Document:

EXHIBIT 10.3

 Exhibit 10.3 
  

  
 REGISTRATION AND INVESTOR RIGHTS AGREEMENT 
  
 by and
between 
  
 Citigroup Inc. 
  
 and 
  
 Legg Mason, Inc. 
  

  
 Dated as of December 1, 2005 

 

 Table of Contents 
  

					
	1.	  	Certain Definitions.	  	1
			
	2.	  	Shelf Registration Statement.	  	4
			
	3.	  	Additional Demand Registrations.	  	5
			
	4.	  	Piggyback Registrations.	  	7
			
	5.	  	Other Registrations	  	8
			
	6.	  	Selection of Underwriters.	  	9
			
	7.	  	Holdback Agreements.	  	9
			
	8.	  	Procedures.	  	9
			
	9.	  	Registration Expenses.	  	14
			
	10.	  	Indemnification.	  	15
			
	11.	  	Rule 144.	  	17
			
	12.	  	Transfer of Registration Rights.	  	17
			
	13.	  	Conversion of Other Securities.	  	17
			
	14.	  	Lock-Up of Stockholder.	  	18
			
	15.	  	Transfer Restrictions.	  	18
			
	16.	  	Standstill.	  	18
			
	17.	  	Miscellaneous.	  	20

 REGISTRATION AND INVESTOR RIGHTS AGREEMENT dated as of December 1, 2005, by and between Legg Mason, Inc.,
a Maryland corporation (the “Company”), and Citigroup Inc., a Delaware corporation (the “Stockholder”). 
  
 In consideration of the mutual covenants and agreements herein contained and other good and valid consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby agree as follows: 
  
 1. Certain Definitions. 
  
 In addition to the terms defined elsewhere in this Agreement, the following terms shall have the following meanings: 
  
 “Affiliate” of any Person means any other Person that directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person. The term “control” (including the terms “controlling,” “controlled by” and “under common control with”) as used with respect to any Person means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
  
 “Agreement” means this Registration and Investor Rights
Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of the foregoing, and shall refer to this Registration and Investor Rights Agreement as the same may be in effect at the time such reference
becomes operative. 
  
 “Beneficial Owner,”
“Beneficial Ownership,” “Beneficially Own” or “Beneficially Owned” has the meaning given such term in Rule 13d-3 under the Exchange Act. 
  
 “Blackout Period” has the meaning set forth in Section 8(e) hereof. 
  
 “Business Day” means any day, except a Saturday, Sunday or
legal holiday on which banking institutions in The City of New York are authorized or obligated by law or executive order to close. 
  
 “Closing Date” has the meaning set forth in the Transaction Agreement. 
  
 “Common Stock” means common stock, par value $.10 per share, of the Company. 
  
 “Common Stock Consideration” means the shares of Common
Stock issued to the Stockholder pursuant to the Transaction Agreement. 
  
 “Common Stock Permitted Transferee” means, to the knowledge of the Stockholder (based solely on information contained in filings with the SEC pursuant to Rule 13d-1 under the Exchange Act and, in determining the number of
outstanding shares of Common Stock, the Company’s SEC filings and determined via inquiry, where practicable, 

 in the case of private transactions) with respect to any transfer, any Person whose Beneficial Ownership of Common Stock,
when combined with (i) the shares of Common Stock that would be obtained upon consummation of such transfer and (ii) any other shares of Common Stock Beneficially Owned by any of such Person’s Affiliates, does not exceed 4.9% of the outstanding
shares of Common Stock. 
  
 “Company” has the
meaning set forth in the introductory paragraph and includes any other person referred to in the second sentence of Section 17(c) hereof. 
  
 “Convertible Preferred Stock” means the Series A Convertible Preferred Stock, par value $10.00 per share, of the Company referred to in
the Articles Supplementary of the Company filed with the State Department of Assessments and Taxation of Maryland on November 29, 2005. 
  
 “Delay Period” has the meaning set forth in Section 3(d) hereof. 
  
 “Demand Registration” has the meaning set forth in Section 3(a) hereof. 
  
 “Demand Registration Statement” has the meaning set forth in
Section 3(a) hereof. 
  
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
  
 “Full
Cooperation” means, in connection with any underwritten offering, where, in addition to the cooperation otherwise required by this Agreement, (a) members of senior management of the Company (including the chief executive officer and chief
financial officer) cooperate with the underwriter(s) in connection therewith and make themselves available to participate in “road-show” and other customary marketing activities in such locations (domestic and foreign) as reasonably
recommended by the underwriter(s) (including one-on-one meetings with prospective purchasers of the Registrable Common Stock) that do not unreasonably interfere with the executive officers’ performance of their duties in a manner that is not
customarily expected for similar transactions and (b) the Company prepares preliminary and final prospectuses (preliminary and final prospectus supplements in the case of an offering pursuant to the Shelf Registration Statement) for use in
connection therewith as reasonably requested by the underwriter(s) containing such additional information as reasonably requested by the underwriter(s) (in addition to the minimum amount of information required by law, rule or regulation).

  
 “Fully Marketed Underwritten Offering” means
an underwritten offering in which there is Full Cooperation. 
  
 “Governmental Entity” means any national, federal, state, municipal, local, territorial, foreign or other government or any department, commission, board, bureau, agency, regulatory authority or instrumentality thereof, or
any court, judicial, administrative or arbitral body or public or private tribunal. 
  

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 “Nasdaq” means the Nasdaq quotation system, or any successor reporting system.

  
 “NYSE” means the New York Stock Exchange,
Inc. 
  
 “Person” means any individual, sole
proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation, institution, public benefit corporation, Governmental Entity or any other entity. 
  
 “Piggyback Registration” has the meaning set forth in
Section 4(a) hereof. 
  
 “Piggyback Registration
Statement” has the meaning set forth in Section 4(a) hereof. 
  
 “Preferred Stock Consideration” means the shares of Series A Convertible Preferred Stock issued to the Stockholder pursuant to the Transaction Agreement. 
  
 “Prospectus” means the prospectus or prospectuses included in any Registration Statement, as amended or
supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Common Stock covered by such Registration Statement and by all other amendments and supplements to the prospectus, including
post-effective amendments and all material incorporated by reference in such prospectus or prospectuses. 
  
 “Registrable Common Stock” means (i) all shares of Common Stock issued as Common Stock Consideration, (ii) all shares of Common Stock
issued or issuable upon conversion of the Preferred Stock Consideration and (iii) any other security into or for which the Common Stock referred to in clause (i) or (ii) has been or is to be converted, substituted or exchanged, and any security
issued or issuable with respect to such Common Stock or preferred stock upon any stock dividend or stock split or in connection with a combination of shares, reclassification, recapitalization, merger, consolidation or other reorganization or
otherwise, except “Registrable Common Stock” shall not include any Common Stock from and after the time that (x) the Stockholder owns less than one-third of the Stock Consideration and (y) such Common Stock may be freely sold pursuant to
Rule 144(k) in the reasonable determination of the Stockholder in consultation with counsel or in the reasonable determination of the Company in consultation with counsel, subject, in the case of determination by the Company, to the prior removal of
all restrictive legends from, and any stop transfer instruction with respect to, such Common Stock so as to permit such sale pursuant to Rule 144(k). For purposes of determining the number of shares of Registrable Common Stock held by any Person and
the number of shares of Registrable Common Stock outstanding, for purposes of this Agreement but not for any other purpose, a holder of record of Convertible Preferred Stock shall be deemed to be a holder of the number of shares of Common Stock
issuable upon conversion of such Convertible Preferred Stock and all of such shares of Common Stock shall be deemed to be outstanding shares of Registrable Common Stock. 
  

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 “Registration Expenses” has the meaning set forth in Section 9(a) hereof. 
  
 “Registration Statement” means any registration statement of
the Company that covers the offer and sale of any of the Registrable Common Stock pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments,
all exhibits and all materials incorporated by reference in such Registration Statement. 
  
 “Rule 144” means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC as a
replacement thereto having substantially the same effect as such rule. 
  
 “Rule 415” means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC as a replacement thereto having
substantially the same effect as such rule. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Shelf Registration Statement” has the meaning set forth in Section 2(a) hereof. 
  
 “Stock Consideration” means the Common Stock Consideration
and the Preferred Stock Consideration, collectively. 
  
 “Stockholder” has the meaning set forth in the introductory paragraph. 
  
 “Suspension Notice” has the meaning set forth in Section 8(e) hereof. 
  
 “Transaction Agreement” means the Transaction Agreement, dated as of June 23, 2005, between the Company and
the Stockholder. 
  
 “underwritten registration or
underwritten offering” means an offering in which securities of the Company are sold to one or more underwriters (as defined in Section 2(a)(ii) of the Securities Act) for resale to the public. 
  
 2. Shelf Registration Statement. 
  
 (a) Right to Effective Registration. The Company shall promptly file,
and use its reasonable best efforts to cause to be declared effective by the SEC not later than the expiration of the “lock-up period” specified in Section 14, a shelf registration statement on Form S-3 providing for the resale pursuant to
Rule 415 from time to time by the Stockholder of such number of shares of Registrable Common Stock to be specified by 
  

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 the Stockholder not to exceed such number of shares of Registrable Common Stock represented by two-thirds of the Stock
Consideration (including the Prospectus, amendments and supplements to the shelf registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be
incorporated by reference, if any, in such shelf registration statement, the “Shelf Registration Statement”). The Company shall maintain the effectiveness of the Shelf Registration Statement until the earliest of (i) such time as the
Common Stock covered by the Shelf Registration Statement can be sold without any limitations under clauses (c), (e), (f) and (h) of Rule 144 or similar rule adopted by the SEC, provided that this clause (i) shall have no effect until
after such time that the Stockholder ceases to own two-thirds of the Stock Consideration, (ii) 24 months in the aggregate plus the duration of any Blackout Period and (iii) such date as of which all of the Registrable Common Stock have been sold
pursuant to the Shelf Registration Statement. The plan of distribution contained in the Shelf Registration Statement shall be as set forth in Exhibit A attached hereto, unless otherwise determined by the Stockholder. 
  
 (b) Number of Fully Marketed Underwritten Offerings. The Stockholder
shall be entitled to request an aggregate of four (4) Fully Marketed Underwritten Offerings pursuant to the Shelf Registration Statement; provided that Stockholder shall be entitled to request no more than two (2) underwritten
offerings pursuant to the Shelf Registration Statement in any 12 month period. If the Stockholder requests a Fully Marketed Underwritten Offering, the Company shall cause there to occur Full Cooperation in connection therewith. An underwritten
offering shall not count as one of the permitted Fully Marketed Underwritten Offerings if there is not Full Cooperation in connection therewith. Except as provided in this Section 2(b), there shall be no limitation on the number of takedowns off the
Shelf Registration Statement. 
  
 3. Additional Demand
Registrations. 
  
 (a) Right to Request Registration.
Any time after the time period for which the Company shall maintain the effectiveness of a Shelf Registration Statement, the Stockholder may request registration for resale under the Securities Act of all or part of the Registrable Common Stock
pursuant to a Registration Statement separate from the Shelf Registration Statement (a “Demand Registration”). As promptly as practicable after such request, but in any event within 30 days of such request by the Stockholder, the Company
shall file a registration statement registering for resale such number of shares of Registrable Common Stock held by the Stockholder as requested to be so registered (including the Prospectus, amendments and supplements to such registration
statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement, a “Demand Registration
Statement”). In connection with each such Demand Registration, the Company shall cause there to occur Full Cooperation. 
  

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 (b) Number of Demand Registrations. The Stockholder will be entitled to request two (2) Demand
Registrations pursuant to Section 3(a). A registration shall not count as one of the permitted Demand Registrations pursuant to Section 3(a) (i) until the related Demand Registration Statement has become effective or (ii) if there was not Full
Cooperation in connection therewith. 
  
 (c) Priority on Demand
Registrations. If a Demand Registration pursuant to this Section 3 involves an underwritten offering and the managing underwriter shall advise the Company that in its opinion the number of securities requested to be included in such registration
exceeds the number that can be sold in such offering without having an adverse effect on such offering, including the price at which such securities can be sold, then the Company shall include in such registration the maximum number of shares that
such underwriter advises can be so sold without having such effect, allocated (i) first, to Registrable Common Stock requested by the Stockholder to be included in such registration and (ii) second, among all shares of Common Stock requested to be
included in such registration by any other Persons (including securities to be sold for the account of the Company) allocated among such Persons in such manner as they may agree. 
  
 (d) Restrictions on Demand Registrations. The Company may postpone the filing or the effectiveness of a Demand
Registration Statement if, based on the good faith judgment of the Company, such postponement is necessary in order to avoid premature disclosure of a matter the Company has determined would not be in the best interest of the Company to be disclosed
at such time; provided, however, that the Stockholder requesting such Demand Registration Statement shall be entitled, at any time after receiving notice of such postponement and before such Demand Registration Statement becomes
effective, to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations. The Company shall provide written notice to the Stockholder of (x) any postponement of the
filing or effectiveness of a Demand Registration Statement pursuant to this Section 3(d), (y) the Company’s decision to file or seek effectiveness of such Demand Registration Statement following such postponement and (z) the effectiveness of
such Demand Registration Statement. The Company may defer the filing or effectiveness of a particular Demand Registration Statement pursuant to this Section 3(d) only once during any 12-month period. Notwithstanding the provisions of this Section
3(d), the Company may not postpone the filing or effectiveness of a Demand Registration Statement past the date that is the earliest of (a) the date upon which any disclosure of a matter the Company has determined would not be in the best interest
of the Company to be disclosed is disclosed to the public or ceases to be material, (b) forty-five (45) days after the date upon which the Company has determined such matter should not be disclosed and (c) such date that, (x) prior to the date that
is one year after the Closing Date, if such postponement continued, would result in there being more than ninety (90) days in the aggregate during which the filing or effectiveness of one or more Registration Statements has been so postponed, and
(y) from and after the date that is one year after the Closing Date, if such postponement continued, would result in there being more than one hundred eighty (180) days in 
  

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 the aggregate in any 12 month period during which the filing or effectiveness of one or more Registration Statements has
been so postponed. The period during which filing or effectiveness is so postponed hereunder is referred to as a “Delay Period.” 
  
 (e) Effective Period of Demand Registrations. After any Demand Registration filed pursuant to this Agreement has become effective, the Company
shall use its reasonable best efforts to keep such Demand Registration Statement effective for a period of at least 45 days from the date on which the SEC declares such Demand Registration Statement effective plus the duration of any Delay Period
and any Blackout Period, or such shorter period that shall terminate when all of the Registrable Common Stock covered by such Demand Registration Statement have been sold pursuant to such Demand Registration Statement in accordance with the plan of
distribution set forth therein. 
  
 4. Piggyback Registrations.

  
 (a) Right to Piggyback. Whenever the Company
proposes to publicly sell or register for sale any of its common equity securities pursuant to a registration statement (a “Piggyback Registration Statement”) under the Securities Act (other than a registration statement on Form S-8 or on
Form S-4 or any similar successor forms thereto), whether for its own account or for the account of one or more securityholders of the Company (a “Piggyback Registration”), the Company shall give prompt written notice to the Stockholder of
its intention to effect such sale or registration and, subject to Sections 4(b) and 4(c), shall include in such transaction all Registrable Common Stock with respect to which the Company has received a written request from the Stockholder for
inclusion therein within 15 days after the receipt of the Company’s notice; provided, however, that the Stockholder shall not be entitled to a right to piggyback on any registration by the Company on behalf of certain sellers of
capital stock issued in connection with a European acquisition transaction under that certain Registration Rights Agreement between the Company and such sellers, so long as there is no right to piggyback on a registration of Common Stock by the
Company on behalf of the Stockholder granted under that certain Registration Rights Agreement. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion, without prejudice to
the Stockholder’s right to immediately request a Demand Registration hereunder. A Piggyback Registration shall not be considered a Demand Registration for purposes of Section 3 of this Agreement. 
  
 (b) Priority on Primary Registrations. If a Piggyback Registration is
initiated as an underwritten primary registration on behalf of the Company where the primary use of proceeds does not include the repurchase, redemption, acquisition or retirement of capital stock of the Company (a “Stock Repurchase”), and
the managing underwriter advises the Company in writing that in its opinion the number of securities requested to be included in such registration exceeds the number that can be sold in such offering without having an adverse effect on such
offering, including the price at which such securities can be sold, then the Company shall include in such registration the maximum number of 
  

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 shares that such underwriter advises can be so sold without having such effect, allocated (i) first, to the securities
the Company proposes to sell, (ii) second, to the extent not prohibited under agreements in effect or to which the Company is committed as of the date of the Transaction Agreement, in the case of an offering that is priced prior to the date that is
one year after the Closing Date, to the Registrable Common Stock requested to be included in such Registration by the Stockholder, and, in the case of an offering that is priced thereafter, to (x) the securities requested to be included therein by
the holder(s) requesting such registration if and to the extent that such holder(s) were granted registration rights by the Company prior to the date of the Transaction Agreement and (y) the Registrable Common Stock requested to be included in such
registration by the Stockholder, pro rata among the holders of such securities on the basis of the number of shares requested to be registered by such holders, and (iii) third, among other securities requested to be included in such registration by
other security holders of the Company on such basis as such holders may agree among themselves and the Company. 
  
 (c) Priority on Secondary Registrations. If a Piggyback Registration is initiated as an underwritten registration on behalf of a holder of the
Company’s securities other than Registrable Common Stock or on behalf of the Company where the use of proceeds includes a Stock Repurchase and the managing underwriter advises the Company in writing that in its opinion the number of securities
requested to be included in such registration exceeds the number that can be sold in such offering without having an adverse effect on such offering, including the price at which such securities can be sold, then the Company shall include in such
registration the maximum number of shares that such underwriter advises can be so sold without having such effect, allocated (i) first, to the extent not prohibited under agreements in effect or to which the Company is committed as of the date of
the Transaction Agreement, in the case of an offering that is priced prior to the date that is one year after the Closing Date, to the Registrable Common Stock requested to be included in such Registration by the Stockholder, and, in the case of an
offering that is priced thereafter, to (x) the securities requested to be included therein by the holder(s) requesting such registration if and to the extent that such holder(s) were granted registration rights by the Company prior to the date of
the Transaction Agreement, (y) the Registrable Common Stock requested to be included in such registration and (z) securities requested to be included therein by the Company for its own account to the extent that the use of proceeds includes a Stock
Repurchase, pro rata among the holders of such securities on the basis of the number of shares requested to be registered by such holders and the Company and (ii) second, to other securities (including Registrable Common Stock) requested to be
included in such registration by other security holders, the Company and the Stockholder, pro rata among such holder(s), the Company and the Stockholder on the basis of the number of shares requested to be registered by them. 
  
 5. Other Registrations 
  
 The Company shall not grant to any Person the right, other than as set forth
herein and except to employees of the Company with respect to registrations on Form S-8 (or 
  

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 any successor forms thereto), to request the Company to register any securities of the Company except such rights as are
not more favorable than or not inconsistent with the rights granted to the Stockholder and that do not adversely affect the priorities set forth herein of the Stockholder. 
  
 6. Selection of Underwriters. 
  
 If any of the Registrable Common Stock covered by a Demand Registration Statement or a Shelf Registration Statement is to be
sold in an underwritten offering, the Stockholder shall have the right to select the underwriters to administer the offering, each such underwriter subject, in all cases other than the selection of an Affiliate of the Stockholder, to the prior
approval of the Company, which approval shall not be unreasonably withheld. 
  
 7. Holdback Agreements. 
  
 The Company agrees not to, and shall exercise its reasonable best efforts to obtain agreements (in the underwriters’ customary form) from its directors, executive officers and beneficial owners of 5% or more of the Company’s
outstanding voting stock not to, directly or indirectly offer, sell, pledge, contract to sell, (including any short sale), grant any option to purchase or otherwise dispose of any equity securities of the Company or enter into any hedging
transaction relating to any equity securities of the Company during the 120 days beginning on the effective date of any underwritten Demand Registration Statement or any underwritten Piggyback Registration Statement or the pricing date of any
underwritten offering pursuant to a Shelf Registration Statement (except as part of such underwritten registration or pursuant to registrations on Form S-8 or S-4 or any successor forms thereto) unless the underwriter managing the offering otherwise
agrees to a shorter period, provided that in the case of all offerings subsequent to the earlier of the effective date of the first Demand Registration involving a consummated underwritten offering or the pricing date of the first
consummated underwritten offering pursuant to the Shelf Registration Statement, such 120 day period shall be reduced to 30 days in the case of directors, executive officers and beneficial owners of 5% or more of the Company’s outstanding voting
stock. 
  
 8. Procedures. 
  
 (a) In connection with the Shelf Registration Statement and any Demand
Registration Statement or Piggyback Registration Statement, the Company shall use its reasonable best efforts to effect the registration and the sale of the Registrable Common Stock in accordance with the intended methods of disposition thereof, and
the Company shall as expeditiously as possible: 
  
 (i) prepare and file with the SEC a Registration Statement with respect to such Registrable Common Stock and use its reasonable best efforts to cause such Registration Statement to become effective as 
  

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 soon as practicable thereafter; and before filing a Registration Statement or Prospectus or any
amendments or supplements thereto (including any prospectus supplement for a shelf takedown), furnish to the Stockholder and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including documents incorporated
by reference in the Prospectus and, if requested by the Stockholder, the exhibits incorporated by reference, and the Stockholder (and the underwriter(s), if any) shall have the opportunity to review and comment thereon, and the Company will make
such changes and additions thereto as reasonably requested by the Stockholder (and the underwriter(s), if any) prior to filing any Registration Statement or amendment thereto or any Prospectus or any supplement thereto; 
  
 (ii) prepare and file with the SEC such amendments and
supplements to such Registration Statement and the Prospectus used in connection therewith as may be required to keep such Registration Statement effective for a period of not less than 180 days, in the case of a Demand Registration Statement or an
aggregate of 24 months, in the case of a Shelf Registration Statement (plus, in each case, the duration of any Delay Period and any Blackout Period), or such shorter period as is necessary to complete the distribution of the securities covered by
such Registration Statement and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by
the Stockholder set forth in such Registration Statement and, in the case of the Shelf Registration Statement, prepare such prospectus supplements containing such disclosures as may be reasonably requested by the Stockholder or any underwriter(s) in
connection with each shelf takedown; 
  
 (iii)
furnish to the Stockholder such number of copies of such Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus) and such other documents as the
Stockholder and any underwriter(s) may reasonably request in order to facilitate the disposition of the Registrable Common Stock; 
  
 (iv) use its reasonable best efforts to register or qualify such Registrable Common Stock under such other securities or blue sky laws of
such jurisdictions as the Stockholder and any underwriter(s) reasonably requests and do any and all other acts and things that may be reasonably necessary or advisable to enable the Stockholder and any underwriter(s) to consummate the disposition in
such jurisdictions of the Registrable Common Stock (provided, that the Company will not be required to (1) qualify 
  

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 generally to do business in any jurisdiction where it would not otherwise be required to qualify but for
this subparagraph (iv), (2) subject itself to taxation in any such jurisdiction or (3) consent to general service of process in any such jurisdiction); 
  
 (v) notify the Stockholder and any underwriter(s), at any time when a Prospectus relating thereto is required to be delivered under the
Securities Act, of the occurrence of any event as a result of which the Prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements therein not
misleading, and, at the request of the Stockholder or any underwriter(s), the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Common Stock, such Prospectus
shall not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; 
  
 (vi) in the case of an underwritten offering, (i) enter into such agreements (including underwriting agreements in customary form), (ii)
take all such other actions as the Stockholder or the underwriter(s) reasonably request in order to expedite or facilitate the disposition of such Registrable Common Stock (including, without limitation, causing senior management and other Company
personnel to cooperate with the Stockholder and the underwriter(s) in connection with performing due diligence) and (iii) use its reasonable best efforts to cause its counsel to issue opinions of counsel in form, substance and scope as are customary
in primary underwritten offerings, addressed and delivered to the underwriter(s) and the Stockholder, provided that if the Company shall fail to cause to be delivered such opinions of counsel in the context of a Fully Marketed
Underwritten Offering, such offering shall not count as one of the Fully Marketed Underwritten Offerings pursuant to Section 2(b) or Section 3(b); 
  
 (vii) in connection with each Demand Registration pursuant to Section 3 and each Fully Marketed Underwritten Offering requested by the
Stockholder under Section 2, cause there to occur Full Cooperation and, in all cases other than in connection with a Fully Marketed Underwritten Offering, cause members of senior management of the Company to be available to participate in, and to
cooperate with the underwriter(s) in connection with customary marketing activities (including select conference calls and one-on-one meetings with prospective purchasers) that do not unreasonably interfere with the conduct of the Company’s
business or involve travel for such members of senior management; 
  

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 (viii) make available for inspection by the Stockholder, any underwriter participating in
any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by the Stockholder or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and use
its reasonable efforts to cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by the Stockholder, underwriter, attorney, accountant or agent in connection with such
Registration Statement; 
  
 (ix) use its
reasonable best efforts to cause all such Registrable Common Stock to be listed on each securities exchange on which the Common Stock of the Company is then listed or, if no such similar securities are then listed, on Nasdaq or a national securities
exchange selected by the Company; 
  
 (x) provide
a transfer agent and registrar for all such Registrable Common Stock not later than the effective date of such Registration Statement; 
  
 (xi) if requested, use its reasonable best efforts to cause to be delivered, immediately prior to the pricing of any underwritten
offering, immediately prior to effectiveness of each Registration Statement (and, in the case of an underwritten offering, at the time of closing of the sale of Registrable Common Stock pursuant thereto), letters from the Company’s independent
registered public accountants addressed to the Stockholder and each underwriter, if any, stating that such accountants are independent public accountants within the meaning of the Securities Act and the applicable rules and regulations adopted by
the SEC thereunder, and otherwise in customary form and covering such financial and accounting matters as are customarily covered by letters of the independent registered public accountants delivered in connection with primary underwritten public
offerings, provided that if the Company shall fail to cause to be delivered such letters in the context of a Fully Marketed Underwritten Offering, such offering shall not count as one of the Fully Marketed Underwritten Offerings
pursuant to Section 2(b) or Section 3(b); and 
  
 (xii) promptly notify the Stockholder and the underwriter or underwriters, if any: 
  
 (1) when the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or post-effective amendment
to the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; 
  

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 (2) of any written request by the SEC for amendments or supplements to the Registration
Statement or Prospectus; 
  
 (3) of the
notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement; and 
  
 (4) of the receipt by the Company of any notification with
respect to the suspension of the qualification of any Registrable Common Stock for sale under the applicable securities or blue sky laws of any jurisdiction. 
  
 (b) The Company represents and warrants that no Registration Statement (including any amendments or supplements thereto and Prospectuses contained
therein) shall contain any 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 (except that the Company makes no representation or warranty
with respect to information relating to the Stockholder furnished to the Company by or on behalf of the Stockholder specifically for use therein or relating to any underwriter of the transaction furnished to the Company by or on behalf of any
underwriter specifically for use therein). 
  
 (c) The Company
shall make available to the Stockholder (i) promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company, copies of each Registration Statement and any amendment thereto, each preliminary Prospectus
and Prospectus and each amendment or supplement thereto, each letter written by or on behalf of the Company to the SEC or the staff of the SEC (or other governmental agency or self-regulatory body or other body having jurisdiction, including any
domestic or foreign securities exchange), and each item of correspondence from the SEC or the staff of the SEC (or other governmental agency or self-regulatory body or other body having jurisdiction, including any domestic or foreign securities
exchange), in each case relating to such Registration Statement, and (ii) such number of copies of a Prospectus, including a preliminary Prospectus, and all amendments and supplements thereto and such other documents as the Stockholder or any
underwriter may reasonably request in order to facilitate the disposition of the Registrable Common Stock. The Company will promptly notify the Stockholder of the effectiveness of each Registration Statement or any post-effective amendment. The
Company will respond reasonably promptly to any and all comments received from the SEC, with a view towards causing each Registration Statement or any amendment thereto to be declared effective by the SEC as soon as practicable and shall file an
acceleration request as soon as practicable following the resolution or clearance of all SEC comments or, if applicable, following notification by the SEC that any such Registration Statement or any amendment thereto will not be subject to review.

  

 13 

 (d) The Company may require the Stockholder to furnish to the Company any other information regarding the
Stockholder and the distribution of such securities as the Company reasonably determines, based on the advice of counsel, is required to be included in any Registration Statement. 
  
 (e) The Stockholder agrees that, upon notice from the Company of the happening of any event as a result of which the
Prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements therein not misleading (a “Suspension Notice”), the Stockholder will forthwith
discontinue disposition of Registrable Common Stock pursuant to such Registration Statement for a reasonable length of time not to exceed twenty (20) days (sixty (60) days in the case of an event described in Section 3(d)) until the Stockholder is
advised in writing by the Company that the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus (if required in order to eliminate such untrue statement or omission) as contemplated by Section 8(a) hereof;
provided, however, that prior to the date that is one year after the Closing Date, such postponement of sales of Registrable Common Stock shall not exceed ninety (90) days in the aggregate and from and after the date that is one year
after the Closing Date, such postponement of sales of Registrable Common Stock by the Stockholder shall not exceed one hundred eighty (180) days in the aggregate in any 12-month period. If the Company shall give the Stockholder any Suspension
Notice, the Company shall extend the period of time during which the Company is required to maintain the applicable Registration Statements effective pursuant to this Agreement by the number of days during the period from and including the date of
the giving of such Suspension Notice to and including the date the Stockholder either is advised by the Company that the use of the Prospectus may be resumed or receives the copies of the supplemented or amended Prospectus contemplated by Section
8(a) (a “Blackout Period”). In any event, the Company shall not be entitled to deliver more than a total of three (3) Suspension Notices or notices of any Delay Period in any 12-month period. 
  
 9. Registration Expenses. 
  
 (a) All expenses incident to the Company’s performance of or compliance
with this Agreement, including, without limitation, all registration and filing fees (including SEC registration fees and NASD filing fees), fees and expenses of compliance with securities or blue sky laws, listing application fees, printing
expenses, transfer agent’s and registrar’s fees, cost of distributing Prospectuses in preliminary and final form as well as any supplements thereto, and fees and disbursements of counsel for the Company and all accountants and other
Persons retained by the Company (all such expenses being herein called “Registration Expenses”) (but not including any underwriting discounts or commissions or transfer taxes, if any, attributable to the sale of Registrable Common Stock or

  

 14 

 any fees or disbursements of counsel for the Stockholder), shall be borne by the Company. In addition, the Company shall
pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and
the expenses and fees for listing the securities to be registered on each securities exchange on which they are to be listed. 
  
 (b) The obligation of the Company to bear the expenses described in Section 9(a) shall apply irrespective of whether a registration, once properly
demanded, if applicable, becomes effective, is withdrawn or suspended, is converted to another form of registration and irrespective of when any of the foregoing shall occur. 
  
 10. Indemnification. 
  
 (a) The Company shall indemnify, to the fullest extent permitted by law, the Stockholder and its officers, directors, employees and Affiliates and each
Person who controls the Stockholder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement of material fact contained in any
Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading or any violation or alleged violation by the Company of the Securities Act, the Exchange Act or applicable “blue sky” laws, except insofar as the same are made in reliance and in conformity with information relating to the
Stockholder furnished in writing to the Company by the Stockholder expressly for use therein or information relating to any underwriter of the transaction furnished in writing to the Company by or on behalf of any underwriter specifically for use
therein. In connection with an underwritten offering, the Company shall indemnify such underwriter(s), their officers, employees and directors and each Person who controls such underwriter(s) (within the meaning of the Securities Act) to the same
extent as provided above with respect to the indemnification of the Stockholder. 
  
 (b) In connection with any Registration Statement in which the Stockholder is participating, the Stockholder shall furnish to the Company in writing such information as the Company reasonably determines, based on the
advice of counsel, is required to be included in, any such Registration Statement or Prospectus and, shall indemnify, to the fullest extent permitted by law, the Company, its officers, employees, directors, Affiliates, and each Person who controls
the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement of material fact contained in the Registration Statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the
extent that the same are made in reliance and in conformity with information relating to the Stockholder furnished in writing to the Company by the Stockholder expressly for use therein. 
  

 15 

 (c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to
such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses
of more than one counsel (in addition to any local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable
defenses available to such indemnified party that are in addition to or may conflict with those available to another indemnified party with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from
its obligations hereunder unless and only to the extent that the Company is materially prejudiced by such failure. 
  
 (d) The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities. 
  
 (e) If the indemnification provided for in or pursuant to this Section 10 is due in accordance with the terms hereof, but is held by a court to be
unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the
other in connection with the statements or omissions that result in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative fault of the indemnifying party on the one hand and of the
indemnified Person on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the indemnifying party or by the indemnified party, and by such party’s relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. In no event shall the liability of the Stockholder be
greater in amount than the amount of net proceeds received by the Stockholder upon such sale. 
  

 16 

 11. Rule 144. 
  
 The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act
and the rules and regulations adopted by the SEC thereunder, and it will take such further action as the Stockholder may reasonably request to make available adequate current public information with respect to the Company meeting the current public
information requirements of Rule 144(c) under the Securities Act, to the extent required to enable the Stockholder to sell Registrable Common Stock without registration under the Securities Act within the limitation of the exemptions provided by (i)
Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of the Stockholder, the Company will deliver to the Stockholder a written
statement as to whether it has complied with such information and requirements. 
  
 12. Transfer of Registration Rights. 
  
 (a) The Stockholder may transfer all or any portion of its then-remaining rights under this Agreement to any transferee who is an Affiliate of the Stockholder (each, a “transferee”). Any transfer of
registration rights pursuant to this Section 12 shall be effective upon receipt by the Company of (x) written notice from the Stockholder stating the name and address of any transferee and identifying the amount of Registrable Common Stock with
respect to which the rights under this Agreement are being transferred and the nature of the rights so transferred and (y) a written agreement from the transferee to be bound by all of the covenants contained in Agreement that are binding on the
Stockholder. In connection with any such transfer, the term “Stockholder” as used in this Agreement shall, where appropriate to assign such rights to such transferee, be deemed to refer to the transferee holder of such Registrable Common
Stock. The Stockholder and such transferees may exercise the registration rights hereunder in such proportion (not to exceed the then-remaining rights hereunder) as they shall agree among themselves. 
  
 (b) After such transfer, the Stockholder shall retain its rights under this
Agreement with respect to all other Registrable Common Stock owned by the Stockholder. Upon the request of the Stockholder, the Company shall execute a Registration Rights Agreement with such transferee or a proposed transferee substantially similar
to the applicable sections of this Agreement. 
  
 13.
Conversion of Other Securities. 
  
 If the Stockholder offers
Registrable Common Stock by forward sale, or any options, rights, warrants or other securities issued by it or any other person that are offered with, convertible into or exercisable or exchangeable for any Registrable Common Stock, the Registrable
Common Stock subject to such forward sale or underlying such options, rights, warrants or other securities shall be eligible for registration pursuant to this Agreement, it being understood that the Company shall not be required pursuant to this
Section 13 to maintain the effectiveness of any Registration Statement beyond the time periods otherwise required by this Agreement. 
  

 17 

 14. Lock-Up of Stockholder. 
  
 The Stockholder agrees that it will not publicly sell any shares of Registrable Common Stock prior to the date that is the
earlier of (a) the filing deadline for the 2006 annual report of the Company filed on Form 10-K and (b) the later of (i) the 90th day after the Closing Date or (ii) the date upon which the Stockholder delivers any and all audited financial statements of the CAM Business (as defined in the Transaction Agreement) that are required pursuant to Regulation S-X
under the Securities Act to be included or incorporated by reference in the Shelf Registration Statement, provided, however, that nothing in this Section 14 will restrict sales of Registrable Common Stock to the Company or to an
Affiliate of the Stockholder or in any other transaction not requiring registration under the Securities Act if the transferee agrees to the transfer and other restrictions set forth in this Agreement to which the Stockholder was subject with
respect to the transferred shares of Registrable Common Stock. 
  
 15. Transfer Restrictions. 
  
 (a) In any offer
or sale of Common Stock Consideration or Common Stock underlying the Preferred Stock Consideration, the Stockholder may sell Common Stock only to a Common Stock Permitted Transferee in a transaction that involves the transfer of one percent (1%) or
less of the Common Stock then outstanding to any Person or group of Persons under common control or acting in concert, provided, however, that this Section 15 will not apply to any transfer (i) to an Affiliate of the Stockholder or to
the Company, (ii) pursuant to Rule 144, (iii) pursuant to a Demand Registration Statement, a Piggyback Registration Statement or a broadly distributed underwritten offering under the Shelf Registration Statement or (iv) any public sale pursuant to
the Shelf Registration Statement where it would be impracticable for the Stockholder to determine the identity of the ultimate transferee or where such identity is not customarily made known to the transferor for similar transactions. 
  
 (b) The Stockholder agrees that it will not sell more than two-thirds of the
Stock Consideration within the first 12 months after the Closing Date. 
  
 (c) Common Stock issued upon conversion of shares of Convertible Preferred Stock shall bear a legend that is appropriate to reflect the restrictions contemplated by this Agreement and the Transaction Agreement. 
  
 16. Standstill. 
  
 The Stockholder agrees that from and after the date of this Agreement, until
the later to occur of (1) the date on which the Registrable Common Stock Beneficially Owned by the Stockholder and its Affiliates ceases to constitute greater than 3% of the 
  

 18 

 issued and outstanding shares of Common Stock (after giving effect the conversion by the Stockholder and its Affiliates
of any shares of Convertible Preferred Stock owned, directly or indirectly, by such Persons) and (2) the tenth anniversary of the Closing Date, it will not, and it will cause its Affiliates not to, without the prior written consent of the Company:

  
 (a) acquire, offer or propose to acquire, or agree to
acquire, directly or indirectly, whether through market purchases, tender or exchange offer or otherwise, record or beneficial ownership of, or the right to vote, (i) more than 3% of the outstanding voting securities of the Company or direct or
indirect rights to acquire more than 3% of the outstanding voting securities of the Company or any subsidiary thereof, or of any successor to or person in control of the Company, or any assets of the Company or any subsidiary or division thereof or
of any such successor or controlling person, or (ii) more than 14.9% of the outstanding capital stock of the Company or direct or indirect rights to acquire more than 14.9% of the outstanding common stock of the Company or any subsidiary thereof, or
of any successor to or person in control of the Company, or any assets of the Company or any subsidiary or division thereof or of any such successor or controlling person; 
  
 (b) make or in any way participate, directly or indirectly, in any “solicitation” of “proxies” to vote
(as such terms are used in the rules of the SEC), or seek to advise or influence any person or entity with respect to the voting of any voting securities of the Company; 
  
 (c) other than as contemplated by the Transaction Agreement, propose or seek to effect a merger, consolidation,
recapitalization, reorganization, restructuring, sale, lease, exchange or other disposition of all or substantially all of the assets of or other business combination involving, or a tender or exchange offer for securities of, the Company or any of
its subsidiaries or any material portion of the Company’s or such subsidiary’s business or assets or any other type of transaction that would result in a change in control of the Company; 
  
 (d) other than as contemplated by the Transaction Agreement, make any public
announcement with respect to, or submit a proposal for or offer of (with or without conditions), any extraordinary transaction involving the Company or any of its securities or assets; 
  
 (e) seek to exercise any control or influence over the management of the Company or its board of directors or any of the
businesses, operations or policies of the Company; 
  
 (f) form,
join or in any way participate in a “group” as defined in Regulation 13D-G under the Exchange Act, in connection with any of the foregoing; or 
  

 19 

 (g) request the Company, directly or indirectly, to amend or waive any provision of this paragraph.

  
 (h) Notwithstanding anything to the contrary in this Section
16, nothing shall (i) restrict sales of Common Stock by any Affiliate or subsidiary of the Stockholder as nominee of customers or in connection with banking, brokerage or asset management activities in the ordinary course of business, (ii) prevent
or restrict acquisitions of a previously unaffiliated business or entity that owns securities of the Company; (iii) prevent the increase of the Stockholder’s Beneficial Ownership of securities of the Company above 3% or more of securities of
the Company then outstanding as a result of a reduction in the number of securities of the Company outstanding due to the repurchase of securities by the Company; or (iv) prevent an inadvertent increase of the Stockholder’s Beneficial Ownership
of securities of the Company above 3% or more of the securities of the Company then outstanding, provided, that, the Stockholder, after becoming aware of such inadvertent increase and upon the written request of the Company, sells such
securities of the Company as necessary to reduce the Stockholder’s Beneficial Ownership of securities of the Company below 3% within ten (10) business days of such request. 
  
 17. Miscellaneous. 
  
 (a) Notices. All notices, requests, consents and other communications required or permitted hereunder shall be in writing and shall be hand
delivered or mailed postage prepaid by registered or certified mail or by facsimile transmission (with immediate telephone confirmation thereafter) and, in the case of the Stockholder, shall also be sent via e-mail, 
  
 If to the Company: 
  
 Legg Mason, Inc. 
 100 Light Street 
 Baltimore, Maryland 21202 
 Attention: Deputy General Counsel 
 Facsimile No.: (410) 454-4607 
  
 with a copy to (which shall not constitute notice): 
  
 Shearman & Sterling LLP 
 599 Lexington Avenue 
 New York, NY 10022 
 Attention: John A. Marzulli Jr. 
 Facsimile No.: (646) 848-8590 
  

 20 

 If to the Stockholder: 
  
 Citigroup Inc. 
 399 Park Avenue 
 New York, New York 10022 

	 	Attn:	Andrew M. Felner, Esq. 

	 	    	Deputy General Counsel 

 Facsimile No.:
(212) 559-7057 
 Email: felnera@citigroup.com 
  
 With a copy to: 
  

Citigroup Inc. 
 425 Park Avenue 
 New York, New York 10022 

	 	Attn:	John R. Dye, Esq. 

	 	    	General Counsel—Capital Markets 

 Facsimile No.: (212) 793-7600 
 Email: dyej@citigroup.com 
  
 If to a transferee Stockholder, to the address of such transferee Stockholder
set forth in the transfer documentation provided to the Company; 
  
 in each case with copies to (which shall not constitute notice): 
  
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036-6522 
 Attention: Gregory A. Fernicola, Esq. 
 Facsimile No.: (212) 735-2000 
  
 or at such other address as such party each may specify by written notice to the others, and each such notice, request, consent and other communication shall for all
purposes of the Agreement be treated as being effective or having been given when delivered personally, upon one Business Day after being deposited with a courier if delivered by courier, upon receipt of facsimile confirmation if transmitted by
facsimile, or, if sent by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained receptacle for the deposit of United States mail, addressed and postage prepaid as aforesaid. 
  
 (b) No Waivers. No failure or delay by any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
  

 21 

 (c) Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns. If the outstanding Common Stock is converted into or exchanged or substituted for other securities issued by any other Person, as a condition to the effectiveness of the
merger, consolidation, reclassification, share exchange or other transaction pursuant to which such conversion, exchange, substitution or other transaction takes place, such other Person shall automatically become bound hereby with respect to such
other securities constituting Registrable Securities and, if requested by the Stockholder or a permitted transferee, shall further evidence such obligation by executing and delivering to the Stockholder and such transferee a written agreement to
such effect in form and substance satisfactory to the Stockholder. 
  
 (d) Governing Law. This agreement shall be governed by and construed in accordance with the laws of the State of New York. 
  
 (e) Jurisdiction. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with,
this Agreement or the transactions contemplated hereby may be brought in any federal or state court located in the County and State of New York, and each of the parties hereby consents to the jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in
any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within
or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 17(a) shall be deemed effective service of process on such party. 
  
 (f) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 (g) Counterparts; Effectiveness. This Agreement may be executed in separate counterparts (including by facsimile),
with the same effect as if each of the parties had signed the same document. Each such counterpart shall be deemed an original, shall be construed together and shall constitute one and the same instrument. This Agreement shall become effective when
each party hereto shall have received counterparts hereof signed by the other party hereto. 
  
 (h) Entire Agreement. This Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes and replaces all other prior agreements, written or oral,
among the parties hereto with respect to the subject matter hereof. 
  

 22 

 (i) Captions. The headings and other captions in this Agreement are for convenience and reference
only and shall not be used in interpreting, construing or enforcing any provision of this Agreement. 
  
 (j) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
  
 (k) Amendments. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company and the Stockholder. 
  
 (l) Aggregation of Stock. All Registrable Common Stock held by or acquired by any Affiliated Persons will be
aggregated together for the purpose of determining the availability of any rights under this Agreement. 
  
 (m) Equitable Relief. The parties hereto agree that legal remedies may be inadequate to enforce the provisions of this Agreement and that equitable
relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 
  
 [Execution Page Follows] 
  

 23 

 IN WITNESS WHEREOF, this Registration and Investor Rights Agreement has been duly executed by each of the
parties hereto as of the date first written above. 
  

			
	LEGG MASON, INC.
		
	By:	 	 /s/ Peter L. Bain

	Name:	 	Peter L. Bain
	Title:	 	Senior Executive Vice President
	
	CITIGROUP INC.
		
	By:	 	 /s/ Anthony Lazzara

	Name:	 	Anthony Lazzara
	Title:	 	Managing Director, M&A Execution

  

 24 

 Exhibit A 
  
 PLAN OF DISTRIBUTION 
  
 The Company is registering the shares of common stock covered by this prospectus for the selling stockholder. As used in this prospectus, “selling
stockholder” includes the donees, transferees, pledgees or others who may later hold the selling stockholder’s interests. Pursuant to a registration rights agreement, dated as of December 1, 2005, the Company agreed to register the common
stock owned by the selling stockholder and to indemnify the selling stockholder against certain liabilities related to the selling of the common stock, including liabilities arising under the Securities Act. Under the registration rights agreement,
the Company also agreed to pay the costs and fees of registering the shares of common stock; however, the selling stockholder will pay any brokerage commissions or underwriting discounts relating to the sale of the shares of common stock.

  
 The selling stockholder may sell the common stock being
offered hereby in one or more of the following ways at various times: 
  

	 	•	 	to underwriters for resale to the public or to institutional registrations; 

  

	 	•	 	directly to institutional registrations; or 

  

	 	•	 	through agents to the public or to institutional registrations. 

  
 The selling shareholder may offer its shares of common stock in one or more offerings pursuant to one or more prospectus supplements, if required by
applicable law, and any such prospectus supplement will set forth the terms of the relevant offering to the extent required. To the extent the shares of common stock offered pursuant to a prospectus supplement remain unsold, the selling shareholder
may offer those shares of common stock on different terms pursuant to another prospectus supplement. 
  
 The selling stockholder will act independently of the Company in making decisions with respect to the timing, manner and size of each sale. The selling
stockholder may sell the common stock on the New York Stock Exchange or otherwise, at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices. If underwriters are used in the sale, the
common stock will be acquired by the underwriters for their own account and may be resold at various times in one or more transactions, including negotiated transactions, at a fixed public offering price or prices, which may be changed, at market
prices prevailing at the time of sale, at prices related to such prevailing market prices, or at negotiated prices. A distribution of the common stock by the selling stockholder may also be effected through the issuance by the selling stockholder or
others of derivative securities, including without limitation, warrants, exchangeable securities, forward delivery contracts and the writing of options. 
  

 25 

 In addition, the selling stockholder may sell some or all of the shares of common stock covered by this
prospectus through: 
  

	 	•	 	a block trade in which a broker-dealer will attempt to sell as agent, but may position or resell a portion of the block, as principal, in order to facilitate the transaction;

  

	 	•	 	purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account; 

  

	 	•	 	ordinary brokerage transactions and transactions in which a broker solicits purchasers; or 

  

	 	•	 	privately negotiated transactions. 

  
 The selling stockholder may also enter into hedging transactions. For example, the selling stockholder may: 
  

	 	•	 	enter into transactions with a broker-dealer or affiliate thereof in connection with which such broker-dealer or affiliate will engage in short sales of the common stock pursuant to
this prospectus, in which case such broker-dealer or affiliate may use shares of common stock received from the selling stockholder to close out its short positions; 

  

	 	•	 	sell common stock short itself and redeliver such shares to close out its short positions; 

  

	 	•	 	enter into option or other types of transactions that require the selling stockholder to deliver common stock to a broker-dealer or an affiliate thereof, who will then resell or
transfer the common stock under this prospectus; or 

  

	 	•	 	loan or pledge the common stock to a broker-dealer or an affiliate thereof, who may sell the loaned shares or, in an event of default in the case of a pledge, sell the pledged
shares pursuant to this prospectus. 

  
 In addition,
the selling stockholder may enter into derivative or hedging transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. In connection with such a transaction, the third
parties may sell securities covered by and pursuant to this prospectus and an applicable prospectus supplement. If so, the third party may use securities borrowed from the selling stockholder or others to settle such sales and may use securities
received from the selling stockholder to close out any related short positions. The selling stockholder may also 
  

 26 

 loan or pledge securities covered by this prospectus and an applicable prospectus supplement to third parties, who may
sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities pursuant to this prospectus and the applicable prospectus supplement. 
  
 The applicable prospectus supplement will set forth the terms of the offering of the common stock covered by this
prospectus, including: 
  

	 	•	 	the name or names of any underwriters, dealers or agents and the amounts of securities underwritten or purchased by each of them, if any; and 

  

	 	•	 	the public offering price of the common stock and the proceeds to the selling shareholder and any discounts, commissions or concessions or other items constituting compensation
allowed, reallowed or paid to underwriters, dealers or agents, if any. 

  
 Any public offering price and any discounts, commissions, concessions or other items constituting compensation allowed or reallowed or paid to underwriters, dealers or agents may be changed from time to time.

  
 The selling stockholder may negotiate and pay
broker-dealers’ commissions, discounts or concessions for their services. Broker-dealers engaged by the selling stockholder may allow other broker-dealers to participate in resales. The selling stockholder and any broker-dealers involved in the
sale or resale of the common stock may qualify as “underwriters” within the meaning of Section 2(a)(11) of the Securities Act. In addition, the broker-dealers’ commissions, discounts or concessions may qualify as underwriters’
compensation under the Securities Act. If the selling stockholder qualifies as an “underwriter,” it will be subject to the prospectus delivery requirements of Section 5(b)(2) of the Securities Act. 
  
 In addition to selling its common stock under this prospectus, the selling
stockholder may: 
  

	 	•	 	agree to indemnify any broker-dealer or agent against certain liabilities related to the selling of the common stock, including liabilities arising under the Securities Act;

  

	 	•	 	transfer its common stock in other ways not involving market makers or established trading markets, including directly by gift, distribution, or other transfer;

  

	 	•	 	sell its common stock under Rule 144 of the Securities Act rather than under this prospectus, if the transaction meets the requirements of Rule 144; or 

  

 27 

	 	•	 	sell its common stock by any other legally available means. 

  
 The selling stockholder may offer the shares of common stock to or through any broker-dealer subsidiary of Citigroup, including Citigroup Global Markets
Inc. The broker-dealer subsidiaries of Citigroup are members of the National Association of Securities Dealers, Inc. and may participate in distributions of the offered common stock. Accordingly, public offerings of offered common stock in which
Citigroup’s broker-dealer subsidiaries participate will conform to the requirements set forth in Rule 2710(h) of the Conduct Rules of the NASD. 
  

 28EXHIBIT 10.4

 Exhibit 10.4 
  
 TRANSITION SERVICES AGREEMENT 
  

by and between 
  
 CITIGROUP INC. 
  
 and 
  
 LEGG MASON, INC. 
  
 Dated as of
December 1, 2005 

 Table of Contents 
  

					
	 	  	 	  	Page

	 	  	ARTICLE I	  	 
			
	 	  	DEFINITIONS	  	 
			
	Section 1.1	  	Definitions	  	1
			
	 	  	ARTICLE II	  	 
			
	 	  	SERVICES	  	 
			
	Section 2.1	  	Services to be Provided to Purchaser.	  	4
			
	Section 2.2	  	Services to be Provided to Seller.	  	5
			
	Section 2.3	  	Omitted Services	  	6
			
	Section 2.4	  	Additional Services.	  	6
			
	Section 2.5	  	Resumed Services	  	6
			
	Section 2.6	  	Service Coordinators	  	7
			
	Section 2.7	  	Standard of Performance	  	7
			
	Section 2.8	  	Cooperation.	  	7
			
	Section 2.9	  	Separation and/or Segregation.	  	8
			
	Section 2.10	  	Subcontracting.	  	8
			
	Section 2.11	  	Certain Changes	  	9
			
	 	  	ARTICLE III	  	 
			
	 	  	LIMITATIONS	  	 
			
	Section 3.1	  	General Limitations.	  	9
			
	Section 3.2	  	Third Party Limitations	  	9
			
	Section 3.3	  	Compliance with Laws	  	10
			
	Section 3.4	  	Excluded Seller Services	  	10
			
	Section 3.5	  	Force Majeure.	  	10
			
	Section 3.6	  	Disaster Recovery Services	  	11
			
	Section 3.7	  	Interim Basis Only	  	11
			
	Section 3.8	  	No Adverse Effect	  	11
			
	Section 3.9	  	Non Performance.	  	11

  

 i 

					
			
	 	  	ARTICLE IV	  	 
			
	 	  	PAYMENT	  	 
			
	Section 4.1	  	Base Term Fees.	  	12
			
	Section 4.2	  	Extension Term Fees	  	12
			
	Section 4.3	  	Adjustments to Base Cost.	  	12
			
	Section 4.4	  	Billing and Payment Terms.	  	13
			
	Section 4.5	  	Sales Taxes	  	14
			
	Section 4.6	  	Offset	  	14
			
	 	  	ARTICLE V	  	 
			
	 	  	ACCESS AND SECURITY	  	 
			
	Section 5.1	  	Access; Work Policy.	  	14
			
	Section 5.2	  	Security Level; Additional Security Measures.	  	15
			
	Section 5.3	  	Security Breaches	  	15
			
	Section 5.4	  	Systems Security.	  	15
			
	Section 5.5	  	Records; Inspection and Audit Rights.	  	16
			
	Section 5.6	  	Risks and Controls.	  	16
			
	Section 5.7	  	Legal and Regulatory Audit Rights	  	17
			
	Section 5.8	  	Duty to Remedy	  	17
			
	 	  	ARTICLE VI	  	 
			
	 	  	CONFIDENTIALITY	  	 
			
	Section 6.1	  	Confidential Information	  	17
			
	 	  	ARTICLE VII	  	 
			
	 	  	INTELLECTUAL PROPERTY AND DATA	  	 
			
	Section 7.1	  	Ownership of Data and Intellectual Property.	  	19
			
	Section 7.2	  	Data Protection	  	20
			
	 	  	ARTICLE VIII	  	 
			
	 	  	DISCLAIMER OF REPRESENTATIONS AND WARRANTIES	  	 
			
	Section 8.1	  	Disclaimer of Representations and Warranties	  	20
			
	 	  	ARTICLE IX	  	 
			
	 	  	INDEMNIFICATION	  	 
			
	Section 9.1	  	Indemnification of Purchaser	  	21
			
	Section 9.2	  	Indemnification of Seller	  	21
			
	Section 9.3	  	Claims.	  	21

  

 ii 

					
	 Section 9.4
	  	 Limitations
	  	23
			
	 Section 9.5
	  	 Exclusions
	  	23
			
	 Section 9.6
	  	 Payments.
	  	23
			
	 Section 9.7
	  	 Insurance; Tax Benefits.
	  	24
			
	 Section 9.8
	  	 Remedies Exclusive
	  	24
			
	 Section 9.9
	  	 Mitigation
	  	25
			
	 Section 9.10
	  	 No Double Recovery; No Limitation
	  	25
			
	 	  	ARTICLE X	  	 
			
	 	  	TERM AND TERMINATION	  	 
			
	 Section 10.1
	  	 Term of Agreement
	  	25
			
	 Section 10.2
	  	 Extension of Certain Services
	  	25
			
	 Section 10.3
	  	 Termination.
	  	26
			
	 Section 10.4
	  	 Effect of Termination
	  	27
			
	 	  	ARTICLE XI	  	 
			
	 	  	MISCELLANEOUS	  	 
			
	 Section 11.1
	  	 Construction.
	  	27
			
	 Section 11.2
	  	 Headings
	  	28
			
	 Section 11.3
	  	 Notices
	  	28
			
	 Section 11.4
	  	 Governing Law
	  	29
			
	 Section 11.5
	  	 Jurisdiction; Venue; Consent to Service of Process.
	  	29
			
	 Section 11.6
	  	 Entire Agreement
	  	29
			
	 Section 11.7
	  	 Amendment, Modification and Waiver
	  	29
			
	 Section 11.8
	  	 Severability
	  	30
			
	 Section 11.9
	  	 Successors and Assigns; No Third Party Beneficiaries
	  	30
			
	 Section 11.10
	  	 Assignment
	  	30
			
	 Section 11.11
	  	 WAIVER OF JURY TRIAL
	  	30
			
	 Section 11.12
	  	 Expenses
	  	30
			
	 Section 11.13
	  	 Counterparts
	  	30
			
	 Section 11.14
	  	 Relationship of the Parties
	  	30
			
	 Section 11.15
	  	 Dispute Resolution
	  	31

  

 iii 

			
	SCHEDULES	  	 
		
	 Schedule 2.1(a)
	  	 Seller Services

		
	 Schedule 2.1(b)
	  	 Seller Payroll Services

		
	 Schedule 2.2(a)
	  	 Purchaser Services

		
	 Schedule 2.2(b)
	  	 Indonesian Services

		
	 Schedule 2.4
	  	 Additional Services

		
	 Schedule 2.6
	  	 Service Coordinators

		
	 Schedule 3.4
	  	 Excluded Seller Services

		
	 Schedule 5.6(a)
	  	 Purchaser Identified Risks

		
	 Schedule 5.6(b)
	  	 Seller Identified Risks

		
	 Schedule 9.5(e)
	  	 Certain Provisions

		
	 Schedule 11.15
	  	 Executive Committee

  

 iv 

 TRANSITION SERVICES AGREEMENT 
  
 This TRANSITION SERVICES AGREEMENT (this “Agreement”), dated as of December 1, 2005 (the
“Effective Date”), by and between CITIGROUP INC., a Delaware corporation (“Seller”), and LEGG MASON, INC., a Maryland corporation (“Purchaser,” together with Seller, the
“Parties,” and each individually a “Party”). 
  
 RECITALS 
  
 WHEREAS, Legg
Mason and Citigroup have entered into a Transaction Agreement, dated as of June 23, 2005 (as amended, the “Transaction Agreement”), under which Citigroup is selling to Legg Mason the CAM Business (as defined in the Transaction
Agreement) and Legg Mason is selling to Citigroup the PC/CM Business (as defined in the Transaction Agreement); and 
  
 WHEREAS, the execution and delivery of this Agreement is a condition to the closing of the Transaction (as defined in the Transaction Agreement).

  
 NOW, THEREFORE, in consideration of the mutual covenants,
agreements and promises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.1 Definitions. Capitalized terms used in this Agreement but not otherwise defined herein shall have the meanings ascribed thereto in the
Transaction Agreement. In addition, for the purposes of this Agreement, unless the context clearly requires otherwise, the following terms shall have the following meanings: 
  
 “Additional Service” shall have the meaning set forth in Section 2.4(a). 
  
 “Agreement” shall have the meaning set forth in the
introduction to this agreement. 
  
 “Base Cost”
shall have the meaning set forth in Section 4.1. 
  
 “Base Term” shall have the meaning set forth in Section 10.1. 
  
 “Benefits Transition Period” shall mean the period beginning on the Effective Date and ending on December 31, 2005 or such other date as may be agreed to by the Parties. 
  
 “COBRA Coverage” shall have the meaning set forth in
Section 2.1(b)(i). 

 “Cross-License Agreement” shall mean that certain Cross-License Agreement, dated as of
even date herewith, by and between Seller and Purchaser. 
  
 “Direct Cost” shall mean all costs incurred by the party providing a Service in connection with providing such Service. 
  
 “Dispute” shall have the meaning set forth in Section 11.15. 
  
 “Effective Date” shall have the meaning set forth in the introduction to this Agreement. 
  
 “Executive Committee” shall have the meaning set forth in
Section 11.15. 
  
 “Extension Term” shall
have the meaning set forth in Section 10.2. 
  
 “Fees” shall have the meaning set forth in Section 4.1(b). 
  
 “Force Majeure Event” shall have the meaning set forth in Section 3.5(a). 
  
 “Indemnified Parties” shall have the meaning set forth in Section 9.2. 
  
 “Indemnifying Party” shall have the meaning set forth in Section 9.3. 
  
 “Indemnity Payments” shall have the meaning set forth in
Section 9.6. 
  
 “Indonesian Services” shall
have the meaning set forth in Section 2.2(b). 
  
 “Omitted Service” shall have the meaning set forth in Section 2.3. 
  
 “Party” shall have the meaning set forth in the introduction to this Agreement. 
  
 “Personnel” shall mean, with respect to any Party providing
Services hereunder, the employees, officers, agents, independent contractors and consultants of (a) such Party; (b) the Affiliates of such Party; and (c) any third parties engaged by such Party or its Affiliates to provide the
Services. 
  
 “Purchaser” shall have the meaning
set forth in the introduction to this Agreement. 
  
 “Purchaser Confidential Information” shall have the meaning set forth in Section 6.1(b). 
  
 “Purchaser Fees” shall have the meaning set forth in Section 4.1(b). 
  
 “Purchaser Indemnified Parties” shall have the meaning set forth in Section 9.2. 
  
 “Purchaser Parties” shall mean, as applicable,
(a) Purchaser, its Affiliates and third parties engaged by Purchaser or its Affiliates to provide Services, when providing Services or (b) Purchaser and its Subsidiaries, when receiving Services. 
  

 2 

 “Purchaser Services” shall have the meaning set forth in Section 2.2(a)(i).

  
 “Representatives” shall have the meaning set
forth in Section 6.1(c). 
  
 “Resumed
Service” shall have the meaning set forth in Section 2.5. 
  
 “Sales Taxes” shall have the meaning set forth in Section 4.5. 
  
 “Security Regulations” shall have the meaning set forth in Section 5.4(a). 
  
 “Seller” shall have the meaning set forth in the introduction to this Agreement. 
  
 “Seller Confidential Information” shall have the meaning set
forth in Section 6.1(a). 
  
 “Seller Fees”
shall have the meaning set forth in Section 4.1(a). 
  
 “Seller Indemnified Parties” shall have the meaning set forth in Section 9.3. 
  
 “Seller Parties” shall mean, as applicable, (a) Seller, its Affiliates and third parties engaged by Seller or its Affiliates to
provide Services, when providing Services or (b) Seller and its Subsidiaries, when receiving Services. 
  
 “Seller Payroll Services” shall have the meaning set forth in Section 2.1(b)(i). 
  
 “Seller Services” shall have the meaning set forth in
Section 2.1(a)(i). 
  
 “Seller’s
Business” shall mean the business of Seller and its Affiliates (other than the CAM Business). 
  
 “Service Coordinator” shall have the meaning set forth in Section 2.6. 
  
 “Services” shall have the meaning set forth in Section 2.2(a)(i). 
  
 “Systems” shall have the meaning set forth in
Section 5.4(a). 
  
 “Term” shall have the
meaning set forth in Section 10.2. 
  
 “Third Party
Claim” shall have the meaning set forth in Section 9.1. 
  
 “Transaction Agreement” shall have the meaning set forth in the Recitals. 
  
 “Transition Benefits Plans” shall have the meaning set forth in Section 2.1(b)(i). 
  

 3 

 ARTICLE II 
  

SERVICES 
  
 Section 2.1 Services to be Provided to Purchaser. 
  
 (a) In General. 
  
 (i) Seller shall provide, or shall cause its Affiliates or third parties to provide, to the Purchaser Parties all services (other than
investment advisory services) provided to the CAM Business in the ordinary course prior to the Effective Date to the extent provided prior to the Effective Date (it being understood that with respect to each service, “extent” shall mean,
in all material respects, the amount, level, frequency, functionality and quality (including the level of care exercised in the performance) of such service, except as otherwise (A) provided herein, or (B) agreed to by the Parties), as set
forth on Schedule 2.1(a) (together with the Seller Payroll Services and any Omitted Services and Resumed Services provided by Seller, the “Seller Services”). 
  
 (ii) In the event that Purchaser internally restructures, reorganizes or transfers the CAM Business to an
Affiliate or a third party, Seller shall continue to provide the Seller Services to such Affiliate or third party to the extent provided prior to such restructuring, reorganization or transfer, but only insofar as such Affiliate or such third party
continues to conduct the CAM Business. 
  
 (b) Employee
Benefits, Payroll Administration and Other HR Services. 
  
 (i) Seller shall, or shall cause its Affiliates or third parties to (A) provide the Purchaser Parties with payroll services, (B) facilitate the operation and implementation of, and provide administration
services with respect to, the employee health and welfare benefits plans, retirement plans and other employee benefit plans for the CAM Continuing Business Employees and any other employees described on Schedule 2.1(b) and (C) provide
health and welfare benefits, retirement benefits and other employee benefits for CAM Continuing Business Employees and any other employees described on Schedule 2.1(b) during the Benefits Transition Period, in each case, as set forth on
Schedule 2.1(b) (the “Seller Payroll Services”) and in accordance with the terms and conditions set forth on Schedule 2.1(b). Seller will give at least the same priority to rendering the Seller Payroll Services to the
Purchaser Parties as Seller gives to providing comparable services to its business units. During the Benefits Transition Period, Seller shall continue to administer and provide coverage pursuant to the health and welfare benefit plans, retirement
plans and other employee benefit plans of Seller as provided for on Schedule 2.1(b) (the “Transition Benefits Plans”) for the benefit of all CAM Continuing Business Employees and any other employees described on Schedule
2.1(b), and their 
  

 4 

 eligible dependents and beneficiaries, on substantially the same basis as in effect immediately prior to
the Effective Date (except as otherwise set forth on Schedule 2.1(b)) for such individuals. Except with respect to Seller Parties’ gross negligence or willful misconduct or as otherwise provided in the Transaction Agreement, Purchaser
shall be liable, and Seller shall have no liability, for all benefits, claims and costs incurred by Seller and/or Purchaser under the Transition Benefits Plans in respect of events occurring during the Benefits Transition Period to the same extent
that Purchaser would have been liable for such benefits, claims and costs (including actual benefits, claims and costs associated with continuation of group health plan coverage required under Part 6 of Title I of ERISA (“COBRA
Coverage”)) if Purchaser had newly established and was the sole sponsor of the Transition Benefits Plans during such period. Following the Benefits Transition Period, Purchaser shall assume, under Purchaser welfare benefit plans, the COBRA
Coverage of all CAM Continuing Business Employees still receiving such COBRA Coverage, and the Seller shall no longer administer such plans; provided, however, that Seller shall provide administrative support with respect to any claims
incurred prior to the end of the Benefits Transition Period. 
  
 (ii) Seller shall provide Purchaser Parties such personnel data (i) as may be reasonably necessary to assist Purchaser in creating a payroll system and administering health and welfare benefits, retirement
benefits and other employee benefits for the CAM Continuing Business Employees and any other employees described on Schedule 2.1(b) and (ii) documents as Purchaser may reasonably request (including requests for any such data for purposes
of satisfying or meeting any obligation under a subpoena or other similar legal order). 
  
 Section 2.2 Services to be Provided to Seller. 
  
 (a) In General. 
  
 (i) Purchaser shall provide, or shall cause its Affiliates or third parties to provide, to the Seller Parties all services (other than investment advisory services) provided to the Seller’s Business in the
ordinary course prior to the Effective Date to the extent provided prior to the Effective Date (it being understood that with respect to each service, “extent” shall mean, in all material respects, the amount, level, frequency,
functionality and quality (including the level of care exercised in the performance) of such service, except as otherwise (A) provided herein, or (B) agreed to by the Parties), as set forth on Schedule 2.2(a) (together with the
Indonesian Services and any Omitted Services and Resumed Services provided by Purchaser, the “Purchaser Services” and, together with the Seller Services and the Additional Services, the “Services”). 
  
 (ii) In the event that Seller internally restructures,
reorganizes or transfers the business to which the Purchaser Services relate to an Affiliate or a third party, Purchaser shall be obligated to continue to provide the 
  

 5 

 Purchaser Services to such Affiliate or third party to the extent provided prior to such restructuring,
reorganization or transfer, but only insofar as such Affiliate or such third party continues to conduct the business to which the Purchaser Services relate. 
  
 (b) Indonesian Services. Purchaser shall, or shall cause its Affiliates or third parties to provide, to the Seller Parties the services set forth
on Schedule 2.2(b) (the “Indonesian Services”). Notwithstanding anything to the contrary contained herein: (i) the Base Term of the Indonesian Services shall be four (4) months, (ii) the Extension Term of the
Indonesian Services shall be five (5) months, (iii) during the Base Term for the Indonesian Services, the Base Cost of the Indonesian Services shall be $117,000 U.S. Dollars per month and (iv) during the Extension Term for the
Indonesian Services, the Base Cost of the Indonesian Services shall be $142,000 U.S. Dollars per month. 
  
 Section 2.3 Omitted Services. If, at any time within one hundred and fifty (150) days following the Effective Date, either Party becomes aware
of any service that had been provided prior to the Effective Date that is not included on Schedule 2.1(a), Schedule 2.1(b) or Schedule 2.2(a), as applicable, and which the Parties had not specifically agreed to omit from such
schedule (each such service, an “Omitted Service”), then upon notice to the other Party, such service will be added to the applicable schedule and become a Seller Service, Seller Payroll Service or Purchaser Service, as applicable.
The Party that must resume such Service shall resume provision of such Service as soon as reasonably practicable. The cost of any Omitted Service shall be determined in accordance with Section 4.1. 
  
 Section 2.4 Additional Services. 
  
 (a) If either Party desires to receive an additional service (or to expand
the scope or lengthen the duration of any Service) that is not an Omitted Service or a Resumed Service, the Service Coordinators shall meet (in person or by telephone) within ten (10) days of the other Party’s receipt of a written notice
by the Party desiring to receive such additional service to discuss in good faith whether and on what terms and conditions such other Party is willing to provide such additional service (or such expanded scope or lengthened duration of a Service)
(each such service, to the extent provided, will be considered an “Additional Service”). 
  
 (b) The Parties shall mutually agree on the scope, terms, Base Cost and duration of all Additional Services, all of which shall be set forth on
Schedule 2.4, as amended from time to time. 
  
 Section 2.5
Resumed Services. If after a Service (a) has been terminated in accordance with Section 10.3 by the Party that received such Service or (b) that had been provided prior to the Effective Date was specifically omitted by the
Parties from Schedule 2.1(a) or Schedule 2.2(a), as applicable, the applicable receiving Party is unable to provide such service for itself despite using its commercially reasonable efforts to do so, then such receiving Party shall so
notify the Party that provided such service, and such providing Party will resume providing such service, if commercially and technologically feasible and subject to such providing Party’s ability to obtain any third party consents necessary to
provide the service (each, a “Resumed Service”). The Party that received such Service shall be responsible for all 
  

 6 

 costs of the Party that provided such Service associated with resuming such Service, and to the extent reasonably
practicable, such providing Party shall provide such receiving Party with advance notice of such expenses. 
  
 Section 2.6 Service Coordinators. Seller and Purchaser shall each nominate a representative to act as the primary contact person with respect to
the performance of the Services (each, a “Service Coordinator”). Unless otherwise agreed upon by the Parties, all communications relating to this Agreement and to the Services provided hereunder shall be directed to the Service
Coordinators. The initial Service Coordinators for Purchaser and Seller, including relevant contact information, are set forth on Schedule 2.6. Either Party may replace its Service Coordinator at any time by providing notice in accordance
with Section 11.3 of this Agreement. 
  
 Section 2.7
Standard of Performance. Each Party shall (and shall cause any party performing services on its behalf to) use commercially reasonable efforts, skill and judgment in providing the Services. Without limiting the foregoing, all Services shall
be provided in a timely and workmanlike manner, consistent with recent past practice and to the extent provided prior to the Effective Date. 
  
 Section 2.8 Cooperation. 
  
 (a) Each Party shall, and shall cause its respective Affiliates and use commercially reasonable efforts to cause its third party service providers, to
reasonably cooperate with the other Party in all matters relating to the provision and receipt of the Services and to minimize the expense, distraction and disturbance to each Party, shall perform all obligations hereunder in good faith and in
accordance with principles of fair dealing and shall not engage in any willful or intentional misconduct, gross negligence, common law fraud or otherwise violate any Requirements of Law. Such cooperation shall include (i) the execution and
delivery of such further instruments or documents as may be reasonably requested by the other Party to enable the full performance of each Party’s obligations hereunder and (ii) notifying the other Party in advance of any changes to a
Party’s operating environment or Personnel (especially changes with respect to employee status), and working with the other Party to minimize the effect of such changes. 
  
 (b) Each Party will use commercially reasonable efforts to provide information and documentation necessary for the other
Party to perform the Seller Services or the Purchaser Services, as applicable, in the manner they were provided in the ordinary course prior to the Effective Date, and will use commercially reasonable efforts to make available, as reasonably
requested by the other Party, sufficient resources and timely decisions, approvals and acceptances in order that the other Party may perform its obligations under this Agreement in a timely and efficient manner. 
  
 (c) The Purchaser Parties and the Seller Parties shall follow, and shall
cause their respective Affiliates to follow, the policies, procedures and practices of the other Party and its Affiliates applicable to the Services being provided by or on behalf of such other Party that are in effect as of the Effective Date and
of which the applicable Party has been made aware. 
  

 7 

 Section 2.9 Separation and/or Segregation. 
  
 (a) Unless otherwise agreed by the Parties in writing, Seller shall bear
all costs of any separation and/or segregation activities with respect to the CAM Business (i) required under any applicable Requirements of Law as a result of the transactions contemplated by the Transaction Agreement and the Related
Agreements or (ii) undertaken upon Seller’s own initiative. All separation and/or segregation activities requested by Purchaser shall be treated as requests for Additional Services, and the costs thereof shall be borne by Purchaser.

  
 (b) To the extent that Seller has not completed separation
and/or segregation of the CAM Business’ operations and data from Seller’s other operations and data prior to the Effective Date, Seller shall complete such separation and/or segregation during the Term or sooner as required by Requirements
of Law, with minimal interruption to CAM’s daily business, provided that such activities shall not be deemed a Service under this Agreement. 
  
 Section 2.10 Subcontracting. 
  
 (a) By Seller. When acting as a Service provider, Seller may subcontract to another provider (including third parties and Seller’s own
Subsidiaries and Affiliates), or change an existing subcontractor of: 
  
 (i) any Service provided solely to the CAM Business with Purchaser’s prior written consent (which consent may not be unreasonably withheld). 
  
 (ii) any other Service upon notice to Purchaser; provided, that Purchaser shall have a reasonable
opportunity to comment on the plan to implement such subcontracting prior to such implementation, and provided, further, that if such change is reasonably likely to have a significant adverse effect on the level and/or quality of a
material Service, the plan for implementing such change with respect to such material Service shall be subject to the Purchaser’s prior written consent, such consent not to be unreasonably withheld or delayed. 
  
 (b) By Purchaser. When acting as a Service provider, Purchaser may
subcontract to another provider (including third parties and Purchaser’s own Subsidiaries and Affiliates), or change an existing subcontractor of: 
  
 (i) any Service provided solely to the Seller’s Business, with Seller’s prior written consent (which consent may not be
unreasonably withheld). 
  
 (ii) any other
Service upon notice to Seller; provided, that Seller shall have a reasonable opportunity to comment on the plan to implement such subcontracting prior to such implementation, and provided, further, that if such change is
reasonably likely to have a significant adverse effect on the level and/or quality of a material Service, the plan for implementing such change with respect to such material Service shall be subject to the Seller’s prior written consent, such
consent not to be unreasonably withheld or delayed. 
  

 8 

 (c) Notwithstanding any subcontracting or change of subcontractors permitted under this
Section 2.10, Seller or Purchaser, as applicable, shall always remain responsible for the performance of the Seller Services or Purchaser Services, as applicable, in accordance with the service levels, quality and costs set forth herein.

  
 Section 2.11 Certain Changes. Either Party, when acting
as a service provider, may change (a) its policies and procedures or (b) the location from which any Service is provided at any time; provided, that such Party shall always remain responsible for the performance of the Services in
accordance with the service levels, quality and costs set forth herein. Such providing Party shall give the other Party reasonable prior notice of the change (which notice shall be provided no later than the time at which, and in the same manner as,
such party provides notice of such change to any applicable Affiliates). 
  
 ARTICLE III 
  
 LIMITATIONS

  
 Section 3.1 General Limitations.

  
 (a) Unless expressly provided otherwise herein
(i) Seller Parties shall be required to provide the Seller Services hereunder only to the extent that such Seller Services were provided to the CAM Business in the ordinary course prior to the Effective Date and (ii) the Seller Services
provided by Seller hereunder shall be available only for the purposes of conducting the CAM Business. 
  
 (b) Unless expressly provided otherwise herein (i) Purchaser Parties shall be required to provide the Purchaser Services hereunder only to the
extent that such Purchaser Services were provided to Seller’s Business in the ordinary course prior to the Effective Date and (ii) the Purchaser Services provided by Purchaser hereunder shall be available only for the purposes of
conducting Seller’s Business. 
  
 (c) In no event shall
either Party be obligated to maintain the employment of any specific employee or acquire any specific additional equipment or software, unless the other Party agrees to bear all associated costs; provided that such Party shall remain
responsible for the performance of the Seller Services or Purchaser Services, as applicable, in accordance with this Agreement. 
  
 Section 3.2 Third Party Limitations. Each Party acknowledges and agrees that the Services provided by a Party through third parties or using third
party Intellectual Property are subject to the terms and conditions of any applicable agreements between the provider of such Service and such third parties. Each Party shall use commercially reasonable efforts to (a) obtain any necessary
consent from such third parties in order to provide such Services or (b) if any such consent is not obtained, provide acceptable alternative arrangements to provide the relevant Services sufficient for the other Party’s purposes. All costs
associated with (a) and (b), above, shall be borne by the Party receiving the applicable Service, except that any one time 
  

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 costs incurred in connection with the migration of any Service to an alternative arrangement shall be borne by the Party
providing the applicable Service. Notwithstanding the foregoing, the Party providing the applicable Service shall provide reasonable prior notice to the Party receiving the applicable Service of the costs associated with (a) and (b), and the
Parties shall cooperate to mitigate such costs (including exploring alternative arrangements, if any). 
  
 Section 3.3 Compliance with Laws. Neither Party shall provide, or cause to be provided, any Service to the extent that the provision of such
Service would require such Party, any of its Affiliates or any of their respective officers, directors, employees, agents or representatives to violate (a) any applicable Requirements of Law, (b) any policies and/or procedures of such
Party designed to respond to a Requirement of Law, to a new legal or regulatory issue or to a security threat or (c) any other policies and/or procedures of such Party in existence on the Effective Date. If a Party cannot provide a Service due
to (c), above, the Parties shall cooperate in good faith to identify an acceptable alternative arrangement to provide the affected Service sufficient for the purposes of the other Party; provided, that the Party providing such Service shall
bear any additional costs resulting from such acceptable alternative arrangement. 
  
 Section 3.4 Excluded Seller Services. Notwithstanding anything to the contrary set forth herein, in no event shall the Seller Services include any of the services set forth on Schedule 3.4.

  
 Section 3.5 Force Majeure. 
  
 (a) The Parties shall use commercially reasonable efforts to provide, or
cause to be provided, the Services without interruption. In the event that any Party providing, or causing to be provided, Services is wholly or partially prevented from, or delayed in, providing one or more Services, or one or more Services are
interrupted or suspended, by reason of events beyond its reasonable control (including acts of God, fire, explosion, floods, embargoes, epidemics, war, acts of terrorism, nuclear disaster, labor strikes, civil unrest and/or riots) (each, a
“Force Majeure Event”), such Party shall not be obligated to deliver the affected Services during such period, and the Party that would have received such Services shall not be obligated to pay for any Services not delivered.

  
 (b) Upon the occurrence of a Force Majeure Event, the
affected Party shall promptly give written notice to the other Party of the Force Majeure Event upon which it intends to rely to excuse its performance, and of the expected duration of such Force Majeure Event. The duties and obligations of such
Party hereunder shall be tolled for the duration of the Force Majeure Event, but only to the extent that the Force Majeure Event prevents such Party from performing its duties and obligations hereunder. 
  
 (c) During the duration of a Force Majeure Event, the affected Party shall
use commercially reasonable efforts to avoid or remove such Force Majeure Event, and shall use commercially reasonable efforts to resume its performance under this Agreement with the least practicable delay. From and during the occurrence of a Force
Majeure Event, the other Party may replace the affected Services by providing such Services for itself or engaging a third party to provide such Services. 
  

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 (d) For the period beginning sixty (60) days after the occurrence of a Force Majeure Event and
ending upon the termination of such Force Majeure Event, the affected Party shall pay or reimburse, as applicable, the difference, if any, between (i) all of the other Party’s reasonable costs associated with any replacement Services and
(ii) the amount the other Party would have paid to such Party under the terms of this Agreement for the provision of such Services had such Party continued to perform such Services. 
  
 Section 3.6 Disaster Recovery Services. No Party shall be required to provide disaster recovery Services to the
extent that the Party that would receive such Services has materially altered the equipment, hardware or software to which such disaster recovery Services pertain. 
  
 Section 3.7 Interim Basis Only. Each Party acknowledges that the purpose of this Agreement is to provide
Services to the other Party on an interim basis, until such Party can perform the Services for itself. Accordingly, at all times from and after the Effective Date, each of Seller and Purchaser shall use its respective commercially reasonable efforts
to make or obtain any approvals, permits or licenses, implement any computer systems and take, or cause to be taken, any and all other actions necessary or advisable for it to provide the Services for itself as soon as reasonably practicable.

  
 Section 3.8 No Adverse Effect. In providing the
Services, no Party shall take any action that could reasonably be expected to have a material adverse effect on the assets or business of the other Party or any of its Affiliates, or on the ability of the other Party to comply with its obligations
under this Agreement, without obtaining such other Party’s prior written consent. 
  
 Section 3.9 Non Performance. 
  
 (a) By Seller. If Seller fails to timely provide, or cause to be provided, one or more Seller Services, other than as a result of and during the occurrence of a Force Majeure Event, and such failure prevents
Purchaser from operating the CAM Business as it was operated in the ordinary course prior to the Effective Date, from and during such failure to provide such Seller Services, Purchaser, after providing prior written notice to Seller, may replace the
affected Seller Services by providing such Seller Services for itself or engaging a third party to provide such Seller Services. In addition to any other remedies that Purchaser may be entitled to, Seller shall also pay Purchaser the difference, if
any, between (i) all of Purchaser’s reasonable costs associated with such replacement Seller Services and (ii) the amount Purchaser would have paid to Seller under the terms of this Agreement for the provision of such Seller Services,
had Seller Parties continued to perform such Seller Services. 
  
 (b) By Purchaser. If Purchaser fails to timely provide, or cause to be provided, one or more Purchaser Services, other than as a result of and during the occurrence of a Force Majeure Event, and such failure prevents Seller from
operating the Seller’s Business as it was operated in the ordinary course prior to the Effective Date, from and during such failure to provide such Purchaser Services, Seller, after providing prior written notice to Purchaser, may replace the
affected Purchaser Services by providing such Purchaser Services for itself or engaging a third party to provide such Purchaser Services. In addition to any other remedies that 
  

 11 

 Seller may be entitled to, Purchaser shall also pay Seller the difference, if any, between (i) all of Seller’s
reasonable costs associated with such replacement Purchaser Services and (ii) the amount Seller would have paid to Purchaser under the terms of this Agreement for the provision of such Purchaser Services, had Purchaser Parties continued to
perform such Purchaser Services. 
  
 ARTICLE IV 

 
 PAYMENT 
  
 Section 4.1 Base Term Fees. 
  
 (a) In consideration for the Seller Services and any Additional Services
provided by Seller hereunder, Purchaser shall pay to Seller all Direct Costs of Seller Parties in connection with providing each Seller Service that are currently charged to the CAM Business (with respect to each Seller Service, the “Base
Cost”), the Base Cost of each Additional Service and any reasonable out of pocket expenses incurred by Seller Parties in connection with providing the Seller Service or Additional Service, as applicable (collectively, the “Seller
Fees”). The current Base Cost of each Seller Service is set forth on Schedule 2.1(a) or Schedule 2.1(b), as applicable. The Base Cost for each Additional Service shall be determined on a case by case basis as mutually agreed
to by the Parties under Section 2.4(b). 
  
 (b) In
consideration for the Purchaser Services and any Additional Services provided by Purchaser hereunder, Seller shall pay to Purchaser all Direct Costs of Purchaser Parties in connection with providing each Purchaser Service that are currently charged
by the CAM Business (with respect to each Purchaser Service, the “Base Cost”), the Base Cost of each Additional Service and any reasonable out of pocket expenses incurred by Purchaser Parties in connection with providing the
Purchaser Service or Additional Service, as applicable (collectively, the “Purchaser Fees” and, together with the Seller Fees, the “Fees”). The current Base Cost of each Purchaser Service is set forth on Schedule
2.2(a). The Base Cost for each Additional Service shall be determined on a case by case basis as mutually agreed to by the Parties under Section 2.4(b). 
  
 Section 4.2 Extension Term Fees. Upon the commencement of the Extension Term, and at the beginning of each
quarter year thereafter, the Base Cost of each Service being provided during the Extension Term shall increase by 2.5% of such Service’s then current Base Cost. 
  
 Section 4.3 Adjustments to Base Cost. 
  
 (a) Increases or Decreases in Direct Costs. Notwithstanding anything to the contrary set forth herein, in the event
that the Direct Costs of Seller or Purchaser, as applicable, to provide a Service increase or decrease (including as a result of increases in volume under any contract), Seller or Purchaser, as applicable, may adjust the Base Cost of providing such
Service by the amount of such increase or decrease, in connection with and only to the extent that such adjustment is generally applicable to all recipients of such Service, including similar services provided to Affiliates of the Party providing
the Service. 
  

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 (b) Adjustment Mechanism. The Parties shall meet (in person or via telephone) on a monthly basis
to review the Services provided during the previous month. At each such meeting, the Parties shall adjust the applicable Base Cost for each Service for which the Base Cost is determined by reference to the number of units used during a given month.
Such adjustment shall be based on the number of units of each such Service added or reduced, as applicable, during the preceding month multiplied by the unit cost of each such Service, plus a proportional adjustment in the Base Cost of any
associated Service. All adjustments to the Base Cost of a Service pursuant to this Section 4.3(b) shall be subject to the terms and conditions of any third party contract used to provide such Service. 
  
 Section 4.4 Billing and Payment Terms. 
  
 (a) For each country in which a party provides Services to a recipient
located in the same country: (i) such providing party shall invoice the party receiving such Services on a monthly basis (such invoice to set forth a description of the Services provided and reasonable documentation to support the charges
thereon) for all Services that such providing party delivered during the preceding month, denominated in the local currency of such country, (ii) each such invoice shall be payable within sixty (60) days after such receiving party’s
receipt of the invoice and (iii) payment of such invoices shall be made by such receiving party to such providing party in the local currency of the applicable country. Any Service for which the foregoing process does not apply shall be
invoiced by the Party providing such Service to the Party receiving such Service in accordance with the foregoing timetable and in U.S. Dollars, and shall be paid by the Party receiving such Services in accordance with the foregoing timetable and in
U.S. Dollars. 
  
 (b) If any undisputed invoice or undisputed
portion of an invoice is not paid in full within sixty (60) days after the date of the invoice, interest shall accrue on the unpaid amount at the annual rate equal to the “Prime Rate” as reported on the thirtieth day after the date of
the invoice in The Wall Street Journal (or, if such day is not a Business Day, the first Business Day immediately after such day), calculated on the basis of a year of three hundred sixty (360) days and the actual number of days elapsed
between the end of the sixty (60) day period and the actual payment date. 
  
 (c) A Party may dispute any or all charges for ninety (90) days after the receipt of the applicable invoice. If a Party disputes any charges, the Parties shall work together in good faith to resolve such dispute
in accordance with Section 11.15. If the resolution of such a dispute is that a Party owes an amount of money to the other Party, the Party that owes money shall add a credit of such owed amount to the next invoice that such Party prepares as a
Service provider, provided, that if no further such invoices are due, the Party owing such amount shall pay it to the other Party within sixty (60) days following resolution of the dispute. A failure by a Party to dispute a charge within
ninety (90) days after receipt of invoice shall not waive such Party’s audit and collection rights under Section 5.5. 
  
 (d) The Parties acknowledge that there may be a lag in the submission of charges from third parties relating to the provision of Services, and that the
Party providing Services through such third parties shall use commercially reasonable efforts to obtain such third party invoices, and to provide same to the other Party, in a timely fashion. 
  

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 (e) The existence of a dispute pursuant to Section 4.4(c) above shall not excuse either Party from
any other obligation under this Agreement, including each Party’s obligations to continue to provide Services hereunder. 
  
 Section 4.5 Sales Taxes. All consideration under this Agreement, is exclusive of any sales, transfer, value added, goods or services tax or
similar gross receipts based tax (including any such taxes that are required to be withheld, but excluding all other taxes including taxes based upon or calculated by reference to income, receipts or capital) imposed against or on services provided
(“Sales Taxes”) by a Party providing Services hereunder and such Sales Taxes will be added to the consideration where applicable. Such Sales Taxes shall be separately stated on the relevant invoice to the Party receiving Services
hereunder. All taxable goods and services for which a Party receiving Services hereunder is compensating, or reimbursing, a Party providing Services hereunder shall be set out separately from non taxable goods and services, if practicable. The Party
receiving Services hereunder shall be responsible for any such Sales Taxes and shall either (i) remit such Sales Taxes to the Party providing Services hereunder (and such providing Party shall remit the such amounts to the applicable taxing
authority) or (ii) provide such providing Party with a certificate or other acceptable proof evidencing an exemption from liability for such Sales Taxes. In the event the Party providing Services hereunder fails timely to invoice Sales Taxes on
taxable goods or services covered by this Agreement, such providing Party shall notify the Party receiving Services hereunder in a timely manner and such receiving Party shall remit such Sales Taxes to such providing Party, provided,
however, that such receiving Party shall not be responsible for the payment of any additions to such Sales Taxes, including penalties and interest imposed due to a failure by such providing Party to remit or cause to be remitted such Sales
Taxes in a timely manner to the appropriate taxing authority, unless such failure relates to the failure of the such receiving Party to pay to such providing Party the amount of the Sales Taxes properly invoiced in accordance with the terms herein.

  
 Section 4.6 Offset. In no event shall a Party
offset any amounts due hereunder for its receipt of Services by amounts owed to it hereunder for its provision of Services. 
  
 ARTICLE V 
  
 ACCESS AND SECURITY 
  
 Section 5.1 Access; Work Policy. 
  
 (a) At all times during the Term, each Party shall provide, and shall cause its Affiliates and third parties to provide, the other Party and its Personnel reasonable ingress to and egress from its facilities and
premises, and reasonable access to its equipment and Personnel, for any purpose connected with the delivery or receipt of Services hereunder, the exercise of any right under this Agreement or the performance of any obligations required by this
Agreement. 
  
 (b) Each Party’s Personnel shall comply with
the other Party’s safety and security regulations applicable to each specific site or facility while working at such site or facility. Except as otherwise agreed to by the Parties, each Party’s Personnel shall observe the working hours,
working rules, and holiday schedules of the other Party while working on the premises of the other Party. 
  

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 Section 5.2 Security Level; Additional Security Measures. 
  
 (a) Seller Parties and Purchaser Parties shall work together to ensure that,
when providing Services, they are each able to maintain their current level (or, if greater, an industry standard level) of physical and electronic security during the Term (including data security and data privacy), and to address any new security
related issues, including compliance with Requirements of Law related to security and issues related to new technologies or threats. 
  
 (b) Any Party providing Services may take physical or information security measures that affect the manner in which Services are provided, so long as the
substance or overall functionality of any affected Services remains the same as it was prior to the Effective Date; provided, that the Party receiving such Services shall be given reasonable, prior notice of any such physical or information
security measures that are material. 
  
 Section 5.3
Security Breaches. In the event of a security breach that relates to the Services, Seller Parties and Purchaser Parties shall, subject to any applicable Requirements of Law, cooperate with each other regarding the timing and manner of
(a) notification to their respective customers, potential customers, employees and/or agents concerning a breach or potential breach of security and (b) disclosures to appropriate Governmental Authorities. 
  
 Section 5.4 Systems Security. 
  
 (a) If any Seller Party or Purchaser Party, or its Personnel, will be given
access to any Seller Party’s or Purchaser Party’s, as applicable, computer systems or software (“Systems”) in connection with the performance of the Services, the accessing party or its Personnel, as the case may be, shall
comply with all of such other Party’s system security policies, procedures and requirements (as amended from time to time, the “Security Regulations”), and will not tamper with, compromise or circumvent any security or audit
measures employed by such other Party. 
  
 (b) Each Party shall
use commercially reasonable efforts to ensure that only those of its Personnel who are specifically authorized to have access to the Systems of the other Party gain such access, and to prevent unauthorized access, use, destruction, alteration or
loss of information contained therein, including notifying its Personnel regarding the restrictions set forth in this Agreement and establishing appropriate policies designed to effectively enforce such restrictions. 
  
 (c) If, at any time, either Party determines that the other Party or its
Personnel has sought to circumvent, or has circumvented, its Security Regulations, that any unauthorized Personnel of the other Party has accessed its Systems or that the other Party or any of its Personnel has engaged in activities that may lead to
the unauthorized access, use, destruction, alteration or loss of data, information or software, such Party shall immediately terminate any such Personnel’s access to the Systems and immediately notify the other Party. 
  

 15 

 (d) Seller Parties, Purchaser Parties and their respective Personnel, shall access and use only those
Systems, and only such data and information within such Systems to which it has been granted the right to access and use. Any Party shall have the right to deny the Personnel of the other Party access to such Party’s Systems, after prior
written notice, in the event the Party reasonably believes that such Personnel pose a security concern. 
  
 (e) A material failure to comply with the Security Regulations shall constitute a material breach of this Agreement. All user identification numbers and
passwords of a Party disclosed to the other Party, and any information obtained from the use of such disclosing Party’s Systems, shall be deemed Seller Confidential Information or Purchaser Confidential Information, as applicable, of the
disclosing Party. 
  
 (f) Each Party will cooperate with the
other Party in investigating any apparent unauthorized access to a Party’s Systems or any apparent unauthorized release by a Party or such Party’s Personnel of Seller Confidential Information or Purchaser Confidential Information, as
applicable. Each Party will (i) immediately notify the other Party if such Party has revoked access to its own Systems to any of its Personnel if such Personnel also has access to the other Party’s Systems and (ii) will immediately revoke any
access to the other Party’s Systems once such Personnel no longer has a need to access the other Party’s Systems. 
  
 Section 5.5 Records; Inspection and Audit Rights. 
  
 (a) During the Term and for seven years thereafter, each Party agrees to maintain accurate records arising from or related to any Service provided
hereunder, including accounting records and documentation produced in connection with the provision of any Service; provided, that each Party shall maintain such records for any longer duration required by any Requirement of Law that is
applicable to the other Party and of which such Party has reasonable prior notice. 
  
 (b) Upon reasonable written notice from the Party receiving a Service, the Party providing such Service shall make available to such receiving Party or its Representatives (at such receiving Party’s sole expense)
reasonable access to or, at the providing Party’s option and expense, copies of, the records with respect to such Service during regular business hours. Such records shall include documents relating to the amounts charged by the Party providing
the Service, and the Party receiving the Service shall have the right to review and audit such records to verify such amounts. In the event of any discrepancies or disputes between the amounts charged by a Party and such Party’s records, the
Parties shall work together to resolve such dispute in accordance with Section 11.15. If the resolution of such a dispute is that a Party owes money to the other Party, the Party to which money is owed shall add the amount owed to the next invoice
that such Party prepares as a service provider; provided, that if no further invoices are due, the Party owing such amount shall pay it to the other Party within sixty (60) days following resolution of the dispute). 
  
 Section 5.6 Risks and Controls. 
  
 (a) Schedule 5.6(a) sets forth the risks relating to the Services
for which Seller shall periodically (but no less than annually) demonstrate to Purchaser the existence of adequate controls, by providing standard test results for such controls (as agreed to between the Parties) to Purchaser for its evaluation.

  

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 (b) Schedule 5.6(b) sets forth the risks relating to the Services for which Purchaser shall
periodically (but no less than annually) demonstrate to Seller the existence of adequate controls, by providing standard test results for such controls (as agreed to between the Parties) to Seller for its evaluation. 
  
 Section 5.7 Legal and Regulatory Audit Rights. Each Party providing a
Service shall permit the auditors (including Governmental Authorities) of the recipient of such Service charged with evaluating the Service recipient’s compliance with Requirements of Law reasonable access to the providing Party’s relevant
documentation, facilities and personnel, as applicable, for purposes of auditing such Services for compliance with Requirements of Law. 
  
 Section 5.8 Duty to Remedy. In the event that (a) a Party cannot demonstrate the existence of adequate controls under Section 5.6(a) or Section
5.6(b), as applicable, or (b) an audit under Section 5.7 identifies noncompliance with a Requirement of Law, the Party providing the applicable Service shall remedy such lack of controls or noncompliance, as applicable, in a commercially reasonable
time and manner. 
  
 ARTICLE VI 
  
 CONFIDENTIALITY 
  
 Section 6.1 Confidential Information. As used in this Agreement,
Seller Confidential Information and Purchaser Confidential Information are defined as follows: 
  
 (a) “Seller Confidential Information” means all information (whether in written, electronic or oral form) disclosed by Seller Parties to
Purchaser Parties under the terms and for purposes of this Agreement (including information disclosed in the course of negotiation of this Agreement and the terms of this Agreement) that is not generally known to the public, except for: 

 
 (i) information that is or becomes publicly available
(other than through disclosure by Purchaser Parties or their Affiliates), from and after the date of public availability; 
  
 (ii) information disclosed to Purchaser Parties by a third party not known to be bound by any confidentiality agreement with Seller
Parties; provided, that (A) under the circumstances of disclosure, Purchaser Parties do not owe a duty of non disclosure to such third party, (B) to the knowledge of Purchaser Parties, the third party’s disclosure does not violate a duty
of non disclosure owed to another Person, including any Seller Party and (C) the disclosure by the third party is not otherwise unlawful; 
  
 (iii) information developed by Purchaser Parties independent of any Seller Confidential Information; or 
  

 17 

 (iv) information that is rightfully in the possession of Purchaser Parties and not
subject to any duty of confidentiality as of the Effective Date. 
  
 (b) “Purchaser Confidential Information” means all information (whether in written, electronic or oral form) disclosed by Purchaser Parties to Seller Parties under the terms and for purposes of this Agreement (including
information disclosed in the course of negotiation of this Agreement and the terms of this Agreement) that is not generally known to the public, except for: 
  
 (i) information that is or becomes publicly available (other than through disclosure by Seller Parties or its Affiliates), from and after
the date of public availability; 
  
 (ii)
information disclosed to Seller Parties by a third party not known to be bound by any confidentiality agreement with Purchaser Parties; provided, that (A) under the circumstances of disclosure, Seller Parties do not owe a duty of non disclosure to
such third party, (B) to the knowledge of Seller Parties, the third party’s disclosure does not violate a duty of non disclosure owed to another Person, including any Purchaser Party and (C) the disclosure by the third party is not otherwise
unlawful; 
  
 (iii) information developed by
Seller Parties independent of any Purchaser Confidential Information; or 
  
 (iv) information that is rightfully in the possession of Seller Parties and not subject to any duty of confidentiality as of the Effective Date; provided, however, that notwithstanding anything herein to
the contrary, all confidential information relating to the CAM Business that is owned by Purchaser as a result of the Transaction Agreement shall be deemed Purchaser Confidential Information even if such information was rightfully in the possession
of Seller Parties as of the Effective Date. 
  
 (c) Each of the
Seller Parties and the Purchaser Parties shall not, and shall cause its respective Affiliates and each of its and its Affiliates’ directors, partners, personnel, accountants, counsel and other professional advisers
(“Representatives”) not to, disclose to any other person or use, except for purposes of this Agreement (and only in accordance with applicable Requirements of Law), any information that is Purchaser Confidential Information or
Seller Confidential Information, respectively, provided, however, that Seller and Purchaser may disclose Purchaser Confidential Information or Seller Confidential Information, respectively, to the extent permitted by any Requirements
of Law (i) to its Representatives on a need to know basis in connection with the performance of such Party’s obligations under this Agreement, (ii) in any report, statement, testimony or other submission to any Governmental Authority having
jurisdiction over the such Party or (iii) in order to comply with any Requirements of Law applicable to such Party, or in response to any summons, subpoena or other legal process or formal or informal investigative demand issued to such Party in the
course of any litigation, investigation or administrative proceeding. 
  

 18 

 (d) In the event that Seller, Purchaser, or any of either Party’s Representatives, becomes legally
compelled by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar judicial or administrative process to disclose any Purchaser Confidential Information or Seller Confidential Information, respectively,
such disclosing Party shall provide the other Party with prompt prior written notice of such requirement, and, to the extent reasonably practicable, cooperate with the other Party (at such other Party’s expense) to obtain a protective order or
similar remedy to cause Purchaser Confidential Information or Seller Confidential Information, as the case may be, not to be disclosed, including interposing all available objections thereto, such as objections based on settlement privilege. In the
event that such protective order or other similar remedy is not obtained, the disclosing Party shall furnish only that portion of Purchaser Confidential Information or Seller Confidential Information, as the case may be, that has been legally
compelled, and shall exercise commercially reasonable efforts to obtain assurance that confidential treatment will be accorded such disclosed Purchaser Confidential Information or Seller Confidential Information, as the case may be. 
  
 (e) Each Party shall, and shall cause its Representatives to, protect
Purchaser Confidential Information or Seller Confidential Information, as the case may be, by using the same degree of care, but no less than a reasonable degree of care, to prevent the unauthorized disclosure of such as the Party uses to protect
its own confidential information of a like nature. 
  
 (f) Each
Party shall cause its Representatives to agree to be bound by the same restrictions on use and disclosure of Purchaser Confidential Information or Seller Confidential Information, as the case may be, as bind the Party under this Agreement in advance
of the disclosure of any such Purchaser Confidential Information or Seller Confidential Information to them. 
  
 ARTICLE VII 
  
 INTELLECTUAL PROPERTY AND DATA 
  
 Section
7.1 Ownership of Data and Intellectual Property. 
  
 (a)
Notwithstanding anything herein to the contrary, (i) all data created pursuant to a Service and on behalf of the Party receiving such Service, shall be owned by such receiving Party, and (ii) all systems, technology and Intellectual Property owned
by Purchaser as a result of the Transaction Agreement shall continue to be owned by Purchaser, even if such systems, technology and Intellectual Property are serviced by Seller. 
  
 (b) Seller shall be the sole and exclusive owner of all source code and other Intellectual Property it creates (or, subject
to the terms of any applicable third party contracts, has created on its behalf) pursuant to its performance under this Agreement, and, pursuant to the Cross-License Agreement, shall grant Purchaser a perpetual license to use the foregoing in the
CAM Business; provided, that the foregoing perpetual license shall not apply to Trademarks, with respect to which Purchaser shall not receive any perpetual license or other perpetual use rights. 
  

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 (c) Purchaser shall be the sole and exclusive owner of all data, source code and other Intellectual
Property it creates (or, subject to the terms of any applicable third party contracts, has created on its behalf) pursuant to its performance under this Agreement, and, pursuant to the Cross-License Agreement, shall grant Seller a perpetual license
to use the foregoing in Seller’s Business; provided, that the foregoing perpetual license shall not apply to Trademarks, with respect to which Seller shall not receive any perpetual license or other perpetual use rights. 
  
 (d) To the extent that Seller and Purchaser jointly create Intellectual
Property hereunder, such Intellectual Property shall be owned jointly by Seller and Purchaser (with no right of accounting); provided, that no Trademarks shall be jointly owned; and provided, further, that if such Intellectual Property
is derived from or otherwise based upon a Party’s Intellectual Property, only the newly created derivative Intellectual Property shall be jointly owned, and such joint ownership shall not affect the ownership of the underlying Intellectual
Property. If the Parties collaborate to create any Trademarks (i) that are derived from or based upon a Party’s Intellectual Property, such Trademarks shall be owned by such Party and (ii) that are not derived from or based upon a Party’s
Intellectual Property, the Parties shall agree in writing before such creation which party shall own such Trademarks, and the other Party’s rights therein. 
  

Section 7.2 Data Protection. To the extent reasonably required by a Party providing Services, each Party shall cause the Seller Parties or
Purchaser Parties, as applicable, that receive Services hereunder to execute a written agreement with such Party, sufficient to comply with any applicable Requirements of Law relating to data protection. 
  
 ARTICLE VIII 
  
 DISCLAIMER OF REPRESENTATIONS AND WARRANTIES 
  
 Section 8.1 Disclaimer of Representations and Warranties. EXCEPT AS
EXPRESSLY SET FORTH IN THIS AGREEMENT OR THE TRANSACTION AGREEMENT, NEITHER PARTY MAKES, AND EACH PARTY EXPRESSLY DISCLAIMS, ANY AND ALL REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE SERVICES TO
BE PROVIDED UNDER THIS AGREEMENT, INCLUDING WARRANTIES WITH RESPECT TO MERCHANTABILITY, OR SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON INFRINGEMENT OF ANY SOFTWARE OR HARDWARE PROVIDED HEREUNDER AND ANY WARRANTIES ARISING FROM
COURSE OF DEALING, COURSE OF PERFORMANCE OR TRADE USAGE. NOTHING IN THIS AGREEMENT IS INTENDED TO LIMIT ANY RIGHTS OR REMEDIES OF EITHER PARTY UNDER THE TRANSACTION AGREEMENT. 
  

 20 

 ARTICLE IX 
  

INDEMNIFICATION 
  
 Section 9.1 Indemnification of Purchaser. Subject to the terms of this ARTICLE IX, from and after the Effective Date, Seller shall indemnify,
defend, save and hold harmless Purchaser and its Affiliates and each of their respective officers, directors, employees, agents, representatives, successors and assigns (collectively, the “Purchaser Indemnified Parties”), from and
against any and all Losses (including such fees and expenses related to the enforcement of this Agreement), to the extent resulting from or arising out of any action, suit, proceedings, claim, demand, investigation or assessment made or brought by a
third party that is unaffiliated with the Indemnified Party (each, a “Third Party Claim”) to the extent arising from or related to (a) any Seller Party’s breach of this Agreement or (b) infringement or misappropriation by the
Services and materials provided by a Seller Party under this Agreement of such third party’s (i) patents, so long as such Seller Party had knowledge of such infringement as of the Effective Date or (ii) copyrights, trademarks or trade secrets.

  
 Section 9.2 Indemnification of Seller. Subject to the
terms of this ARTICLE IX, from and after the Effective Date, Purchaser shall indemnify, defend, save and hold harmless Seller and its Affiliates and each of their respective officers, directors, employees, agents, representatives, successors and
assigns (collectively, the “Seller Indemnified Parties” and, together with the Purchaser Indemnified Parties, the “Indemnified Parties”), from and against any and all any and all Losses (including such fees and
expenses related to the enforcement of this Agreement), to the extent resulting from or arising out of any Third Party Claim to the extent arising from or related to (a) any Purchaser Party’s breach of this Agreement or (b) infringement or
misappropriation by the Services and materials provided by a Purchaser Party under this Agreement of such third party’s (i) patents, so long as such Purchaser Party had knowledge of such infringement as of the Effective Date or (ii) copyrights,
trademarks or trade secrets. 
  
 Section 9.3 Claims.

  
 (a) Upon receipt by an Indemnified Party of notice of a
Third Party Claim with respect to a matter for which such Indemnified Party is indemnified under this ARTICLE IX which has given, or is reasonably expected to give, rise to a claim for Losses, the Indemnified Party shall as soon as practicable, in
the case of a Purchaser Indemnified Party, notify Seller, and, in the case of a Seller Indemnified Party, notify Purchaser (Seller or Purchaser, as the case may be, the “Indemnifying Party”), in writing, indicating the nature of
such Third Party Claim and the basis therefor; provided, however, that any delay or failure by the Indemnified Party to give notice to the Indemnifying Party shall relieve the Indemnifying Party of its obligations hereunder only to the
extent, if at all, that it is prejudiced by reason of such delay or failure. Such written notice requirement shall be satisfied by promptly transmitting the statement of claim, complaint, regulatory correspondence or other document triggering the
indemnification to the Indemnifying Party along with a cover letter stating briefly why the Indemnified Party believes the claim is subject to indemnification. Such notice shall be sent by facsimile or overnight delivery service in accordance with
Section 11.3. 
  

 21 

 (b) The Indemnifying Party shall have ten (10) Business Days after receipt of notice to elect, at its
option, to assume and control the defense of, at its own expense and by its own counsel, any such Third Party Claim, and shall be entitled to assert any and all defenses available to the Indemnified Party to the fullest extent permitted under
Requirements of Law. 
  
 (c) If the Indemnifying Party shall
undertake to compromise any such Third Party Claim, it shall promptly, but in any event within ten (10) Business Days of the receipt of notice from the Indemnified Party of such Third Party Claim, notify the Indemnified Party of its intention to do
so, and the Indemnified Party agrees to cooperate fully with the Indemnifying Party and its counsel in the compromise of, or defense against, any such Third Party Claim; provided, however, that the Indemnifying Party shall not settle,
compromise or discharge, or admit any liability with respect to, any such Third Party Claim without the prior written consent of the Indemnified Party (which consent will not be unreasonably withheld or delayed) unless the relief consists solely of
money Losses to be paid by the Indemnifying Party and includes a provision whereby the plaintiff or claimant in the matter releases the Purchaser Indemnified Parties or Seller Indemnified Parties, as applicable, from all liability with respect
thereto. 
  
 (d) Notwithstanding an election to assume the
defense of any action or proceeding, the Indemnified Party shall have the right to employ separate counsel and to participate in the defense of such action or proceeding, and the Indemnifying Party shall bear the reasonable fees, costs and expenses
of such separate counsel if the (i) Indemnified Party shall have determined in good faith that an actual or potential conflict of interest makes representation by the same counsel or the counsel selected by the Indemnifying Party inappropriate or
(ii) Indemnifying Party shall have authorized the Indemnified Party to employ separate counsel at the Indemnifying Party’s expense. 
  
 (e) In any event, the Indemnified Party and Indemnifying Party and their counsel shall cooperate in the defense of any Third Party Claim subject to this
ARTICLE IX, keep such Persons informed of all developments relating to any such Third Party Claims and provide copies of all relevant correspondence and documentation relating thereto. All costs and expenses incurred in connection with the
Indemnified Party’s cooperation shall be borne by the Indemnifying Party. In any event, the Indemnified Party shall have the right at its own expense to participate in the defense of such asserted liability. 
  
 (f) If the Indemnifying Party receiving such notice of a Third Party Claim
does not elect to defend such Third Party Claim pursuant to Section 9.3(b), or does not defend such Third Party Claim in good faith, the Indemnified Party shall have the right, in addition to any other right or remedy it may have hereunder, at the
Indemnifying Party’s expense, to defend such Third Party Claim; provided, however, that the Indemnified Party shall not settle, compromise or discharge, or admit any liability with respect to, any such Third Party Claim without
the written consent of the Indemnifying Party (which consent will not be unreasonably withheld or delayed). 
  

 22 

 Section 9.4 Limitations. Notwithstanding anything else contained in this Agreement to the
contrary: 
  
 (a) Seller or Purchaser, as applicable, shall not
be liable for any amounts for which the Purchaser Indemnified Parties or the Seller Indemnified Parties, as applicable, are otherwise entitled to indemnification pursuant to Section 9.1 or Section 9.2, as applicable, unless the amount of Losses with
respect to the particular act, circumstance, development, event, fact, occurrence or omission giving rise to such Losses exceeds $50,000 and shall be liable only to the extent such Losses exceed $50,000 (aggregating all such Losses arising from the
same set of facts or circumstances). 
  
 (b) Seller’s total
liability with respect to this Agreement shall not exceed, in the aggregate, two times the aggregate amount of the Seller Fees paid hereunder, except to the extent that any liability arises out of Seller’s gross negligence, willful or
intentional misconduct, common law fraud or other violation of any Requirements of Law. 
  
 (c) Purchaser’s total liability with respect to this Agreement shall not exceed, in the aggregate, two times the aggregate amount of the Purchaser Fees paid hereunder, except to the extent that any liability
arises out of Purchaser’s gross negligence, willful or intentional misconduct, common law fraud or other violation of any Requirements of Law. 
  
 Section 9.5 Exclusions. Notwithstanding anything contained in this Agreement to the contrary, in no event shall any Indemnifying Party be obligated
under this ARTICLE IX to indemnify an Indemnified Party otherwise entitled to indemnity hereunder in respect of any Losses to the extent that such Losses result from (a) the Indemnified Party’s willful or intentional misconduct or negligence,
(b) the Indemnified Party’s failure to perform its obligations under this Agreement, or (c) the Indemnified Party’s violation of Requirements of Law, (d) acts of the Indemnified Party that are outside of the ordinary course of business,
other than reasonable acts taken pursuant to Section 9.9 hereunder unless (i) taken at the Indemnifying Party’s written request and direction or (ii) approved in advance in writing by the Indemnifying Party, or (e) acts taken by the
Indemnifying Party pursuant to the Indemnified Party’s specific (x) written request and direction, provided that no schedule to this Agreement shall constitute such a request or (y) oral request and direction, so long as such oral
request or direction was made, and the acts taken in response to such oral request or direction were taken, in the ordinary course of business, consistent with past practice between the Parties; provided, that in the case of (x) or (y), such
acts taken by the Indemnifying Party were in compliance with the sections of this Agreement set forth on Schedule 9.5(e), as applicable, unless non-compliance was specified by, or reasonably foreseeable in the fulfillment of, the request or
direction of the Indemnified Party. Nothing in this Section 9.5 shall affect either Party’s obligations under Section 9.9 hereunder. 
  
 Section 9.6 Payments. 
  
 (a) Amounts payable by the Indemnifying Party to the Indemnified Party in respect of any Losses for which such Party is entitled to indemnification
hereunder (“Indemnity Payments”) and to which the limitations set forth in Section 9.4 do not apply shall be paid in immediately available funds within ten (10) Business Days after the later of (i) the receipt of a written request
from the Indemnified Party entitled to such Indemnity Payment and (ii) the date of payment of the amount that is the subject of the Indemnity Payment by the Party entitled to receive the Indemnity Payment, except to the extent contested by the
Indemnifying Party. All such Indemnity Payments shall be made to the designated account of, and in the manner specified in writing by, the Party entitled to such Indemnity Payments. 
  

 23 

 (b) With respect to Indemnity Payments to which the limitations set forth in Section 9.4 do apply, if a
Party’s Indemnity Payments at any time exceed two times the aggregate amount of the Purchaser Fees or Seller Fees, as applicable, paid to such Party hereunder prior to the date on which the indemnification obligation arose, then such Party
shall (i) pay to the Indemnified Party two (2) times the aggregate amount of Purchaser Fees or Seller Fees, as applicable, paid to such Party hereunder prior to such date and (ii) continue to pay the other Party two times the Purchaser Fees or
Seller Fees, as applicable, that such Party receives following such date, until the earlier to occur of the full (A) satisfaction of such liability or (B) termination or expiration of this Agreement. 
  
 Section 9.7 Insurance; Tax Benefits. 
  
 (a) Notwithstanding anything contained in this Agreement to the contrary,
Losses shall be net of any insurance or other prior or subsequent recoveries actually received by the Indemnified Party or its Affiliates in connection with the facts giving rise to the claim for indemnification. If an Indemnified Party shall have
used commercially reasonable efforts to recover any amounts recoverable under insurance policies and shall not have recovered the applicable Losses, the Indemnifying Party shall be liable for the amount by which such Losses exceeds the amounts
actually recovered. 
  
 (b) Any indemnity payments made pursuant
to this ARTICLE IX by any Indemnifying Party to an Indemnified Party shall be increased to account for any Tax cost incurred by the Indemnified Party upon the receipt of such payment (grossed up for such payment) and shall be made net of any Tax
Benefit realized or utilized by the Indemnified Party or any of its Affiliates resulting from the payments of the amounts indemnified against giving rise to such indemnity payments. For purposes of determining the amount of any Tax Benefit or Tax
cost incurred, the Indemnified Party shall be deemed to pay Tax at the highest United States federal income tax corporate marginal rate in effect in the year such indemnifiable Loss is incurred and the recipient of the Tax Benefit shall be deemed to
realize or utilize any Tax Benefit in the first taxable year that such Tax Benefit may be realized or utilized under Requirements of Law after taking into account all other Tax Attributes of such indemnified party and the projected utilization of
such Tax Attributes as computed by the recipient of such Tax Benefit. If a Tax Benefit resulting from the incurrence or payment of Losses is available to any Indemnified Party or its Affiliates in multiple Tax years, the amount of such Tax Benefit
for purposes of this Section 9.7(b) shall be the net present value of all of such available Tax Benefits, calculated by using a discount rate equal to the long term applicable federal rate for the month in which such Losses are incurred. The amount
of any increase or reduction hereunder shall be adjusted to reflect any final determination (which shall include the execution of Form 870 AD or successor form) with respect to the Indemnified Party’s liability for Taxes, and any payments, if
necessary, by the Indemnified Party or the Indemnifying Party to reflect such adjustment shall be made if necessary within ten (10) days of such determination. 
  

Section 9.8 Remedies Exclusive. The right to indemnification provided in this ARTICLE IX shall be the exclusive remedy (including equitable
remedies that involve monetary 
  

 24 

 payment, such as restitution or disgorgement, other than specific performance to enforce any payment or performance due
hereunder) of the Parties from and after the Effective Date in connection with any Third-Party Claims. 
  
 Section 9.9 Mitigation. Notwithstanding anything contained in this Agreement to the contrary, each Indemnified Party shall use commercially
reasonable efforts to mitigate any claim or liability that an Indemnified Party asserts or may assert under this Agreement. In the event that an Indemnified Party shall fail to make such commercially reasonable efforts to mitigate any such claim or
liability, then notwithstanding anything contained in this Agreement to the contrary, neither Seller nor Purchaser, as the case may be, shall be required to indemnify any Indemnified Party for that portion of any Losses that would reasonably be
expected to have been avoided if the Indemnified Party had made such efforts. 
  
 Section 9.10 No Double Recovery; No Limitation. The remedies provided in this Agreement shall not be cumulative of any duplicative remedy available pursuant to the Transaction Agreement. Nothing contained in
this ARTICLE IX shall limit or alter the obligation of any Party to indemnify any other Party pursuant to ARTICLE X of the Transaction Agreement. 
  
 ARTICLE X 
  
 TERM AND TERMINATION 
  
 Section 10.1 Term of Agreement. Except as otherwise expressly set forth in this Agreement, this Agreement shall become effective, and each Service shall commence, on the Effective Date, and this Agreement shall
remain in force, and each Service shall continue, for a period of eighteen months thereafter or as otherwise agreed to by the Parties with respect to Additional Services (the “Base Term”), unless earlier terminated by the Parties as
provided in this ARTICLE X. 
  
 Section 10.2 Extension of
Certain Services. Not less than sixty (60) days prior to the expiration of the Base Term, Purchaser or Seller, as applicable, shall notify the other Party if such Party determines in good faith that it will not be able to complete the transition
from, or to replace, one or more Services prior to the expiration of the Base Term for such Services. Provided that such Party has at all times performed its obligations under Section 2.8, the other Party shall continue to provide such Services,
and, solely with respect to such Services, to extend the term of this Agreement for up to an additional six months (the “Extension Term” and, together with the Base Term, the “Term”); provided, that such
Party shall at all times use commercially reasonable efforts to minimize the duration of any such extension. Notwithstanding the foregoing and unless otherwise agreed to by the Parties with respect to an Additional Service, this Agreement, and any
obligation to provide any Services hereunder, shall terminate no later than the date that is twenty four months after the Effective Date. 
  

 25 

 Section 10.3 Termination. 
  
 (a) Termination by Seller or Purchaser for Material Breach. 
  
 (i) If a Party materially breaches this Agreement, the
other Party may terminate the Services affected by such material breach unless, within thirty (30) days of written notice thereof, such breaching Party (i) cures such material breach to the reasonable satisfaction of the other Party (if such
material breach is subject to cure) and (ii) demonstrates, to the other Party’s reasonable satisfaction, that such breaching Party has enacted remedial measures designed to prevent the breach from occurring again. 
  
 (ii) Upon a Party’s second material breach of this
Agreement with respect to a particular Service where such second material breach is substantially similar to the first material breach with respect to such Service, the other Party may terminate the Services affected by such material breach and,
within thirty (30) days of written notice of such material breach, such breaching Party must (i) cure such material breach to the reasonable satisfaction of the other Party (if such material breach is subject to cure) and (ii) demonstrate, to the
other Party’s sole satisfaction, that such breaching Party has enacted remedial measures designed to prevent the breach from occurring again. 
  
 (b) Other Termination by Seller or Purchaser. This Agreement, or any Service provided hereunder, as applicable, may be terminated by either Party
(the “Terminating Party”) upon written notice to the other Party, if: 
  
 (i) the other Party makes a general assignment for the benefit of creditors or becomes insolvent, or a receiver is appointed for, or a
court approves reorganization or arrangement proceedings on, such Party; or 
  
 (ii) required by any Governmental Entity, upon thirty (30) days’ notice or sooner if necessary; provided, however, that prior to any such notice of termination, the Parties mutually agree that this
Agreement cannot be amended in a manner that will satisfy such Governmental Entity without materially changing the effect or intent of this Agreement. 
  
 (c) Partial Termination. 
  
 (i) Either Party, as a Service recipient, may on thirty (30) days’ written notice to the other Party, terminate any Seller Service,
Purchaser Service or Additional Service, as applicable. Any such terminated Service shall be deleted from Schedule 2.1(a), Schedule 2.2(a) or Schedule 2.4, as applicable, and the terminating Party shall have no obligation to continue to use or pay
for any such Seller Service or Purchaser Service, as applicable; provided, however, that this Agreement shall remain in effect until neither Party requires any Service from the other Party, or until otherwise terminated pursuant to
this ARTICLE X. 
  

 26 

 (ii) Any termination notice delivered by either Party pursuant to this Section 10.3(c)
shall specify in detail the Service or Services to be terminated, and the effective date of such termination. 
  
 (d) Automatic Termination. Once a Party has fully completed its transition from or replacement of a Service it has been receiving hereunder, such
receiving Party shall immediately terminate such Service in accordance with Section 10.3(c). 
  
 Section 10.4 Effect of Termination. In the event that this Agreement is terminated for any reason: 
  
 (a) Each Party agrees and acknowledges that the obligations of each Party to provide the Services, or to cause the Services to be provided, hereunder
shall immediately cease, and any licenses to Seller Facilities and Purchaser Facilities granted hereunder shall immediately terminate. Upon cessation of the applicable Party’s obligation to provide any Service, the Party receiving the Service
shall stop using, directly or indirectly, such Service. 
  
 (b)
Upon request, each Party shall, and shall cause its Affiliates and third parties (subject to the terms of such Party’s agreements with such third parties) retained by such Party or Affiliates to, return to the other Party or destroy (and
certify to the destruction of) all tangible personal property and books, records or files owned by such other Party or its Affiliates and third parties and used in connection with the provision of Services that are in their possession as of the
termination date. 
  
 (c) In the event that the Party receiving a
Service seeks to discontinue such Service without providing the thirty (30) day notice provided for herein, the Party receiving such Service shall be responsible to the Party providing such Service for reasonable and proper termination charges,
including all reasonable cancellation costs, that are actually incurred by the Party providing such Service; provided, that (i) the Party providing such Service shall use commercially reasonable efforts to minimize all such costs; and (ii)
such costs shall be no greater than the amount the Party receiving such Service would have paid for thirty (30) days of such Service had the Party receiving such Service actually received such Service. 
  
 (d) The following matters shall survive the termination of this Agreement
(i) the rights and obligations of each Party under Section 5.5(a), Section 5.5(b), ARTICLE VI, ARTICLE VII, ARTICLE VIII, ARTICLE IX, this Section 10.4 and ARTICLE XI and (ii) the obligations under ARTICLE IV of each Party to pay the applicable Fees
for Services furnished prior to the effective date of termination. 
  
 ARTICLE XI 
  
 MISCELLANEOUS

  
 Section 11.1 Construction. 
  
 (a) For the purposes of this Agreement (i) words (including capitalized
terms defined herein) in the singular shall be held to include the plural and vice versa and words 
  

 27 

 (including capitalized terms defined herein) of one gender shall be held to include the other gender as the context
requires, (ii) all references to the “Agreement” shall include all Exhibits, Schedules and Attachments to this Agreement unless otherwise specified, (iii) the terms “hereof,” “herein” and “herewith” and words
of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including all of the Exhibits) and not to any particular provision of this Agreement, and Article, Section, paragraph and Exhibit references are to
the Articles, Sections, paragraphs and Exhibits to this Agreement, unless otherwise specified, (iv) the word “including” and words of similar import when used in this Agreement mean “including without limitation,” (v)
“commercially reasonable efforts” shall not require a waiver by any Party of any material rights or any action or omission that would be a breach of this Agreement, (vi) all references to any period of days shall be deemed to be to the
relevant number of calendar days unless otherwise specified, (vii) all references herein to “$” or dollars shall refer to United States dollars, unless otherwise specified and (viii) all terms defined in this Agreement shall have the
meanings ascribed herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
  
 (b) The Parties acknowledge and agree that, to the extent there is a conflict between the terms and provisions of this Agreement and the terms and
provisions of any Exhibit (including any Attachment thereto) or Schedule hereto, the terms and provisions of this Agreement shall control. 
  
 (c) The Parties acknowledge that each Party and its respective counsel have reviewed and revised this Agreement, and that no rule of construction to the
effect that any ambiguities are to be resolved against the drafting Party shall be employed in the interpretation of this Agreement or any amendments hereto. 
  
 Section 11.2 Headings. The Article and Section headings contained in this Agreement are inserted for convenience of reference only and shall not
affect the meaning or interpretation of this Agreement. 
  
 Section 11.3 Notices. All notices, demands, and other communications required or permitted to be given to any Party under this Agreement shall be in writing and any such notice, demand or other communication shall be deemed to have
been duly given when delivered by hand, courier or overnight delivery service or, if mailed, two Business Days after deposit in the mail, certified or registered mail, return receipt requested and with first class postage prepaid or, in the case of
facsimile notice, when sent and transmission is confirmed, and, regardless of method, addressed to the Party at its address or facsimile number set forth below (or at such other address or facsimile number as the Party shall furnish the other
parties in accordance with this Section 11.3), with a copy sent in a like manner to the applicable Service Coordinator: 
  
 If to Citigroup: 
  
 Citigroup Inc. 
 399 Park Avenue 

New York, New York 10043 
 Attn: Andrew
Felner 
 Facsimile: (212) 559 7057 
  

 28 

 If to Legg Mason: 
  
 Legg Mason, Inc. 
 100 Light Street 
 Baltimore, Maryland 21202 
 Attn:    Thomas P. Lemke 
            Senior Vice President and General Counsel 
 Facsimile: (410) 454
4607 
  
 Section 11.4 Governing Law. This Agreement shall
be governed by and construed in accordance with the Requirements of Law of the State of New York applicable to agreements made and to be performed entirely within such State, without regard to the conflict of laws principles of such State.

  
 Section 11.5 Jurisdiction; Venue; Consent to Service of
Process. 
  
 (a) Each Party irrevocably and unconditionally
submits to the non exclusive jurisdiction of the United States District Court for the Southern District of New York or, if such court will not accept jurisdiction, the Supreme Court of the State of New York or any court of competent civil
jurisdiction sitting in New York County, New York. In any action, suit or other proceeding related to this Agreement, each Party irrevocably and unconditionally waives and agrees not to assert by way of motion, as a defense or otherwise any claims
that it is not subject to the jurisdiction of the above courts, that such action or suit is brought in an inconvenient forum or that the venue of such action, suit or other proceeding is improper. Each Party also hereby agrees that any final and
unappealable judgment against a Party in connection with any action, suit or other proceeding related to this Agreement shall be conclusive and binding on such Party and that such award or judgment may be enforced in any court of competent
jurisdiction, either within or outside of the United States. A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award or judgment. 
  
 (b) Each Party irrevocably consents to service of process in the manner
provided for the giving of notices pursuant to Section 11.3 of this Agreement. Nothing in this Section 11.15 shall affect the right of any Party to serve process in any other manner permitted under Requirements of Law. 
  
 Section 11.6 Entire Agreement. This Agreement, together with all
Schedules hereto, the Transaction Agreement (except for Exhibit F-1, Exhibit F-2 and Exhibit F-3 to the Transaction Agreement), the Related Agreements and the Confidentiality Agreement, embody the entire agreement of the Parties hereto with respect
to the subject matter hereof and supersede all prior agreements with respect thereto. The Parties intend that this Agreement shall constitute the complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may be
introduced in any judicial proceeding involving this Agreement. 
  
 Section 11.7 Amendment, Modification and Waiver. No amendment to this Agreement shall be effective unless it shall be in writing and signed by each Party hereto. Any failure of a Party to comply with any obligation, covenant,
agreement or condition contained in 
  

 29 

 this Agreement may be waived by the Party entitled to the benefits thereof only by a written instrument duly executed and
delivered by the Party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other
failure of compliance. 
  
 Section 11.8 Severability. If
any provision of this Agreement, or the application of any such provision, is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, or
invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable Requirements of Law, the Parties waive any provision under Requirements of Law that renders any provision of this Agreement invalid,
illegal or unenforceable in any respect. The Parties shall, to the extent lawful and practicable, use commercially reasonable efforts to enter into arrangements to reinstate the intended benefits, net of the intended burdens, of any such provision
held invalid, illegal or unenforceable. 
  
 Section 11.9
Successors and Assigns; No Third Party Beneficiaries. This Agreement and all its provisions shall be binding upon and inure to the benefit of the Parties and their respective permitted successors and assigns. Nothing in this Agreement,
whether expressed or implied, will confer on any Person, other than the Parties or their respective permitted successors and assigns, any rights, remedies or liabilities; provided that the provisions of ARTICLE IX will inure to the benefit of
the Indemnified Parties. 
  
 Section 11.10 Assignment. No
Party may assign its rights or obligations under this Agreement, including in the case of a merger or other change of control, without the prior written consent of the other Party (which consent may not be unreasonably withheld). Any purported
assignment or transfer in violation of this Section 11.10 shall be void and shall constitute a material breach of this Agreement. 
  
 Section 11.11 WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
  
 Section 11.12 Expenses. Whether or not the transactions contemplated hereby are consummated, all expenses incurred in connection with the drafting
and negotiation of this Agreement shall be paid by the Party incurring such expenses. 
  
 Section 11.13 Counterparts. This Agreement may be executed by the Parties in multiple counterparts which may be delivered by facsimile transmission. Each counterpart when so executed and delivered shall be
deemed an original, and all such counterparts taken together shall constitute one and the same instrument. 
  
 Section 11.14 Relationship of the Parties. Each Party and its Affiliates shall be acting as an independent contractor in performing under this
Agreement, and shall not be considered or deemed to be an agent, employee, joint venturer or partner of the other Party or 
  

 30 

 any of its Affiliates. Each Party and its Affiliates shall, at all times, maintain complete control over its Personnel
and operations, and shall have sole responsibility for staffing, instructing and compensating its Personnel. Neither Party (nor its Affiliates) shall have, or shall represent that it has, any power, right or authority to bind the other Party (or its
Affiliates) to any obligation or liability, to assume or create any obligation or liability or transact any business in the name or on behalf of the other Party (or its Affiliates), or make any promises or representations on behalf of the other
Party (or its Affiliates), unless agreed to in writing. 
  
 Section 11.15 Dispute Resolution. In the event of any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or validity thereof, including the dispute of any fees invoiced under
ARTICLE IV or any claim by any Party that any other Party has breached the material terms hereof (each, a “Dispute”), the Service Coordinators of Seller and Purchaser shall meet (by telephone or in person) no later than two (2)
Business Days after receipt of notice by any Party of a request for resolution of a Dispute. The Service Coordinators shall enter into negotiations aimed at resolving any such Dispute. If the Service Coordinators are unable to reach mutually
satisfactory resolution of the Dispute within ten (10) Business Days after receipt of notice of the Dispute, the Dispute shall be referred to an executive committee (the “Executive Committee”) comprised of at least one member of the
senior management of each Party. The initial members of the Executive Committee, including relevant contact information, are set forth on Schedule 11.15, and either Party may replace its Executive Committee members at any time with other
representatives of similar seniority by providing notice in accordance with Section 11.3. The Executive Committee will meet (by telephone or in person) during the next ten (10) Business Days and attempt to resolve the Dispute. 
  
 [Remainder of page intentionally left blank] 
  

 31 

 IN WITNESS WHEREOF, each Party hereto has caused this Agreement to be duly executed on its behalf as of
the day and year first above written. 
  

			
	CITIGROUP INC.
		
	 By:
	 	 /s/ Anthony Lazzara

	 Name:
	 	 Anthony Lazzara

	 Title:
	 	 Managing Director, M&A Execution

	
	LEGG MASON, INC.
		
	 By:
	 	 /s/ Peter L. Bain

	 Name:
	 	 Peter L. Bain

	 Title:
	 	 Senior Executive Vice President

  

 32

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