Document:

Investment Agreement regarding Valcon Aquisition Holding

 Exhibit 10.2 
  

			
	 

	  	LIMITED LIABILITY PARTNERSHIP

 ALPINVEST PARTNERS 
 THE BLACKSTONE GROUP 
 THE CARLYLE GROUP 
 HELLMAN & FRIEDMAN 
 KOHLBERG KRAVIS ROBERTS & CO. 
 THOMAS H. LEE PARTNERS 
 VALCON ACQUISITION HOLDING (LUXEMBOURG) S.A.R.L. 
 CENTERVIEW PARTNERS HOLDINGS LLC 
  

 INVESTMENT AGREEMENT 
 REGARDING 
 VALCON ACQUISITION HOLDING (LUXEMBOURG) S.A.R.L. 
 (INDIRECT PARENT OF VNU GROUP B.V.)

  

 6 NOVEMBER 2006

 Clifford Chance LLP 
 Droogbak 1A 
 1013 GE Amsterdam 
 The Netherlands 

 CONTENTS 
  

							
	Clause	 	 	  	Page
			
	1.	 	Definitions and Interpretation	  	5
				
		 	1.1	 	Definitions	  	5
		 	1.2	 	Interpretation	  	9
	2.	 	Sale or Issue of Units	  	10
				
		 	2.1	 	Options; Number of Units to be Acquired by Centerview	  	10
		 	2.2	 	Closing	  	10
		 	2.3	 	Reasonable Efforts; Termination	  	13
	3.	 	Representations and Warranties	  	13
				
		 	3.1	 	Representations and Warranties of All Investors	  	13
		 	3.2	 	Additional Representations and Warranties of Centerview	  	15
		 	3.3	 	Representations and Warranties of Luxco	  	15
	4.	 	Corporate Governance	  	16
				
		 	4.1	 	Shareholders Agreement	  	16
		 	4.2	 	Voting Rights on Units	  	16
		 	4.3	 	Board Representation	  	17
	5.	 	Transfers of Units	  	18
				
		 	5.1	 	Limitation on Transfers	  	18
		 	5.2	 	Permitted Transferees	  	18
		 	5.3	 	Unwinding of Transaction under Certain Circumstances	  	19
		 	5.4	 	Drag-Along, Tag-Along and Piggyback Rights	  	20
		 	5.5	 	Additional Applicable Provisions of the Shareholders Agreement	  	20
	6.	 	Additional Covenants and Agreements	  	21
				
		 	6.1	 	Corporate Opportunities	  	21
		 	6.2	 	Non-Competition	  	21
		 	6.3	 	Non-Solicitation	  	22
		 	6.4	 	Confidentiality and Public Announcements	  	22
	7.	 	Miscellaneous	  	24
				
		 	7.1	 	Waiver; Amendment	  	24
		 	7.2	 	Effectiveness; Termination	  	24
		 	7.3	 	Fees	  	24
		 	7.4	 	Notices	  	25
		 	7.5	 	Applicable Law	  	25
		 	7.6	 	Disputes	  	25
		 	7.7	 	Assignment	  	26
		 	7.8	 	Specific Performance	  	26
		 	7.9	 	Further Assurances	  	26
		 	7.10	 	Several Obligations	  	26
		 	7.11	 	Third Parties	  	26
		 	7.12	 	Entire Agreement	  	26
		 	7.13	 	Titles and Headings	  	27
		 	7.14	 	No Other Agreements	  	27
		 	7.15	 	Binding Effect	  	27
		 	7.16	 	Severability	  	27
		 	7.17	 	Counterparts	  	27
	SCHEDULE 1	 	Sponsors	  	36

  

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		 	SCHEDULE 2	 	Numbers of Units if Closing Occurs Before January 31, 2007	  	37
		 	SCHEDULE 3	 	Ownership of Units	  	38
		 	SCHEDULE 4	 	Shareholders Agreement	  	39
		 	SCHEDULE 5	 	Luxco Articles of Association	  	40
		 	SCHEDULE 6	 	Option Performance Vesting Targets and Schedule	  	41
		 	SCHEDULE 7	 	Terms and Conditions CPECs	  	42
		 	SCHEDULE 8	 	Terms and Conditions YFCPECs	  	43

  

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 INVESTMENT AGREEMENT 
 This Investment Agreement (this “Agreement”), is made as of November 6, 2006 among: 
  

	(1)	Each of the AlpInvest Funds (as listed in Schedule 1, together “AlpInvest”); 

  

	(2)	Each of the Blackstone Funds (as listed in Schedule 1, together “Blackstone”); 

  

	(3)	Each of the Carlyle Funds (as listed in Schedule 1, together “Carlyle”); 

  

	(4)	Each of the Hellman & Friedman Funds (as listed in Schedule 1, together “Hellman & Friedman”); 

  

	(5)	Each of the KKR Funds (as listed in Schedule 1, together “KKR”); 

  

	(6)	Each of the Thomas H. Lee Partners Funds (as listed in Schedule 1, together “Thomas H. Lee Partners”); 

  

	(7)	VALCON ACQUISITION HOLDING (LUXEMBOURG) S.A.R.L., a private limited company (société à responsabilité limitée) incorporated under
the laws of Luxembourg, having its registered office at 59, rue de Rollingergrund, L-2440 Luxembourg, Luxembourg (“Luxco”); and 

  

	(8)	CENTERVIEW PARTNERS HOLDINGS L.L.C., a limited liability company incorporated under the laws of the State of Delaware, United States of America, and having its principal
place of business at 640 Fifth Avenue, New York, NY 10019, United States of America (“Centerview”). 

 Each of the AlpInvest
Funds, the Blackstone Funds, the Carlyle Funds, the Hellman & Friedman Funds, the KKR Funds and the Thomas H. Lee Partners Funds, and their respective permitted successors and assigns, are collectively referred to herein as the
“Sponsors”. The Sponsors and Centerview (and any Permitted Transferee and any Permitted Assignee, as defined in this Agreement) are collectively referred to herein as the “Investors”. The Investors and Luxco,
together with any person in the future acceding to this Agreement as set forth below, are collectively referred to herein as the “Parties”. 
 WHEREAS: 
  

	(A)	Luxco indirectly controls VNU Group B.V., a private company with limited liability organized under the laws of the Netherlands (“VNU”). 

  

	(B)	On the terms and subject to the conditions set out in this Agreement, the Sponsors wish to arrange for the issue or sale to Centerview, and Centerview wishes to acquire, new or
existing securities issued by Luxco for an aggregate price of USD 50 million (the “Aggregate Purchase Price”). 

  

	(C)	The per unit price at which Centerview will acquire securities issued by Luxco will be denominated in US dollars and will, if the investment envisaged in this Agreement takes place
before January 31, 2007, be equivalent to the per unit price paid for the relevant securities by the Sponsors, using the weighted average of the USD/EUR exchange rates that applied to the Sponsors’ investments in Luxco on the date those
investments were made. If the investment envisaged in this Agreement takes place on or after January 31, 2007, that price will be increased to reflect the higher of the fair market value of the securities concerned or an annualised return of
20% on the Sponsors’ investment, as set out in more detail in the body of this Agreement. 

  

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	(D)	The Investors wish to provide for certain matters relating to their ownership of interests in Luxco and its direct and indirect subsidiaries including VNU and its direct and
indirect subsidiaries (collectively, the “Group”) and the governance of the Group. 

 NOW, THEREFORE, in consideration
of the mutual agreements and covenants contained herein, the Parties agree as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 For purposes of this Agreement, the
following terms shall have the following meanings: 
  

			
	Aggregate Purchase Price	  	shall have the meaning specified in the recitals to this Agreement.
		
	Affiliate or Affiliated Fund	  	shall mean (a) with respect to any Investor, any other Person Controlled directly or indirectly by such Investor, Controlling directly or indirectly such Investor or directly or indirectly under
the same Control as such Investor, or, in each case, a successor entity to such Investor, provided, however, that (i) Affiliate or Affiliated Fund shall not include any portfolio companies of the relevant Investor or its Affiliates and (ii) with
respect to each of the AlpInvest Funds, Affiliate or Affiliated Fund shall not include Stichting Pensioenfonds ABP, Stichting Pensioenfonds voor de Gezondheid, Geestelijke en Maatschappelijke Belangen or any of their respective Affiliates; and
provided further, for the avoidance of doubt, that all of the funds mentioned underneath a single heading as a group of funds in the first column of Schedule 1 shall in any event be considered Affiliates and Affiliated Funds of each other; and (b)
with respect to any Person who is not an Investor, another Person Controlled directly or indirectly by such first Person, Controlling directly or indirectly such first Person or directly or indirectly under the same Control as such first
Person.
		
	Affiliated	  	shall have a meaning correlative to the foregoing.
		
	Agreement	  	shall mean this Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.
		
	AlpInvest and AlpInvest Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	Authorized Recipients	  	shall have the meaning specified in Article 6.4.1(a).
		
	Blackstone and Blackstone Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	Boards	  	shall have the meaning specified in Article 4.3.1.
		
	Business Day	  	shall mean a day on which banks are open for business in Amsterdam, London, New York and Luxembourg (which, for avoidance of doubt, shall not include Saturdays, Sundays and public holidays in
any of these cities).

  

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	Carlyle and Carlyle Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	Centerview	  	shall have the meaning specified in the preamble to this Agreement.
		
	Centerview SPV	  	shall have the meaning specified in Article 5.2.4.
		
	Centerview Private Equity Fund	  	shall have the meaning specified in Article 5.2.4.
		
	Centerview Units	  	shall have the meaning specified in Article 2.1.
		
	Closing	  	shall have the meaning specified in Article 2.2.2.
		
	Closing Notice	  	shall have the meaning specified in Article 2.2.1.
		
	Competing Action	  	shall have the meaning specified in Article 6.1.
		
	Competing Enterprise	  	shall have the meaning specified in Article 6.1.
		
	Confidential Information	  	shall have the meaning specified in Article 6.4.
		
	Control	  	shall mean with respect to a Person (other than an individual) (i) direct or indirect ownership of more than 50% of the voting rights of such Person, or (ii) the right to appoint the majority of
the members of the board of directors (or similar governing body) or to manage on a discretionary basis the assets of such Person and, for avoidance of doubt, a general partner is deemed to control a limited partnership and, solely for the purposes
of this Agreement, a fund advised or managed directly or indirectly by a Person shall also be deemed to be controlled by such Person (and the terms Controlling and Controlled shall have meanings correlative to the
foregoing).
		
	Corporate Opportunity	  	shall have the meaning specified in Article 6.1.
		
	CPECs	  	shall mean each class or series of convertible preferred equity certificates of Luxco, having the terms set forth in Schedule 7.
		
	Dutch Holdco	  	shall have the meaning specified in Article 4.3.4.
		
	Existing Confidentiality Agreement	  	shall have the meaning specified in Article 6.4.2.
		
	Group	  	shall have the meaning specified in the recitals to this Agreement.
		
	Hellman & Friedman and Hellman & Friedman Funds	  	shall have the meaning specified in the preamble to this Agreement.

  

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	Information	  	shall mean the books and records of any member of the Group and information relating to such member of the Group, its properties, operations, financial condition and affairs.
		
	Investor	  	shall have the meaning specified in the preamble to this Agreement.
		
	KKR and KKR Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	Luxco	  	shall have the meaning specified in the preamble to this Agreement.
		
	Named Competitor	  	shall have the meaning specified in Article 6.2.
		
	Option	  	shall have the meaning specified in Article 5.3.
		
	Permitted Assignee	  	shall have the meaning specified in Article 2.2.1.
		
	Permitted Transferee	  	shall have the meaning specified in Article 5.2.
		
	Person	  	shall mean a natural person, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other entity or
organization.
		
	Primary Option	  	shall have the meaning specified in Article 2.1.1.
		
	Qualified Majority	  	shall mean Sponsors together being able to exercise at least two thirds of the votes attached to the Shares held by all Sponsors together at that time.
		
	Secondary Option	  	shall have the meaning specified in Article 2.1.2.
		
	Shareholders Agreement	  	means the Shareholders Agreement to be entered into among the Sponsors, Luxco and certain wholly-owned subsidiaries of Luxco, substantially in the form of Schedule 4.
		
	Shares	  	shall mean the Shares, par value €25 per share (as defined in the Luxco Articles of Association), of Luxco.
		
	Sponsors	  	shall have the meaning specified in the preamble to this Agreement.
		
	Thomas H. Lee Partners and Thomas H. Lee Partners Funds	  	shall have the meaning specified in the preamble to this Agreement.
		
	Transfer	  	shall mean a transfer, sale, assignment, pledge, hypothecation or other disposition by a Person of a legal or beneficial interest in another Person, whether directly or indirectly, including
pursuant to the creation of a

  

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		  	derivative security (other than phantom stock or similar incentive plans for employees), the grant of an option or other right, the imposition of a restriction on disposition or voting or by
operation of law.
		
	Unit Price	  	shall mean (i) if Closing occurs before 31 January 2007, USD 98.9635 per Share, USD 31.9404 per YFCPEC and USD 31.9404 per CPEC, respectively, which represents the same price per type of Unit as
paid by the Sponsors for their initial investment in Luxco, using the weighted average of the USD/EUR exchange rates that applied to the Sponsors' investments in Luxco on the date those investments were made, or (ii) if the Closing occurs on or
after 31 January 2007, the greater of (x) the fair market value of each type of Unit as determined in good faith by the board of Luxco after reasonable consultation with Centerview, and (y) a price for each type of unit that would in the aggregate
imply a 20% annualized rate of return on the prices set out in part (i) of this definition over the period from 30 June 2006 up to and including the Closing.
		
	Units	  	shall mean, individually and collectively, the Shares, the YFCPECs and the CPECs.
		
	VNU	  	Shall have the meaning specified in the recitals to this Agreement.
		
	VNU Supervisory Board	  	shall mean the supervisory board (raad van commissarissen) of VNU.
		
	VNU Supervisory Board Rules	  	shall mean the supervisory board rules (commissarissen reglement) adopted by the VNU Supervisory Board in accordance with the VNU Articles from time to time.
		
	Voting Rights	  	shall have the meaning specified in Article 4.2.
		
	YFCPECs	  	shall mean each class and series of yield free convertible preferred equity certificates of Luxco having the terms set forth in Schedule 8.

 1.2 Interpretation 
  

	 	(a)	Whenever the words “include,” “includes” or “including” are used in this Agreement they shall be deemed to be followed by the
words “without limitation.” 

  

	 	(b)	The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to
this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this Agreement unless otherwise
specified. 

  

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	 	(c)	The meaning assigned to each term defined herein shall be equally applicable to both the singular and the plural forms of such term, and words denoting any gender shall include all
genders. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning. 

  

	 	(d)	A reference to any Party or any party to any other agreement or document shall include such Party or party's successors and permitted assigns. 

  

	 	(e)	A reference to any legislation or to any provision of any legislation shall include any amendment to, and any modification or re-enactment thereof, any legislative provision
substituted therefor and all regulations and statutory instruments issued thereunder or pursuant thereto. 

  

	2.	SALE OR ISSUE OF UNITS 

  

	2.1	Options; Number of Units to be Acquired by Centerview 

 Subject to the terms and conditions of this Agreement, the Parties hereby agree at the option of Luxco either: 
  

	 	2.1.1	to authorise and procure the issue by Luxco (the “Primary Option”); or 

  

	 	2.1.2	to procure the sale and transfer by the Sponsors, pro rata to their existing holdings (the “Secondary Option”) 

 of the following numbers of Units (collectively the “Centerview Units”): 
  

	 	2.1.3	a number of Shares equal to USD 500,000 divided by the Unit Price per Share, comprised of equal numbers of Class A Shares, Class B Shares, Class C Shares, Class D Shares and
Class E Shares; 

  

	 	2.1.4	a number of CPECs equal to USD 8,068,740 divided by the Unit Price per CPEC; and 

  

	 	2.1.5	A number of YFCPECs equal to USD 41,431,260 divided by the Unit Price per YFCPEC; 

 provided that, (i) if the result of any such calculation with respect to Shares is a number that is not a whole multiple of five (5), then that number shall be rounded up to the next highest whole multiple of
five (5), and (ii) if the result of any such calculation with respect to CPECs or YFCPECs is not a whole number, then that number shall be rounded up to the next highest whole number, and in either case the Aggregate Purchase Price shall be
increased by an amount equal to the corresponding portion of the Unit Price for the relevant type of Unit. Schedule 2 sets out the number of Shares, CPECs and YFCPECs comprising the Centerview Units if Closing occurs before January 31,
2007. 
  

	2.2	Closing 

  

	 	2.2.1	 Centerview shall give written notice (the “Closing Notice”) to Luxco as soon as the conditions set forth in Articles 2.2.3 and 2.2.4 shall all be
satisfied. If it has not done so prior to that time, Luxco shall then indicate by written notice to Centerview whether it elects the Primary Option or the Secondary Option, provided that if no such notice is received on the third Business Day
following the date of the Closing Notice, Luxco shall be deemed to have elected the 

  

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Primary Option, and provided further that if Luxco shall have elected or be deemed to elect the Primary Option, but Luxco or the Sponsors do not comply fully
with their obligations under paragraphs (i) and (iii) of Article 2.2.5(a) at Closing, the Parties shall implement the Secondary Option in accordance with this Agreement instead. Centerview shall have the right, up to and including the time
at which the relevant Closing Notice is given, to assign to a Permitted Transferee (the “Permitted Assignee”) Centerview’s rights to acquire Centerview Units under this Agreement, provided that no such assignment shall
relieve Centerview of any of its obligations under this Agreement and provided further that the Permitted Assignee shall agree to become bound to the terms of this Agreement as well, jointly and severally with Centerview. In the event that
Centerview makes use of this right of assignment, the identity, legal form, jurisdiction of incorporation and address of the Permitted Transferee shall be specified in the Closing Notice and evidence reasonably satisfactory to the Sponsors of the
Permitted Transferee having accepted to be bound by the terms of hereof (including, without limitation, Article 5.2) shall be enclosed with such notice. 

  

	 	2.2.2	The issue (in the case of the Primary Option) or sale and transfer (in the case of the Secondary Option) of the Centerview Units (“Closing”) shall take place at the
offices of Clifford Chance LLP in Luxembourg, on the fifth Business Day following the date of the Closing Notice. 

  

	 	2.2.3	The obligations of Luxco to issue the Centerview Units to Centerview (in the case of the Primary Option) or the obligations of the Sponsors to transfer the Centerview Units to
Centerview (in the case of the Secondary Option) shall be subject to the satisfaction or waiver of the following conditions precedent: 

  

	 	(a)	no law, statute, rule, order, injunction or other legal impediment shall have been enacted, ordered or issued that would have the effect of making the transactions contemplated
hereby unlawful or otherwise restraining such transactions, and all consents, approvals and clearances of all governmental entities necessary or desirable for the transactions contemplated hereby shall have been obtained; 

 

	 	(b)	the representations of Centerview contained herein shall be true and correct in all material respects and the covenants of Centerview contained herein shall have been complied with
in all material respects; and 

  

	 	(c)	Centerview or its Permitted Assignee shall be ready and willing to effect the Closing, including having the necessary funds to pay the Aggregate Purchase Price;

  

	 	2.2.4	The obligations of Centerview to acquire the Centerview Units from Luxco (in the case of the Primary Option) or the Sponsors (in the case of the Secondary Option) shall be subject
to the satisfaction or waiver of the following conditions precedent: 

  

	 	(a)	no law, statute, rule, order, injunction or other legal impediment shall have been enacted, ordered or issued that would have the effect of making the transactions contemplated
hereby unlawful or otherwise restraining such transactions, and all consents, approvals and clearances of all governmental entities necessary or desirable for the transactions contemplated hereby shall have been obtained; 

 

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	 	(b)	the representations of Luxco and the Sponsors contained herein shall be true and correct in all material respects and the covenants of Luxco and the Sponsors contained herein shall
have been complied with in all material respects. 

  

	 	2.2.5	At Closing: 

  

	 	(a)	in the case of the Primary Option: 

  

	 	(i)	the Sponsors shall: 

  

	 	(1)	procure that all formalities required to be observed under Luxembourg and other applicable law in order to authorise and permit the issue of the Centerview Units shall have been
observed (including any required increase of the authorised capital of Luxco and the authorisation by the general meeting of shareholders of Luxco of the issue of Shares contemplated as part of the Primary Option to Centerview or the Permitted
Assignee, as the case may be); 

  

	 	(2)	waive any pre-emptive rights they may have under the Shareholders Agreement or applicable law with respect to the Centerview Units; and 

  

	 	(3)	do all such other acts and things as may in the reasonable opinion of Centerview be required to fully effect the issue of the Centerview Units to Centerview or its Permitted
Assignee; 

  

	 	(ii)	Centerview shall cause the transfer of the Aggregate Purchase Price (as it may be adjusted in accordance with Article 2.1) in immediately available funds by wire transfer for same
day value into one or more bank accounts to be specified by Luxco in a written notice sent to Centerview at least 2 Business Days before the date of Closing; and 

  

	 	(iii)	Luxco and Centerview (and the Permitted Assignee, if applicable) shall execute issue documentation under Luxembourg law and do all such other acts and things as may in the
reasonable opinion of any of them be required to fully effect the issue of the Centerview Units to Centerview or its Permitted Assignee, including the convening and holding of meetings of the board and of the shareholders of Luxco; or

  

	 	(b)	in the case of the Secondary Option: 

  

	 	(i)	the Sponsors shall procure that all formalities required to be observed under Luxembourg and other applicable law in order to permit the sale and transfer of the Centerview Units
shall have been observed and shall vote their Shares to approve the transactions contemplated by this Agreement; 

  

	 	(ii)	Centerview shall cause the transfer of the Aggregate Purchase Price in immediately available funds by wire transfer for same day value into one or more bank accounts to be specified
by the Sponsors in a written notice sent to Centerview at least 2 Business Days before the date of Closing; and 

  

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	 	(iii)	the Sponsors, Luxco and Centerview (and the Permitted Assignee, if applicable) shall execute transfer documentation under Luxembourg law and do all such other acts and things as may
in the reasonable opinion of any of them be required to fully effect the transfer of the Centerview Units to Centerview, including the convening and holding of meetings of the board and of the shareholders of Luxco; and 

  

	 	(c)	in each case Luxco shall take appropriate action to register the issue or transfer (as the case may be) of the Centerview Units in the relevant registers of Units maintained by
Luxco, and will provide Centerview with certified extracts from those registers reflecting such issue or transfer. 

  

	2.3	Reasonable Efforts; Termination 

 The Parties shall
use their respective reasonable efforts to ensure that Closing takes place as soon as practicable after the date of this Agreement. Without prejudice to the generality of the previous sentence, Centerview shall use its reasonable efforts to obtain
funding to make the investment contemplated by this Agreement as soon as practicable after the date of this Agreement. If the closing conditions set forth in Articles 2.2.3 and 2.2.4 have not been satisfied or waived by the fifth Business Day prior
to March 31, 2007, this Agreement will terminate automatically and be of no further force or effect, provided that the provisions of Articles 7.1, 7.5, 7.6, 7.7, 7.8 and 7.10 through 7.16 shall survive such termination and provided further that
no party shall be relieved of liability for damages caused by any material and wilful breach of any representation, warranty or covenant contained herein occurring prior to such termination. 
  

	3.	REPRESENTATIONS AND WARRANTIES 

  

	3.1	Representations and Warranties of All Investors 

 Each Investor, severally and not jointly, represents and warrants to the other Investors, as of the date hereof, as follows: 
  

	 	3.1.1	Organization. Such Investor is an entity duly organized and validly existing under the laws of the jurisdiction of its organization. 

  

	 	3.1.2	Authority. Such Investor has full power and authority to enter into, execute and deliver this Agreement. The execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby have been duly and validly authorized by such Investor and no other proceedings by or on behalf of such Investor will be necessary to authorize this Agreement or the consummation of the transactions contemplated
hereby. This Agreement constitutes the valid and binding obligations of such Investor enforceable against it in accordance with its terms, except as the enforceability thereof may be limited by (i) bankruptcy, insolvency, reorganization or
other similar laws affecting enforcement of creditors' rights generally and (ii) subject to general principles of equity. 

  

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	 	3.1.3	No Legal Bar. The execution, delivery and performance of this Agreement by such Investor and the consummation of the transactions contemplated hereby will not
(i) violate (x) the organizational documents of such Investor, (y) the Shareholders Agreement or (z) any law, treaty, rule or regulation applicable to or binding upon such Investor or any of its properties or assets or
(ii) result in a breach of any contractual obligation to which such Investor is a party or by which it or any of its properties or assets is bound, in the case of each of clauses (i)(z) and (ii) in any respect that would reasonably be
expected to have a material adverse effect on the ability of such Investor to perform its obligations hereunder. 

  

	 	3.1.4	Litigation. There is no civil, criminal or administrative action, suit, demand, claim, hearing, notice of violation or investigation, proceeding or demand letter pending, or
to the knowledge of such Investor threatened, against such Investor, which if adversely determined would reasonably be expected to have a material adverse effect on the ability of such Investor to perform its obligations hereunder.

  

	 	3.1.5	Ownership of Shares. Schedule 3 sets forth such Investor’s beneficial and legal ownership of and rights to acquire Units and any other interest in the equity of
Luxco, as of the date hereof. Other than as set forth on Schedule 3, such Investor has, as of the date hereof, no other equity or voting interests or rights to acquire equity or voting interests in Luxco. 

  

	 	3.1.6	Title to Centerview Units. In the case of the Secondary Option, as of the date hereof, such Investor (other than Centerview) has good and valid title to the Centerview Units
to be transferred to Centerview pursuant to this Agreement, free and clear of all liens and encumbrances. If the sale of Centerview Units hereunder is pursuant to the Secondary Option, as of Closing Centerview shall receive good and valid title to
each of the Centerview Units to be sold and transferred by such Investor, free and clear of any lien or encumbrance and not subject to any pre-emptive rights and restrictions on transfer other than under applicable laws, the articles of association
of Luxco, the terms of this Agreement or the Shareholders Agreement. 

  

	 	3.1.7	No Other Representations. Except for the representations and warranties contained in this Article 3, neither such Investor, nor any other Person or entity acting on behalf of
such Investor, makes any representation or warranty, express or implied. 

  

	3.2	Additional Representations and Warranties of Centerview 

 Centerview additionally represents and warrants to the Sponsors, as of the date hereof, as follows: 
  

	 	3.2.1	Information. Centerview has been given the opportunity to (i) ask questions and receive satisfactory answers concerning the terms and conditions of the transactions
contemplated hereby and (ii) obtain additional information which such Investor and its representatives deem necessary, in each case in order to evaluate the merits and risks of executing and delivering this Agreement. Centerview has not relied
upon any statement, printed material or other information given or made by or on behalf of Luxco that is contrary to information contained in this Agreement. 

  

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	 	3.2.2	Securities Not Registered. Centerview has acquired securities of Luxco solely for its own account, for investment purposes and not with a view to, or for sale in connection
with, the distribution thereof other than as permitted under applicable law. Centerview is (i) an investor with such knowledge and experience in business and financial matters as will enable it to evaluate the merits and risks of the
transactions contemplated hereby, (ii) able to bear the economic risk of an investment in Luxco and its subsidiaries and (iii) able to bear the risk of loss of its entire investment in Luxco and its subsidiaries. 

 

	3.3	Representations and Warranties of Luxco 

 Luxco
represents and warrants to Centerview, as of the date hereof, as follows: 
  

	 	3.3.1	Existence and Authority. Luxco is a private limited company (société à responsabilité limitée) duly incorporated and validly
existing under the laws of Luxembourg and has full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and this Agreement has been duly authorized, executed and delivered by Luxco and is
valid, binding and enforceable against Luxco in accordance with its terms. 

  

	 	3.3.2	Capitalisation and Articles. As of Closing, in case of the Primary Option being elected or deemed to be elected, Luxco will have an authorised capital sufficiently high to
allow the issue of the Centerview Units. Schedule 3 sets forth the allocation of the aggregate number of Units issued by Luxco as of the date of this Agreement (and immediately prior to Closing, provided that if the allocation or number of
Units changes between the date hereof and Closing as a result of Transfers of Units permitted under the Shareholders Agreement or the Sponsors otherwise exercising their rights under this Agreement and the Shareholders Agreement, Luxco shall provide
Centerview and any Permitted Assignee with an updated version of Schedule 3 promptly upon such changes becoming effective, and this updated Schedule 3 will then become the subject of this representation and warranty). The Articles of
Association attached as Schedule 5 are the current articles of Luxco and the Shareholders Agreement attached as Schedule 4 is the Shareholders Agreement as it will be entered into among the Sponsors and Luxco. 

  

	 	3.3.3	Centerview Units. As of Closing, each of the Centerview Units will be duly and validly issued, fully paid and nonassessable with no personal liability attached to the
ownership thereof, and not subject to any preemptive rights and restrictions on transfer other than restrictions of transfer under applicable laws, the articles of association of Luxco, the terms of this Agreement or the Shareholders Agreement and
Centerview shall receive good and valid title thereto free and clear of any lien or encumbrance other than (i) restrictions on transfer under applicable laws or the articles of association of Luxco, or (ii) the terms of this Agreement or
the Shareholders Agreement. 

  

	 	3.3.4	No Conflict. The execution, delivery and performance by Luxco of this Agreement does not (a) conflict with applicable law or the articles of association of Luxco or the
Shareholders Agreement, (b) result in any breach of any terms or provisions of, or constitute a default under, any material contract, agreement or instrument to which Luxco is a party or by which Luxco is bound or (c) violate any law, rule
or regulation applicable to Luxco. 

  

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	4.	CORPORATE GOVERNANCE 

  

	4.1	Shareholders Agreement 

 The governance structure of
Luxco, VNU and the other members of the Group is set out in the Shareholders Agreement. 
  

	4.2	Voting Rights on Units 

 Centerview agrees at all
times to exercise all voting rights attached to the Centerview Units and any other securities issued by Luxco or any other member of the Group which it may at any time acquire (the “Voting Rights”) strictly in accordance with the
instructions of the Sponsors, provided that a Qualified Majority of the Sponsors exercises its corresponding voting rights in the same manner, to the effect that: 
  

	 	4.2.1	It shall exercise the Voting Rights in the manner indicated in any written notice received from a Qualified Majority of Sponsors that complies with the proviso set forth at the end
of the introduction of this Article 4.2 (it being agreed among the Investors that a decision adopted by a Requisite Majority of the Investors’ Committee, as such terms are defined in the Shareholders Agreement, and notified to Centerview in
writing (including by email) shall be considered the equivalent of such a written notice); and 

  

	 	4.2.2	In the absence of any notice (or the equivalent of a notice) as referred to in Article 4.2.1, Centerview shall abstain from exercising the Voting Rights altogether.

  

	4.3	Board Representation 

  

	 	4.3.1	Luxco and the Sponsors shall procure that Mr. James M. Kilts shall be appointed as a member of the VNU Supervisory Board and as a member of the board of directors of each
of Nielsen Finance Co. and Nielsen Finance LLC, both members of the Group incorporated under the laws of the State of Delaware (collectively, the “Boards”), as soon as practicable after the date of this Agreement. Centerview shall
use all reasonable efforts to procure that Mr. Kilts is available for and commits his time to the Boards in a manner to be mutually agreed among the Sponsors, Centerview, the Chief Executive Officer of VNU and Mr. Kilts. It is currently
envisaged and currently expected that Mr. Kilts will hold these Board seats for at least five years after Closing. This Section 4.3.1 shall apply only to Mr. Kilts and Luxco shall have no obligation to procure membership of any board
or committee of any other Person, whether or not Mr. Kilts is able to serve as provided above. The Sponsors shall ensure that the Shareholders Agreement allows the appointment of Mr. Kilts as an Independent VNU Director (as such term is
defined in that agreement), in addition to the two Independent VNU Directors already in office as at the date hereof. 

  

	 	4.3.2	The position of Mr. Kilts as a member of the Boards shall be governed by the provisions of the articles of incorporation and other constitutional documents of the relevant
company (including the VNU Supervisory Board Rules in the case of VNU), applicable law and the Shareholders Agreement. Mr. Kilts shall agree to be bound by those provisions. 

  

	 	4.3.3	 Mr. Kilts will receive an annual fee as determined by Luxco for his service on the VNU Supervisory Board, plus reasonable out-of-pocket travel expenses. No
fees shall be paid for service on the board of any other member of the 

  

 - 15 - 

	 	 
Group. Mr. Kilts may also receive an option grant as determined by Luxco. Any fees or options earned by Mr. Kilts under this provision or otherwise
as a member of the VNU Supervisory Board or other board of Luxco or Affiliate of Luxco shall be paid to Centerview Management Partners LLC, an Affliliate of Centerview. 

  

	 	4.3.4	At Closing, Luxco shall procure that Centerview or its designated Affiliate will be granted performance based options to acquire shares in Valcon Acquisition Holding BV, a wholly
owned direct subsidiary of Luxco (“Dutch Holdco”) with an aggregate exercise price of USD5 million to recognize the expected contribution of Mr. Kilts. These options shall: 

  

	 	(a)	contain the EBITDA performance vesting targets and schedule set forth in Schedule 6, which are the same as those used in the management equity plan to be established by Dutch
Holdco; 

  

	 	(b)	have an exercise price based on the valuation of the shares in Dutch Holdco implied by the relevant Unit Price paid by Centerview or its Permitted Assignee at Closing; and

  

	 	(c)	be eligible to vest (provided the performance targets referred to in Article 4.3.4(a) are met) as to 5% on the later of the date of Closing and December 31, 2006 and as to 19%
on December 31 of each of the years 2007 up to and including 2011. 

  

	 	4.3.5	If Mr. Kilts leaves the VNU Supervisory Board for any reason prior to the fifth anniversary of Closing, both he and Centerview will forfeit all unvested options.

  

	 	4.3.6	Whilst holding the board seats referred to in Article 4.3.1, Mr. Kilts shall be entitled to receive such information as is provided to other members of the relevant boards.
Mr. Kilts shall be entitled to share this information with the principals at Centerview, subject to the confidentiality provisions in this Agreement and the Shareholders Agreement, the VNU Supervisory Board Rules and applicable law. Whilst it
holds Units, Centerview and its Permitted Transferee shall be entitled to receive such information as is provided to other Investors, in accordance with and subject to the terms of the Shareholders Agreement. 

  

	5.	TRANSFERS OF UNITS 

  

	5.1	Limitation on Transfers 

 Except as expressly
permitted by this Agreement, Centerview may not Transfer any Centerview Unit without the prior written permission of a Qualified Majority of Sponsors (it being agreed among the Investors that a decision adopted by a Requisite Majority of the
Investors’ Committee, as such terms are defined in the Shareholders Agreement, and notified to Centerview in writing (including by email) shall be considered the equivalent of such written permission). The preceding sentence shall apply mutatis
mutandis to options granted pursuant to Article 4.3.4 and any securities received as a result of the exercise of such options. 
  

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	5.2	Permitted Transferees 

 Centerview shall be entitled
without the prior consent referred to in Article 5.1 to Transfer Centerview Units to any Person that satisfies each of the following criteria: (a “Permitted Transferee”): 
  

	 	5.2.1	such Person is an Affiliate of Centerview; 

  

	 	5.2.2	such Person agrees in writing to be bound by the terms of this Agreement, on the basis that it shall have the rights and obligations of Centerview hereunder as if such Permitted
Transfer were "Centerview" under this Agreement; 

  

	 	5.2.3	Centerview and such Person shall agree in a written instrument to which Luxco is a party that, without limiting any liability for any breach of this Agreement, such Person shall
re-Transfer to Centerview (or to another Permitted Transferee of Centerview) all of the Units Transferred to such Person immediately upon such Person ceasing to be a Permitted Transferee of Centerview; and 

  

	 	5.2.4	such Person is: 

  

	 	(a)	a general private equity fund which is Controlled directly or indirectly by Centerview and is not a special purpose entity set up solely or principally to invest in Luxco (a
“Centerview Private Equity Fund”); or 

  

	 	(b)	a special purpose entity which is Controlled directly or indirectly by Centerview set up solely or principally to invest in Luxco (a “Centerview SPV”), provided
that a Centerview SPV can only be a Permitted Assignee to which rights are assigned pursuant to Article 2.2.1, and no Transfer of Units to such a Person shall be permitted after Closing. 

 Centerview may also Transfer Centerview Units pursuant to and in accordance with the drag-along and tag-along provisions of the Shareholders Agreement,
referred to in Article 5.3. Each Investor agrees to vote its Shares so as to approve any Transfer of Units permitted under this Agreement or the Shareholders Agreement. 
  

	5.3	Unwinding of Transaction under Certain Circumstances 

 In the event Centerview Units were acquired at Closing by Centerview or a Centerview SPV, and Centerview has not, within six months after Closing caused all Centerview Units to be owned, beneficially and legally, by: 
  

	 	5.3.1	a Centerview Private Equity Fund; 

  

	 	5.3.2	a Centerview SPV operated in conjunction with a Centerview Private Equity Fund; or 

  

	 	5.3.3	a Centerview SPV which only has long term investors with no guaranteed return on their investment into that Centerview SPV and no other rights with respect to the Centerview Units,
except for their rights as investors in that Centerview SPV; 

 Luxco shall have the right (but not the obligation), exercisable
within fifteen (15) Business Days after the end of that six month period by notice in writing to 

  

 - 17 - 

 
Centerview, at the option of Luxco either (a) to require Centerview or the Centerview SPV (as the case may be) to sell and transfer all Centerview Units
to Luxco, the Sponsors from which they were respectively acquired (in the case of the Secondary Option having been implemented at Closing), or such other Person or Persons as Luxco may designate, or (b) to cause Luxco to redeem all Centerview
Units, in each of the cases referred to in (a) and (b) against simultaneous repayment to Centerview or the Centerview SPV (as the case may be) in immediately available funds of the Aggregate Purchase Price paid at Closing (the
“Option”). In the event that Luxco exercises the Option, closing of the sale and transfer or redemption (as the case may be) of the Centerview Units pursuant to the previous sentence shall take place within fifteen
(15) Business Days after the date of the notice by which Luxco exercises the Option and this Agreement shall terminate immediately after such closing has been consummated, subject to and in accordance with Article 7.2. 
  

	5.4	Drag-Along, Tag-Along and Piggyback Rights 

 Each of
the Sponsors agrees to apply Articles 7 (Indemnification), 8.1 (Equal Treatment of Investors), 9.3 (Drag-Along), 9.4 (Tag-Along), 10.2 (Piggyback Offerings) and 10.3 (Requested Offerings) of the Shareholders Agreement as if Centerview was also an
Investor as defined in that agreement, provided that with respect to Article 10.2 of the Shareholders Agreement this shall be limited to Centerview having a Piggyback Right (as defined in that provision) and provided that with respect to Article
10.3 of the Shareholders Agreement this should be limited to Centerview having the rights of a Participating Investor (as defined in that provision). Centerview shall have the rights and comply with the obligations imposed on Investors under those
provisions and will be treated as an “Investor” for those purposes, where applicable pro rata to the number of Units it holds as a proportion of the total number of relevant Units in issue at the relevant time. 
  

	5.5	Additional Applicable Provisions of the Shareholders Agreement 

 In addition to the provisions referred to in Article 5.3, Centerview shall have the rights and agrees to be bound by and comply with the obligations imposed on Investors under Articles 10.3.2 (Right to Participate in
Requested Offerings), 10.5 (Holdback), 10.6 (Post-IPO Sales), 10.7 (Sales in a Tender Offer), 13.3 (Certain Tax Matters), 13.8 (Standstill) and Article 14 (Miscellaneous) of the Shareholders Agreement (provided for the avoidance of doubt that
(i) Centerview shall only have rights under Article 14.1 (Waiver; Amendment) of the Shareholders Agreement with respect to the provisions of the Shareholders Agreement referred to in Article 5.3 and in this Article 5.5, and (ii) in the
event of any conflict between those provisions of the Shareholders Agreement and the provisions of this Agreement, the latter provisions shall prevail among the Parties). Luxco agrees to provide Centerview and any Permitted Transferee with a copy of
any amendment to the Shareholders Agreement promptly upon such amendment becoming effective. 
  

	6.	ADDITIONAL COVENANTS AND AGREEMENTS 

  

	6.1	Corporate Opportunities 

  

	 	6.1.1	Centerview shall use reasonable efforts to cause Mr. Kilts to recuse himself from all deliberations of the VNU Supervisory Board, and neither Luxco nor any other member of the
Group shall have any obligation to provide to Mr. Kilts any information, regarding any acquisition, disposition, investment or similar transaction that a member of the Group elects to pursue (as determined by Luxco, a “Corporate
Opportunity”) if Centerview is competing with or is otherwise adverse to the Group with respect to such Corporate Opportunity. 

  

 - 18 - 

	 	6.1.2	If Centerview or any of its Affiliates consummates a transaction that at anytime after the date of this Agreement constituted a Corporate Opportunity, Centerview shall use
reasonable efforts to cause Mr. Kilts to recuse himself from all future deliberations of the Boards relating to, and no member of the Group shall have any obligation to provide to Mr. Kilts any information regarding, that portion of the
Group's business as competes or would reasonably be expected to compete with the Corporate Opportunity concerned (a “Competing Action”). The consent of Mr. Kilts shall not be required for authorising, effecting or validating
any transactions in connection with such Corporate Opportunity or Competing Actions. In addition, Centerview shall, and shall cause its Affiliates and Mr. Kilts to, keep confidential any information regarding any Corporate Opportunity,
including the existence of such potential acquisition, disposition, investment or similar transaction, that Centerview, its Affiliates or Mr Kilts learns about as a result of Mr. Kilts' membership of the VNU Supervisory Board.

  

	6.2	Non-Competition 

 For so long as Mr. Kilts is a
member of the VNU Supervisory Board, Centerview, its Affiliates, all Persons Controlled by Centerview or by any its Affiliates and any “group” (as determined under Section 13(d)(3) of the US Securities Exchange Act) of which
Centerview or any of its Affiliates is a member will be prohibited from owning, managing, operating, controlling or participating in the ownership, management, operation or control of any Person listed in Schedule 11 to the Shareholders
Agreement (as such Schedule may be amended from time to time in accordance with Article 13.5 of the Shareholders Agreement, a “Named Competitor”), unless consented to by a Qualified Majority of Sponsors, provided that: 

 

	 	6.2.1	This Article 6.2 shall not prohibit any Person from acquiring or holding a passive investment in any Named Competitor, which (a) does not represent more than 5% of the
aggregate amount of equity invested in that Named Competitor, (b) does not entitle the holder to more than 5% of any pro rata distribution of profits or capital made by that Named Competitor, (c) does not entitle the holder to exercise
more than 5% of the votes exercisable at a general meeting of shareholders of that Named Competitor, (d) does not include and is not otherwise combined with any entitlement to appoint any directors, officers, observers or other representatives
to any body or committee of that Named Competitor or any Affiliate of that Named Competitor (and no director, employee or other representative of the Investor concerned or any Affiliate of that Investor holds any position on any such body or
committee as a matter of fact), and (e) is not in any way subject to any agreement or arrangement made between the Investor concerned or any Affiliate of that Person and any other shareholder of or investor in that Named Competitor; and

  

	 	6.2.2	In the event that any Person referred to in this Article 6.2 acts in breach of this Article 6.2: 

  

	 	(a)	Article 6.1.2 shall apply mutatis mutandis to Centerview; and 

  

	 	(b)	 To the extent that the occurrence of such breach is not reasonably within the control of Centerview, any of its Affiliates or any Person Controlled 

  

 - 19 - 

	 	 
by Centerview or by any of its Affiliates, no other remedies shall be available to the other Investors or Luxco In all other circumstances, unless such
breach is promptly (and in any event within three (3) Business Days following its occurrence) and completely cured by Person or Persons concerned, Centerview shall be considered in material breach of this Agreement and liable for all damages
resulting therefrom, and the other Investors may seek specific enforcement or injunctive relief against such Investor or Investors, in accordance with Article 7.8. 

  

	6.3	Non-Solicitation 

 Centerview shall not (and shall
use its reasonable efforts to procure that its Affiliates do not), initiate or conduct any discussions about future employment with, or employ, any member of Management, without the prior written consent of Luxco (such consent not to be unreasonably
withheld), and shall not make any offers to this effect to such Persons; provided that the foregoing shall not be construed to prohibit solicitation for employment or employment of any such Person (a) resulting from general advertisements for
employment conducted by Centerview or (b) six months following cessation of such Person's employment with the Group without any encouragement by Centerview. 
  

	6.4	Confidentiality and Public Announcements 

  

	 	6.4.1	The following shall apply with respect to confidentiality: 

  

	 	(a)	Each Investor agrees to hold in strict confidence all Information furnished to it and the terms of this Agreement and the Shareholders Agreement (collectively, “Confidential
Information”). Subject to applicable law, an Investor may disclose any Confidential Information to (x) any of its representatives on any board of any Group member (including any Representatives as such term is defined in the
Shareholders Agreement), (y) any member of the Group or its directors, management or advisers (collectively, “Authorized Recipients”). Confidential Information shall not include any information that (i) is or becomes
generally available to the public other than as a result of an unauthorized disclosure by an Investor, (ii) is or becomes available to an Investor or any of its Authorized Recipients on a non-confidential basis from a third party source (other
than any other Investor or its representatives or any Person described in clause (y) above), which source, to the best knowledge of such Investor (after reasonable inquiry), is not bound by a duty of confidentiality to any Investor or its
representatives or any Person described in clause (y) above in respect of such Confidential Information or (iii) is independently developed by an Investor. If an Investor or any of its Authorized Recipients is required by law or regulation
or any legal or judicial process to disclose any Confidential Information, or disclosure of Confidential Information is requested by any governmental authority having authority over such Investor, such Investor shall promptly notify Luxco and the
other Investors of such requirement so that Luxco may at its own expense oppose such requirement or seek a protective order and request confidential treatment thereof. If such Investor or such Authorized Recipient is nonetheless required, or such a
request nonetheless remains outstanding, to disclose any such Confidential Information, such Investor or Authorized Recipient may disclose such portion of such Confidential Information without liability hereunder. 

  

 - 20 - 

	 	(b)	Centerview may (i) disclose the identity of Luxco and VNU, the amount of its investment hereunder, the number and type of Centerview Units, a brief summary of the principal
terms of this Agreement and the internal rate of return realised on its investment hereunder in the offering materials sent to its investors and potential investors, and (ii) disclose Confidential Information to the managing members, officers
and directors of Centerview and to its legal advisors and other advisors who in their capacity as advisors would need to receive or know such Confidential Information, provided in all cases referred to in (i) and (ii) above that Centerview
shall be responsible for any disclosure in violation of this Article 6.4 by any of its managing members, officers, directors, employees, agents and advisors to the same extent as if such disclosure had been by Centerview. 

 

	 	6.4.2	No public announcement or press release concerning the business of the Group or this Agreement or any of its provisions shall be made by Luxco or any Investor (or any Affiliate
thereof), without the prior consent of Luxco, which may also be given in general terms with respect to categories of announcements. This provision shall not prohibit any public announcement or press release (a) permitted to be made on or after
Closing in accordance with the terms of the Confidentiality Agreement between Centerview and Luxco dated October 4, 2006 (the “Existing Confidentiality Agreement”), or (b) required to be made by any applicable laws or
regulations, provided that such Person that is making an announcement as referred to in (b) shall, to the extent practicable, consult with the other parties to this Agreement concerning the timing and content of such announcement before such
announcement is made and shall give a copy thereof to the other parties at the same time as, or as soon as reasonably practicable after, the making of such announcement. 

  

	7.	MISCELLANEOUS 

  

	7.1	Waiver; Amendment 

 This Agreement may be amended,
supplemented or otherwise modified only by a written instrument executed by each Investor holding at least 1% of the then outstanding Units so long as any such amendment, supplement or modification does not impose any material additional burden on
Luxco, in which event the written instrument must also be executed by Luxco, provided that any amendment that disproportionately affects any Investor shall require the consent of such Investor. No waiver by any Party of any of the provisions hereof
will be effective unless explicitly set forth in writing and executed by the Party so waiving. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including any investigation by or on behalf of any Party, will
be deemed to constitute a waiver by the Party taking such action of compliance with any covenants or agreements contained herein. The waiver by any Party hereto of a breach of any provision of this Agreement will not operate or be construed as a
waiver of any subsequent breach. 
  

	7.2	Effectiveness; Termination 

 This Agreement shall
become effective on the date hereof and shall terminate and be of no further force or effect upon the earlier of (a) the written agreement of all Parties hereto, (b) termination in accordance with Article 2.3, (c) Centerview ceasing
to own 

  

 - 21 - 

 
any Units (as a result of the exercise by Luxco of the Option or otherwise), and (d) following an IPO (as defined in the Shareholders Agreement), if and
when that results in the termination of the Shareholders Agreement in accordance with its terms. Notwithstanding any termination of this Agreement, the provisions of Articles 6.4 shall survive for a period of one year following such termination
solely in the case of a termination pursuant to clause (d) above, and Articles 7.1, 7.5, 7.6, 7.7, 7.8 and 7.10 through 7.16 shall survive any termination. No party shall be relieved of any breach of any representation, warranty or covenant
contained herein occurring prior to such termination. 
  

	7.3	Fees 

 The Parties agree that, after Closing, fees
payable to the Sponsors and their Affiliates pursuant to the Shareholders Agreement or the Advisory Services Agreements entered into thereunder for periods and activities occurring after the Closing shall be shared with Centerview Partners
Management LLC, a Delaware limited liability company and an Affiliate of Centerview, in proportion to the voting rights attached to the Shares held by each of the Investors respectively. The Parties shall procure that the amount of fees due to
Centerview pursuant to this Article 7.3 shall be paid by Valcon Acquisition BV to Centerview Partners Management LLC. 
  

	7.4	Notices 

 Any notices or other communications
required or permitted hereunder to a Party shall be sufficiently given if in writing and either (i) personally delivered, (ii) sent by registered or certified mail, return receipt requested, postage prepaid, (iii) sent by overnight
delivery service such as DHL, or (iv) sent by facsimile transmission or electronic mail, with verbal or electronic confirmation of receipt. All such notices and other communications shall be deemed to have been given and received (i) if by
personal delivery, on the day of such delivery; (ii) if by registered or certified mail, on the seventh day after the mailing thereof, (iii) if by overnight delivery service such as DHL, on the next Business Day; and (iv) if by
facsimile transmission or electronic mail, on the day that verbal or electronic confirmation of receipt by the recipient is obtained from the recipient. 
  

	7.5	Applicable Law 

 This Agreement shall be governed by
and shall be construed in accordance with the laws of the State of New York, except to the extent that the matter in question is mandatorily required to be governed by Luxembourg law or Dutch law, in which case it will be governed by the applicable
provisions of such law. 
  

	7.6	Disputes 

 All actions arising out of or relating to
this Agreement shall be heard and determined exclusively in any New York state or federal court sitting in the Borough of Manhattan of The City of New York (other than with respect to an appeal from such courts to a higher court outside of the State
of New York). The Parties hereby (a) submit to the exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan of The City of New York for the purpose of any action arising out of or relating to this Agreement
brought by any Party hereto and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its
property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, that the venue of the action is improper, or that this Agreement or 

  

 - 22 - 

 the transactions contemplated hereby may not be enforced in or by any of the above-named courts. EACH OF
THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. 
  

	7.7	Assignment 

 Except as permitted in this Agreement,
the rights and obligations under this Agreement may not be Transferred by any Investor hereto, in whole or in part, to any Third Party, and any purported Transfer without such consent shall be void and unenforceable. Without the prior approval of a
Qualified Majority of the Sponsors, the rights and obligations under this Agreement of any other Party hereto may not be Transferred, and any purported Transfer without such approval shall be void and unenforceable. The rights and obligations
hereunder, including without obligation the right to nominate, designate or appoint any member of any of the Boards or any committee thereof, or remove any such nominee, designee or appointee, are personal to each Investor or group of Affiliated
Investors entitled to do so hereunder and may not be assigned to any Person except with the prior approval of the Investors' Committee, provided that each Investor shall be permitted to assign any such right to one or more of its Affiliates.

  

	7.8	Specific Performance 

 Each Party acknowledges and
agrees that money damages would not be a sufficient remedy for any breach of the provisions of this Agreement. In the event of a breach of this Agreement by a Party which breach threatens irreparable harm to any other Party, such non-breaching Party
may seek specific enforcement or injunctive relief from any court of competent jurisdiction, which remedies shall not limit, but shall be in addition to, all other remedies that the non-breaching Parties may have at law or in equity. 
  

	7.9	Further Assurances 

 The Parties will sign such
further documents, cause such further meetings to be held, adopt such resolutions and do and perform and cause to be done such further acts and things as may be necessary in order to give full effect to this Agreement, the transactions contemplated
by this Agreement and every provision thereof. 
  

	7.10	Several Obligations 

 The obligations of each of the
Parties under this Agreement shall be several and not joint. 
  

	7.11	Third Parties 

 This Agreement does not create any
rights, claims or benefits inuring to any Person that is not a Party hereto nor create or establish any third party beneficiary hereto. 
  

	7.12	Entire Agreement 

 This Agreement and the schedules
hereto represent the entire understanding and agreement of the Parties and supersede all prior agreements, understandings and arrangements (whether written or oral) among the Parties with respect to the subject matter hereof. Each Party acknowledges
that it has not made or relied on any representation or warranty other than those specifically set forth herein. 
  

 - 23 - 

	7.13	Titles and Headings 

 The headings contained in this
Agreement are for reference purposes only and will not affect the meaning or interpretation of this Agreement. 
  

	7.14	No Other Agreements 

 None of the Investors has
entered or will enter into any agreement or arrangement of any kind with any Person in respect of such Investor’s Units which is inconsistent with this Agreement. 
  

	7.15	Binding Effect 

 This Agreement shall be binding
upon and inure to the benefit of the Parties and their respective heirs, successors and permitted assigns. 
  

	7.16	Severability 

 Should any provision of this
Agreement be invalid or unenforceable, in whole or in part, or should any provision later become invalid or unenforceable, this shall not affect the validity of the remaining provisions of this Agreement which shall not be affected and shall remain
in full force and effect. 
  

	7.17	Counterparts 

 This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Any counterpart or other signature hereupon delivered by facsimile shall be deemed for all purposes as
constituting good and valid execution and delivery of this Agreement by such Party. 
 IN WITNESS WHEREOF the Parties hereto have duly executed this
Agreement as of the date first above written. 
 [EXECUTION PAGES FOLLOW] 
  

 - 24 - 

							
	ALPINVEST PARTNERS CS Investments 2006 C.V.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	ALPINVEST PARTNERS LATER STAGE CO-INVESTMENTS II-A CV	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	BLACKSTONE CAPITAL PARTNERS (CAYMAN) V LP	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP (CAYMAN) V LP	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	

  

 - 25 - 

							
	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP (CAYMAN) V-A LP	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	BLACKSTONE PARTICIPATION PARTNERSHIP (CAYMAN) V LP	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	CARLYLE PARTNERS IV CAYMAN, L.P.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	CP IV COINVESTMENT CAYMAN, L.P.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	CEP II PARTICIPATIONS SARL SICAR	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	

  

 - 26 - 

							
	HELLMAN & FRIEDMAN CAPITAL PARTNERS V (CAYMAN), LP	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	HELLMAN & FRIEDMAN CAPITAL PARTNERS V (CAYMAN PARALLEL), LP	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	HELLMAN & FRIEDMAN CAPITAL ASSOCIATES V (CAYMAN), L.P.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	KKR VNU (MILLENNIUM) LIMITED:	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	KKR MILLENNIUM FUND (OVERSEAS) L.P.:	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
				
	Date:
                                 2006	  		  		  	
		
	KKR VNU EQUITY INVESTORS, L.P.:	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	THL (ALTERNATIVE) FUND V, L.P.	  	
				
	  
 /s/ Authorized
Signatory
	  		  		  	
	Name:	  		  		  	

  

 - 27 - 

							
	THL FUND VI (ALTERNATIVE) CORP.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	THL PARALLEL FUND VI (ALTERNATIVE) CORP.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	THL DT FUND VI (ALTERNATIVE) CORP.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	THL COINVESTMENT PARTNERS, L.P.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	THL FUND V (ALTERNATIVE) CORP.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	THL PARALLEL FUND V (ALTERNATIVE) CORP.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	

  

 - 28 - 

							
	THL CAYMAN FUND V (ALTERNATIVE) CORP.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	THOMAS H. LEE INVESTORS, LIMITED PARTNERSHIP	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	PUTNAM INVESTMENT HOLDINGS, LLC	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	PUTNAM INVESTMENTS EMPLOYEES’ SECURITIES COMPANY I LLC	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	PUTNAM INVESTMENTS EMPLOYEES’ SECURITIES COMPANY II LLC	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	PUTNAM INVESTMENTS EMPLOYEES’ SECURITIES COMPANY III LLC	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	

  

 - 29 - 

							
	THL EQUITY FUND VI INVESTORS (VNU), L.P.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	THL EQUITY FUND VI INVESTORS (VNU) II L.P	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	THL EQUITY FUND VI INVESTORS (VNU) III, L.P.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
		
	VALCON ACQUISITION HOLDING (LUXEMBOURG) S.A.R.L.	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
	Manager A	  	
				
	 /s/ Authorized Signatory
	  		  		  	
	Name:	  		  		  	
	Manager B	  	

  

 - 30 - 

	
	CENTERVIEW PARTNERS HOLDINGS L.L.C.
	
	 /s/ Authorized Signatory

	Name:

 I confirm that I have read and understood this Agreement and I agree to the provisions relating to my personal
position as set out in Articles 4 and 6 above. 
  

	
	
	 /s/ James M. Kilts

	James M. Kilts

  

 - 31 - 

 SCHEDULE 1 
 SPONSORS 
 AlpInvest Funds 
 AlpInvest Partners CS Investments 2006 C.V 
 AlpInvest Partners Later Stage Co-Investments II-A CV 
 Blackstone Funds 
 Blackstone Capital Partners (Cayman) V LP 
 Blackstone Family Investment Partnership (Cayman) V LP
 Blackstone Family Investment Partnership (Cayman) V-A
LP
 Blackstone Participation Partnership (Cayman) V LP 
 Carlyle Funds 
 Carlyle Partners IV Cayman, L.P. 
 CP IV Coinvestment Cayman, L.P. 
 CEP II
Participations Sarl SICAR 
 Hellman & Friedman Funds 
 Hellman & Friedman Capital Partners V (Cayman), L.P. 
 Hellman & Friedman Capital Partners
V (Cayman Parallel), L.P. 
 Hellman & Friedman Capital Associates V (Cayman), L.P. 
 KKR Funds 
 KKR VNU (Millenium) Limited 
 KKR MILLENNIUM FUND (OVERSEAS) L.P. 
 KKR VNU
Equity Investors, LP 
 Thomas H. Lee Funds 
 THL
Fund VI (Alternative) Corp. 
 THL Parallel Fund VI (Alternative) Corp. 
 THL DT Fund VI (Alternative) Corp. 
 THL
Coinvestment Partners, L.P. 
 Putnam Investment Holdings, LLC 
 Putnam Investments Employees’ Securities Company III LLC 
 THL Fund V (Alternative) Corp. 
 THL Parallel Fund V (Alternative) Corp. 
 THL
Cayman Fund V (Alternative) Corp. 
 Thomas H. Lee Investors, Limited Partnership 
 Putnam Investment Holdings, LLC 
 Putnam
Investments Employees’ Securities Company I LLC 
 Putnam Investments Employees’ Securities Company II LLC 
 THL (Alternative) Fund V, LP 
 THL Equity Fund
VI Investors (VNU), L.P. 
 THL Equity Fund VI Investors (VNU) II, L.P. 
 THL Equity Fund VI Investors (VNU) III, L.P. 
  

 - 32 -Advisory Agreement, dated as of July 31, 2006

 Exhibit 10.3 
 ADVISORY AGREEMENT 
 This Advisory Agreement (this “Agreement”), dated as of
July 31, 2006, and effective as of May 22, 2006 (the “Effective Date”), is made by and among ACN Holdings Inc., a Delaware corporation (the “Company”), and Valcon Acquisition B.V., a private limited
company (besloten vennootschap) incorporated under the laws of the Netherlands (“Valcon”). Certain defined terms are defined in Section 19. 
 WHEREAS, the Company has determined that, for valid business reasons and to enhance its success and profitability, it desires to retain Valcon with respect to the services described herein; and 
 WHEREAS, the Company expects that Valcon will provide a substantial amount of services to the Company and its subsidiaries throughout the Term and,
accordingly, the Company and Valcon have agreed that the consideration set forth herein for the services to provided by Valcon represents the fair value of such services. 
 NOW, THEREFORE, the parties to this Agreement agree as follows: 
 1. Term. This Agreement shall be in
effect for an initial term commencing on the Effective Date and ending on the eighth anniversary of the Effective Date (including any extensions thereof, the “Term”), which Term shall automatically be extended for one additional
year upon each anniversary of the Effective Date unless the Company and Valcon mutually agree not to extend the Term of this Agreement by an additional year or agree to terminate this Agreement. In addition, in connection with the consummation of a
Change in Control or a Qualified Public Offering, Valcon may elect to terminate this Agreement by providing written notice of termination to the Company. In the event of a termination of this Agreement, the Company shall pay in cash to Valcon
(a) all unpaid Advisory Fees (as defined in Section 3(a)), all unpaid fees agreed upon pursuant to Section 4 (collectively, “Subsequent Transaction Fees”) and all expenses due under this Agreement with
respect to periods prior to the termination date, plus (b) the net present value (using a discount rate equal to the yield as of such termination date on U.S. Treasury securities of like maturity based on the times such payments would have been
due) of the Advisory Fees that would have been payable to Valcon with respect to the period from the termination date through the end of the Term. Upon termination of this Agreement, including, without limitation, termination in connection with the
consummation of a Change in Control or a Qualified Public Offering, Valcon shall no longer be obligated to provide any services hereunder. The provisions of Sections 1, 3(b), 4, 6, 7, 9, and 15
through 19 shall survive any termination of this Agreement. 
 2. Services. Valcon shall make available one or more of the
Sub-Contractors (or any other sub-contractors retained by Valcon or the Sub-Contractors) to perform the services for the Company and/or its subsidiaries as mutually agreed by Valcon and the Company, which services may include, without limitation,
the following: 
 (a) general advisory services and support for executive and management functions; 

 (b) identification, support, negotiation and analysis of acquisitions and dispositions by the Company
and/or its subsidiaries; 
 (c) support, negotiation and analysis of financing alternatives, including, without limitation, in connection
with acquisitions, capital expenditures and refinancing of existing indebtedness; 
 (d) finance functions, including assistance in the
preparation of financial projections and monitoring of compliance with financing agreements; 
 (e) human resources functions, including
searching and hiring of executives; and 
 (f) other services for the Company and its subsidiaries upon which the Company and Valcon agree.

 3. Advisory Fees and Expenses. 
 (a) During the Term of this Agreement, the Company shall pay Valcon an advisory fee (each, an “Advisory Fee”) for each fiscal quarter of the Company equal to the Quarterly Fee Amount for such fiscal quarter. The Advisory
Fee will be payable in advance to Valcon or its designees by wire transfer of immediately available funds on the first business day of the first month of each fiscal quarter. A pro-rated amount of the Advisory Fee for the period commencing on the
Effective Date and ending on the last day of the Company’s fiscal quarter ending on June 30, 2006 will be payable by wire transfer of immediately available funds on or before August 15, 2006. 
 (b) The Company will reimburse Valcon or its designees for such reasonable travel expenses and other reasonable out-of-pocket fees and expenses
(including the reasonable fees and expenses of attorneys, accountants or other advisors retained by Valcon, the Sub-Contractors or any other sub-contractors) as may be incurred by Valcon, the Sub-Contractors and such other sub-contractors and their
respective partners, members, shareholders, employees or agents in connection with the rendering of advisory, management or other such services pursuant to this Agreement or the rendering of such other services as may be agreed upon by the Company
and Valcon. Such expenses will be reimbursed by wire transfer of immediately available funds promptly upon the request of Valcon (but in any case no later than five business days following such request) and will be in addition to any other fees or
amounts payable to Valcon pursuant to this Agreement. Unless requested by the Company, in no event shall Valcon submit its expenses to the Company more often than monthly. 
 4. Transaction Fees and Expenses. In the event that the Company shall determine that it is advisable for the Company or any of its subsidiaries to
hire a financial advisor, consultant, investment bank or any similar agent in connection with any transaction that could result in a Change in Control, acquisition, disposition or divestiture, spin-off, split-off, recapitalization, issuance of
securities (including, without limitation, any Qualified Public Offering), financing (whether debt or equity financing) or any similar transaction by or involving the Company or its subsidiaries, the Company shall notify Valcon of such determination
in writing. Promptly thereafter, upon the request of Valcon, the Company and Valcon shall 

  

 - 2 - 

 
negotiate in good faith to agree upon appropriate services, additional compensation and indemnification from the Company and/or one or more of its
subsidiaries, as applicable, to hire Valcon, its Affiliates or the Sub-Contractors for such services on terms and conditions customary for transactions of similar size and scope. 
 5. Personnel. Valcon will provide or cause to be provided and devote to the performance of this Agreement such partners, employees and agents of
Valcon or the Sub-Contractors, as the case may be, as it shall deem appropriate to the furnishing of the services mutually agreed upon by the Company and Valcon; it being understood that no minimum number of hours is required to be devoted by
Valcon or any of the Sub-Contractors on a weekly, monthly, annual, or other basis. The fees and other compensation specified in this Agreement will be payable by the Company regardless of the extent of services requested by the Company pursuant to
this Agreement, and regardless of whether or not the Company requests Valcon to provide any such services. Notwithstanding the foregoing, the Company expects that Valcon will provide a substantial amount of services to the Company and its
subsidiaries throughout the Term. The Company acknowledges that the services of the Sub-Contractors retained by Valcon will not be exclusive, and that one or more of the Sub-Contractors will render similar services to other Persons (including,
without limitation, with the same partners, employees, and agents thereof as may render services to the Company). 
 6. Liability.
None of Valcon nor any of the Sub-Contractors nor any of their respective Affiliates, nor any of their respective partners, shareholders, directors, officers, members, employees or agents (collectively, the “Advisor Group”) shall be
liable to the Company, its subsidiaries or any of their Affiliates, employees or shareholders for any loss, liability, damage, cost, settlement, judgment or expense (including attorneys’ fees and expenses) (collectively, a
“Loss”) arising out of or in connection with the performance of services contemplated by this Agreement or otherwise provided by Valcon or any of the Sub-Contractors to, or otherwise in connection with the operations of, the Company
or any of its subsidiaries or Affiliates, other than as a result of the gross negligence or willful misconduct of Valcon or any member of the Advisor Group. No member of the Advisor Group makes any representations or warranties, express or implied,
in respect of the services provided by any member of the Advisor Group. Except as Valcon or any other Sub-Contractor may otherwise agree in writing with respect to itself or its Affiliates: (i) each member of the Advisor Group shall have the
right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly: (A) engage in the same or similar business activities or lines of business as the Company, its subsidiaries or any of their Affiliates and (B) do
business with any client or customer of the Company, its subsidiaries or any of their Affiliates; (ii) no member of the Advisor Group shall be liable to the Company, its subsidiaries or any of their Affiliates, employees or shareholders for
breach of any duty (contractual or otherwise) by reason of any such activities or of such Person’s participation therein; and (iii) in the event that any member of the Advisor Group acquires knowledge of a potential transaction or matter
that may be a corporate opportunity for the Company, its subsidiaries or any of their Affiliates or shareholders, on the one hand, and any member of the Advisor Group, on the other hand, or any other Person, no member of the Advisor Group shall have
any duty (contractual or otherwise) to communicate or present such corporate opportunity to the Company, its subsidiaries or any of their Affiliates or shareholders and, notwithstanding any provision of this Agreement to the contrary, no member of
the Advisor Group shall be liable to the Company, its subsidiaries or any of their Affiliates or shareholders for breach of any duty 

  

 - 3 - 

 
(contractual or otherwise) by reason of the fact that any member of the Advisor Group directly or indirectly pursues or acquires such opportunity for itself,
directs such opportunity to another Person, or does not present such opportunity to the Company, its subsidiaries or any of their Affiliates or shareholders. In no event will any of the parties hereto be liable to any other party hereto for
(i) any indirect, special, incidental or consequential damages, including lost profits or savings, whether or not such damages are foreseeable, arising out of this Agreement or the performance of services hereunder, or (ii) in respect of
any liabilities relating to any third party claims (whether based in contract, tort or otherwise) arising out of this Agreement or the performance of services hereunder, except as set forth in Section 7 below. 
 7. Indemnity. The Company and its subsidiaries shall defend, indemnify and hold harmless each member of the Advisor Group from and against any and
all Losses arising from any claim (collectively, “Claims”) by any Person with respect to, or in any way related to, this Agreement, arising out of or in connection with the performance of services contemplated by this Agreement or
otherwise provided by any member of the Advisor Group to, or otherwise in connection with the operation of, the Company or any of its subsidiaries or Affiliates; provided that the foregoing indemnity shall not be available to any member of the
Advisor Group if such member’s Loss is a result of the gross negligence or willful misconduct of any member of the Advisor Group. The Company and its subsidiaries shall defend at their own cost and expense any and all suits or actions (just or
unjust) which may be brought against the Company, its subsidiaries or any of their Affiliates, or any member of the Advisor Group or in which any member of the Advisor Group may be impleaded with others upon any Claims, or upon any matter, directly
or indirectly related to or arising out of this Agreement or the performance hereof by any member of the Advisor Group; provided that the Company and its subsidiaries shall not settle any such Claim without the consent of the members of the Advisor
Group party thereto. If the indemnification provided for above is unavailable in respect of any Losses, then the Company and its subsidiaries, in lieu of indemnifying any member of the Advisor Group, shall contribute to the amount paid or payable by
such member of the Advisor Group. 
 8. Independent Contractor. Each of Valcon and the Company agree that Valcon and each of the
Sub-Contractors shall perform services hereunder as an independent contractor, retaining control over and responsibility for its own operations and personnel. Neither Valcon, nor any Sub-Contractor, nor any of their respective partners, members,
shareholders, directors, officers, employees or agents shall be considered employees or agents of the Company or any of their subsidiaries as a result of this Agreement nor shall any of them have authority under this Agreement to contract in the
name of or bind the Company or any of their subsidiaries, except as expressly agreed to in writing by the Company or any of their subsidiaries, respectively. 
 9. Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given, delivered and effective on the earliest of
(i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section 9 prior to 5:00 p.m. (New York time) on a business day, (ii) the business day after
the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Agreement later than 5:00 p.m. (New York time) on any business day and earlier than 11:59 p.m. (New York time)
on the day preceding the next business day, (iii) one (1) business day after when sent, if sent by nationally recognized overnight courier service (charges 

  

 - 4 - 

 
prepaid), or (iv) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be
as follows: 
 To the Company: 
 ACN Holdings Inc. 
 770 Broadway 
 New York, NY 10003 
 Attention: Chief Legal Officer 
 To Valcon: 
 Valcon Acquisition B.V.

 Jachthavenweg 118 
 1081 KJ
Amsterdam 
 The Netherlands 
 Tel.: +31 20 540 75 75 
 Fax.: +31 20 540 75 00 
 Attention: Management Board c/o Evert Vink 
 10. Successors. This Agreement and all the obligations
and benefits hereunder shall inure to the successors and assigns of the parties. 
 11. Assignment. No party may assign any
obligations hereunder to any other party without the prior written consent of each of the other parties; provided that Valcon may, without consent of the Company, assign its rights and obligations under this Agreement to any of its Affiliates or to
any or all of the Sub-Contractors (each such assignee, a “Permitted Assignee”). The Company shall be promptly notified in writing of any such assignment. 
 12. Counterparts. This Agreement may be executed and delivered by each party hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original and all of which taken
together shall constitute but one and the same agreement. 
 13. Entire Agreement. The terms and conditions hereof constitute the
entire agreement between the parties hereto with respect to the subject matter of this Agreement and supersede all previous communications, either oral or written, representations or warranties of any kind whatsoever, except as expressly set forth
herein. 
 14. Amendments and Waivers. No amendment, modification, extension, termination or waiver of any term, provision or
condition of this Agreement (each, an “Amendment”) shall be effective unless in writing and executed by the Company and Valcon. 
 Each such Amendment shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder, as to itself, by an instrument in writing signed by such party. No waiver on any one occasion shall extend to or
effect or be construed as a waiver of any right or remedy on any other occasion. No course of dealing of any Person nor any delay or omission in exercising any right or remedy shall constitute an amendment of this Agreement or a waiver of any right
or remedy of any party hereto. 
  

 - 5 - 

 15. Governing Law. All issues concerning this Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the law of any
jurisdiction other than the State of New York. 
 16. Consent to Jurisdiction. Each party to this Agreement, by its execution hereof,
(a) hereby irrevocably submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York and the state courts sitting in the State of New York, County of New York for the purpose of any action,
claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by
applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by
such court and (c) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the
subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract,
tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or
becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding
the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such
proceeding in any manner permitted by New York law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 9 hereof is reasonably calculated to give
actual notice. 
 17. WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO
HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY,
PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING. EACH PARTY HERETO ACKNOWLEDGES 

  

 - 6 - 

 
THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 17 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY
IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 17 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 18. Joint and Several Liability. Each obligation described herein of the Company and/or its subsidiaries, as the case may be, shall be a joint and
several obligation of the Company and its subsidiaries. If requested by Valcon, then the Company shall cause any of its subsidiaries to sign a counterpart signature page to this Agreement to evidence such joint and several liability. Upon an
underwritten registered public offering of capital stock of any subsidiary of the Company, Valcon may cause such subsidiary (and its subsidiaries) to be released from joint and several liability for obligations hereunder arising after the closing of
such offering, but this Agreement shall continue in full force and be binding on the Company and all of its other subsidiaries. 
 19.
Confidentiality. Valcon agrees, and will require each of the Sub-Contractors and each Permitted Assignee to agree, to hold in confidence and not use or disclose to any third party (other than their respective advisors) any confidential
information provided to or learned by Valcon, the Sub-Contractors or any Permitted Assignee in connection with the rendering of services pursuant to this Agreement except as may otherwise be required by law or legal, judicial or regulatory process,
provided that Valcon takes, and causes each of the Sub-Contractors and each Permitted Assignee to take, reasonable steps to minimize the extent of any such required disclosure. 
 20. Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 
 “Affiliate” shall mean, with respect to any Person, (i) any other Person which directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by”
and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership
of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its controlled Affiliates shall be deemed an Affiliate of any of Valcon’s direct or indirect shareholders (and vice versa)
and none of Valcon’s direct or indirect shareholders shall be deemed Affiliates of each other solely as a result of their relationship with respect to the Company. 
 “Change in Control” shall mean any transaction (including, without limitation, any merger, consolidation or sale of assets or equity interests) the result of which is that any Person or
“group” (as defined within the meaning of Rules 13d-3 and 13d-5 under the U.S. Securities Exchange Act of 1934 as in effect on the Effective Date), other than any of the Investors (as defined in the Shareholders Agreement) or their
Affiliated Funds (as defined in the Shareholders Agreement), obtains (i) direct or indirect ownership of more than 50% of the voting rights of the 

  

 - 7 - 

 
Company, (ii) the right to appoint the majority of the members of the board of directors (or similar governing body) or to manage on a discretionary
basis the assets of the Company, or (iii) all or substantially all of the assets of the Company. 
 “Person” shall mean
any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof.

 “Qualified Public Offering” shall mean a public offering of equity securities of the Company, any Person that directly or
indirectly owns all of the outstanding equity securities of the Company, or any of their respective subsidiaries, after the date hereof, with an aggregate value (together with any prior public offerings of equity securities after the date hereof of
the Company, any Person that directly or indirectly owns all of the outstanding equity securities of the Company, or any of their respective subsidiaries that are not Qualified Public Offerings) in excess of $200,000,000 (including any compensation
paid in connection with such public offering and the value of any equity securities held by shareholders participating in such offering) pursuant to an effective registration statement filed with a governmental body regulating the issuance and
exchange of equity securities in the United States or The Netherlands. 
 “Quarterly Fee Amount” shall mean (a) $0.875
million per fiscal quarter for the Company’s fiscal year 2006; and (b) for each fiscal year thereafter during the Term, an amount per fiscal quarter equal to 105% of the applicable Quarterly Fee Amount for the immediately preceding fiscal
year. 
 “Shareholders Agreement” shall mean (i) from the date hereof until the execution of the Definitive
Shareholders Agreement in accordance with clause (ii) below, that certain Interim Investors Agreement, dated as of March 15, 2006, by and among Alplnvest Partners 2006 B.V., Alplnvest Partners Later Stage Co-Investments Custodian IIA B.V.,
Blackstone Fl Communications Partnership (Cayman) L.P., Blackstone Family Communications Partnership (Cayman) L.P., Blackstone Capital Partners (Cayman) V L.P., Blackstone Capital Partners (Cayman) V-A L.P., Blackstone Family Investment Partnership
(Cayman) V-A L.P., Blackstone Participation Partnership (Cayman) V L.P., Carlyle Partners IV Cayman, L.P., CP IV Coinvestment Cayman, L.P., CEP II Participations S.à r.l., SICAR, Hellman & Friedman Capital Partners V (Cayman), L.P.,
Hellman & Friedman Capital Partners V (Cayman Parallel), L.P., Hellman & Friedman Capital Associates V (Cayman), L.P., KKR Millennium Fund (Overseas), Limited Partnership, Thomas H. Lee (Alternative) Fund V, L.P., and THL Partners
Equity VI, L.P. (collectively, the “Initial IIA Parties”), as amended pursuant to that certain First Amendment to Interim Investors Agreement, dated as of May 22, 2006, by and among the Initial IIA Parties, THL Fund VI
(Alternative) Corp., THL Parallel Fund VI (Alternative) Corp., THL DT Fund VI (Alternative) Corp., THL Coinvestment Partners, L.P., Putnam Investment Holdings, LLC, Putnam Investments Employees’ Securities Company III LLC, Thomas H. Lee
(Alternative) Fund VI, L.P., Thomas H. Lee (Alternative) Parallel Fund VI, L.P., Thomas H. Lee (Alternative) Parallel (DT) Fund VI, L.P., THL Fund V (Alternative) Corp., THL Parallel Fund V (Alternative) Corp., THL Cayman Fund V (Alternative) Corp.,
Thomas H. Lee Investors, Limited Partnership, Putnam Investment Holdings, LLC, Putnam Investments Employees’ Securities Company I LLC, Putnam Investments Employees’ Securities Company II LLC, 

  

 - 8 - 

 
Thomas H. Lee (Alternative) Parallel Fund V, L.P. and Thomas H. Lee (Alternative) Cayman Fund V, L.P., and as amended pursuant to that certain Second
Amendment to Interim Investors Agreement, dated as of June 2, 2006, by and among AlpInvest Partners CS Investments 2006 C.V., AlpInvest Partners Later Stage Co-Investments Custodian IIA B.V., Blackstone FI Communications Partnership (Cayman)
L.P., Blackstone Family Communications Partnership (Cayman) L.P., Blackstone Capital Partners (Cayman) V L.P., Blackstone Family Investment Partnership (Cayman) V L.P., Blackstone Capital Partners (Cayman) V-A L.P., Blackstone Family Investment
Partnership (Cayman) V-A L.P., Blackstone Participation Partnership (Cayman) V L.P., Carlyle Partners IV (Cayman), L.P., CP lV Coinvestment Cayman, L.P., CEP II Participations S.à r.l., SICAR, Hellman & Friedman Capital Partners V
(Cayman), L.P., Hellman & Friedman Capital Partners V (Cayman Parallel), L.P., Hellman & Friedman Capital Associates V (Cayman), L.P., KKR Millennium Fund (Overseas), Limited Partnership, KKR VNU Millennium Limited, KKR Partners
(International), Limited Partnership, KKR PEI SICAR S.à r.l., Thomas H. Lee (Alternative) Fund V, L.P., THL Partners Equity VI, L.P., THL Fund VI (Alternative) Corp., THL Parallel Fund VI (Alternative) Corp., THL DT Fund VI (Alternative)
Corp., THL Coinvestment Partners, L.P., THL Fund V (Alternative) Corp., THL Parallel Fund V (Alternative) Corp., THL Cayman Fund V (Alternative) Corp., Thomas H. Lee Investors, Limited Partnership, Thomas H. Lee (Alternative) Parallel Fund V, L.P.,
Thomas H. Lee (Alternative) Cayman Fund V, L.P., Putnam Investment Holdings, LLC, Putnam Investments Employees’ Securities Company I LLC, Putnam Investments Employees’ Securities Company II LLC, and Putnam Investments Employees’
Securities Company III LLC, and as further amended from time to time in accordance with its terms (the “Interim Investors Agreement”), and (ii) immediately upon execution of the Shareholders Agreement contemplated by the
Interim Investors Agreement (the “Definitive Shareholders Agreement”), such Definitive Shareholders Agreement, as amended from time to time in accordance with its terms. 
 “Sub-Contractors” shall mean, collectively, Blackstone Management Partners V L.L.C., TC Group, L.L.C., Hellman & Friedman LLC,
Kohlberg Kravis Roberts & Co., L.P., AlpInvest Partners CS Investments 2006 C.V. and AlpInvest Partners Later Stage Co-Investments Custodian IIA B.V., in its capacity of custodian of AlpInvest Partners Later Stage Co-Investments IIA C.V.,
and THL Managers V, LLC and THL Managers VI, LLC. 
 *    *    *    *    * 
  

 - 9 - 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	COMPANY:
	
	ACN HOLDINGS INC.
		
	By:	 	 /s/ James Ross

	Name:	 	James Ross
	Its:	 	Vice President

 Signature Page to Advisory Agreement 

			
	VALCON:
	
	VALCON ACQUISITION B.V.
		
	By:	 	 /s/ Authorized Signatory

	Name:	 	
	Its:	 	Managing Director

 Signature Page to Advisory Agreement

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