several in proportion to their respective underwriting obligations and not joint. 

  
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 (e) The obligations of the Company under this Section 9 shall be in addition to any liability
which the Company may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within the meaning of the Act, each broker-dealer affiliate of any Underwriter and, with respect to J.P.
Morgan Securities LLC and Citigroup Global Markets Inc., their respective selling agents; and the obligations of the Underwriters under this Section 9 shall be in addition to any liability which the respective Underwriters may otherwise have and
shall extend, upon the same terms and conditions, to each officer and director of the Company (including any person who, with his or her consent, is named in the Registration Statement as about to become a director of the Company) and to each
person, if any, who controls the Company within the meaning of the Act. 
 (f) The following information is the only information furnished
to the Company by the Underwriters specifically for use in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus or any such amendment or supplement thereto, or any Issuer Free Writing
Prospectus: (a) the last sentence on the cover page of the Prospectus; (b) the second, third and fourth sentences of the third paragraph of text under the caption “Underwriting” in the Prospectus concerning the selling terms by the
Underwriters; and (c) the seventh paragraph of text and following bullet points under the caption “Underwriting” in the Prospectus concerning short sales, purchases to cover positions created by short sales and stabilizing transactions.

 10. (a) If any Underwriter shall default in its obligation to purchase the Securities which it has agreed to purchase hereunder at
the Time of Delivery, the Representatives may arrange for the Representatives or another party or other parties, subject to the approval of the Company in its sole discretion, to purchase such Securities on the terms contained herein. If within
twenty-four hours after such default by any Underwriter the Representatives do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of twenty-four hours within which to procure another party or
other parties satisfactory to the Representatives to purchase such Securities on such terms. In the event that, within the respective prescribed periods, the Representatives notify the Company that the Representatives have so arranged for the
purchase of such Securities, or the Company notifies the Representatives that it has so arranged for the purchase of such Securities, the Representatives or the Company shall have the right to postpone the Time of Delivery for a period of not more
than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to
the Registration Statement or the Prospectus which in the Representatives’ opinion may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like
effect as if such person had originally been a party to this Agreement with respect to such Securities. 
 (b) If, after giving effect to
any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection (a) above, the aggregate principal amount of such Securities which remains unpurchased
does not exceed one-eleventh of the aggregate principal amount of all the Securities to be purchased at the Time of Delivery, then the Company shall have the right to require each non-defaulting Underwriter to purchase the aggregate principal amount
of Securities which such 

  
 -21- 

 
Underwriter agreed to purchase hereunder at the Time of Delivery and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the aggregate principal
amount of Securities which such Underwriter agreed to purchase hereunder) of the Securities of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from
liability for its default. 
 (c) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter
or Underwriters by the Representatives and the Company as provided in subsection (a) above, the aggregate principal amount of Securities which remains unpurchased exceeds one eleventh of the aggregate principal amount of all the Securities to be
purchased at the Time of Delivery, or if the Company shall not exercise the right described in subsection (b) above to require non-defaulting Underwriters to purchase Securities of a defaulting Underwriter or Underwriters, then this Agreement shall
thereupon terminate, without liability on the part of any non-defaulting Underwriter or the Company, except for the expenses to be borne by the Company and the Underwriters as provided in Section 7 hereof and the indemnity and contribution
agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default. 
 11. The
respective indemnities, agreements, representations, warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain
in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter or any controlling person of any Underwriter, or the Company, or any officer or director or controlling
person of the Company, and shall survive delivery of and payment for the Securities. 
 12. If this Agreement shall be terminated pursuant
to Section 10 hereof or as a result of the failure of any condition set forth in Section 8(h) hereof, the Company shall not then be under any liability to any Underwriter except as provided in Sections 7 and 9 hereof; but, if for any other reason,
any Securities are not delivered by or on behalf of the Company as provided herein, the Company will reimburse the Underwriters through the Representatives for all out of pocket expenses approved in writing by you, including fees and disbursements
of counsel, reasonably incurred by the Underwriters in making preparations for the purchase, sale and delivery of the Securities not so delivered, but the Company shall then be under no further liability to any Underwriter except as provided in
Sections 7 and 9 hereof. 
 13. In all dealings hereunder, the Representatives shall act on behalf of each of the Underwriters, and the
parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by the Representatives. 

All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail,
telex or facsimile transmission to the Representatives as the Representatives at Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, (fax: (212) 507-8999), Attention: Investment Banking Division, with a copy to the Legal
Department; Merrill Lynch, Pierce, Fenner & Smith Incorporated, 50 Rockefeller Plaza, NY1-050-12-01, New York, New York 10020 (fax: (646) 855-5958), Attention: High Grade Transaction Management/Legal; Citigroup Global Markets Inc., General

  
 -22- 

 
Counsel (fax: (212) 816-7912) and confirmed to the General Counsel, Citigroup Global Markets Inc., at 388 Greenwich Street, New York, New York 10013, Attention: General Counsel; J.P. Morgan
Securities LLC, 383 Madison Avenue, New York, New York 10179 (fax: (212) 834-6081); Attention: High Grade Syndicate Desk – 3rd Floor; and at Wells Fargo Securities, LLC, 550 South Tryon Street, 5th Floor, Charlotte, NC 28202, Attention:
Transaction Management, (fax: (704) 410-0326); and if to the Company shall be delivered or sent by mail, telex or facsimile transmission to the address of the Company set forth in the Registration Statement, Attention: Secretary; provided, however,
that any notice to an Underwriter pursuant to Section 9(c) hereof shall be delivered or sent by mail, telex or facsimile transmission to such Underwriter at its address set forth in its Underwriters’ Questionnaire, or telex constituting such
Questionnaire, which address will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof. 

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters
are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the
Underwriters to properly identify their respective clients. 
 14. This Agreement shall be binding upon, and inure solely to the benefit of,
the Underwriters, the Company and, to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls the Company or any Underwriter, and their respective heirs, executors, administrators,
successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Securities from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.

 15. Time shall be of the essence of this Agreement. As used herein, the term “business day” shall mean any day when the
Commission’s office in Washington, D.C. is open for business. 
 16. The Company acknowledges and agrees that (i) the purchase and sale
of the Securities pursuant to this Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other, (ii) in connection therewith and with the process leading to such
transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company, (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated
hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement
and (iv) the Company has consulted its own legal and financial advisors to the extent it deemed appropriate. The Company agrees that it will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or
respect, or owes a fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto. 

  
 -23- 

 17. This Agreement supersedes all prior agreements and understandings (whether written or oral)
between the Company and the Underwriters, or any of them, with respect to the subject matter hereof. 
 18. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York. 
 19. Each of the Company and the Representatives hereby submits to
the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of
the Company and the Representatives waives any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts. Each of the Company and the Representatives agrees that final judgment in any such
suit, action or proceeding brought in such court shall be conclusive and binding upon the Company or the respective Representatives, as applicable, and may be enforced in any court to the jurisdiction of which Company or the respective
Representatives is subject by a suit upon such judgment. 
 20. The Company and each of the Underwriters hereby irrevocably waives, to the
fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

21. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be
an original, but all such respective counterparts shall together constitute one and the same instrument. 
 22. Notwithstanding anything
herein to the contrary, the Company is authorized to disclose to any persons the U.S. federal and state income tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses)
provided to the Company relating to that treatment and structure, without the Underwriters imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing
sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, “tax structure” is limited to any facts that may be relevant to that treatment. 

  
 -24- 

 If the foregoing is in accordance with your understanding, please sign and return to us one for
the Company and each of the Representatives plus one for each counsel counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof shall constitute a binding agreement
between each of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters is pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which
shall be submitted to the Company for examination upon request, but without warranty on you part as to the authority of the signers thereof. 
  

			
	Very truly yours,
	
	Legg Mason, Inc.
		
	By:	 	 /s/ Jeffrey A. Nattans

	Name:	 	Jeffrey A. Nattans
	Title:	 	Executive Vice President

 [Signature Page to Underwriting Agreement] 

 Accepted as of the date hereof: 

Morgan Stanley & Co. LLC 
 Merrill Lynch, Pierce, Fenner
& Smith 
                      Incorporated

 Citigroup Global Markets Inc. 
 J.P. Morgan Securities LLC

 Wells Fargo Securities, LLC 
 For themselves and on behalf
of the several 
 Underwriters named in Schedule I hereto 
  

			
	By:	 	Morgan Stanley & Co. LLC
		
	By:	 	 /s/ Yurij Slyz

	Name:	 	Yurij Slyz
	Title:	 	Executive Director
		
	By:	 	 Merrill Lynch, Pierce, Fenner & Smith

                     Incorporated

		
	By:	 	 /s/ Matthew Basler

	Name:	 	Matthew Basler
	Title:	 	Managing Director
		
	By:	 	Citigroup Global Markets Inc.
		
	By:	 	 /s/ Jack D. McSpadden, Jr.

	Name:	 	Jack D. McSpadden, Jr.
	Title:	 	Managing Director
		
	By:	 	J.P. Morgan Securities LLC
		
	By:	 	 /s/ Som Bhattacharyya

	Name:	 	Som Bhattacharyya
	Title:	 	Vice President
		
	By:	 	Wells Fargo Securities, LLC
		
	By:	 	 /s/ John Scerri

	Name:	 	John Scerri
	Title:	 	Managing Director

 [Signature Page to Underwriting Agreement] 

 SCHEDULE I 
  

					
	 Underwriter
	  	Principal Amount of
Securities to be
Purchased	 
	 Morgan Stanley & Co. LLC
	  	$	100,000,000	  
	 Merrill Lynch, Pierce, Fenner & Smith

                   
  Incorporated
	  	 	100,000,000	  
	 Citigroup Global Markets Inc.
	  	 	100,000,000	  
	 J.P. Morgan Securities LLC
	  	 	100,000,000	  
	 Wells Fargo Securities, LLC
	  	 	100,000,000	  
		  	  
	  
	 
	 Total
	  	$	500,000,000	  
		  	  
	  
	 

  
 S-I-1 

 SCHEDULE II 

(a) Issuer Free Writing Prospectuses not included in the Pricing Disclosure Package: 

None. 
 (b) Additional Documents
Incorporated by Reference: 
 None. 

  
 S-II-1 

 SCHEDULE III 

Certain Subsidiaries 
  

			
	 Legal Name
	  	 Jurisdiction

	 1. Western Asset Management Company
	  	 California

	 2. ClearBridge Investments, LLC
	  	 Delaware

	 3. EnTrustPermal Group Holdings LLC
	  	 Delaware

	 4. Royce & Associates, LLC
	  	 Delaware

	 5. Legg Mason Partners Fund Advisor, LLC
	  	 Delaware

	 6. Brandywine Global Investment Management, LLC
	  	 Delaware

	 7. Legg Mason & Co., LLC
	  	 Maryland

	 8. RARE Infrastructure Limited
	  	 Australia

	 9. Martin Currie (Holdings) Limited
	  	 Bermuda

	 10. QS Investors Holdings, LLC
	  	 Delaware

	 11. Clarion Partners Holdings LLC
	  	 Delaware

  
 S-III-1 

 SCHEDULE IV 

None 

  
 S-IV-1 

 SCHEDULE V 
  

			
	 Term Sheet
 To prospectus dated
February 19, 2016 and
prospectus supplement dated August 3, 2016
	 	 Filed Pursuant to Rule 433

Dated August 3, 2016
 Term
Sheet to Prospectus Supplement Registration Statement No. 333-209616

 5.45% Junior Subordinated Notes due 2056 

Legg Mason, Inc. 
  

			
	Issuer:	  	Legg Mason, Inc.
		
	Security:	  	5.45% Junior Subordinated Notes due 2056 (the “Notes”)
		
	Trade Date:	  	August 3, 2016
		
	Expected Settlement Date:	  	August 8, 2016 (T+3)
		
	Principal Amount:	  	$500,000,000
		
	Maturity:	  	September 15, 2056
		
	Interest Payment Dates:	  	March 15, June 15, September 15 and December 15 of each year, beginning December 15, 2016 (long first coupon)
		
	Coupon:	  	5.45%
		
	Price to Public:	  	$25.00 per Note / 100% of principal amount
		
	Underwriter Purchase Price:	  	$24.2125 per Note plus accrued interest, if any, from August 8, 2016
		
	Underwriter Purchase Price for Sales to Institutions:	  	$24.50 per Note plus accrued interest, if any, from August 8, 2016
		
	No Over-allotment Option:	  	The underwriters will not have the option to purchase any additional Notes in order to cover over-allotments, if any.
		
	Optional Redemption:	  	
		
	 Par Call:
	  	On or after September 15, 2021, in whole or in part, at 100% of the principal amount, plus any accrued and unpaid interest
		
	 Call for Tax Event:
	  	Prior to September 15, 2021, in whole but not in part, at 100% of the principal amount, plus any accrued and unpaid interest
		
	 Call for Rating Agency Event:
	  	Prior to September 15, 2021, in whole but not in part, at 102% of the principal amount, plus any accrued and unpaid interest
		
	Optional Deferral:	  	Up to 20 consecutive quarterly periods per deferral period
		
	Use of Proceeds:	  	We expect to use the net proceeds of this offering of the Notes, together with cash on hand, to repay the outstanding borrowings under the Revolving Credit Facility and to pay fees and expenses related to this offering of
Notes.
		
	CUSIP / ISIN:	  	524901600 / US5249016008

  
 S-V-1 

			
	Joint Book-Running Managers:	  	 Morgan Stanley & Co. LLC
 Merrill Lynch,
Pierce, Fenner & Smith
                   Incorporated

Citigroup Global Markets Inc.
 J.P. Morgan Securities LLC

Wells Fargo Securities, LLC

 The information in this pricing term sheet supplements the preliminary prospectus supplement dated August 3, 2016 (the
“Preliminary Prospectus Supplement”) and updates and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement. For more complete
information about the offering, you should review the Preliminary Prospectus Supplement. Terms used and not defined herein have the meanings assigned in the Preliminary Prospectus Supplement. 

The issuer has filed a registration statement, including a prospectus, with the SEC for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively, the Joint Book-Running Managers in the offering will arrange to send you the prospectus if you request it by contacting Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attention:
Prospectus Department, or by calling 1-866-718-1649 (toll-free); Merrill Lynch, Pierce, Fenner & Smith Incorporated, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by calling
1-800-294-1322 (toll-free); Citigroup Global Markets Inc., 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Broadridge Financial Solutions, or by calling 1-800-831-9146 (toll-free); J.P. Morgan Securities LLC, 383 Madison Avenue, New York,
New York, 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, or by calling 1-212-834-4533 (collect); or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, or by calling
1-800-645-3751 (toll-free). 
 This pricing term sheet does not constitute an offer to sell or the solicitation of an offer to buy any securities in any
jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 
 Any disclaimers or other notices that may
appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being sent via Bloomberg or another email system. 

  
 S-V-2 

 EXHIBIT A-1 

Form of Opinion of Shearman & Sterling LLP 

1. The Underwriting Agreement has been duly executed and delivered by the Company to the extent such execution and delivery is a matter of New
York law. 
 2. Each of the Base Indenture and the Second Supplemental Indenture has been duly executed and delivered by the Company (to the
extent such execution and delivery is a matter of New York law) and is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 

3. The Notes have been duly executed by the Company to the extent such execution is a matter of New York law and, when authenticated by the
Trustee in accordance with the Indenture and delivered and paid for as provided in the Underwriting Agreement, the Notes will be the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms
and entitled to the benefits of the Indenture. 
 4. The Company is not required to register as an investment company under the Investment
Company Act of 1940, as amended (the “Investment Company Act”). 
 5. The Indenture has been duly qualified under the Trust
Indenture Act of 1939, as amended (the “Trust Indenture Act”). 
 6. The statements in the General Disclosure Package and
the Prospectus under the captions “Description of Notes” and “Description of Debt Securities—Junior Subordinated Debt Securities,” in each case, insofar as such statements constitute summaries of documents referred to
therein, fairly summarize in all material respects the documents referred to therein.
 7. The description of the U.S. federal income tax
consequences set forth in the General Disclosure Package and the Prospectus under the caption “Material United States Federal Income Tax Considerations,” insofar as such description constitutes a statement of U.S. federal income tax law or
legal conclusions and subject to the limitations and conditions described therein, is accurate in all material respects. 
 8. On August 8,
2016, at approximately 9:00 a.m., the Commission’s website did not indicate the existence of a stop order suspending the effectiveness of the Registration Statement. 

9. In the opinion of such counsel, each of the Registration Statement and the Prospectus (other than the financial statements and other
financial or statistical data contained or incorporated by reference therein or omitted therefrom and the Trustee’s Statement of Eligibility on Form T-1, as to which we express no opinion) appears on
its face to be appropriately responsive in all material respects to the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. 

  
 E-A-1-1 

 10. Such counsel shall also state, subject to customary assumptions and qualifications, that no
facts came to the attention of such counsel that caused such counsel to believe that (i) the Registration Statement (other than the financial statements and other financial or statistical data contained or incorporated by reference therein or
omitted therefrom and the Trustee’s Statement of Eligibility on Form T-1, as to which such counsel has not been requested to comment), as of the date of the Underwriting Agreement, contained an untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) the General Disclosure Package (other than the financial statements and other financial or statistical data contained or
incorporated by reference therein or omitted therefrom, as to which such counsel has not been requested to comment), as of the Applicable Time, contained an untrue statement of a material fact or omitted to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (iii) the Prospectus (other than the financial statements and other financial or statistical data contained or incorporated by reference
therein or omitted therefrom, as to which such counsel has not been requested to comment), as of the date of the Final Prospectus Supplement or the Time of Delivery, contained or contains an untrue statement of a material fact or omitted or omits to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

The opinions set forth above are subject to the following qualifications: 

(a) The opinions in paragraphs 2 and 3 above are subject to the effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally (including without limitation all laws relating to fraudulent transfers). 

(b) The opinions in paragraphs 2 and 3 are also subject to the effect of general principles of equity, including without limitation
concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law). 

(c) The opinions are limited to (i) Generally Applicable Law (as such term is to be defined therein), (ii) in the case of the opinion in
paragraph 5 above, the Trust Indenture Act of 1939, as amended, and (iii) in the case of the opinion in paragraph 4 above, the Investment Company Act of 1940, as amended, and we do not express any opinion herein concerning any other law. 

  
 E-A-1-2 

 EXHIBIT A-2 

Form of Opinion of General Counsel of the Company 

[Legg Mason, Inc. Letter Head] 

August 8, 2016 
 Morgan Stanley & Co. LLC 

Merrill Lynch, Pierce, Fenner & Smith 

             Incorporated 

Citigroup Global Markets Inc. 
 J.P. Morgan Securities LLC 

Wells Fargo Securities, LLC 
 As representatives of the several
underwriters named in Schedule I to the Underwriting Agreement 
 Legg Mason, Inc. 

$500,000,000 5.45% Junior Subordinated Notes due 2056 

Ladies and Gentlemen: 
 You have requested me,
as General Counsel of Legg Mason, Inc., a Maryland corporation (the “Company”), to render my opinion in connection with the Company’s issuance of $500,000,000 aggregate principal amount of the Company’s 5.45% Junior
Subordinated Notes due 2056 (the “Notes”) pursuant to the Underwriting Agreement, dated August 3, 2016 (the “Underwriting Agreement”), among the Company and each of you. The Notes are to be issued pursuant to a
base indenture, dated as of March 14, 2016 (the “Base Indenture”), as supplemented by the Second Supplemental Indenture, dated as of August 8, 2016 (the “Supplemental Indenture”; the Base Indenture, as supplemented
by the Supplemental Indenture, the “Indenture”) with respect to the Notes, in each case between the Company and The Bank of New York Mellon, as trustee (the “Trustee”). 

This opinion is furnished to you pursuant to Section 8(d) of the Underwriting Agreement. Unless otherwise defined herein, terms defined
in the Underwriting Agreement are used herein as therein defined. 
 In my capacity as General Counsel of the Company, I or attorneys
working under my supervision have examined (i) the Underwriting Agreement; (ii) the Indenture; (iii) the forms of the Notes to be issued by the Company; (iv) the registration statement of the Company on Form S-3ASR (File No. 333-209616) filed on
February 19, 2016 under the Securities Act of 1933, as amended (the “Securities Act”), with the United States Securities and Exchange Commission (“Commission”) (such registration statement, including the documents
and information deemed to be part thereof pursuant to Rule 430B under the Securities Act, and the 

  
 E-A-2-1 

 
documents incorporated by reference therein, being hereinafter referred to as the “Registration Statement”); (v) the prospectus dated February 19, 2016 forming a part of the
Registration Statement with respect to the offering from time to time of the Company’s securities (the “Base Prospectus”); (vi) the preliminary prospectus supplement dated August 3, 2016 relating to the Notes (the
“Preliminary Prospectus Supplement”) (the Base Prospectus, as supplemented by the Preliminary Prospectus Supplement, together with the documents incorporated by reference therein, being hereinafter collectively referred to as the
“Preliminary Prospectus”); (vii) the final prospectus supplement dated August 3, 2016 relating to the Notes (the “Final Prospectus Supplement”) (the Base Prospectus, as supplemented by the Final Prospectus
Supplement, in the form filed with the Commission pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein, being hereinafter collectively referred to as the “Prospectus”);
(viii) originals, or copies identified to my satisfaction, of such corporate records of the Company, certificates of public officials, officers of the Company and other persons; and (ix) such other documents, agreements and instruments as I have
deemed necessary as a basis for the opinions hereinafter expressed. As used herein, the term “Pricing Disclosure Package” means the Preliminary Prospectus, as amended and supplemented by the information included in the final term
sheet attached as Schedule A hereto. 
 In my examinations and the examination of attorneys under my supervision, we have assumed the
genuineness of all signatures, the authenticity of the originals of the documents submitted to us and the conformity to authentic originals of all documents submitted to us as copies. As to factual matters, I have relied upon the truthfulness
of the representations of the Company and the Underwriters made in the documents discussed above and in certificates of public officials and officers of the Company. 

My opinions set forth herein are limited to the Maryland General Corporation Law and, except for the opinion contained in paragraph (8), the
federal securities laws of the United States of America, and I do not express any opinion herein concerning any other law or any other matter not expressly addressed below. 

Based upon and subject to the foregoing, I am of the opinion that: 

1. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State
of Maryland. 
 2. The Company (a) has all requisite corporate power to execute and deliver the Notes, the Underwriting
Agreement and the Indenture, and to perform its obligations under the Notes, the Underwriting Agreement and the Indenture, (b) has taken all corporate action necessary to authorize the execution, delivery and performance of its obligations under the
Notes, the Underwriting Agreement and the Indenture and (c) has duly executed and delivered the Underwriting Agreement, the Indenture and the Notes. 

3. The Company has all requisite corporate power and authority to own, lease and operate its properties and to conduct its
business as described in the Pricing Disclosure Package and the Prospectus. 

  
 E-A-2-2 

 4. Except as would not result in a Material Adverse Effect, all of the
outstanding capital stock of each of the Significant Subsidiaries that is a corporation has been duly authorized and validly issued, is fully paid and non-assessable and, to my knowledge, is owned by the Company, directly or through wholly-owned
subsidiaries, free and clear of any perfected security interest, and any other security interest, claim, lien or encumbrance. 

5. The Company’s authorized equity capitalization is as set forth or incorporated by reference in the Pricing Disclosure
Package and the Prospectus; the capital stock of the Company conforms in all material respects to the description thereof contained or incorporated by reference in the Pricing Disclosure Package and the Prospectus. 

6. To my knowledge, there is not pending or threatened any action, suit or proceeding, by or before any court or governmental
agency, authority or body of any arbitrator involving the Company or any of its subsidiaries or its or their property, of a character required to be disclosed in (or in documents incorporated by reference in) the Registration Statement which is not
adequately disclosed in the Pricing Disclosure Package and the Prospectus and which might reasonably be expected to result in a Material Adverse Effect, and to my knowledge, there is no franchise, contract or other documents, which is required to be
described in the Registration Statement or the Prospectus, or to be filed as an exhibit thereto, which is not described or filed as required, which might reasonably be expected to result in a Material Adverse Effect. 

7. The Registration Statement is an “automatic shelf registration statement” as defined under Rule 405 of the
Securities Act that has been filed with the Commission not earlier than three years prior to the date of the Underwriting Agreement. Any required filing of the Basic Prospectus, the Preliminary Prospectus and the Prospectus, pursuant to Rule
424(b) has been made in the manner and within the time period required by Rule 424(b). 
 8. To my knowledge, no consent,
approval, authorization, filing with, or order of any court or governmental agency or body is required by the Company in connection with the transactions contemplated by the Underwriting Agreement, except for the filing of the Underwriting
Agreement, the Indenture, the form of Notes and validity opinions with respect to the Notes on a Report on Form 8-K and such as have been obtained by the Company with the Commission under the Securities Act and under the Exchange Act and such as may
be required by the Company under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Notes by you in the manner contemplated in the Underwriting Agreement and the Indenture and in the Prospectus and such
other approvals as have been obtained. 
 9. Neither the consummation by the Company of any of the transactions contemplated
in the Underwriting Agreement and the Indenture, nor the fulfillment by the Company of the terms of such documents will conflict with, result in a breach or violation of or imposition of any lien, charge or encumbrance upon any property or assets

  
 E-A-2-3 

 
of the Company or its subsidiaries pursuant to (a) the Company’s Articles of Incorporation or By-Laws, (b) the terms of any contract, indenture, mortgage, deed of trust, loan or credit
agreement, note, lease or any other agreement or instrument, to my knowledge, to which the Company or its subsidiaries is a party or by which it or any of them may be bound, or to which any of the property or assets of the Company or its
subsidiaries is subject, or (c) order of any court, regulatory body, administrative agency, governmental body, arbitrator or their authority or, to my knowledge, any law, statute, rule, regulation or decree applicable to the Company having
jurisdiction over the Company or its subsidiaries or any of its or their respective properties, except in the case of clauses (b) and (c) where such conflict, breach, violation or imposition would not reasonably be expected to result in a Material
Adverse Effect or a material adverse effect on the performance of the Underwriting Agreement or the consummation of any of the transactions contemplated by the Underwriting Agreement. 

I am furnishing this opinion solely for your benefit. This opinion may not be relied upon by any other person without my express written
consent, except that The Bank of New York Mellon, as Trustee may rely upon paragraphs (1), (2), (3), (8), and (9) herein as if addressed to it. Copies of this opinion may not be furnished to any other person, nor may any portion of this opinion
be quoted, circulated or referred to in any other document, except as may be required pursuant to applicable law. This opinion letter speaks only as of the date hereof. I expressly disclaim any responsibility to advise you of any
development or circumstance of any kind, including any change of law or fact, that may occur after the date of this opinion letter that might affect the opinions expressed herein. 

 

			
	Respectfully Yours,
	
	  

	Name:	 	Thomas C. Merchant
	Title:	 	General Counsel

  
 E-A-2-4

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