Document:

Form of Intellectual Property Transfer Agreement

 Exhibit 10.4 
 INTELLECTUAL PROPERTY TRANSFER AGREEMENT 
 This Intellectual Property Transfer Agreement (the
“Agreement”), dated as of __________, 2007 is between Automatic Data Processing, Inc., a Delaware corporation (“ADP”), and Broadridge Financial Solutions, Inc., a Delaware corporation (each, a
“Party” and collectively, the “Parties”). 
 WHEREAS, ADP and Broadridge (as defined below) desire to
establish the rights each enjoys in certain Intellectual Property; 
 WHEREAS, prior to the Effective Time (as defined below), ADP desires to
assign and transfer to Broadridge all of its right, title and interest in and to only those certain items of Intellectual Property owned by ADP specifically identified in the Copyright Assignment, the Domain Name Assignment, Patent Assignment and
the Trademark and Service Mark Assignment; and 
 WHEREAS, the Parties desire to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows: 
  

	1.	DEFINITIONS 

 1.1 Definitions. As used in the
Agreement, the following terms shall have the meanings set forth below: 
 “Action” means any claim, demand, action, cause
of action, suit, countersuit, arbitration, litigation, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority. 
 “ADP Business” means all businesses and operations of the ADP Group, other than the Broadridge Business. 
 “ADP Group” means ADP and each of its Affiliates and Subsidiaries, and any corporation or other entity that may become part of such
Group from time to time, other than the Broadridge Group. 
 “Affiliate” means, with respect to any specified Person, any
other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such specified Person; provided, however, that for purposes of this Agreement, no member of
either Group shall be deemed to be an Affiliate of any member of the other Group. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such entity, whether through ownership of voting securities or other interests, by contract or otherwise. 

 “Assignment Agreements” means the Copyright Assignment, the Domain Name Assignment, the
Patent Assignment and the Trademark and Service Mark Assignment. 
 “Broadridge” means Broadridge Financial Solutions, LLC,
a Delaware limited liability company, prior to its conversion into a Delaware corporation as contemplated by the Separation and Distribution Agreement (“the LLC Conversion”) and, immediately after the LLC Conversion, Broadridge Financial
Solutions, Inc., a Delaware corporation. 
 “Broadridge Business” means the business and operations conducted by the
Broadridge Group from time to time, whether prior to, at or after the Effective Time, including, without duplication, (i) the Brokerage Services and Securities Clearing and Outsourcing Services Business conducted by ADP prior to the
restructuring as contemplated by the Separation and Distribution Agreement and (ii) the business and operations conducted by the Broadridge Group. 
 “Broadridge Group” means Broadridge and each of its Subsidiaries and Affiliates and any corporation or other entity that may become part of such Group from time to time. 
 “Brokerage Services and Securities Clearing and Outsourcing Services Business” means all of the ADP Brokerage Services’ and
Securities Clearing and Outsourcing Services’ business and operations, as more fully described in ADP’s Form 10-K for the fiscal year ended June 30, 2006. 
 “Copyright Assignment” means that certain Copyright Assignment contemporaneously executed by ADP and Broadridge in the form attached hereto as Exhibit B. 
 “Distribution” means the distribution on a pro rata basis of a dividend of the Broadridge common stock to ADP’s stockholders as
contemplated by the Separation and Distribution Agreement. 
 “Distribution Date” means the date on which the Distribution
shall be effected, such date to be determined by, or under the authority of, the Board of Directors of ADP in its sole and absolute discretion. 
 “Domain Name Assignment” means that certain Domain Name Assignment contemporaneously executed by ADP and Broadridge in the form attached hereto as Exhibit C. 
 “Effective Time” means the time at which the Distribution occurs on the Distribution Date. 
 “Governmental Authority” means any federal, state, local, foreign or international court, government, department, commission, board,
bureau or agency, or any other regulatory, self-regulatory, administrative or governmental organization or authority, including the New York Stock Exchange, Inc. 
  

 2 

 “Group” means the ADP Group and/or the Broadridge Group, as the context requires.

 “Intellectual Property” means all intellectual property and other similar proprietary rights in any jurisdiction, whether
owned or held for use under license, whether registered or unregistered, including such rights in and to: (i) trademarks, trade dress, service marks, certification marks, logos, and trade names, and the goodwill associated with the foregoing
(collectively, “Trademarks”); (ii) patents and patent applications, and any and all divisions, continuations, continuations-in-part, reissues, continuing patent applications, reexaminations, and extensions thereof, any
counterparts claiming priority therefrom, utility models, patents of importation/confirmation, certificates of invention, certificates of registration, design registrations or patents and like rights (collectively, “Patents”);
inventions, invention disclosures, discoveries and improvements, whether or not patentable; (iii) writings and other works of authorship (“Copyrights”); (iv) trade secrets (including, those trade secrets defined in the
Uniform Trade Secrets Act and under corresponding foreign statutory Law and common law), Information, business, technical and know-how information, business processes, non-public information, proprietary information and confidential information and
rights to limit the use or disclosure thereof by any Person (collectively, “Trade Secrets”); (v) software, including data files, source code, object code, application programming interfaces, databases and other software-related
specifications and documentation (collectively, “Software”); (vi) domain names and uniform resource locators; (vii) moral rights; (viii) privacy and publicity rights; (ix) any and all technical information,
Software, specifications, drawings, records, documentation, works of authorship or other creative works, ideas, knowledge, invention disclosures or other data, not including works subject to Copyright, Patent or Trademark protection
(“Technology”); (x) advertising and promotional materials, whether or not copyrightable; and (xi) claims, causes of action and defenses relating to the enforcement of any of the foregoing; in each case, including any
registrations of, applications to register, and renewals and extensions of, any of the foregoing with or by any Governmental Authority in any jurisdiction. 
 “Law” means any applicable foreign, federal, national, state, provincial or local law (including common law), statute, ordinance, rule, regulation, code or other requirement enacted, promulgated,
issued or entered into, or act taken, by a Governmental Authority. 
 “Patent Assignment” means that certain Patent
Assignment contemporaneously executed by ADP and Broadridge in the form attached hereto as Exhibit D. 
 “Person”
means any natural person, corporation, general or limited partnership, limited liability company or partnership, joint stock company, joint venture, association, trust, bank, trust company, land trust, business trust or other organization, whether
or not a legal entity, and any Governmental Authority. 
  

 3 

 “Separation” means the separation of the Broadridge Business and the ADP Business into
two independent companies. 
 “Separation and Distribution Agreement” means the Separation and Distribution Agreement, dated
as of __________ 2007, by and among ADP and Broadridge. 
 “Subsidiary” means, with respect to any Person, any other Person
of which a Person (either alone or through or together with any other Subsidiary of such Person) owns, directly or indirectly, a majority of the stock or other equity interests the holders of which are generally entitled to vote for the election of
the board of directors or other governing body of such corporation or other legal entity. 
 “Trademark and Service Mark
Assignment” means that certain Trademark and Service Mark Assignment contemporaneously executed by ADP and Broadridge in the form attached hereto as Exhibit E. 
 1.2 General Interpretive Principles. (a) Words in the singular shall include the plural and vice versa, and words of one gender shall include
the other gender, in each case, as the context requires, (b) the words “hereof,” “herein,” “hereunder,” and “herewith” and words of similar import shall, unless otherwise
stated, be construed to refer to this Agreement and not to any particular provision of this Agreement, and references to Article, Section, paragraph, exhibit and schedule are references to the Articles, Sections, paragraphs, exhibits and schedules
to this Agreement unless otherwise specified, (c) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified and (d) any
reference to any federal, state, local or non-U.S. statute or Law shall be deemed to also refer to all rules and regulations promulgated thereunder, unless the context otherwise requires. 
  

	2.	DISTRIBUTION OF INTELLECTUAL PROPERTY 

 2.1
Ownership of Broadridge Intellectual Property. Pursuant to the Separation and Distribution Agreement, as of the Effective Time, Broadridge or one or more members of the Broadridge Group shall remain and be the sole owner of, and shall have
exclusive right, title and interest in and to, the Intellectual Property owned by any member of the Broadridge Group as of the Effective Time, including the Intellectual Property set forth in Exhibit A. 
 2.2 Assignment Agreements. By the the Copyright Assignment, Domain Name Assignment, Patent Assignment and the Trademark and Service Mark
Assignment entered into concurrently with this Agreement, to the extent the Parties have identified Intellectual Property requiring the execution of the appropriate Assignment Agreement, on or prior to the Effective Time, ADP shall, or shall cause
the respective members of the ADP Group to, assign, transfer and convey to Broadridge any and all right, title and interest owned by ADP and each of its Affiliates and Subsidiaries in and to only those certain items of Intellectual Property
specifically identified therein. 
  

 4 

 2.3 Further Assurances. Each Party covenants to execute upon request any further documents
reasonably necessary to effect the express terms and conditions of this Agreement, including such documents as are reasonably necessary to vest title in Intellectual Property rights as provided in this Agreement. All expenses incurred in connection
with such actions shall be paid in accordance with Section 8.2. 
 2.4 No Rights in ADP Group Intellectual Property. For the
avoidance of doubt, unless otherwise expressly provided in this Agreement, the Copyright Assignment, Domain Name Assignment, Patent Assignment or the Trademark and Service Mark Assignment, ADP and its Subsidiaries expressly reserve all other rights
with respect to Intellectual Property not expressly granted thereunder. 
  

	3.	IPR FUTURES AND ISSUES OF OWNERSHIP 

 3.1
Ownership Unaffected by this Agreement. All Intellectual Property created, developed or made, or, other than by operation of this Agreement, otherwise acquired or controlled, by a member of a Group after the Distribution Date (“IPR
Futures”) shall be owned in accordance with applicable law or agreement and such ownership is not covered or in any way provided by this Agreement, the Separation and Distribution Agreement or any Assignment Agreement. 
 3.2 No Rights or Licenses Granted. Other than as may be expressly provided in the Copyright Assignment, Domain Name Assignment, the Patent
Assignment or the Trademark and Service Mark Assignment, no rights or licenses under any IPR Futures are granted pursuant to this Agreement, the Separation and Distribution Agreement or any agreement ancillary thereto. 
  

	4.	IP CLAIMS 

 4.1 Intellectual Property Rights.
Notwithstanding any provision in this Agreement, the Separation and Distribution Agreement or any Assignment Agreement, in no event shall any claims, disputes or controversies between the Parties which potentially concern the validity,
enforceability, infringement or misappropriation of any intellectual property rights, including any rights protectable under Intellectual Property law anywhere throughout the world such as Patent, Copyright, trade secret and Trademark law, be
subject to resolution by arbitration. 
 4.2 No Enforcement Against Third Party. Notwithstanding any provision of this Agreement or
the Assignment Agreements, in no event shall any member of any Group be required to enforce or otherwise assert against any Person any Intellectual Property rights. 
  

	5.	FURTHER DUE DILIGENCE 

 ADP and Broadridge
acknowledge that following the execution of this Agreement, ADP and Broadridge will be conducting further due diligence into the Intellectual Property owned by the Groups. ADP and Broadridge agree to work in good faith to ensure that the
Intellectual Property covered by this Agreement and the 

  

 5 

 
Assignment Agreements has been properly allocated and assigned to each Group according to principles set forth in this Agreement. To the extent that any
assignment, transfer and conveyance of Intellectual Property pursuant to Section 2.2 is not consummated as of the Effective Time, or any assignment, transfer or conveyance of Intellectual Property is improperly consummated, the Parties shall,
and shall cause the members of their respective Groups to, use commercially reasonable efforts and cooperate to effect or to correct such assignment, transfer or conveyance as promptly following the Effective Time as shall be practicable.

  

	6.	NO REPRESENTATIONS OR WARRANTIES 

 ALL INTELLECTUAL
PROPERTY COVERED UNDER THIS AGREEMENT ARE FURNISHED “AS IS,” WITHOUT ANY SUPPORT, ASSISTANCE, MAINTENANCE OR WARRANTIES OF ANY KIND, WHATSOEVER. 
 EACH GROUP ASSUMES TOTAL RESPONSIBILITY AND RISK FOR ITS USE OF ANY INTELLECTUAL PROPERTY COVERED BY THIS AGREEMENT. NEITHER GROUP MAKES, AND EACH GROUP EXPRESSLY DISCLAIMS, ANY EXPRESS OR IMPLIED WARRANTIES OF ANY
KIND WHATSOEVER, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WARRANTIES OF TITLE OR NON-INFRINGEMENT, OR ANY WARRANTY THAT SUCH INTELLECTUAL PROPERTY IS “ERROR FREE.”

  

	7.	TERMINATION 

 7.1 Termination. This Agreement
may be terminated by ADP in its sole discretion at any time prior to the consummation of the Distribution. 
 7.2 Effect of
Termination. 
 In the event of any termination of this Agreement prior to consummation of the Distribution, neither Party (nor any of
its directors or officers) shall have any liability or further obligation to the other Party. 
  

	8.	MISCELLANEOUS 

 8.1 Complete Agreement;
Representations. The Separation and Distribution Agreement, together with the exhibits, schedules and the ancillary agreements thereto, including this Agreement and Assignment Agreements hereto, constitutes the entire agreement between the
Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 
  

 6 

 8.1.2 ADP represents on behalf of itself and each other member of the ADP Group and
Broadridge represents on behalf of itself and each other member of the Broadridge Group as follows: 
 8.1.2.1 each such
Person has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order to execute, deliver and perform this Agreement and each Assignment Agreement and to consummate the transactions
contemplated thereby; and 
 8.1.2.2 this Agreement has been duly executed and delivered by such Person (if such Person is a
Party) and constitutes a valid and binding agreement of it enforceable in accordance with the terms thereof (assuming the due execution and delivery thereof by the other Party), and each of the Assignment Agreements to which it is or will be a party
is or will be duly executed and delivered by it and will constitute a valid and binding agreement of it enforceable in accordance with the terms thereof (assuming the due execution and delivery thereof by the other party or parties to such
Assignment Agreements), except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other Laws relating to creditors’ rights generally and by general equitable principles.

 8.2 Costs and Expenses. 
 All costs and expenses incurred by either of the Parties or its Affiliates shall be paid as set forth in the Separation and Distribution Agreement. 
 8.3 Governing Law. 
 This Agreement and any dispute arising out of, in connection with or relating to
this Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without giving effect to the conflicts of laws principles thereof. 
 8.4 Notices. 
 All notices, requests, claims, demands and other communications hereunder must be in
writing and will be deemed to have been duly given only if delivered personally or by facsimile transmission or mailed (first class postage prepaid) to the Parties at the following addresses or facsimile numbers: 
 If to ADP or any member of the ADP Group, to: 
 Automatic Data Processing, Inc. 
 One ADP Boulevard 
 Roseland, New Jersey 07068 
 Attn: General Counsel 
 Fax: 973-974-3324 
 If to Broadridge or any
member of the Broadridge Group, to: 
 Broadridge Financial Solutions, Inc. 
 2 Journal Square Plaza 
 Jersey City, New
Jersey 07306 
 Attn: General Counsel 
 Fax: 201-714-3506 
  

 7 

 All such notices, requests and other communications will (i) if delivered personally to the address
as provided in this section, be deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as provided in this section, be deemed given upon receipt and (iii) if delivered by mail in the manner
described above to the address as provided in this section, be deemed given upon receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice, request or other
communication is to be delivered pursuant to this section). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party by giving notice specifying such change to the other
party. 
 8.5 Amendment, Modification or Waiver. 
 8.5.1 Prior to the Effective Time, this Agreement may be amended, modified, waived, supplemented or superseded, in whole or in part, by
ADP in its sole discretion by execution of a written amendment delivered to Broadridge. Subsequent to the Effective Time, this Agreement may be amended, modified, supplemented or superseded only by an instrument signed by duly authorized signatories
of both Parties. 
 8.5.2 Following the Effective Time, any term or condition of this Agreement may be waived at any time by
the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition. No waiver by any Party of any term or
condition of this Agreement, in any one or more instances, shall be deemed or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by Law or otherwise
afforded, will be cumulative and not alternative. 
 8.6 No Assignment; Binding Effect; No Third-Party Beneficiaries. 
 8.6.1 Neither this Agreement nor any right, interest or obligation hereunder may be assigned by either Party hereto without the prior
written consent of the other Party hereto and any attempt to do so will be void, except that following the Effective Time each Party hereto may assign any or all of its rights, interests and obligations hereunder to an Affiliate, provided that any
such Affiliate agrees in writing to be bound by all of the terms, conditions and provisions contained herein. Subject to the preceding sentence, this Agreement is binding upon, inures to the benefit of and is enforceable by the Parties hereto and
their respective successors and assigns. 
 8.6.2 The terms and provisions of this Agreement are intended solely for the
benefit of each Party hereto and their respective Affiliates, successors or permitted assigns, and it is not the intention of the Parties to confer third party beneficiary rights upon any other Person. 
  

 8 

 8.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 8.8 Negotiation. In the event
that any dispute arises between the Parties that cannot be resolved, either Party shall have the right to refer the dispute for resolution to the chief financial officers of the Parties by delivering to the other Party a written notice of such
referral (a “Dispute Escalation Notice”). Following receipt of a Dispute Escalation Notice, the chief financial officers of the Parties shall negotiate in good faith to resolve such dispute. In the event that the chief financial
officers of the Parties are unable to resolve such dispute within fifteen (15) business days after receipt of the Dispute Escalation Notice, either Party shall have the right to refer the dispute to the chief executive officers of the Parties,
who shall negotiate in good faith to resolve such dispute. In the event that the chief executive officers of the Parties are unable to resolve such dispute within thirty (30) business days after the date of the Dispute Escalation Notice, either
Party shall have the right to commence litigation in accordance with Section 8.10 hereof. The Parties agree that all discussions, negotiations and other Information exchanged between the Parties during the foregoing escalation proceedings shall
be without prejudice to the legal position of a Party in any subsequent Action. 
 8.9 Specific Performance. From and after the
Distribution, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement or any Assignment Agreement, the Parties agree that the Party or Parties to this Agreement or such
Assignment Agreement who are or are to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its or their rights under this Agreement or such Assignment Agreement, in addition to any and all
other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that, from and after the Distribution, the remedies at law for any breach or threatened breach of this Agreement or any Assignment
Agreement, including monetary damages, are inadequate compensation for any loss, that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived, and that any requirements for the securing or posting
of any bond with such remedy are hereby waived. 
 8.10 New York Forum. Subject to the prior exhaustion of the procedures set forth in
Section 8.8, each of the Parties agrees that, notwithstanding anything herein, all Actions arising out of or in connection with this Agreement or any Assignment Agreement (except to the extent any such Assignment Agreement provides otherwise),
or for recognition and enforcement of any judgment arising out of or in connection with the foregoing agreements, shall be tried and determined exclusively in the state or federal courts in the State of New York, County of New York, and each of the
Parties hereby irrevocably submits with regard to any such action or proceeding for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Parties hereby expressly
waives any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the aforesaid courts
for any reason; (b) any claim that it or its property is exempt or immune 

  

 9 

 
from jurisdiction of any such court or from any legal process commenced in such courts; and (c) any claim that (i) any of the aforesaid courts is
an inconvenient or inappropriate forum for such action or proceeding, (ii) venue is not proper in any of the aforesaid courts and (iii) this Agreement or any such Assignment Agreement, or the subject matter hereof or thereof, may not be
enforced in or by any of the aforesaid courts. Each of the Parties agrees that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 8.4 or any other manner as may be permitted by
Law shall be valid and sufficient service thereof. 
 8.11 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE WAIVER IN THIS SECTION, (ii) SUCH PARTY UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (iii) SUCH PARTY MAKES SUCH WAIVER VOLUNTARILY, AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS, AGREEMENTS AND CERTIFICATIONS
HEREIN. 
 8.12 Interpretation; Conflict With Other Agreements. 
 The Article and Section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the Parties and
shall not in any way affect the meaning or interpretation of this Agreement. The provisions of this Agreement shall govern in the event of any conflict between any provision of this Agreement and that of the Separation and Distribution Agreement.
Except as set forth in each Assignment Agreement, the provisions of each Assignment Agreement shall govern in the event of any conflict between any provision of this Agreement and that of the relevant Assignment Agreement. 
 8.13 Severability. 
 If any provision
of this Agreement is held to be illegal, invalid or unenforceable under any present or future Law, the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable
provision or by its severance herefrom. 
 [Remainder of page intentionally left blank.] 
  

 10 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed on its behalf by
one of its duly authorized officers as of the date first written above. 
  

			
	AUTOMATIC DATA PROCESSING, INC.
		
	By:	 	  
		 	Name:
		 	Title:
	
	BROADRIDGE FINANCIAL SOLUTIONS, INC.
		
	By:	 	  
		 	Name:
		 	Title:Form of Data Center Outsourcing Services Agreement

 Exhibit 10.5 
  

 DATA CENTER OUTSOURCING SERVICES AGREEMENT 
 between 
 ADP, INC. 
 and 
 BROADRIDGE FINANCIAL SOLUTIONS, INC. 
 Dated as of                     
    , 2007 
  

 TABLE OF CONTENTS 
  

					
	 Section/Subsection
 Number and Caption
	  	Page No.
	1.	  	Definitions	  	1
	2.	  	Purpose and Guiding Principles	  	5
	3.	  	Services	  	6
		  	 3.1      Service Description; Scope
	  	6
		  	 3.2      Additional/New Services
	  	7
		  	 3.3      Service Delivery
	  	8
		  	 3.4      Service Levels
	  	8
		  	 3.5      Transition Plan
	  	10
		  	 3.6      Key Personnel
	  	10
		  	 3.7      ADP Personnel
	  	10
		  	 3.8      Disaster Recovery (Capacity on Demand)
	  	11
		  	 3.9      Assistance with Financial Matters and Planning
	  	11
		  	 3.10    Facilities
	  	11
	4.	  	Access to Other Party’s Facilities; Sublease	  	12
		  	 4.1      Compliance with Other Party’s Policies on Premises
	  	12
		  	 4.2      Sublease; ADP Equipment at BFS
	  	12
	5.	  	Relationship Management	  	12
	6.	  	Change Control Process/SOW Procedure	  	13
	7.	  	Intellectual Property; Third Party Contracts	  	14
		  	 7.1      Proprietary Rights; Work Product and Third Party Intellectual Property
	  	14
		  	 7.2      BFS Managed Agreements
	  	16
		  	 7.3      Rights Upon Termination
	  	16
	8.	  	Data Protection & Security; Confidentiality	  	17
		  	 8.1      Data Protection and Security
	  	17
		  	 8.2      Safeguarding BFS Data
	  	17
		  	 8.3      Confidential Information
	  	18
	9.	  	Non-Solicitation of Persons	  	20
	10.	  	Term; Early Termination; Termination for Cause	  	20
		  	 10.1    Term
	  	20
		  	 10.2    No Obligation to Renew
	  	20
		  	 10.3    Early Termination/Termination for Convenience
	  	21
		  	 10.4    Termination for Cause
	  	21
		  	 10.5    Obligations of Parties Upon Termination
	  	22
		  	 10.6    Transition During Termination Notice Period
	  	22
	11.	  	Fees; Financial Considerations	  	23
		  	 11.1    Fee Schedule
	  	23
		  	 11.2    Invoicing and payment conditions
	  	23
		  	 11.3    Taxes
	  	23
	12.	  	Audits Reports, Site Visits, Documentation	  	24
		  	 12.1    SAS 70 Type II Reports
	  	24

  

 - i - 

					
		  	 12.2    Site Visits to Data Center
	  	25
		  	 12.3    Audit Rights
	  	25
		  	 12.4    Documentation
	  	25
		  	 12.5    Sarbanes-Oxley
	  	25
	13.	  	Indemnification	  	25
	14.	  	Limitation of Liability	  	28
		  	 14.1    Mitigation of Damages
	  	28
		  	 14.2    Limits on Monetary Damages
	  	28
		  	 14.3    No Consequential Damages
	  	29
	15.    	  	Insurance	  	30
	16.	  	Regulatory Compliance/Issues	  	31
	17.	  	Communications	  	31
	18.	  	Dispute Resolution	  	32
	19.	  	Representations & Warranties	  	33
		  	 19.1    By ADP.
	  	33
		  	 19.2    By BFS.
	  	33
	20.	  	Miscellaneous	  	34
		  	 20.1    Binding Effect; Assignment
	  	34
		  	 20.2    Cooperation
	  	34
		  	 20.3    Forum for Disputes; Waiver of Jury Trial
	  	34
		  	 20.4    Notices
	  	35
		  	 20.5    Entire Agreement
	  	36
		  	 20.6    Waivers and Amendments
	  	36
		  	 20.7    Governing Law
	  	36
		  	 20.8    Usage
	  	36
		  	 20.9    Sections; Headings
	  	36
		  	 20.10 Interpretation
	  	36
		  	 20.11 Severability of Provisions
	  	37
		  	 20.12 Counterparts
	  	37
		  	 20.13 No Personal Liability
	  	37
		  	 20.14 No Third Party Beneficiaries
	  	37
		  	 20.15 Force Majeure
	  	37
		  	 20.16 Independent Contractor (Non-Agent) Status
	  	38
		  	 20.17 Employees
	  	38
		  	 20.18 Further Assurances
	  	38

  

 - ii - 

 SCHEDULES 
  

			
	Pricing Schedule	  	SCHEDULE A
		
	Service Description	  	SCHEDULE B
		
	Governance and Relationship Management Process	  	SCHEDULE C
		
	Service Levels	  	SCHEDULE D
		
	BFS Managed Agreements	  	SCHEDULE E
		
	Early Termination Fee	  	SCHEDULE F
		
	Key Personnel	  	SCHEDULE G

  

 - iii - 

 THIS DATA CENTER OUTSOURCING SERVICES AGREEMENT (this “Agreement”) dated as of
                    , 2007 between ADP, Inc., a Delaware corporation (“ADP”), and Broadridge Financial Solutions,
Inc., a Delaware corporation (“BFS”). Automatic Data Processing, Inc., a Delaware corporation (“ADP Parent”), is countersigning this Agreement to evidence its guaranty of
the obligations of ADP hereunder, as provided on the signature page hereto. 
 WHEREAS, the Board of Directors of ADP Parent has determined
that it is in the best interests of ADP Parent to separate the BFS Business (as defined below) and the ADP Business (as defined below) into two independent public companies (the “Separation”) in order to provide greater
flexibility for the management, capital requirements and growth of the BFS Business and to allow ADP to focus its time and resources on the development and growth of the ADP Business; 
 WHEREAS, ADP Parent and Broadridge Financial Solutions, LLC (a Delaware limited liability company, which was, prior to the Effective Date (as hereafter
defined), converted from a limited liability company into a Delaware corporation, thereby becoming BFS) have entered into a Separation and Distribution Agreement dated
                    , 2007 (as the same may be amended, supplemented, restated and/or modified from time to time, the “Separation
Agreement”), in order to carry out, effect and consummate the Separation and the distribution, by dividend, to ADP stockholders of the capital stock of BFS, as more fully defined and described in the Separation Agreement (the
“Distribution”); 
 WHEREAS, the Separation Agreement requires that BFS and ADP enter into this Agreement to properly
document the data center outsourcing and related services to be provided by ADP to BFS and the other Service Recipients (as hereafter defined). 
 NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements entered into herein and in the Separation Agreement, and intending to be legally bound hereby, ADP and BFS agree as follows: 
  

	1.	DEFINITIONS 

 “Action” means
any claim, demand, action, cause of action, suit, countersuit, arbitration, litigation, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority. 
 “ADP” has the meaning provided in the Preamble to this Agreement. 
 “ADP Business” means all businesses and operations of the ADP Group, other than the BFS Business. 
 “ADP Change Request” has the meaning provided in Section 6(b). 
 “ADP Change Transaction” has the meaning provided in Section 10.4(b). 
 “ADP Convenience Termination Fee” has the meaning provided in Section 10.3(b). 
 “ADP Group” means ADP Parent and each of its Affiliates and Subsidiaries, and any corporation or other entity that may become part of
such Group from time to time, other than the BFS Group. 
 “ADP Indemnified Claim” has the meaning provided in
Section 13(b). 
  

 - 1 - 

 “ADP Indemnified Person” has the meaning provided in Section 13(b). 
 “ADP IP Indemnity” has the meaning provided in Section 13(a)(ii). 
 “ADP Parent” has the meaning provided in the Preamble to this Agreement. 
 “ADP Products” has the meaning provided in Section 7.1(b). 
 “ADP Utility” means ADP’s IT, Engineering and Data Processing group that, among other things, supports the services and operations
of the Facilities. 
 “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly
through one or more intermediaries, controls, is controlled by or is under common control with, such specified Person; provided, however, that for purposes of this Agreement, no member of either Group shall be deemed to be an Affiliate
of any member of the other Group. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of
voting securities or other interests, by contract or otherwise. 
 “Base Cap” has the meaning provided in
Section 14.2(a). 
 “Base Fee Amount” has the meaning provided in Schedule A. 
 “BFS” has the meaning provided in the Preamble to this Agreement. 
 “BFS Business” means all of the ADP and ADP Parent Brokerage Services’ and Securities Clearing and Outsourcing Services’
businesses and operations as at the Distribution, as more fully described in ADP’s Form 10K for the fiscal year ended June 30, 2006. 
 “BFS Convenience Termination Fee” has the meaning provided in Section 10.3. 
 “BFS Group”
means BFS and each of its Subsidiaries and Affiliates and any corporation or other entity that may become part of such Group from time to time. 
 “BFS Indemnified Claim” has the meaning provided in Section 13(a). 
 “BFS Indemnified Person”
has the meaning provided in Section 13(a). 
 “BFS Information” has the meaning provided in Section 7.1(a).

 “BFS IP Indemnity” has the meaning provided in Section 13(b)(ii). 
 “BFS Managed Agreements” has the meaning provided in Section 7.2(a). 
 “BFS Products” has the meaning provided in Section 7.1(a). 
 “Change Request” has the meaning provided in Section 6(a). 
 “Claim Notification Period” has the meaning provided in Section 13(c). 
 “Confidential Information” has the meaning provided in Section 8.3(a). 
  

 - 2 - 

 “Consequentials” has the meaning provided in Section 14.3(a). 
 “Consult” (and its derivatives) shall mean an obligation by one Party to keep the other Party informed in reasonably prompt manner of the
circumstance or issue in question or to engage in some level of discussion regarding a circumstance or issue raised by the other Party. In no event shall such term in and of itself mean that approval or consent of the Party being Consulted is
required. 
 “Contract Year” means each consecutive 12 month period in the Term, commencing on the Effective Date. When
applied to the period following the end of the fifth Contract Year and the end of the Initial Term (i.e., a period less than 12 months in duration), each reference to “Contract Year” herein shall be deemed to include the phrase “(or
applicable portion thereof)” immediately following such reference. 
 “Current Services” shall have the meaning provided
in Section 3.1(a). 
 “Data Center” shall mean the data center facilities owned and operated by ADP in Georgia, USA and
shall include, when applicable, the back-up/disaster recovery data center facilities owned and operated by ADP in South Dakota, USA, including any new or replacement facilities established by ADP hereafter that serve similar purposes. 
 “DC1” shall have the meaning provided in Section 12.1(a). 
 “Disaster Recovery Plan” has the meaning provided in Section 3.8(a). 
 “Dispute” has the meaning provided in Section 18(a)(i). 
 “Distribution” has the meaning provided in the Recitals hereto. 
 “Effective Date” has the meaning provided in Section 10.1. 
 “Executive Steering Committee” has the meaning provided in Schedule C.. 
 “Extreme/Radical Failure by ADP” has the meaning provided in Section 3.4(d) 
 “Facilities” means the Data Center, the property covered by the JSQ Sublease and the other “in-scope” sites/locations
identified in Schedule C or the exhibits thereto (including any new or replacement facilities established by the ADP Group hereafter that serve similar purposes). 
 “Governmental Authority” means any federal, state, local, foreign or international court, government, department, commission, board, bureau or agency, or any other regulatory, self-regulatory,
administrative or governmental organization or authority. 
 “Group” means the ADP Group and/or the BFS Group, as the context
requires. 
 “Indemnified Claim” has the meaning provided in Section 13(b). 
 “Indemnified Person” has the meaning provided in Section 13(b). 
 “Indemnifying Party” has the meaning provided in Section 13(c). 
 “Initial Meeting Date” has the meaning provided in Section 18(a)(iii). 
  

 - 3 - 

 “Initial Term” has the meaning provided in Section 10.1. 
 “Intellectual Property Rights” means: (a) all patents, trademarks, service marks, copyrights, trade secrets and other proprietary
rights in intellectual property; (b) all licenses, sublicenses and other agreements or permissions related to the property or rights described in clause (a); and (c) all rights to sue at law or in equity for any infringement or other
impairment of any of the property or rights described in clause (a), including the right to collect damages and proceeds therefrom. 
 “JSQ Sublease” means the sublease by ADP (or its applicable Affiliate) from BFS (or its applicable Affiliate) for portions of the building located at 2 Journal Square Plaza, Jersey City, NJ 07306 that has been or is to be
entered into on or about the time of the Distribution. 
 “Key Personnel” has the meaning provided in Section 3.6(a).

 “Losses” has the meaning provided in Section 13(a). 
 “Managed Vendors” has the meaning provided in Section 7.2(a). 
 “Management Committee” has the meaning provided in Schedule C. 
 “New Services” has the meaning provided in Section 3.2. 
 “Non-Assigned BFS Managed Agreements” has the meaning provided in Section 7.2(c). 
 “Party” means ADP or BFS, and “Parties” shall mean ADP and BFS. 
 “Person” means any natural person, corporation, general or limited partnership, limited liability company or partnership, joint stock
company, joint venture, association, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, and any Governmental Authority. 
 “Personnel” means a designated Party’s employees or independent contractors that are natural persons. 
 “Regulatory Changes” has the meaning provided in Section 16(a). 
 “Relevant Period” has the meaning provided in Section 3.4(d) 
 “Renewal Term” has the meaning provided in Section 10.2. 
 “Residual Knowledge” has the meaning provided in Section 8.3(f). 
 “Schedules” means all of the schedules (and any attachments to such schedules) attached to this Agreement. 
 “Second Tier Dispute Representative” has the meaning provided in Section 18(a)(iii). 
 “Separation” has the meaning provided in the Recitals hereto. 
 “Separation Agreement” has the meaning provided in the Recitals hereto. 
  

 - 4 - 

 “Service Credit Cap” has the meaning provided in Section 3.4(b). 
 “Service Credits” has the meaning provided in Section 3.4(a). 
 “Service Delivery Committees” has the meaning provided in Schedule T attached hereto. 
 “Service Level Failures” has the meaning provided in Section 3.4(a). 
 “Service Recipients” means all entities included within BFS as of the date of Distribution (including the entities that result from any
strictly internal reorganization of such entities by BFS), any entities to be included as provided in this Agreement, including without limitation, in accordance with Sections 3.1(b) and 3.1(c), and any other entities mutually agreed upon in writing
by the Parties hereafter. 
 “Services” are, collectively, the Current Services and the New Services. 
 “SOW” has the meaning provided in Section 6(a). 
 “Subsidiary” means, with respect to any Person, any other Person of which a Person (either alone or through or together with any other Subsidiary of such Person) owns, directly or indirectly, a
majority of the stock or other equity interests the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation or other legal entity. 
 “Term” means the term of this Agreement, commencing on the date hereof and ending at the end of the Initial Term or any Renewal Term in
the manner provided in this Agreement, unless earlier terminated in accordance with the terms of this Agreement. 
 “Termination for
Convenience” has the meaning provided in Section 10.3(a). 
 “Termination Notice Period” has the meaning
provided in Section 10.4. 
 “Third Party IP” has the meaning provided in Section 7.1. 
 “TSA” means the Transition Services Agreement dated the date hereof between ADP Parent and BFS. 
 “Work Product” has the meaning provided in Section 7.1(b). 
  

	2.	PURPOSE AND GUIDING PRINCIPLES 

 (a) The
purpose and objective of this Agreement is to set forth the terms and conditions under which ADP will: (i) continue to provide the Current Services to the BFS Business; and (ii), after the Distribution, add New Services and increase and/or
decrease the volume of the Current Services and New Services. In addition to the principle set forth in Section 2(b) below, the two basic guiding principles of this Agreement are: 
 (I) The Data Centers and other Facilities shall be under the singular control of and governance by ADP. 
  

 - 5 - 

 (II) The Current Services are, and certain New Services will be (if similar in nature to the Current
Services), mission critical to the BFS Business and the proper performance thereof will be vital to the ongoing success of the BFS Business. 
 (b) It is the Parties’ intent for ADP to meet additional or new Service requirements of BFS without additional charge or entering into an SOW if they can be provided within the current capacity and with the resources available
immediately prior to the Distribution (e.g. hardware, software and personnel available for the Base Fee Amount), as more fully described on Schedule A. If a change in requirements by BFS would require resources in addition to those available or
would make it possible for ADP to reduce such resources and the Parties agree upon the terms thereof, an SOW will be used to set forth such terms for the increase or reduction of Services, as further provided in Section 6. 
  

	3.	SERVICES 

 3.1 Service Description; Scope

 (a) Services/Current Services. “Current Services” are all those services that are being performed for
the BFS Business by ADP from the Data Centers and the other Facilities (and any other ancillary ADP officess/locations or portions thereof) immediately prior to the Distribution (but specifically excludes any services performed by ADP that are to be
provided pursuant to the TSA, regardless of the location from which such services are provided). The parties have made a good faith effort to identify all of the Current Services on Schedule B. However, in the event there are Current Services
provided by ADP that are not listed on Schedule B, they shall nonetheless be included in Current Services and each Party shall promptly notify the other if it becomes aware of any such unlisted Current Services. Disaster recovery services shall also
be deemed included in Current Services and not subject to separate charge unless set forth in an SOW regarding changes to disaster recovery services. Schedule C addresses, among other things, increases and decreases in volumes of Current Services,
both with respect to any resulting fee adjustments as well as the amount of time which ADP may require in order to implement changes. It is anticipated that ADP will accommodate all increases in Current Services, subject to the procedures set forth
in Section 6. In no event will any reduction in Current Services requested by BFS decrease the fees for the Current Services below the Base Fee Amount other than: (i) as specifically set forth in Schedule A; or (ii) as determined in
ADP’s sole discretion, because ADP has business requirements unrelated to this Agreement that can be adequately and cost-effectively satisfied by redeployment of the assets that are no longer required under this Agreement as a result of such
reduction in requested Current Services by BFS. Any new and/or additional Services will be requested through the change order process set forth in Section 6. 
 (b) Acquisitions by BFS. BFS will keep ADP promptly informed, on a confidential basis, of material potential/pending acquisitions of businesses or assets if BFS intends to request that such acquired
businesses/assets be added as Service Recipients under this Agreement. The Parties will use commercially reasonable efforts to negotiate an SOW if the volume of Services will significantly increase as a result of including such acquired
business/assets and/or if New Services will be requested in connection with such acquisitions, but with due regard to the guiding principles set forth in Section 2. 
  

 - 6 - 

 (c) Divestitures by BFS. BFS will keep ADP promptly informed, on a confidential basis, of material
potential/pending dispositions of businesses or assets if BFS intends to request that such divested businesses/assets continue to be Service Recipients under this Agreement after such dispositions. In no event shall any such post-divestment
provision of Services to a third party go beyond twelve (12) months, unless otherwise agreed to by ADP (which agreement shall not be unreasonably withheld) and such Services shall be provided upon reasonable compensation to ADP from such
non-BFS related Service Recipients or BFS. In no event shall ADP be required to incur any costs (including without limitation payment of any fees to obtain any consent or approvals from other third parties to make such post-disposition provision of
Services possible) and, subject to the guiding principles set forth in Section 2, ADP shall be compensated on a time and materials basis by BFS (or the purchaser of the divested BFS assets or business) for its efforts in connection with
attempting to enable such post-disposition Services. In no event shall ADP be responsible or liable for any failure by it to provide post-disposition Services to any such proposed additional Service Recipients due to matters outside of its control
(including without limitation refusals by any other third parties to grant a necessary consent or approval). 
 (d) BFS Client
Terminations. Terminations by clients of BFS that benefit from the Services shall be subject to the change control process of Section 6. 
 (e) Nonexclusive Agreement. For avoidance of doubt, the Parties acknowledge and agree that this Agreement is non-exclusive. BFS shall not be prohibited by this Agreement from obtaining services during the Term that are identical or
substantially similar to (or in lieu of) the Services from sources other than ADP; provided that BFS continues to pay the Base Fee Amount and any other on-going minimum payments (including without limitation any amounts that may be agreed by
the Parties for any New Services implemented by ADP, or any recurring fees, or fees to be paid notwithstanding the fact that the associated Services are not used) that are required by the applicable schedules for the Services until termination or
expiration of this Agreement in accordance with the terms hereof. Similarly, ADP shall not be prohibited from providing data center outsourcing services to other ADP clients or third parties from the Data Center, the other Facilities or otherwise;
provided, that: 
 (i) no degradation in the quality of the Services or reduction in capacity of Services provided to BFS results from
the provision of services to such other ADP clients or third parties; and 
 (ii) without the prior written consent of BFS, ADP may not
provide services similar to the Services that it provides or has provided to BFS in support of the BFS Business under this Agreement to other ADP clients or third parties that are competitors of BFS if the provision of such services is in support of
the aspects of the business of such other clients or third parties that are in direct competition with the BFS Business supported by the Services. 
 3.2 Additional/New Services 
 The “New Services” are functions and services that BFS hereafter
requests ADP to perform or provide from the Data Center and/or the other Facilities (or, if applicable, any associated ADP officess/locations or portions thereof) that are materially different from, and in addition to, the Current Services and which
ADP has agreed to provide pursuant to an SOW entered into by the Parties in accordance with Section 6. Assuming relevant financial/business terms can be agreed upon, ADP will use commercially reasonable 

  

 - 7 - 

 
efforts to accommodate new business requirements or requests of BFS, and to do so in a reasonably prompt manner. ADP agrees to use commercially reasonable
efforts to respond promptly if special needs arise from unanticipated, extraordinary events that have an impact on the BFS Business. It is understood and agreed that ADP shall not be obligated to incur any incremental costs with respect to New
Services unless they are to be reimbursed in full by BFS. Section 2(b) will apply in determining whether additional fees shall apply to a New Service. 
 3.3 Service Delivery 
 (a) ADP shall perform the Services: (i) at least at the same level and
with at least the same degree of accuracy, quality, completeness, timeliness, responsiveness and professionalism as was provided prior to the Distribution (except to the extent otherwise provided in an SOW regarding New Services); and (ii) in
accordance with Section 3.4 (including any attachments referred to therein). ADP agrees to use commercially reasonable efforts to: (x) maintain efficient and cost-effective operations; and (y) prevent software viruses and installation
or activation of any disabling software. 
 (b) ADP commits to achieve or maintain ISO 9001 and/or comparable quality management certification
and security programs with respect to the people, processes and locations included within the ADP Utility. ADP will reasonably assist BFS in its ISO 9001 and 27001 certification processes in accordance with past practice. ADP will also assist in
other quality management certification and security programs of BFS but such assistance may be subject to a SOW or additional fees. 
 (c) All
subcontractors of ADP with access to BFS Information must agree to be bound by a non-disclosure agreement with ADP that includes protection for BFS Information consistent with the obligations under this Agreement. ADP will be liable for
actions/omissions of subcontractors to the same degree as it would have been under the Agreement if ADP itself had so acted or failed to act. Any subcontractors engaged by ADP in support of the Services shall be subject to the same level of due
diligence and background inquiries as apply to subcontractors engaged by ADP for provisions of any other services or activities applicable to the Facilities, but in no event less than reasonable care and taking into account the type of
responsibilities and access to be granted to such Persons. 
 3.4 Service Levels 
 (a) The guiding principle in determining Service Levels and the associated Service Credits is based on the negative impact that failure to meet the
Service Levels has on BFS. Subject to the remainder of this Section 3.4, Service Credits shall be applied for failing to meet certain Service Levels, and Service Credits may be earned back for providing certain superior service, all as further
set forth in Schedule D. The Parties may determine that a Service Credit will be allocated to a first time event of failure or triggered only after a repeated event of failure based on the related, actual impact to the BFS Business. Schedule D sets
forth the Service Levels applicable to the Current Services which ADP agrees to adhere to and satisfy, as well as the specific formulas or metrics to determine dollar credits against ADP’s fees for ADP’s failure to satisfy Service Levels
(“Service Credits”), and applicable escalation and remedial action procedures in the event of a material failure by ADP to satisfy such Service Levels. New or revised Service Levels for New Services or significant
modifications to Current Services will be incorporated into this Agreement pursuant to SOWs in accordance with Section 6 below. ADP will report at least monthly on its performance relative to each 

  

 - 8 - 

 
Service Level and all instances of failure to satisfy Service Levels (“Service Level Failures”), provided it also notifies BFS
of Service Level Failures promptly upon becoming aware of the same. ADP will perform a root-cause analysis, to include corrective and preventive actions, in the event of any Service Level Failure, and will Consult with BFS regarding the findings and
intended corrective/preventive measures to be taken. ADP will also investigate and consider corrective action plans in the event of low or declining Service Level performance. In no event will Service Credits be assessed until the relevant matters
are discussed at a meeting of the Management Committee and no Service Credits applicable to any Contract Year will be applied or payable until the end of such Contract Year. 
 (b) Notwithstanding anything to the contrary contained in this Agreement (except the remainder of this Section 3.4), Schedule D sets forth the
maximum aggregate Service Credits for which ADP may be responsible or liable in any Contract Year under this Agreement for Service Level Failures. 
 (c) With respect to Service Level Failures caused by the gross negligence of ADP or ADP Personnel, the Service Credit Cap shall be equal to the lesser of (i) the amount of direct damages shown to have been caused to BFS by the Service
Level Failures and (ii) the applicable liability cap for gross negligence set forth in Section 14. With respect to Service Level Failures caused by the willful misconduct of ADP or ADP Personnel, the Service Credit Cap shall be the amount
of direct damages shown to have been caused to BFS by the Service Level Failures. 
 (d) An Extreme/Radical Failure by ADP (as defined below),
except if caused by Force Majeure, shall be deemed a breach of this Agreement for which BFS may terminate the Agreement for cause in accordance with Section 10.4(a). “Extreme Radical Failure by ADP” shall mean a
significant Service Level Failure that satisfies (or a combination of Service Level Failures that, taken together, satisfies) all of the following criteria: (i) has a reasonable likelihood of materially impacting BFS’ business and
harming BFS’ reputation in its industry; (ii) continues without material abatement for more than the Relevant Period; and (iii) is not caused by actions or directions from BFS, BFS Personnel or any third parties
representing, or hired by, BFS. For purposes of the preceding sentence, “Relevant Period” shall mean (with certain examples thereof provided in Schedule C): 
 (x) eight (8) hours, if the material impact and reputational harm to BFS referred to in clause (i) of the preceding sentence is
reasonably likely to result from the Service Level Failure in question if it continues unabated for more than one (1) hour; 
 (y)
three (3) days, if the material impact and reputational harm to BFS referred to in clause (i) of the preceding sentence is reasonably likely to result from the Service Level Failure in question if it continues unabated for more than one
(1) day; and 
 (z) five (5) weeks, if the material impact and reputational harm to BFS referred to in clause (i) of the
preceding sentence is reasonably likely to result from the Service Level Failure in question if it continues unabated for more than one (1) week. 
 (e) ADP agrees to review with BFS the results of the relevant portions of client satisfaction surveys undertaken by BFS with respect to BFS’ clients and to work with BFS in defining action plans, changes and
improvements to address issues or concerns detailed in the survey consistent with the practices in effect immediately prior to the Distribution. 
  

 - 9 - 

 (f) The remedy provided to BFS hereunder shall not be exclusive and shall not limit the rights and
remedies otherwise available to BFS for failures in providing the Services, however, if any Service Credits have been provided with respect to any failure, such amount shall be deducted from any amounts otherwise recoverable from ADP in respect
thereof. 
 3.5 Transition Plan 
 The Parties agree to continue to use reasonable commercial efforts to complete any transition of Services to the Facilities that have not been fully completed prior to the Distribution, certain details for which are more fully described in
Schedule B. 
 3.6 Key Personnel 
 (a) With due regard to the guiding principles in Section 2, ADP will use commercially reasonable efforts to maintain throughout the Term a sufficient number of ADP Personnel supporting BFS matters that have such knowledge of the BFS
Business and of the Services provided by ADP to BFS (“Key Personnel”) as reasonably necessary to continue to perform the Current Services and any New Services with the same level of expertise and responsiveness as have been provided by ADP
prior to the Distribution. ADP will Consult with BFS regarding any changes to Key Personnel (to the extent practicable, prior to the date of such changes), but shall retain the rights, in its sole discretion, to terminate or reassign Key Personnel.
ADP will use commercially reasonable efforts to arrange for appropriate training of, or knowledge transfer to, employees of the ADP Group that are identified as replacements for any Key Personnel. Attached hereto as Schedule G is a list of the
positions/job titles of the Key Personnel as of the Effective Date. 
 (b) Throughout the Term, ADP will include reasonable incentives within
the performance based aspects of the compensation arrangements of Key Personnel to help assure satisfactory performance of duties of such Key Personnel as relate to the Services provided to BFS hereunder; it being understood however that ADP shall
have full authority over the compensation to be paid to its Key Personnel and the formulation of any such performance-based incentives and the specific weight to be applied thereto. 
 3.7 ADP Personnel 
 (a) All Personnel
of ADP assigned to matters covered by this Agreement who will have access to BFS’ (including BFS’ clients’) data and/or systems shall be subject to background checks and drug testing in accordance with ADP’s policies in effect on
the date hereof (and as may be changed hereafter by ADP in it is sole but reasonable discretion) regarding the positions held by such Personnel of ADP. Such procedures are intended to meet the standards of ADP’s security policies, as such
standards may be modified from time to time to improve the security of data in the possession of ADP. 
 (b) In addition to Key Personnel,
each of the ADP Personnel, a material portion of whose responsibilities include supporting the Services provided under this Agreement and who is eligible to receive a bonus, will have as a component of the objectives that he must achieve to receive
his full bonus for the year the meeting of Service Levels hereunder; it being understood however that ADP shall have full authority over the compensation to be paid to its Personnel and the formulation of any such performance-based incentives and
the specific weight to be applied thereto; provided that ADP agrees that the portion of the bonus impacted by the meeting of Service Levels will, in ADP’s reasonable judgment, provide reasonable and meaningful incentive for quality
performance by the applicable ADP Personnel (subject to any additional detail in Schedule D). 
  

 - 10 - 

 3.8 Disaster Recovery (Capacity on Demand) 
 (a) ADP will maintain a commercially reasonable ‘capacity on demand’ disaster recovery plan (“Disaster Recovery Plan”)
further described in Schedule B. The process of declaring a disaster and activating the Disaster Recovery Plan is further set forth in Schedule B. As part of the Services, ADP will follow ADP’s Disaster Recovery Plan. ADP may amend its Disaster
Recovery Plan at any time; provided that ADP shall not reduce its disaster recovery ability (including functionality, service levels, recovery times and schedules) to less than the disaster recovery ability in effect pursuant to the Disaster
Recovery Plan in existence on the Effective Date. A summary of ADP’s current Disaster Recovery Plan has been provided to BFS and will be made available upon BFS’ written request for such plan in the event of any changes thereto. Changes to
the Disaster Recovery Plan that would result in a material impact to the Services or result in additional cost to BFS shall be subject to the procedures of Section 6. Any aspects of the Disaster Recovery Plan that have no effect or bearing on
the Services or BFS shall be subject to change in ADP’s sole discretion, but ADP will Consult with BFS regarding any such changes. 
 (b)
ADP shall: (1) test the operability of its Disaster Recovery Plan at least five times per year, with dates to be determined and agreed upon with BFS at least twelve (12) months prior to any such tests; and (2) implement the Disaster
Recovery Plan upon the occurrence of a Force Majeure event or other disaster or other circumstances necessitating such implementation. BFS, after consulting with ADP, shall have the right to declare a disaster and activate the Disaster Recovery
Plan, as provided further in Schedule B. ADP shall notify BFS of any deficiencies identified by any test of the Disaster Recovery Plan and of the remediation efforts being implemented by ADP to correct such deficiencies. Testing dates must be agreed
to in advance by BFS (not to be unreasonably withheld or delayed) with respect to testing that will require involvement by BFS or any of its Personnel or clients. ADP shall Consult with BFS with respect to the results of any such testing,
provided (i) any information provided shall be deemed and treated as Confidential Information of ADP, and (ii) information of the type that is currently (i.e., prior to the Distribution) made available to clients or regulatory
agencies from Disaster Recovery Plan tests will continue to be provided. 
 3.9 Assistance with Financial Matters and Planning

 ADP will provide: (i) assistance to BFS in connection with financial aspects of using the Services, including cost information for
datacom billing for BFS’ clients; and (ii) budgeting/forecasting/strategy planning assistance as it pertains to the use of and available capacity in the Data Center (including utilization measurements annually used by BFS to determine
proper cost allocations within and among BFS’ business units and providing estimated computer processing resource utilizations for large prospective clients). 
 3.10 Facilities 
 ADP will not provide the Services to BFS from any location other than the Facilities
without reasonable prior written notice to BFS. ADP will not provide the Services to BFS from any location outside the U.S. without prior written consent of BFS. Any 

  

 - 11 - 

 
change in location within the U.S. that requires testing by BFS or its clients or material changes to BFS’ or BFS’ clients’ systems will
require prior written consent of BFS, which consent will not be unreasonably withheld or delayed. If any such facility changes requires financial investment or additional expenditures by BFS or BFS’ clients, ADP will be responsible for these
investments or expenditures. 
  

	4.	ACCESS TO OTHER PARTY’S FACILITIES; SUBLEASE 

 4.1 Compliance with Other Party’s Policies on Premises 
 Each Party’s Personnel, while present at the other
Party’s locations, shall comply with the policies and security protocols as are generally applicable to other natural persons at such locations. For avoidance of doubt, any Personnel of one Party that will performing their duties in furtherance
of or in connection with this Agreement and the Services at a location of the other Party shall be subject to the same policies and security protocols as the full-time Personnel of such other Party at such location. Each Party shall advise the other
Party of any material changes to its policies and security protocols in a prompt manner and whether failure to take any particular further action is likely to cause any delays or interruptions in the provision of necessary access of one Party’s
Personnel to relevant locations of the other Party, and neither Party shall be responsible for the consequences of any such delays or interruptions if the other Party failed to advise it of any such changes with reasonably sufficient lead-time.

 4.2 Sublease; ADP Equipment at BFS 
 (a) The JSQ Sublease of real property is being entered into on or about the date hereof so as to facilitate performance of certain portions or aspects of the Services. In the event of any conflict between the terms of
(or any official policies issued under) the JSQ Sublease, on the one hand, and the terms of Section 4.1 above, on the other hand, the JSQ Sublease shall control and govern. 
 (b) With respect to any equipment or hardware owned or leased by ADP that is located at locations/facilities of BFS that ADP uses to provide the Services
(including, without limitation, the ‘equipment closets’ in BFS locations in Canada), BFS shall provide ample security for such hardware and equipment in accordance with past practice (i.e., prior to the Distribution) and shall provide ADP
Personnel access to such equipment and hardware as requested by ADP for maintenance, upgrade, replacements, etc. ADP will not be responsible for any interruption in the Services resulting from refused access to ADP Personnel thereto by BFS or
resulting from issues arising within or relating to such BFS locations/facilities (unless such issues are caused by ADP or ADP Personnel). 
  

	5.	RELATIONSHIP MANAGEMENT 

 (a) Attached hereto as
Schedule C is the Governance and Relationship Management Process that will apply to this Agreement, including a description of the Executive Steering Committee, Management Committee and Service Delivery Committees to be established and remain in
place during the Term, their respective roles and responsibilities and the matters to be addressed by each and the approved processes for day-to-day issues that may arise. Notwithstanding anything which is or may be 

  

 - 12 - 

 
interpreted to be to the contrary contained in such Schedule, the Parties acknowledge and agree that: (i) ADP will continue to have full management
control and final decision making authority over the Facilities; (ii) the Services are essential to the success of BFS day-to-day business; and (iii) it is of high importance for BFS to be kept fully and promptly informed of changed
circumstances, and to be Consulted with regarding decisions, that might have a material effect on BFS or the Services. 
 (b) BFS will be
included in the planning process with respect to proposed ADP changes that are reasonably likely to have a material adverse impact on the BFS Business during the implementation of same or thereafter. 
  

	6.	CHANGE CONTROL PROCESS/SOW PROCEDURE 

 The
governance procedures of Schedule C shall apply to all matters covered by this Section 6. 
 (a) By BFS. In the event BFS requests
ADP (through the Management Committee) to provide New Services or, as addressed in more detail below, significant modifications to Current Services, which requests shall specify in reasonable detail the nature and scope of the change and the
business reason therefor (each, a “Change Request”), and promptly provides ADP any additional information that ADP reasonably requires in order to respond to BFS Change Request, ADP will deliver to BFS within the applicable
time periods provided in Schedule C, a response that sets forth: 
 (i) the description and related details of the requests; 
 (ii) an analysis of the impact that implementation of the Change Request is likely to have on the existing Services and on Service Levels, if and as
applicable; 
 (iii) a statement of the proposed fees and aggregate costs required to undertake the Change Request, with due regard to the
guiding principles set forth in Section 2; and 
 (iv) a reasonable estimate of the timeframe in which the Change Request would be
implemented. 
 If the Parties mutually agree on the details of a Change Request, then (I) such New Services (or significant modification
to Current Services, as the case may be), and all such details (including any applicable fees, costs and Service Levels related thereto) will be included in a Statement of Work or other addendum or amendment to this Agreement (each, an
“SOW”) to be signed by both Parties and attached to and made a part of the Agreement, and (II) BFS will pay the fees, if any, and costs for those Services that are set forth in the signed SOW. BFS shall not request, and ADP
shall not be obligated to provide, any such New Services or significant modifications to Current Services absent such fully executed SOW. Notwithstanding the foregoing sentence, the Parties agree to make and consider Change Requests in good faith,
bearing in mind the guiding principles set forth in Section 2. ADP will advise BFS when it deems a BFS request for a change to the Current Services to be a “significant modification”, but the following items are understood to be so:
(x) material increases or decreases in number of BFS’ clients to be covered by the Current Services to the extent such increases/decreases are not sufficiently anticipated/addressed in the current capacity; and (y) partial but
material terminations of the Services to be received. 
  

 - 13 - 

 (b) By ADP.. In the event of any intended ADP change to the Facilities, the operation thereof or
otherwise which has a reasonable chance of (i) materially and adversely affecting the delivery of the Services to BFS or (ii) resulting in additional cost to BFS or BFS’ clients to accommodate the change, ADP will be required to
submit a change request to BFS through the Management Committee which shall be in writing and shall specify in reasonable detail the nature and scope of the change, and the business reason therefor (an “ADP Change Request”).
ADP will promptly provide BFS any additional information that BFS reasonably requires in order to respond to the ADP Change Request and BFS will promptly respond to such ADP Change Request taking into consideration the nature of the change and the
impact to BFS’ clients (the extent of which may require BFS to require reasonable time to involve such clients). If the Parties mutually agree on the details of an ADP Change Request, then such details (including, if applicable, any changes to
fees, costs or Service Levels) will be included in a SOW. BFS shall not be obligated to approve any ADP Change Request absent such fully executed SOW. Notwithstanding the foregoing sentence, the Parties agree to make and consider ADP Change Requests
in good faith, bearing in mind the guiding principles set forth in Section 2. 
  

	7.	INTELLECTUAL PROPERTY; THIRD PARTY CONTRACTS 

 7.1 Proprietary Rights; Work Product and Third Party Intellectual Property 
 (a) All of BFS data, BFS software, proprietary
code, scripts and related documentation used to provide the Services (including that which has been developed by the BFS Business and used prior to the Distribution in connection with the BFS Business and has been installed or implemented at the
Data Center for ADP to operate on BFS’ behalf), BFS systems, BFS business methods, BFS names, BFS logos and Confidential Information of BFS, including as such data and information is manipulated or processed by ADP in connection with its
performance of the Services, is and shall be the exclusive property of BFS (“BFS Information”). To the extent that ownership of any BFS Information does not by law automatically vest in BFS, ADP assigns to BFS, now or upon
its creation, without further consideration, all rights, title and interest in such BFS Information, including any copyright, trademark, service mark, trade secret, and other proprietary right relating thereto. All deliverables provided under this
Agreement that are modifications or enhancements or derivative works of BFS Information, including, but not limited to any software, error corrections, updates, modifications, configurations, reports, programming documentation, and/or specifications
developed or provided by ADP hereunder, as well as any derivative works thereof provided or developed by ADP, as well as any documentation related thereto, and all copies of any of such materials (collectively “BFS Products”)
are and shall be the sole and exclusive property of BFS unless specifically provided to the contrary in any SOW. BFS hereby grants to ADP a limited, nonexclusive, nontransferable right to use such BFS Information and BFS Products, but solely to
provide the Services to BFS and to utilize in operating the Data Center provided that it is not used to provide services similar to the Services to a competitor of BFS if the provision of such services is in support of the aspects of the
business of such competitors that are in direct competition with the BFS Business supported by the Services. 
 (b) All deliverables provided
under this Agreement other than the BFS Products, including, but not limited to any software, error corrections, updates, modifications, configurations, reports, programming documentation, and/or specifications developed or provided by ADP
hereunder, as well as any derivative works thereof provided or 

  

 - 14 - 

 
developed by ADP, as well as any documentation related thereto, and all copies of any of such materials (collectively “Work Product”)
are and shall be the sole and exclusive property of ADP unless specifically provided to the contrary in any SOW. All Intellectual Property of any third parties utilized by ADP in the Facilities or otherwise in the performance of the Services (the
“Third Party IP”) shall remain the sole and exclusive property of such third parties or the Persons from whom such third parties obtained the right to license same. ADP hereby grants to BFS a limited, nonexclusive,
nontransferable right to use such Work Product and to benefit from ADP’s use of the Third Party IP, but solely for the types of transactions and business contemplated by this Agreement, and with respect to Work Product, to continue to use the
Work Product after any termination of this Agreement for its internal business purposes consistent herewith.. To the extent that the ownership in any Work Product may not by law automatically vest in ADP, BFS assigns to ADP, now or upon its
creation, without further consideration, the ownership of all such Work Product, except to the extent specifically provided to the contrary in any SOW. Notwithstanding any other provisions of this Agreement to the contrary, each Party may utilize
freely any and all ideas, concepts, methods, know-how and techniques related to programming and processing of data discovered or developed by it during the Term.. Except for the licenses granted to BFS in this Agreement, BFS will have no interest in
any ADP products or services covered by this Agreement or used in the performance of the Services (“ADP Products”) or any Third Party IP. The ADP Products will at all times remain the exclusive, sole and absolute property of
ADP or the third parties from whom ADP has obtained the right to use the ADP Products. All rights, title and interest in or to any copyright, trademark, service mark, trade secret and other proprietary right relating to the ADP Products and the
related logos, product names, etc., are reserved, and all rights not expressly granted are reserved by ADP and such third parties. BFS may not obscure, alter or remove any copyright, trademark, service mark or proprietary rights notices on any ADP
Products. For avoidance of doubt, ADP’s ownership of Work Product shall not transfer to ADP ownership of BFS Information or any right to use BFS Information for any purpose other than performance of the Services. 
 (c) Notwithstanding anything to the contrary contained herein, the Parties agree that upon termination of this Agreement, (i) ADP shall grant to the
BFS Group a perpetual, nontransferable (except as provided below), royalty free world-wide license to use the Work Products (and to permit third parties to possess and use the Work Products for the benefit of the BFS Group) with respect to the BFS
Business after the termination of this Agreement and (ii) BFS shall grant to the ADP Group a perpetual, nontransferable (except as provided below), royalty free world-wide license to use: (x) that subset of the BFS Information that
consists of BFS software, proprietary code, scripts and related documentation and (y) the BFS Products that are modifications, enhancements or derivative works of such subset of BFS Information (and to permit third parties to possess and use
such BFS Information and such BFS Products for the benefit of the ADP Group) with respect to the ADP Business after the termination of this Agreement. The foregoing licenses shall be transferable by each Party solely in connection with a sale of all
or substantially all of the assets of the ADP Group or the BFS Group, as applicable. In connection with any termination of this Agreement, each Party shall deliver to the other Party all object code, source code and documentation that exists and is
in its possession or control relating to the items that are the subject of the licenses described in this Section 7.1(c) that are to be granted by such Party to the other Party. Neither Party shall unreasonably delay performance of its
obligations under this Section 7.1(c). 
  

 - 15 - 

 7.2 BFS Managed Agreements 
 (a) Schedule E hereto identifies the existing agreements with third party vendors (the “Managed Vendors”) that (i) prior to
the Distribution were executed by entities included within the BFS Business, (ii) prior to the Distribution have been managed and administered by ADP outside of the BFS Business and (iii) the Parties intend to continue to be managed
and administered by, and assigned to, ADP for the duration of the Term the Term (the “BFS Managed Agreements”). 
 (b)
The Parties shall use commercially reasonable efforts to obtain all required approvals and consents from the Managed Vendors (to the extent such approvals and consents have not been obtained prior to the Effective Date), to allow: (i) BFS (or
other applicable member of the BFS Group) to assign the BFS Managed Agreements to ADP or ADP Parent (solely for the purpose of providing Services to BFS and the BFS Group during the Term); and (ii) ADP or ADP Parent to re-assign the BFS Managed
Agreements back to BFS (or other applicable member of the BFS Group) upon the termination or expiration of this Agreement. 
 (c) With respect
to any BFS Managed Agreements which cannot be assigned as described above (the “Non-Assigned BFS Managed Agreements”), BFS shall and hereby does designate ADP as BFS’ agent, and ADP hereby accepts such designation and
agrees to act as agent of BFS, with respect to the management and administration of the Non-Assigned BFS Managed Agreements including, without limitation, payment of any amounts required by BFS under such agreements and day-to-day interactions with
the applicable Managed Vendors. ADP acknowledges that it shall not enter into any amendments or other modifications to the Non-Assigned BFS Managed Agreements without the written approval BFS and that, with respect to all BFS Managed Agreements, it
shall keep BFS advised and informed of any material issues arising under or changes contemplated under such agreements. 
 (d) ADP agrees to
re-assign the applicable BFS Managed Agreements back to BFS (or other applicable member of the BFS Group) upon termination of this Agreement, and BFS agrees to assume (or cause the applicable member of the BFS Group to assume) the same;
provided that BFS shall not be required to take a re-assignment of any BFS Managed Agreement if: (x) material changes have been made to such BFS Managed Agreements by ADP and the applicable Managed Vendors without first Consulting BFS;
and (y) such changes will have a material and adverse effect upon BFS’ ability to utilize such BFS Managed Agreements. 
 (e)
ADP’s indemnification obligations under Section 13(a)(v) below shall not apply to the extent that the matters in question relate to periods prior to ADP’s management and administration of the BFS Managed Agreements. 
 7.3 Rights Upon Termination 
 During
any eighteen (18) month termination notice period under this Agreement (as described in Section 10), the Parties will cooperate in good faith to identify the Third Party IP which BFS will require rights to in connection with establishment
by BFS of its own data center facilities or a transfer of the Services to a third party (or any combination thereof). With respect to any such Third Party IP that is used during the Term solely for the delivery of Services to BFS, ADP will use
reasonable commercial efforts to have the relevant third party agreements assigned to BFS (or BFS designee), but in no event shall ADP be responsible for any additional costs or fees in connection with such assignment. 

  

 - 16 - 

 
With respect to Third Party IP that is used during the Term both for the delivery of the Services as well as for any other purposes of ADP outside of this
Agreement, ADP will use commercially reasonable efforts to assist BFS in its efforts to enter into similar agreements with the relevant third parties, it being understood however that ADP shall not be obligated to share any information with BFS
regarding such third parties or such agreements if doing so (x) may reasonably be viewed as a violation of such agreements or (y) is likely, in ADP’s reasonable opinion, to affect adversely its relationship with such third parties.
Section 2(b) shall apply to a determination of any additional fees or costs to be charged to BFS for such transition assistance. 
  

	8.	DATA PROTECTION & SECURITY; CONFIDENTIALITY 

 8.1 Data Protection and Security 
 (a) BFS Information shall be and remain, as between the Parties, the property of BFS. ADP
shall not possess or assert any lien or other right against or to BFS Information. No BFS Information, or any part thereof, shall be sold, assigned, leased or otherwise disposed of to third parties by ADP or commercially exploited by or on behalf of
ADP. 
 (b) Upon the termination or expiration of this Agreement for any reason (including termination for cause) or, with respect to any
particular BFS Information, on such earlier date that such information shall no longer be required by ADP in order to render the Services hereunder, BFS Information (including copies thereof): (i) shall be promptly returned to BFS by ADP in a
form reasonably requested by BFS, provided that BFS has given prior approval to any reasonable costs associated with the conversion of BFS Information from the form maintained by ADP; or (ii) if BFS so elects, shall be destroyed by ADP.

 (c) Subject to Section 8.3(f), BFS Information shall not be utilized by ADP for any purpose other than that of rendering the Services
under this Agreement. 
 8.2 Safeguarding BFS Data 
 (a) ADP shall maintain safeguards against the destruction, loss or alteration of BFS Information in the possession or control of ADP which are no less rigorous than those maintained by ADP prior to the Distribution
with respect to the BFS Business data, and are no less rigorous than those maintained by ADP for its own information of a similar nature, but in no event shall ADP use less than commercially reasonable efforts to safeguard BFS Information. Certain
aspects of the security policies and practices of ADP as of the date hereof are included within Schedule B. ADP will promptly inform BFS of any material changes in the security methods employed by ADP to safeguard BFS Information, unless the change
would have a material and adverse impact on BFS or BFS’ Clients, in which case the consent of BFS will be required. ADP will Consult with BFS regarding any changes in the security procedures reasonably requested by BFS. BFS shall have the
option of requesting any changes to the security procedures used in connection with the Services being provided to BFS through the change order procedures described in Section 6. 
 (b) ADP Personnel shall not attempt to access, or grant access to, any BFS Information which they are not permitted to access under this Agreement. If
such access is attained (or is reasonably suspected): (i) ADP shall immediately report such incident to BFS, 

  

 - 17 - 

 
describe in detail the accessed BFS Information, and if applicable return to BFS any copied or removed BFS Information; and (ii) ADP shall utilize
commercially reasonable efforts, including through systems security measures and reasonable electronic and physical safeguards, to guard against the unauthorized access, alteration or destruction of software and BFS Information, including the
installation of applicable software which: (A) requires all users to enter a user identification and password prior to gaining access to information systems; (B) controls and tracks the addition and deletion of users; and (C) controls
and tracks user access to areas and features of the information systems. 
 8.3 Confidential Information 
 (a) Confidential Information.. ADP and BFS each acknowledge that, in the course of carrying out the transactions contemplated by this Agreement,
they will be furnished with, receive or otherwise have access to information of or concerning the other Party which such Party considers to be confidential. As used in this Agreement, “Confidential Information” means all
information, in any form, furnished or made available directly or indirectly by one Party, or to which either Party gains access in the course of or incidental to the performance of this Agreement (or in the course of or incidental to the
performance of similar services from the Facilities for the BFS Business prior to the Distribution), and that should reasonably have been understood by the recipient (because of legends or other markings, the circumstances of disclosure, or the
nature of the information itself) to be confidential to the disclosing Party, an Affiliate of the disclosing Party, or a third party. The terms and conditions and pricing of the Schedules to this Agreement shall be deemed Confidential Information
and treated as such. Confidential Information also shall include, whether or not designated as “confidential information,”: (i) BFS Information; (ii) the specifications, designs, documents, correspondence, software,
documentation, data and other materials and work products produced by or for either Party under this Agreement; (iii) all information concerning the operations, affairs and businesses of the other Party, the financial affairs of the other
Party, and the relations of the other Party with its customers, employees, providers, subscribers, business partners, vendors, regulatory agencies, financial, legal and other professional advisors, consultants, brokers and service providers
(including customer lists, customer information (including the names of customers), account information and consumer markets); (iv) software provided to a Party by or through the other Party; (v) personally identifiable information; and
(vi) other information or data stored on magnetic media or otherwise or communicated orally, and obtained, received, transmitted, processed, stored, archived or maintained by either Party under this Agreement. 
 (b) Obligations. BFS and ADP shall not disclose or provide access to unauthorized parties the Confidential Information of the other Party and shall
limit access to Confidential Information to only those with a reasonable need to know such Information to carry out, or use, the Services or otherwise in furtherance of a Party’s obligations hereunder; provided that ADP may disclose such
information (except for the terms and conditions and pricing of the Schedules to this Agreement) to properly authorized subcontractors as and to the extent necessary for performance of the Services, and BFS may disclose such information (except for
the terms and conditions and pricing of the Schedules to this Agreement) to third parties as and to the extent necessary for the conduct of its business, where in each such case, the receiving entity first agrees in writing to obligations
substantially similar in effect to those contained in this Section 8.3. Neither Party shall use the other Party’s Confidential Information except as specifically permitted herein. 
  

 - 18 - 

 (c) Notice of Disclosure. In the event of any actual or suspected misuse, disclosure or loss of,
or inability to account for, any Confidential Information of the furnishing Party, the receiving Party promptly shall: (i) notify the furnishing Party upon becoming aware thereof; (ii) promptly furnish to the other Party full details of
the unauthorized possession, use, or knowledge, or attempt thereof, and use reasonable efforts to assist the other Party in investigating or preventing the reoccurrence of any unauthorized possession, use, or knowledge, or attempt thereof, of
Confidential Information; (iii) take such actions as may be necessary or reasonably requested by the furnishing Party to minimize the violation; and (iv) cooperate in all reasonable respects with the furnishing Party to minimize the
violation and any damage resulting therefrom. 
 (d) Return or Destruction.. As requested by BFS during the Term, or upon expiration or
any termination of this Agreement, ADP shall return or destroy, as BFS may direct, all material in any medium that contains, refers to, relates to, or is derived from Confidential Information of BFS, and retain no copies other than as required by
ADP’s record retention policies. 
 (e) Exclusions.. Section 8.3(b) shall not apply to any particular information which ADP
or BFS can demonstrate: (i) was, at the time of disclosure to it, in the public domain; (ii) after disclosure to it, is published or otherwise becomes part of the public domain through no fault of the receiving Party; (iii) was in the
possession of the receiving Party at the time of disclosure to it without obligation of confidentiality (excluding any such information obtained by a Party from the other Party prior to the Distribution); (iv) was received after disclosure to
it from a third party who had a lawful right to disclose such information to it without any obligation to restrict its further use or disclosure; or (v) was independently developed by the receiving Party without reference to Confidential
Information of the furnishing Party. In addition, a Party shall not be considered to have breached its obligations by disclosing Confidential Information of the other Party: 
 (I) as required by law (except with respect to those laws and regulations described in item (II) below), to satisfy any legal requirement of a competent
government body; provided that, immediately upon receiving any such request and to the extent that it may legally do so, such Party advises the other Party of the request prior to making such disclosure in order that the other Party may
interpose an objection to such disclosure, take action to help assure confidential handling of the Confidential Information, or take such other action as it deems appropriate to protect the Confidential Information; or 
 (II) as required pursuant to any listing agreement with or rules of any national securities exchange or interdealer quotation system or federal or state
securities laws; provided that the Parties shall cooperate to minimize disclosure (e.g., redaction) consistent with such agreements, rules, laws, and regulations, including that the disclosing Party shall notify the other Party as soon
as reasonably practicable before such disclosure. 
 Further, a Party shall not be considered to have breached its obligations under this
Section 8.3 for disclosing Confidential Information to its attorneys, auditors and other professional advisors in connection with services rendered by such advisors, provided that such Party has confidentiality agreements with such
professional advisors and/or such advisors owe professional confidentiality obligations to such Party. 
 (f) Independent Development or
Acquisition, and Residual Knowledge. The terms of confidentiality under this Agreement shall not be construed to limit either Party’s right 

  

 - 19 - 

 
to independently develop or acquire products without use of the other Party’s Confidential Information. Further, either Party shall be free to use for
any purpose the residual knowledge resulting from access to or work with such Confidential Information, provided that such Party shall maintain the confidentiality of the Confidential Information as provided herein. The term
“Residual Knowledge” means general knowledge, skills and experience in non-tangible form that relate to the business activities of the Party receiving Confidential Information hereunder, which may be retained in the minds of
persons who have had access to the Confidential Information, provided that residual knowledge does not contain any information that is intentionally memorized and does not include Confidential Information of a third party. 
  

	9.	NON-SOLICITATION OF PERSONS 

 Except as otherwise
specifically contemplated under Section 10.6 (or elsewhere in this Agreement) in connection with a transition prior to termination or expiration of this Agreement and except as consented to in advance by the other Party, during the Term of this
Agreement and for two (2) years thereafter, neither Party shall solicit the employment of any Personnel of the other Party who is or was materially involved in the transactions covered by this Agreement. The foregoing shall not apply to:
(i) solicitations by other unrelated business units, areas or divisions of each Party, provided that such other units, areas or divisions did not receive information regarding any prospective employee from the business unit, area or
division that is involved with the transactions contemplated by this Agreement; or (ii) situations in which it was clearly the Personnel of one Party (as opposed to the other Party) that first solicited the other Party and initiated
conversations regarding his or her desire to be employed by the other Party. 
  

	10.	TERM; EARLY TERMINATION; TERMINATION FOR CAUSE 

 10.1 Term 
 This Agreement shall take effect on the date of the Distribution (the “Effective Date”),
and shall have a firm initial term ending on June 30, 2012 (the “Initial Term”), unless terminated earlier in accordance with this Agreement. 
 10.2 No Obligation to Renew 
 IN NO EVENT SHALL EITHER PARTY BE OBLIGATED TO ENTER INTO ANY RENEWAL
OF THIS AGREEMENT BEYOND THE INITIAL TERM. 
 However, in light of the significant lead time that will be necessary for BFS to arrange for
alternative sources for services similar to the Services, the Parties agree to the following procedures for determining whether a renewal of this Agreement will be entered into: No later than the third anniversary of the Effective Date, BFS shall
indicate in a written notice to ADP if it has an interest in pursuing a renewal of this Agreement beyond the Initial Term. If BFS indicates such interest, ADP shall provide a written response to BFS within thirty (30) days of its receipt of the
notice from BFS indicating whether ADP does or does not share such interest in a renewal. If both Parties have indicated an interest in a renewal, they shall attempt in good faith to negotiate any new or changed terms and conditions, if any, to
apply to such renewal term during the sixty (60) day period after BFS has received ADP’s written response. If the Parties are unable to reach agreement during such sixty (60) day period (or any agreed upon extension thereof, if any),
this Agreement will expire at the end of the Initial Term. 
  

 - 20 - 

 10.3 Early Termination/Termination for Convenience 
 BFS may terminate this Agreement for convenience (i.e., a termination, other than for cause, whose effective date does not coincide with the end of
the Initial Term (“Termination for Convenience”)) at any time upon no less than three (3) months prior written notice, subject to payment of the fee to ADP (the “BFS Convenience Termination Fee”)
as provided in accordance with the provisions set forth in Schedule F; provided, however, that BFS must provide no less than eighteen (18) months prior notice if ADP is to have any responsibility to assist BFS in the resulting transition
off of the Services to the extent that it is not commercially reasonable to provide such assistance with the resources then currently deployed. 
 10.4 Termination for Cause 
 A Party may terminate this Agreement for cause without the payment of any fee or charge or other
liability in respect of such termination upon the occurrence of any of the following events: 
 (i) an Extreme/Radical Failure by ADP;

 (ii) a Force Majeure event that results in a termination right as set forth in Section 20.15; 
 (iii) a Party breaches this Agreement, such breach results in a material adverse effect on the other Party, and the breaching Party fails to cure such
material breach within thirty (30) days of its receipt of written notification thereof from the other Party (or within sixty (60) days of such receipt, if a reasonable plan for cure of such breach has been established by the breaching
Party and substantial progress has been made in the implementation thereof by the end of such initial thirty (30) day period), or if once cured the same breach occurs again with a material adverse effect on the other Party; provided;
that, a termination for cause right by ADP under this Section 10.4(iii) shall be limited to breaches by BFS of its fee payment obligations under this Agreement; and 
 (iv) a Party commits an act of bankruptcy or becomes the subject of any proceeding under the Bankruptcy Act or any state bankruptcy law that is not dismissed within sixty (60) days, or becomes insolvent, or has
any substantial part of its property become subject to any levy, seizure, assignment, application or sale for or by any creditor or governmental agency; 
 In any of the events described in clauses (i), (ii), (iii) and (iv) above occur with respect to one Party, the other Party, at its option, may upon written notice thereof provided to the other within ninety
(90) days of the event giving rise to the termination event (or with respect to a breach with an associated cure period, the lapse of the cure period), terminate this Agreement. Each right to terminate for cause that is not exercised within
such ninety (90) day period shall lapse and be of no further force or effect. 
 All terminations for cause (by either Party) will
include eighteen (18) months of transition time prior to the effectiveness of the termination (the “Termination Notice Period”). If BFS falls behind in payment more than two (2) months of fees during a 

  

 - 21 - 

 
termination transition period, ADP can terminate on thirty (30) days’ prior written unless cured prior to end of such thirty (30) days (except
for amounts that are subject to a good faith dispute for which BFS has provided notice to ADP in reasonable detail). If the initial basis for a termination for cause by ADP was non-payment of fees by BFS, ADP may require prepayment of charges for
Services, monthly in advance, as a condition for such assistance and continued Services. 
 In the event that BFS terminates this Agreement as
a result of an Extreme/Radical Failure by ADP, ADP shall be liable for the costs to BFS to convert off the Services to a new provider, including the reasonable cost of advisors involved in the negotiation of the replacement services, and the
difference between the cost of the new services that will replace the Services from the point of conversion to such services, including any costs of conversion, through the end of the Term. BFS will be obligated to mitigate such costs as set forth
in Section 14.1. 
 In the event that a Party elects to exercise its right of termination hereunder, such Party shall not be prohibited
from exercising any and all other rights and remedies otherwise available to it at law or in equity. 
 10.5 Obligations of Parties upon
Termination 
 Neither ADP’s level of performance nor BFS’ cooperation and payment obligations will be reduced during any
Termination Notice Period. 
 10.6 Transition During Termination Notice Period. 
 (a) During the Termination Notice Period, ADP will identify ADP Personnel that BFS will be permitted to approach to discuss BFS employment opportunities.
ADP covenants that the group so identified will have the skills and experience reasonably necessary for BFS to establish its own data center or manage a relationship with a new third party provider (assuming all such identified Personnel accept
employment offers from BFS). 
 (b) During the Termination Notice Period, ADP shall provide the assistance described in Section 7.3
regarding Third Party IP. In addition, both Parties shall use reasonable commercial efforts in planning BFS transition off of the Services. 
 (c) BFS will have the right to obtain the BFS Information and other intellectual property which it owns (or to which it has applicable license rights) in any reasonable form it specifies, including the BFS Products, provided that any
material additional costs incurred by ADP in satisfying such request shall be reimbursed by BFS if the format requested results in material added cost to ADP. 
 (d) In the event of an emergency in which BFS is unable to commence alternative services as of the end of the Termination Notice Period, ADP will reasonably accommodate BFS’ need to continue receiving the
Services for a limited extension period (not to exceed twelve (12) months), subject to the Parties mutual agreement on the financial terms thereof (taking into account ADP’s resource requirements to do so and the costs thereof).

  

 - 22 - 

	11.	FEES; FINANCIAL CONSIDERATIONS 

 11.1 Fee
Schedule 
 Schedule A sets forth the Base Fee Amount for the Current Services and agreed principles and methodologies for changes
thereto. Fees, if any, for New Services or fees for expansions of the Current Services beyond the scope established in Section 2(b) shall be set forth in the applicable SOWs. 
 11.2 Invoicing and Payment Conditions 
 (a) Invoices for the Base Fee Amount (and for any additional fees which have previously been invoiced pursuant to Section 11.2(b)) shall be issued monthly and provided to BFS by the first day of the month following the month to which
such fees relate. Such invoices shall be payable by wire transfer to ADP no later than 10 days from receipt of the invoice, absent good faith dispute for which written notice has been provided by BFS to ADP. 
 (b) The first time that ADP charges BFS for any particular additional fees, ADP shall issue an invoice therefor to be provided to BFS by the fifteenth day
of the month following the month to which such additional fees relate. Such invoices shall be payable by wire transfer (or other method mutually agreed by the Parties) no later than 10 days from receipt of the invoice, absent good faith dispute for
which written notice has been provided by BFS to ADP. 
 (c) At the end of each ADP fiscal year during the Term, the Base Fee Amount shall be
revised to include all additional fees that came into effect during such fiscal year pursuant to the procedures in Section 6 and as otherwise may be agreed by the Parties. Additional necessary invoices and associated payment terms may be set
forth in Schedule A. 
 (d) If BFS fails to pay any amount hereunder when due (assuming timely receipt of
the applicable invoice and except with respect to amounts that are the subject of a good faith dispute for which written notice has been provided by BFS to ADP), BFS, on written demand, shall pay interest at the rate of .50% (fifty basis points) per
month (or the maximum allowed by law if less) on such past due amount from the twentieth (20th) day after the
due date thereof until the payment date. BFS shall reimburse ADP for any expenses incurred, including interest and reasonable attorney fees, in collecting amounts due ADP hereunder. 
 11.3 Taxes 
 BFS shall pay all taxes
and similar charges, however designated, which are imposed by any Governmental Authority by reason of BFS’ receipt of the Services hereunder except for income taxes payable by ADP on amounts earned by ADP or property taxes payable by ADP on
property owned by ADP. Without limiting the foregoing, BFS shall promptly remit the sales taxes charged by ADP or, if applicable, issue to ADP a properly executed exemption certificate valid in the state or states at issue. ADP shall not charge BFS
for sales taxes on any charges determined to be taxable by ADP without contacting BFS first and requesting a tax exemption certificate, claim letter or similar document. If ADP underpays or overpays such sales taxes, BFS shall be responsible for
promptly paying any shortfalls for sales tax, interest and penalties and for collecting any refunds from the appropriate taxing authority; provided, however, if such underpayment is solely the result of the negligence of ADP, ADP shall be
responsible for any penalties associated with such underpayment. 
  

 - 23 - 

	12.	AUDITS REPORTS, SITE VISITS, DOCUMENTATION 

 12.1
SAS 70 Type II Reports. 
 (a) ADP will provide its standard SAS 70 Type II reports for the Data Center in Georgia
(“DC1”) twice a year in electronic form directly to BFS. These reports will be dated March 31, 20xx (available on or about 5/15/20xx) and September 30, 20xx (available on or about 11/15/20xx) and they will be
prepared by a nationally recognized public accounting firm which will be chosen by ADP. These standard SAS 70 Type II reports will be provided free of charge and copies thereof may be provided to BFS’ clients. In the event that the DC1 SAS 70
Type II report contains a qualified opinion, ADP will Consult with BFS to review the control deficiencies that gave rise to the qualified opinion and ADP, in its reasonable discretion and using commercially reasonable efforts, will implement
appropriate actions to remedy any control deficiencies and related testing exceptions that gave rise to the qualified opinion. BFS will endeavor to aggregate specific issues and control objectives raised by its clients (rather than raising
client-by-client issues on a piecemeal basis). If BFS wants to have ADP’s chosen SAS 70 public accounting provider perform additional procedures outside the scope of the standard DC1 SAS 70 Type II report provided by ADP then BFS has the right
to cause ADP to retain ADP’s then current provider to perform an “agreed upon procedures review” to resolve any of their outstanding concerns with respect to the internal controls. Additionally, BFS may have ADP engage ADP’s
chosen SAS 70 public accounting provider to perform an additional standard DC1 SAS 70 Type II report dated a different date than specified above. In the situations described in the two immediately preceding sentences, BFS will pay all costs
associated with the agreed upon procedures review or additional standard SAS 70 Type II report, as applicable. 
 (b) ADP will provide support
to BFS’ chosen public accounting firm for performance by such firm of not more than two SAS 70 Type II reports annually for BFS in the same manner as provided prior to the Distribution. This support will be provided solely for processes,
controls and objectives outside of the scope of the ADP-provided SAS 70 Type II report covering DC1. For the purposes of controls at DC1, BFS and their chosen public accounting firm will be provided (without retesting of controls) with the ADP
issued SAS 70 Type II report. BFS’ chosen public accounting firm will not be given access to, or the right to perform audit or other procedures in, any ADP data center (other than the premises covered by the JSQ Sublease for purposes of having
access to ADP Personnel). BFS will be responsible for all costs related to their SAS 70 Type II reports which they will engage a public accounting firm to prepare. The support which ADP provides to BFS and its public accounting firm will be included
in the Base Fee Amount to the extent that the support is: (i) for no more than two (2) BFS SAS 70 Type II reports per year; (ii) for processes, controls and objectives outside the scope of the standard DC1 SAS 70 Type II reports
provided by ADP; and (iii) limited in scope and duration consistent with past practices and taking into account the guiding principles of Section 2. 
  

 - 24 - 

 12.2 Site Visits to Data Center 
 BFS and BFS’ clients and potential clients that sign an ADP non-disclosure agreement and regulatory authorities will be given tours of the Data
Center as reasonably required upon reasonable advance written notice by BFS and subject to reasonable rescheduling by ADP. 
 12.3 Audit
rights 
 (a) ADP shall reasonably accommodate audits of any of ADP’s systems in the Facilities by any clients of BFS that possess
such rights prior to the Distribution, as evidenced by documentation to be provided to ADP by BFS, and as required by BFS’ regulators, upon reasonable advance written notice by BFS and subject to reasonable rescheduling by ADP. Any additional
systems audits for BFS’ clients will require a prior written request by BFS and prior approval by ADP, which approval shall not be unreasonably withheld if the scope and details regarding such request are substantially similar to the rights
granted to the clients referred to in the immediately preceding sentence. 
 (b) In the event of a significant breach of ADP security or
significant error in the Services, upon the request of BFS or BFS’ client(s), ADP shall engage a nationally recognized public auditing firm to conduct an appropriate investigation and analysis into such events and the root causes thereof. ADP
shall use commercially reasonable efforts to implement such changes as may be recommended by such firm to help ensure that such error or breach is not repeated. 
 12.4 Documentation 
 ADP will make available to BFS, upon request of BFS, supporting documentation and
information regarding: (i) Services the fees for which vary based upon usage volumes/levels, if applicable, and (ii) any incremental fees that have been charged to BFS but that have not been approved pursuant to an SOW. Such documentation
and information shall be available for review and inspection during normal business hours and upon reasonable advance notice by employees of BFS. ADP will not unreasonably refuse to make available: (A) such other information relating to
BFS’ use of the Services provided under this Agreement as reasonably required by BFS or (B) any other information requested by any regulatory authority. Notwithstanding the foregoing, in no event shall ADP be required to share or
disclose any information regarding its costs for the Data Center or the costs of any of assets, products or licenses utilized by ADP in the performance of the Services.  
 12.5 Sarbanes Oxley 
 Consistent with
current practices, ADP shall provide support to BFS for its procedures related to the Sarbanes-Oxley Act of 2002, as may be amended from time to time, on a quarterly basis. 
  

	13.	INDEMNIFICATION 

 (a) Subject to Section 14,
ADP will indemnify, defend and hold harmless BFS and its Affiliates and each of their officers, directors, employees, agents, successors and assigns 

  

 - 25 - 

 
(each, a “BFS Indemnified Person”) from any and all losses, liabilities, damages, costs and expenses, including reasonable legal fees
and disbursements and costs of investigation, litigation, settlement, judgment, interest and penalties (collectively, “Losses”) due to, arising from or relating to third party claims, demands, actions or threat of action
(whether in law, equity or in an alternative proceeding and whether groundless or otherwise) arising from or relating to: (i) ADP’s actual or alleged breach of any warranty set forth in this Agreement or any Schedule(s); (ii) any
actual or alleged infringement, violation or misappropriation of the Intellectual Property Rights of any third person by ADP or ADP Personnel (“ADP IP Indemnity”); (iii) the negligent, willful or reckless acts or
omissions of or by ADP or any ADP Personnel; (iv) death, personal injury, bodily injury or damage to tangible/physical property caused by ADP or any ADP Personnel; and (v) except as provided in Section 7.2, any non-compliance by ADP
with the terms of the BFS Managed Agreements (collectively, “BFS Indemnified Claim”). 
 (b) Subject to
Section 14, BFS will indemnify, defend and hold harmless ADP and its Affiliates and each of their officers, directors, employees, agents, successors and assigns (“ADP Indemnified Person”) from any and all Losses due to,
arising from or relating to third party claims, demands, actions or threat of action (whether in law, equity or in an alternative proceeding and whether groundless or otherwise) arising from or relating to: (i) BFS actual or alleged breach of
any warranty set forth in this Agreement or any Schedule(s); (ii) any actual or alleged infringement, violation or misappropriation of the Intellectual Property Rights of any third person by BFS or BFS Personnel (“BFS IP
Indemnity”); (iii) the negligent, willful or reckless acts or omissions of or by BFS or any BFS Personnel; (iv) death, personal injury, bodily injury or damage to tangible/physical property caused by BFS or any BFS Personnel
(collectively, “ADP Indemnified Claim”). A BFS Indemnified Claim and a ADP Indemnified Claim may be referred to herein as an “Indemnified Claim;” and a BFS Indemnified Person and an ADP Indemnified
Person may be referred to herein as an “Indemnified Person.” 
 (c) If any Claim is commenced against an Indemnified
Person and the Party to this Agreement related to such Indemnified Person reasonably believes such Claim is an Indemnified Claim, written notice thereof shall be given to the other Party (“Indemnifying Party”) within a
reasonable time appropriate to the substance of the Claim, not to exceed thirty (30) days of receipt of the Claim by the Indemnified Person (the “Claim Notification Period”). Failure to give such notification shall not
affect the indemnification provided hereunder except to the extent that the Indemnifying Party has actually been prejudiced as a result of such failure. To the extent received, the Indemnified Person shall deliver copies of all notices and documents
related to the Claim, including court papers, to the Indemnifying Person within seven (7) days of the Indemnified Person’s receipt thereof. 
 (d) After such notice, if the Indemnifying Party shall acknowledge in writing to such Indemnified Person that the claim is an Indemnified Claim, then the Indemnifying Party shall be entitled, if it so elects, in a
notice delivered to the Indemnified Person not less than ten (10) days prior to the date on which a response to such Claim is due (provided that the Indemnifying Party has received notice of the Claim more than ten days prior to the date
on which a response to such Claim is due), to immediately take full control of the defense and investigation of such Indemnified Claim and to select and engage attorneys reasonably satisfactory to the Indemnified Person to handle and defend the
same, at the Indemnifying Party’s sole cost and expense. 
 (e) The Indemnified Person shall cooperate in all reasonable respects with
the Indemnifying Party and its attorneys in the investigation, trial and defense of such 

  

 - 26 - 

 
Indemnified Claim and any appeal arising therefrom; provided, however, that the Indemnified Person may, at its own cost and expense, participate,
through the Indemnified Person’s own attorneys or otherwise, in such investigation, trial and defense of such Indemnified Claim; and any appeal arising therefrom. The Indemnifying Party will bear the costs of counsel engaged by the Indemnified
Person by reimbursing the Indemnified Person, as such costs are incurred and upon request therefor, if: (i) the use of counsel chosen by the Indemnifying Party to represent the Indemnified Person would present such counsel with a conflict of
interest that would preclude such counsel from representing the Indemnified Person; (ii) the Indemnifying Party has failed to engage counsel reasonably satisfactory to the Indemnified Person within thirty (30) days after the Indemnifying
Party has received notice of an Indemnified Claim; or (iii) if BFS and ADP are parties to an action, proceeding or investigation and the Indemnified Party wishes to pursue additional or different claims and/or defenses unavailable to, or not
pursued by, the Indemnifying Party. 
 (f) If the Indemnifying Party does not assume full control over the defense of an Indemnified Claim,
the Indemnifying Party may participate in such defense, at its sole cost and expense, and the Indemnified Person shall have the right to defend the Indemnified Claim in such manner as it may deem appropriate, at the cost and expense of the
Indemnifying Party, and the Indemnifying Party will bear the costs incurred by the Indemnified Person in connection therewith by reimbursing the Indemnified Person, as such costs are incurred and upon request therefor. 
 (g) The Indemnified Person shall not settle any claim, action or proceeding in respect of which indemnity may be sought hereunder, without the
Indemnifying Party’s written consent, which consent shall not be unreasonably withheld, delayed, or conditioned. The Indemnifying Party shall not settle any claim, action or proceeding in respect of which indemnity may be sought hereunder,
whether or not the Indemnified Person is an actual or potential party to such claim, action or proceeding without the Indemnified Person’s written consent, which consent shall not be unreasonably withheld, delayed, or conditioned provided,
however, that the Indemnified Person may withhold, delay and/or condition its consent to any settlement of a Claim, in its sole and absolute discretion, if: 
 (i) such settlement (A) adversely affects any rights of the Indemnified Person, including any rights with respect to work product
under this Agreement, (B) imposes any actual or potential liability upon the Indemnified Person, or (C) contains or implies a factual admission of wrongdoing by or with respect to the Indemnified Person or any adverse statement or
implication with respect to the character, professionalism, due care, loyalty, expertise, or reputation of Indemnified Person; or 
 (ii) the Indemnifying Party and all plaintiffs or claimants do not affirmatively and unconditionally absolve and release the Indemnified Person from any responsibility or liability with respect thereto and the subject matter thereof;

  

 - 27 - 

 provided, however, that if the Indemnified Person unreasonably withholds its consent to the
settlement of an Indemnified Claim proposed to the Indemnified Person by the Indemnifying Party, the Indemnifying Party’s obligation to indemnify the Indemnified Person for such Indemnified Claim shall not exceed the total amount that had been
proposed in such compromise or settlement offer plus the amount of all expenses incurred by the Indemnified Party with respect to such Indemnified Claim through the date on which such consent was requested. 
 (h) With respect to any indemnification contained in this Agreement (and any mitigation efforts that may be described therein), if mitigation requires the
expenditure of out-of-pocket costs by the Indemnified Person, then the Indemnified Person shall first advise the Indemnifying Party of such costs in writing, and if the Indemnifying Party authorizes such expenditure, then the Indemnified Person
shall proceed with such mitigation and the Indemnifying Party shall reimburse the Indemnified Person such expenditure, and if the Indemnifying Party does not authorize such expenditure, then the Indemnified Person shall not be required to proceed
with such mitigation or such expenditure. 
  

	14.	LIMITATION OF LIABILITY 

 14.1 Mitigation of
Damages 
 Subject to the provisions of Section 13(h), ADP and BFS will each use reasonable efforts to mitigate any potential damages
or other adverse consequences arising from or related to any breach of this Agreement or failure in providing the Services. 
 14.2 Limits
on Monetary Damages 
 (a) (i) Notwithstanding anything to the contrary contained in this Agreement, ADP’s liability to BFS
under the Agreement for damages (monetary or otherwise) under any circumstances for claims of any type or character arising from or related to the Agreement or the Services will be limited in each instance to the amount of actual damages incurred by
BFS; provided, however, that: 
 (A) the foregoing clause is not intended to relieve ADP of the obligation to issue Service Credits in
accordance with Section 3.4 or the Schedules referred to in such Section, and if provided to BFS, shall be deducted from any amount available for actual damages; 
 (B) ADP’s aggregate liability hereunder with respect to any Contract Year (other than liability under or for (I) Section 13(a)(ii) (ADP IP Indemnity), (II) Section 13(a)(iv) (death, bodily
injury and property damage indemnity), (III) Section 8.3 (Confidential Information) and (IV) ADP’s willful misconduct, termination of the Agreement other than as permitted herein (i.e., repudiation/wrongful termination of the Agreement by
ADP) or gross negligence) will not exceed an amount equal to the aggregate fees paid by BFS under this Agreement during the prior Contract Year (provided that in the first Contract Year, such amount shall be equal to the Base Fee Amount
in effect on the Effective Date (each such Contract Year amount, the “Base Cap”)); and 
  

 - 28 - 

 (C) if BFS continues to receive Services, any such monetary damages may, at BFS option, be paid to BFS by
way of a credit against future fees payable under this Agreement. 
 (ii) With respect to direct damages caused by ADP’s
gross negligence (to the extent permitted by applicable law) and damages resulting from a breach by ADP of its confidentiality obligations under Section 8.3, ADP’s aggregate liability hereunder with respect to each Contract Year shall be
an amount equal to three (3) times the applicable Base Cap. 
 (iii) No liability limitation will apply to:
(A) ADP’s liability under Section 13(a)(ii) (ADP IP Indemnity) or (B) ADP’s liability for direct damages under or for: (x) Section 13(a)(iv) (death, bodily injury and property damage indemnity) or
(y) ADP’s willful misconduct or termination of the Agreement other than as permitted herein (i.e., repudiation/wrongful termination of the Agreement by ADP). 
 (b) BFS’ liability to ADP under the Agreement for damages (monetary or otherwise) under any circumstances for claims of any type or character arising from or related to the Agreement or the Services, will be
limited in each instance to the amount of actual damages incurred by ADP, provided, however, that: 
 (i) BFS’ aggregate liability
hereunder with respect to any Contract Year (other than BFS liability under or for: (A) payment of fees hereunder, (B) Section 13(b)(ii) (BFS IP Indemnity), (C) Section 13(b)(iv) (death, bodily injury and property damage
indemnity) and (D) BFS willful misconduct or gross negligence) will not exceed an amount equal to the aggregate fees paid by BFS under this Agreement during the prior Contract Year, provided that in the first Contract Year, such
amount shall be deemed to be equal to the initial Base Cap (as set forth in Section 14.2(a)(i)(C)); 
 (ii) With respect to direct
damages caused by BFS’ gross negligence (to the extent permitted by applicable law) and damages resulting from a breach by BFS of its confidentiality obligations under Section 8.3, BFS’ aggregate liability hereunder with respect to
each Contract Year shall be an amount equal to three (3) times the applicable Base Cap; and 
 (iii) No liability limitation will apply
to: (A) BFS’ liability to pay fees hereunder; (B) under Section 13(b)(ii) (BFS IP Indemnity); (C) BFS’ liability for direct damages under or for: (x) Section 13(b)(iv) (death, bodily injury and property damage
indemnity) or (y) BFS’s willful misconduct. 
 14.3 No Consequential Damages 
 (a) EXCEPT AS IS EXPLICITLY PROVIDED IN PARTICULAR PROVISIONS OF THIS AGREEMENT BY REFERENCE IN SUCH PROVISION TO THE TERM “CONSEQUENTIALS”,
NEITHER ADP NOR BFS WILL BE RESPONSIBLE FOR SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR OTHER SIMILAR DAMAGES (INCLUDING LOST PROFITS) (COLLECTIVELY, “CONSEQUENTIALS”) THAT THE OTHER PARTY MAY INCUR OR EXPERIENCE IN
CONNECTION WITH THE AGREEMENT OR THE SERVICES, HOWEVER CAUSED AND UNDER WHATEVER THEORY OF LIABILITY, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 
  

 - 29 - 

 (b) The Parties acknowledge that breach of Section 8.3 (Confidential Information) shall not be
subject to this Section 14.3, provided that a Party’s liability for Consequentials for breach of such Section 8.3 shall be subject to the limitation on monetary damages set forth in Section 14.2. For the avoidance of
confusion, the immediately preceding sentence in this Section 14.3(b) creates a limited exception to the no Consequentials rule set forth in Section 14.3(a), which exception is limited by the limitation on monetary damages contained in
Section 14.2. Further, the Parties agree that payments required to be made by a Party hereunder to a third party for damages of a Consequential nature suffered by that third party shall be deemed direct damages to such Party to the extent
caused by a breach of Section 8.3 by the other Party. The Parties agree that Section 14.3(a) shall not apply to the Parties’ respective obligations under the ADP IP Indmenity and the BFS IP Indemnity. 
  

	15.	INSURANCE 

 (a) During the term of this Agreement,
ADP, directly or through the insurance programs of ADP Parent (and all references to “ADP” in this Section 15 shall be deemed a reference to “ADP or ADP Parent”, as the context so requires) shall maintain the following
insurance coverage in at least the following amounts: 
 (i) Workers’ Compensation with statutory limits required by each
state exercising jurisdiction over the ADP associates engaged in performing Services under this Agreement. 
 (ii)
Employer’s Liability coverage with a minimum limit of $500,000 for bodily injury by accident or disease. 
 (iii)
Commercial General Liability coverage (including products and completed operations, blanket or broad form contractual, personal injury liability and broad form property damage) with minimum limits of ten million dollars ($10,000,000) per occurrence
for bodily injury/property damage and ten million dollars ($10,000,000) for personal injury and products/completed operations. 
 (iv) Business Automobile Liability coverage (covering the use of all owned, non owned and hired vehicles) with minimum limits (combined single limit) of one million dollars ($1,000,000) for bodily injury and property damage. 
 (v) Excess or Umbrella Liability coverage with a minimum limit of two million dollars ($2,000,000) coverage in excess of the coverage as
set forth in items 2, 3, and 4 above. 
 (vi) Employee Dishonesty (Fidelity) and Computer Crime coverage (for losses arising
out of or in connection with any fraudulent or dishonest acts committed by employees of ADP, acting alone or in collusion with others) with a minimum limit of twenty-five million dollars ($25,000,000). 
 (vii) Errors & Omissions coverage in the amount of ten million dollars ($10,000,000). 
  

 - 30 - 

 (b) Subject to ADP’s right to self-insure coverage as set forth below, the foregoing coverages shall
be maintained with insurers which have an A.M. Best rating of A- or better and /or an equivalent rating from a recognized insurance company rating agency. 
 (c) ADP’s policies shall be primary, and any insurance maintained by BFS is excess and noncontributory. ADP will name BFS as an additional insured under the coverages described in Section 15(a)(iii) and
Section 15(a)(iv). Promptly upon BFS written request for same, ADP shall cause its insurers or insurance brokers to issue certificates of insurance evidencing that the coverages required under this Agreement are maintained and in force. In
addition, ADP will use reasonable efforts to give thirty days notice to BFS prior to cancellation or non-renewal of any of the policies providing such coverage; provided, however that ADP shall not be obligated to provide such notice if,
concurrently with such cancellation or non-renewal, ADP provides self-insurance coverage as described in Section 15(d) or obtains coverage from another insurer meeting the requirements described above. 
 (d) Notwithstanding the foregoing, ADP reserves the right to self-insure coverage, in whole or in part, in the amounts and categories designated above, in
lieu of ADP’s obligations to maintain insurance as set forth above, at any time. Promptly upon BFS written request for same, ADP shall deliver certificates of insurance to confirm what coverage is in place. 
 (e) This Section does not replace or otherwise amend, in any respect, the limitations on ADP’s liability as set forth elsewhere in this Agreement. To
the extent provided in Schedule B, ADP shall accommodate visits to the Facilities by insurance providers or potential insurance providers to the BFS Group. 
  

	16.	REGULATORY COMPLIANCE/ISSUES 

 (a) ADP acknowledges
that BFS’ clients (and, in some respects, BFS itself) are subject to regulatory/compliance regimes and that mandatory changes to the laws, regulations and rules of such regimes (“Regulatory Changes”) may require
modifications to the Services or the way they are provided in order for BFS and/or its clients to remain in compliance with such regimes. ADP agrees to use commercially reasonable efforts to modify the Services or the way they are provided within a
reasonable time frame, using previous history (i.e. period prior to the Distribution) as a reference, considering the requirements of, and the time needed to implement, a particular regulatory change in order to accommodate any such Regulatory
Changes; it being understood, however, that ADP shall not be obligated to incur or suffer any additional cost or expense in so doing. BFS will notify ADP of any Regulatory Changes. Due regard to the guiding principals of Section 2 shall be
given in determinations of any additional charges regarding such ADP efforts. 
 (b) Each Party will comply with all laws and regulations
applicable to it, including regulations relating to data privacy and security. 
  

	17.	COMMUNICATIONS 

 Except as required by applicable
law, neither Party shall make any public statements or disclosures (including without limitation any press releases) without the prior written approval of the other Party. The Parties agree to work together to develop mutually agreeable public
disclosures regarding the transactions covered by this Agreement, though neither is bound by this sentence to make or approve of any such disclosures. 
  

 - 31 - 

	18.	DISPUTE RESOLUTION 

 Any dispute between the Parties
arising out of or relating to this Agreement (including the interpretation of any provision of this Agreement and/or the performance by ADP or BFS of any of its duties and obligations hereunder), shall be resolved as provided in this
Section 18. 
 (a) Subject to Section 18(b) below, the Parties initially shall attempt to resolve the dispute informally, in
accordance with the following escalation procedures: 
 (i) The Parties agree to use commercially reasonable efforts throughout the Term to
attempt to resolve issues or disputes which arise between them (each, a “Dispute”) through the ordinary channels and contacts that apply to the day-to-day provision and management of the Services (including by means of
addressing such matters at the Service Delivery Committee(s) and/or Management Committee, as applicable). If a Dispute cannot be resolved through such methods, it shall be escalated to the Executive Steering Committee which shall meet for the
purpose of endeavoring to resolve such Dispute through good faith discussions. 
 (ii) The Executive Steering Committee shall meet as often as
the Parties reasonably deem necessary in order for each Party to gather and furnish to the other all information with respect to the Dispute which such Party believes to be appropriate and germane in connection with its resolution. 
 (iii) If the Executive Steering Committee is unable to resolve the Dispute within 45 days after its first meeting regarding such Dispute (the
“Initial Meeting Date”), each Party, through written notice to the other Party, shall promptly escalate the Dispute to the Chief Executive Officers of the Parties (the “Second Tier Dispute
Representatives”) who shall meet (in person or by phone/video conference) to further endeavor to resolve such Dispute. 
 (iv)
During the course of all discussions, all reasonable requests made by a Party to the other for non-privileged information, reasonably related to the Dispute, shall be honored in order that a Party may be fully advised of the other’s position.

 (iv) The specific format for the discussions shall be left to the discretion of the applicable designated representatives, and meetings may
be conducted via teleconference or other electronic means where each participant can hear, and be heard by, the other participant. 
 (b)
Litigation of a Dispute (consistent with the provisions of Section 20.3) may only be commenced by either Party upon the earlier to occur of any of the following: 
 (i) the Second Tier Dispute Representatives conclude in good faith that amicable resolution through continued negotiation of the matter does not appear likely; and 
  

 - 32 - 

 (ii) ninety (90) days have elapsed from the Initial Meeting Date. 
 (c) Notwithstanding anything to the contrary contained in this Section 18, either Party may commence litigation (consistent with the provisions of
Section 20.3) if doing so is reasonably deemed appropriate by the commencing Party to avoid the expiration of an applicable limitations period or to preserve a superior position with respect to other creditors, or such Party makes a good faith
determination that a temporary restraining order or other injunctive relief is necessary in order to protect such Party against a material, irreparable harm. 
  

	19.	REPRESENTATIONS & WARRANTIES 

 19.1 By
ADP. ADP represents and warrants to BFS as follows: 
 (a) Organization, Standing and Authority of ADP. ADP is a corporation duly
incorporated, validly existing and in good standing under the laws of the State of Delaware. ADP has all requisite power and authority to execute, deliver and perform this Agreement in accordance with its terms. 
 (b) Authorization and Binding Obligation of ADP. This Agreement has been duly authorized by all necessary actions on the part of ADP. This
Agreement has been duly executed and delivered by ADP and shall constitute the legal, valid and binding obligation of ADP, enforceable against ADP in accordance with its terms, except to the extent such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and the application of general principles of equity. 
 (c) Absence of Conflicting Agreements. The execution and delivery of this Agreement by ADP (with or without the giving of notice, the lapse of time, or both) and the performance by ADP of the transactions
contemplated hereby: (a) do not require the consent of any other Person; (b) will not conflict with ADP’s organizational documents; and (c) will not conflict with, result in a breach of, or constitute a default under, any other
agreements to which ADP is a party or by which it is bound. 
 19.2 By BFS. BFS represents and warrants to ADP as follows: 

(a) Organization, Standing and Authority of BFS.. BFS is a corporation duly incorporated, validly existing and in good standing under the laws
of the State of Delaware. BFS has all requisite power and authority to execute, deliver and perform this Agreement in accordance with its terms. 
 (b) Authorization and Binding Obligation of BFS. This Agreement has been duly authorized by all necessary actions on the part of BFS. This Agreement has been duly executed and delivered by BFS and shall constitute the legal, valid
and binding obligation of BFS, enforceable against BFS in accordance with its terms, except to the extent such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights
generally, and the application of general principles of equity. 
 (c) Absence of Conflicting Agreements. The execution and delivery of
this Agreement by BFS (with or without the giving of notice, the lapse of time, or both) and the 

  

 - 33 - 

 
performance by BFS of the transactions contemplated hereby: (a) do not require the consent of any other Person; (b) will not conflict with BFS
organizational documents; and (c) will not conflict with, result in a breach of, or constitute a default under, any other agreements to which BFS is a party or by which it is bound. 
  

	20.	MISCELLANEOUS 

 20.1 Binding Effect; Assignment.

 This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.
This Agreement is not assignable by either Party without the prior written consent of the other Party; provided, however, that no consent is required in connection with (i) an acquisition of a Party by another party, whether by stock,
assets, merger or other business combination, (ii) the disposition of all or substantially all of ADP’s assets or business used to provide the Services, (iii) the disposition of all or substantially all of BFS assets or business that
utilize the Services or (iv) an internal assignment to an Affiliate. All third party assignees will be required to assume all obligations of the assigning Party, even if consent for the assignment was not required. In no event will ADP be bound
to provide any material increase in Services due to an acquisition involving BFS, its assets or business (even in cases where consent of ADP for assignment was not required) unless applicable terms are mutually agreed to and memorialized in writing
between ADP and the then applicable party.. 
 20.2 Cooperation. 
 The Parties agree to use commercially reasonable and good faith efforts to cooperate with each other in all matters relating to the Services. 

20.3 Forum for Disputes; Waiver of Jury Trial. 
 (a) Subject to the prior exhaustion of the procedures set forth in Section 18, each of the Parties agrees that, notwithstanding anything herein, all Actions arising out of or in connection with this
Agreement, or for recognition and enforcement of any judgment arising out of or in connection with this Agreement, shall be tried and determined exclusively in the state or federal courts in the State of New York, County of New York, and each of the
Parties hereby irrevocably submits with regard to any such action or proceeding for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Parties hereby expressly
waives any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (i) any claim that it is not subject to personal jurisdiction in the aforesaid courts
for any reason; (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; and (iii) any claim that (A) any of the aforesaid courts is an
inconvenient or inappropriate forum for such action or proceeding, (B) venue is not proper in any of the aforesaid courts and (C) this Agreement or the subject matter hereof may not be enforced in or by any of the aforesaid courts. Each of
the Parties agrees that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 20.4 or any other manner as may be permitted by Law shall be valid and sufficient service
thereof. 
 (b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY 

  

 - 34 - 

 
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF THE PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE WAIVER IN THIS SECTION 20.3(b), (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF SUCH WAIVER, (III) SUCH PARTY MAKES SUCH WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS, AGREEMENTS AND CERTIFICATIONS HEREIN. 

20.4 Notices. 
 All notices,
requests, claims, demands and other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally or by nationally recognized overnight courier to the Parties at the following addresses:

 if to Broadridge or any member of the Broadridge Group, to: 
 Broadridge Financial Solutions, Inc. 
 2
Journal Square Plaza 
 Jersey City, New Jersey 07306 
 Attention: President and Chief Operating Officer 
 with a copy to: 
 Broadridge Financial Solutions, Inc. 
 2
Journal Square Plaza 
 Jersey City, New Jersey 07306 
 Attention: General Counsel 
 if to ADP or any member of the ADP Group, to: 
 ADP, Inc. 
 One ADP Boulevard 
 Roseland, NJ 07068-1728 
 Attention:
President and Chief Operating Officer 
 with a copy to: 
 Automatic Data Processing, Inc. 
 One ADP Boulevard 
 Roseland, NJ 07068-1728 
 Attention: General
Counsel 
 All such notices, requests and other communications will (i) if delivered personally to the address as provided in this
section, be deemed given upon delivery, and (ii) if delivered by nationally recognized overnight courier to the address as provided in this section, be deemed given upon receipt (in each case regardless of whether such notice, request or other
communication is received by any other Person to whom a copy of such notice, request or other communication is to be delivered pursuant to this section). Either Party from time to time may change its address, facsimile number or other information
for the purpose of notices to that Party by giving notice specifying such change to the other Party. 
  

 - 35 - 

 20.5 Entire Agreement. 
 This Agreement (together with the Schedules), contains the entire agreement among the Parties with respect to the subject matter hereof and supersedes all
prior agreements, written or oral, with respect thereto. 
 20.6 Waivers and Amendments. 
 This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by BFS
and ADP or, in the case of a waiver, by the Party waiving compliance. No delay on the part of any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Party of any
such right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise of any other such right, power or privilege. 
 20.7 Governing Law. 
 This Agreement
shall be governed by and construed in accordance with the laws of the State of New York without regard to any conflict of laws rules thereof that might indicate the application of the laws of any other jurisdiction. 
 20.8 Usage. 
 All pronouns and any
variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context may require. All terms defined in this Agreement in their singular or plural forms have correlative meanings when used herein in their plural or
singular forms, respectively. Unless otherwise expressly provided, the words “include,” “includes” and “including” do not limit the preceding words or terms and shall be deemed
to be followed by the words “without limitation.” Unless otherwise expressly provided, monetary amounts are in U.S. dollars. 
 20.9 Sections; Headings. 
 All references herein to Sections and Subsections shall be deemed
references to such parts of this Agreement, unless the context shall otherwise require. The Section and Subsection headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement. 
 20.10 Interpretation. 
 The Parties
acknowledge and agree that: (a) each Party and its counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed to its revision; (b) the rule of construction to the effect that any ambiguities are
resolved against the drafting party shall not be employed in the interpretation of this Agreement; and (c) the terms and provisions of this Agreement shall be construed fairly as to both Parties, regardless of which Party was generally
responsible for the preparation of this Agreement. Any statute, regulation, or other law defined or referred to herein (or in any 

  

 - 36 - 

 
agreement or instrument that is referred to herein) means such statute, regulation or other law as, from time to time, may be amended, modified or
supplemented, including (in the case of statutes) by succession of comparable successor statutes. References to a Person also refer to its predecessors and permitted successors and assigns. In the event of any conflict between the terms of the main
body of this Agreement, on the one hand, and the terms of the Schedules, on the other hand, this Agreement shall control and govern. 
 20.11 Severability of Provisions. 
 If any provision or any portion of any provision of this Agreement shall be held invalid
or unenforceable, the remaining portion of such provision and the remaining provisions of this Agreement shall not be affected thereby. If the application of any provision or any portion of any provision of this Agreement to any Person or
circumstance shall be held invalid or unenforceable, the application of such provision or portion of such provision to Persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby.

 20.12 Counterparts. 
 This Agreement may be executed by the Parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts together shall constitute one and the same instrument. Each counterpart may
consist of a number of copies hereof each signed by one, but together signed by both, of the Parties. 
 20.13 No Personal Liability.

 This Agreement (and each agreement, certificate and instrument delivered pursuant hereto) shall not create or be deemed to create or
permit any personal liability or obligation on the part of any officer, director, employee, agent, representative or investor of either Party. 
 20.14 No Third Party Beneficiaries. 
 No provision of this Agreement is intended to, or shall, confer any third party
beneficiary or other rights or remedies upon any Person other than the Parties. 
 20.15 Force Majeure. 
 (a) Neither Party shall be liable for any expense, loss or damage whatsoever arising out of any delay or failure in the performance of its obligations
pursuant to this Agreement to the extent such delay or failure results from events beyond the reasonable control of that Party, the non-performing Party is without fault in causing the delay or failure and any such event could not have been
prevented by reasonable precautions (“Force Majeure”), including acts of God, acts or regulations of any Governmental Body, war, riots, insurrection, terrorism or other hostilities, accident, fire, flood, strikes, lockouts,
industrial disputes, pandemics or shortages of fuel; provided, that: (a) ADP gives BFS, as soon as reasonably practicable, written notice describing the occurrence, including, to the extent reasonably possible, a non-binding estimation
of its expected duration and probable impact on the performance of its obligations hereunder; (b) the suspension of performance is of a scope and duration reasonably related to the Force Majeure; and (c) ADP uses commercially reasonable
efforts to mitigate the effects of the Force Majeure. Neither Party shall be entitled to terminate this Agreement due to a Force Majeure or any failure resulting from any such event except, in the case of terminations by BFS, if such 

  

 - 37 - 

 
Force Majeure causes what would otherwise be an Extreme/Radical Failure by ADP under Section 3.4(d), provided that the “Relevant
Periods” defined in such Section 3.4(d) are multiplied by three (3) for the purposes of this sentence (or, in the case of the third “Relevant Period” in such Section 3.4(d), multiplied by two (2) for the purposes
of this sentence). 
 (b) In no event shall a Force Majeure event excuse ADP from implementing its Disaster Recovery Plan except to the extent
the Force Majeure event also specifically affects the assets and facilities necessary to implement the Disaster Recovery Plan. 
 (c)
Notwithstanding anything to the contrary contained herein: BFS shall not be obligated to pay any fees to ADP with respect to Services that have not been provided due to a Force Majeure event for so long as such situation continues. A Force Majeure
event affecting BFS (but not suspending the Services) shall not excuse BFS from its payment obligations hereunder. Other than as set forth in the immediately preceding sentence, BFS shall be free to retain replacement services from another source
during a Force Majeure event. 
 20.16 Independent Contractor (Non-Agent) Status. 
 Except as otherwise agreed in writing by the Parties (and as contemplated by Section 7.2 regarding the BFS Managed Agreements), in the performance of
the Services to be rendered hereunder, ADP and its Affiliates shall at all times act as independent contractors, and none is in any respect an agent, attorney, employee, representative, joint venturer or fiduciary of the other Party, and neither
Party shall declare or represent to any third party that ADP or any of its Affiliates is acting in any respect as agent, attorney, employee representative, joint venturer or fiduciary of the Service Recipients. Neither ADP or its Affiliates, on the
one hand, nor BFS or its Affiliates, on the other, shall have any power or authority to negotiate or conclude any agreement, or to make any representation or to give any understanding on behalf of the other in any way whatsoever. 
 20.17 Employees. 
 Individuals
employed by ADP or its Affiliates who provide Services pursuant to this Agreement shall in no respect be considered employees of BFS or any other applicable Service Recipients. ADP or one of its Affiliates shall act as the sole employer of the
individuals it employs and shall not delegate any employment functions to the Service Recipients. Individuals employed by BFS or its Affiliates who are involved in the transactions contemplated by this Agreement shall in no respect be considered
employees of ADP or any of ADP’s Affiliates. Each Party shall act as the sole employer (i.e. to the exclusion of the other Party) of the individuals it employs and shall not delegate any employment functions to the other Party or the other
Party’s Affiliates. 
 20.18 Further Assurances. 
 Subject to the terms and conditions herein provided, each of the Parties agrees to use its commercially reasonable efforts to take or cause to be taken all action and to do or cause to be done all things reasonably
necessary, proper or advisable under applicable laws to carry out the intents and purposes of this Agreement. 
  

 - 38 - 

 IN WITNESS WHEREOF, the Parties have executed this Data Center Outsourcing Services Agreement as of the Effective Date.

  

									
	ADP, INC.	 		 	BROADRIDGE FINANCIAL SOLUTIONS, INC.
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

 Guaranty by ADP Parent: 
 ADP Parent hereby covenants and guaranties to BFS that it shall ensure at all times that ADP maintains the resources necessary to satisfy its obligations under this Agreement in accordance with its terms, including
satisfaction of any financial liabilities of ADP to BFS and any BFS Indemnified Persons under this Agreement; and that if ADP fails to satisfy any such financial liabilities, ADP Parent shall be required to do so, subject only to the legitimate
defenses which ADP has with respect to such matters. 
 IN WITNESS WHEREOF, ADP Parent has countersigned this Data Center Outsourcing Services Agreement as
of the Effective Date. 
  

			
	AUTOMATIC DATA PROCESSING, INC.
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 - 39 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]