Document:

Loan Agreement, dated as of November 9, 2007

 EXHIBIT 4.2 
 EXECUTION COPY 
  

 

 
 LOAN AGREEMENT 
 dated as of 
 November 9, 2007 
 among 
 FISERV, INC. 
 The Lenders Party Hereto 
 and 
 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 
 SUNTRUST BANK, 
 as Syndication Agent

 and 
 CREDIT SUISSE SECURITIES
(USA) LLC, WACHOVIA BANK, N.A. 
 SUMITOMO MITSUI BANKING CORPORATION, 
 THE BANK OF TOKYO- MITSUBISHI UFJ, LTD. and BANK OF AMERICA, N.A., 
 as Documentation
Agents 
  

 J.P. MORGAN
SECURITIES INC., SUNTRUST ROBINSON HUMPHREY, INC. and 
 CREDIT SUISSE SECURITIES (USA) LLC, 
 as Joint Bookrunners and Joint Lead Arrangers 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I Definitions	  	
			
	SECTION 1.01.	  	Defined Terms	  	1
	SECTION 1.02.	  	Classification of Loans and Borrowings	  	16
	SECTION 1.03.	  	Terms Generally	  	16
	SECTION 1.04.	  	Accounting Terms; GAAP	  	17
		
	ARTICLE II The Credits	  	17
			
	SECTION 2.01.	  	Commitments	  	17
	SECTION 2.02.	  	Loans and Borrowings	  	17
	SECTION 2.03.	  	Request for Initial Borrowing	  	18
	SECTION 2.04.	  	[Intentionally Omitted]	  	18
	SECTION 2.05.	  	[Intentionally Omitted]	  	19
	SECTION 2.06.	  	[Intentionally Omitted]	  	19
	SECTION 2.07.	  	Funding of Borrowings	  	19
	SECTION 2.08.	  	Interest Elections	  	19
	SECTION 2.09.	  	Termination of Commitments	  	20
	SECTION 2.10.	  	Repayment and Amortization of Loans; Evidence of Debt	  	21
	SECTION 2.11.	  	Prepayment of Loans	  	22
	SECTION 2.12.	  	Fees	  	22
	SECTION 2.13.	  	Interest	  	23
	SECTION 2.14.	  	Alternate Rate of Interest	  	23
	SECTION 2.15.	  	Increased Costs	  	24
	SECTION 2.16.	  	Break Funding Payments	  	25
	SECTION 2.17.	  	Taxes	  	25
	SECTION 2.18.	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	27
	SECTION 2.19.	  	Mitigation Obligations; Replacement of Lenders	  	28
		
	ARTICLE III Representations and Warranties	  	29
			
	SECTION 3.01.	  	Existence and Power	  	29
	SECTION 3.02.	  	Authority	  	29
	SECTION 3.03.	  	Binding Agreements	  	29
	SECTION 3.04.	  	Litigation	  	29
	SECTION 3.05.	  	No Conflicting Agreements	  	30
	SECTION 3.06.	  	Taxes	  	30
	SECTION 3.07.	  	Governmental Regulations	  	30
	SECTION 3.08.	  	Federal Reserve Regulations; Use of Loan Proceeds	  	30
	SECTION 3.09.	  	Disclosure	  	31
	SECTION 3.10.	  	Plans	  	31
	SECTION 3.11.	  	Environmental Matters	  	31
	SECTION 3.12.	  	Financial Statements	  	32

 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page
	SECTION 3.13.	  	Material Subsidiaries; Capital Stock	  	32
	SECTION 3.14.	  	Holding Company Status	  	32
		
	ARTICLE IV Conditions	  	33
			
	SECTION 4.01.	  	Effective Date	  	33
	SECTION 4.02.	  	Funding Date	  	34
		
	ARTICLE V Affirmative Covenants	  	35
			
	SECTION 5.01.	  	Legal Existence	  	35
	SECTION 5.02.	  	Taxes	  	35
	SECTION 5.03.	  	Insurance	  	35
	SECTION 5.04.	  	Performance of Obligations	  	35
	SECTION 5.05.	  	Condition of Property	  	36
	SECTION 5.06.	  	Observance of Legal Requirements	  	36
	SECTION 5.07.	  	Financial Statements and Other Information	  	36
	SECTION 5.08.	  	Records	  	38
	SECTION 5.09.	  	Authorizations	  	38
	SECTION 5.10.	  	Disaster Recovery Program	  	38
	SECTION 5.11.	  	Subsidiary Guaranty	  	38
		
	ARTICLE VI Negative Covenants	  	39
			
	SECTION 6.01.	  	Subsidiary Indebtedness	  	40
	SECTION 6.02.	  	Liens	  	40
	SECTION 6.03.	  	Asset Sales	  	42
	SECTION 6.04.	  	Mergers and Acquisitions	  	42
	SECTION 6.05.	  	Pari Passu Obligations	  	43
	SECTION 6.06.	  	Transactions with Affiliates	  	43
	SECTION 6.07.	  	Restricted Payments	  	43
	SECTION 6.08.	  	Financial Covenants	  	44
		
	ARTICLE VII Events of Default	  	44
		
	ARTICLE VIII The Administrative Agent	  	46
		
	ARTICLE IX Miscellaneous	  	48
			
	SECTION 9.01.	  	Notices	  	48
	SECTION 9.02.	  	Waivers; Amendments	  	49
	SECTION 9.03.	  	Expenses; Indemnity; Damage Waiver	  	50
	SECTION 9.04.	  	Successors and Assigns	  	51

  

 ii 

 Table of Contents 
 (continued) 
  

							
	 	  	 	  	Page
	 SECTION 9.05.
	  	Survival	  	54
	 SECTION 9.06.
	  	Counterparts; Integration; Effectiveness	  	54
	 SECTION 9.07.
	  	Severability	  	54
	 SECTION 9.08.
	  	Right of Setoff	  	55
	 SECTION 9.09.
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	55
	 SECTION 9.10.
	  	WAIVER OF JURY TRIAL	  	55
	 SECTION 9.11.
	  	Headings	  	56
	 SECTION 9.12.
	  	Confidentiality	  	56
	 SECTION 9.13.
	  	USA PATRIOT Act	  	56

  

 iii 

 Table of Contents 
 (continued) 
  

					
	SCHEDULES:	  		    	
			
	Schedule 2.01	  	 —
	    	Commitments
	Schedule 3.04	  	 —
	    	List of Litigation
	Schedule 3.11	  	 —
	    	List of Environmental Matters
	Schedule 3.13	  	 —
	    	List of Material Subsidiaries; Capital Stock
	Schedule 6.01	  	 —
	    	List of Existing Indebtedness
			
	EXHIBITS:	  		    	
			
	Exhibit A	  	 —
	    	Form of Assignment and Assumption
	Exhibit B-1	  	 —
	    	Form of Opinion of Foley & Lardner LLP
	Exhibit B-2	  	 —
	    	Form of Opinion of General Counsel of the Loan Parties
	Exhibit C	  	 —
	    	Form of Written Money Transfer Instruction
	Exhibit D	  	 —
	    	List of Closing Documents
	Exhibit E	  	 —
	    	Form of Subsidiary Guaranty
	Exhibit F	  	 —
	    	Form of Compliance Certificate

  

 iv 

 LOAN AGREEMENT (this “Agreement”) dated as of November 9, 2007 among FISERV, INC.,
the LENDERS from time to time party hereto, SUNTRUST BANK, as Syndication Agent and CREDIT SUISSE SECURITIES (USA) LLC, WACHOVIA BANK, N.A., SUMITOMO MITSUI BANKING CORPORATION, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. and BANK OF AMERICA, N.A., as
Documentation Agents and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent. 
 The parties hereto agree as follows:

 ARTICLE I 
 Definitions 

 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquisition” means, with respect to any Person,
the purchase or other acquisition by such Person, by any means whatsoever (including by devise, bequest, gift, through a dividend or otherwise), of (a) Stock of, or other equity securities of, any other Person if, immediately thereafter, such
other Person would be either a consolidated subsidiary of such Person or otherwise under the Control of such Person, (b) any business, going concern or division or segment thereof, or (c) the Property of any other Person other than in the
ordinary course of business, provided, however, that no acquisition of substantially all of the assets of such other Person shall be deemed to be in the ordinary course of business. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum equal to
(a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
 “Administrative Agent”
means JPMorgan Chase Bank, National Association, in its capacity as administrative agent for the Lenders hereunder. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person (other than a consolidated subsidiary of such Person) that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is
under common Control with the Person specified. 
 “Aggregate Commitment” means the aggregate of the Commitments of all of
the Lenders, in the amount of $2,500,000,000, as the same may be terminated pursuant to Section 2.09. 

 “Alternate Base Rate” means, for
any day, a rate per annum equal to the higher of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus  1/2
 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change
in the Prime Rate or the Federal Funds Effective Rate, respectively. 
 “Applicable Percentage” means, with respect
to any Lender, the percentage of the Aggregate Commitment represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the percentage obtained by dividing such
Lender’s outstanding Loans by the aggregate outstanding principal amount of all of the Loans at such time. 
 “Applicable
Rate” means, for any day, with respect to any Eurodollar Loan, the applicable rate per annum set forth below under the caption “Eurodollar Spread” based upon the ratings by two (2) nationally recognized rating agencies as
selected by the Borrower and agreed to by the Administrative Agent and thereafter disclosed to the Lenders, respectively, applicable on such date to the Index Debt: 
  

			
	 Index Debt Ratings:
	 	 Eurodollar
 Spread

	 Category 1: A3 or A- or higher
	 	0.45%
	 Category 2: Baa1 or BBB+
	 	0.50%
	 Category 3: Baa2 or BBB
	 	0.625%
	 Category 4: Baa3 or BBB-
	 	0.75%
	 Category 5: Ba1 or BB+ or lower
	 	1.00%

 For purposes of, and notwithstanding, the foregoing, 
 (i) if either such rating agencies shall not have in effect a rating for the Index Debt (other than by reason of the circumstances
referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 5; 
 (ii) if the ratings established or deemed to have been established by such rating agencies for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings
unless one of the two ratings is two or more Categories lower than the other, in which case the Applicable Rate shall be determined by reference to the Category next below that of the higher of the two ratings; 
 (iii) if the ratings established or deemed to have been established by such rating agencies for the Index Debt shall be changed (other
than as a result of a change in the rating system of either rating agency), such change shall be 

  

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effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished
by the Borrower to the Administrative Agent and the Lenders pursuant to Section 5.07 or otherwise; and 
 (iv) each
change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of either rating agency shall
change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the
unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
 “Approved Fund” has the meaning assigned to such term in Section 9.04. 
 “Arranger” means each of J.P. Morgan Securities Inc., SunTrust Robinson Humphrey, Inc. and Credit Suisse Securities (USA) LLC in its
capacity as joint bookrunner and joint lead arranger for the loan facility evidenced by this Agreement. 
 “Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit
A or any other form approved by the Administrative Agent. 
 “Bank Holding Company Act” means the Bank Holding Company
Act of 1956, as amended from time to time. 
 “Board” means the Board of Governors of the Federal Reserve System of the
United States of America. 
 “Borrower” means Fiserv, Inc., a Wisconsin corporation. 
 “Borrowing” means Term Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to
which a single Interest Period is in effect. 
 “Borrowing Request” means a request by the Borrower for a Borrowing in
accordance with Section 2.03. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for
dealings in Dollar deposits in the London interbank market. 
  

 3 

 “Change in Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Stock representing more than 35% of the aggregate ordinary voting
power represented by the issued and outstanding Stock of the Borrower; or (b) during any period of up to three consecutive calendar years commencing on or after the Effective Date, individuals (i) who were directors of the Borrower on the
first day of such period or (ii) whose election or nomination for election to the board of directors of the Borrower was recommended or approved by at least a majority of directors who were directors of the Borrower on the first day of such
period, or whose election or nomination for election was so approved, shall cease to constitute a majority of the board of directors of the Borrower. 
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application
thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any
request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 
 “CheckFree Acquisition” means the acquisition by the Borrower, directly or indirectly, of all issued and outstanding stock of the Target. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Commitment” means, with respect to each Lender, the commitment of such Lender to make Term Loans on the Funding Date, expressed as an
amount representing the maximum aggregate amount of such Lender’s Term Loans hereunder. The amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall
have assumed its Commitment, as applicable. The aggregate amount of the Lenders’ Commitments is $2,500,000,000. 
 “Compliance
Certificate” means a certificate substantially in the form of Exhibit F. 
 “Consolidated” means the
Borrower and the Subsidiaries on a consolidated basis in accordance with GAAP. 
 “Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. 
 “Default” means any event or condition which constitutes an Event of Default or which upon notice,
lapse of time or both would, unless cured or waived, become an Event of Default. 
  

 4 

 “Documentation Agent” means each of Credit Suisse Securities (USA) LLC, Wachovia Bank,
N.A., Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Bank of America, N.A. in its capacity as documentation agent for the credit facility evidenced by this Agreement. 
 “Dollars” or “$” refers to lawful money of the United States of America. 
 “Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction located in the United States of America, or any
state thereof or the District of Columbia. 
 “EBITDA” means, with respect to any Person for any period, the consolidated
net earnings of such Person in respect of such period, plus the sum of each of the following with respect to such Person on a consolidated basis for such period to the extent deducted in the determination of such net earnings:
(i) interest expense, (ii) provision for taxes, (iii) depreciation, (iv) amortization, (v) extraordinary losses incurred other than in the ordinary course of business, (vi) stock-based non-cash compensation expense,
minus (vii) extraordinary gains realized other than in the ordinary course of business and (viii) any cash payments made during such period in respect of the item described in clause (vi) above subsequent to the fiscal quarter
in which the relevant stock-based non-cash compensation expense was incurred. 
 “Effective Date” means the date on which
the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02). 
 “Employee Benefit
Plan” means an employee benefit plan within the meaning of Section 3(3) of ERISA maintained, sponsored or contributed to by the Borrower, any Subsidiary or any ERISA Affiliate. 
 “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources or the management, release or threatened release of any Hazardous Material.

 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Environmental
Permit” means any permit, license, approval, consent or other authorization by a federal, state, local or foreign government or regulatory entity pursuant to any Environmental Law. 
  

 5 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time
to time. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is
treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued
thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or
Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the
incurrence by the Borrower or any of its ERISA Affiliates of any material liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan
administrator of any notice relating to an intention by the PBGC to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any material liability with
respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer
Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of Withdrawal Liability in a material amount or a determination that a Multiemployer Plan is, or is expected to
be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Eurodollar”, when used in reference to any
Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the meaning assigned to such term in Article VII; provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition has been
satisfied. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any
payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such
recipient is organized or in which it is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other
jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)), any withholding tax that is imposed on amounts payable to such
Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.17(e), except to the extent that such
Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.17(a).

  

 6 

 “Federal Funds Effective Rate”
means, for any day, the weighted average (rounded upwards, if necessary, to the next  1/100 of 1%) of the rates
on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for
any day that is a Business Day, the average (rounded upwards, if necessary, to the next  1/100 of 1%) of the
quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Financial Officer” means the Chief Financial Officer, the Controller, any Assistant Controller, the Treasurer or any Assistant Treasurer, in each case of the Borrower. 
 “Financial Statements” is defined in Section 3.12. 
 “FIN 46 Entity” means any Person the financial condition and results of which, solely due to Financial Accounting Standards Board Interpretation No. 46, Consolidation of Variable Interest
Entities (Revised December 2003) the Borrower is required to consolidate in its financial statements. 
 “Foreign Lender”
means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction. 
 “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

 “Funding Date” means the date on which the Loans are made hereunder in accordance with Section 4.02. 
 “GAAP” means generally accepted accounting principles as from time to time in effect in the United States of America. 
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government. 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or
otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of the guarantor, direct or indirect, without duplication (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the
purchase of) any security for the payment thereof, (b) to purchase or lease 

  

 7 

 
property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business and provided
further that the amount of each “Guarantee” shall be the lesser of (a) the amount of the primary obligation with respect thereto or, if not stated, the reasonably expected liability in respect of such primary obligation, and
(b) the stated maximum amount of such “Guarantee”. 
 “Guaranty Ratings Threshold” means that at any time,
the Borrower’s Index Debt is rated (i) at or above A- by S&P and (ii) at or above A3 by Moody’s. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing
materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Holding Company” means a bank holding company or a financial holding company, in either case within the meaning of the Bank Holding
Company Act. 
 “Indebtedness” means, with respect to any Person, at a particular time, all items of such Person which
constitute, without duplication, (a) indebtedness for borrowed money or the deferred purchase price of Property (other than accounts payable, deferred compensation, customer advances, earn-outs, agreements providing for the holdback of up to
10% of the purchase price relating to an acquisition and accrued expenses incurred in the ordinary course of business), (b) indebtedness evidenced by notes, bonds, debentures or similar instruments, (c) obligations with respect to any
conditional sale or other title retention agreement (excluding operating leases), (d) indebtedness arising under acceptance facilities and the amount available to be drawn under all letters of credit issued for the account of such Person and,
without duplication, all drafts drawn thereunder to the extent such Person shall not have reimbursed the issuer in respect of the issuer’s payment of such drafts, (e) all liabilities secured by any Lien (other than carriers’,
warehousemen’s, mechanics’, repairmen’s or other like non-consensual Liens arising in the ordinary course of business) on any Property owned by such Person even though such Person shall not have assumed or otherwise become liable for
the payment thereof, provided that in the event such Person shall not have assumed or otherwise become liable for the payment thereof, the amount of such liabilities shall be deemed to be the lesser of (i) the fair market value of the
assets of such Person subject to such Lien and (ii) the amount of the liability secured by such Lien, (f) that portion of any obligation of such Person, as lessee, which in accordance with GAAP is required to be capitalized on the balance
sheet of such Person, (g) Securitized Indebtedness, and (h) all Guarantees by such Person of any of the foregoing; provided, however, that, notwithstanding anything to the contrary contained herein, for purposes of this definition,
“Indebtedness” shall not include any Trust Company Indebtedness or any intercompany indebtedness. 
  

 8 

 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
 “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other
Person or subject to any other credit enhancement. 
 “Information Memorandum” means the Confidential Information Memorandum
dated October 2007 relating to the Borrower and the Transactions. 
 “Interest Coverage Ratio” means as of any date, the
ratio of (a) the Consolidated EBITDA of the Borrower for the four consecutive fiscal quarter period ended on such date to (b) Consolidated interest expense of the Borrower for the four consecutive fiscal quarter period ended on such date,
in each case based on the most recent financial statements required by Section 5.07(a) or 5.07(c), as the case may be. For purposes of this defined term, “EBITDA” shall be adjusted to give effect to each acquisition (including any
Indebtedness assumed in connection therewith and related interest expense) and disposition (including any Indebtedness repaid in connection therewith and related interest expense) that occurred during such period as if such acquisition or
disposition had occurred at the inception of such period. 
 “Interest Election Request” means a request by the Borrower to
convert or continue a Borrowing in accordance with Section 2.08. 
 “Interest Payment Date” means (a) with respect
to any ABR Loan, the last day of each March, June, September and December and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part. 
 “Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and, with respect
to the initial Interest Period hereunder, ending on the last day of the calendar month of the day of the initial Borrowing, and, with respect to each other Interest Period hereunder, ending on the numerically corresponding day in the calendar month
that is three months thereafter (or such other period of time as is acceptable to each of the Lenders), as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of
such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender hereunder pursuant to an
Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
  

 9 

 “Leverage Ratio” means, as of any date, the ratio of (a) the Consolidated
Indebtedness of the Borrower and the Subsidiaries on such date to (b) Consolidated EBITDA of the Borrower for the four consecutive fiscal quarter period ended on such date, in each case based on the most recent financial statements required by
Section 5.07(a) or 5.07(c), as the case may be. For purposes of this defined term, “EBITDA” shall be adjusted to give effect to each acquisition (including any Indebtedness assumed in connection therewith and related interest expense)
and disposition (including any Indebtedness repaid in connection therewith and related interest expense) that occurred during such period as if such acquisition or disposition had occurred at the inception of such period. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Reuters BBA Libor Rates Page
3750 (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative
Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Dollars in the London interbank market) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such
Interest Period, as the rate for deposits in Dollars with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar
Borrowing for such Interest Period shall be the rate at which deposits in Dollars of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available
funds in the London interbank market at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period. 
 “Lien” means, with respect to any asset and excluding operating leases, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such
asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such
asset. 
 “Loans” means the term loans made by the Lenders to the Borrower pursuant to this Agreement on the Funding Date,
it being understood that conversions and continuations of Loans are not Loans hereunder. 
 “Loan Documents” means this
Agreement, the Subsidiary Guaranty, any promissory notes executed and delivered pursuant to Section 2.10(e) and any and all other instruments and documents executed and delivered in connection with any of the foregoing. 
 “Loan Parties” means, collectively, the Borrower and the Subsidiary Guarantors. 
 “Margin Stock” means any “margin stock”, as said term is defined in Regulation U of the Board, as the same may be amended or
supplemented from time to time. 
 “Material Adverse Effect” means a material adverse effect on (i) the financial
condition, operations, business or assets of the Borrower and the Subsidiaries on a Consolidated basis, (ii) the ability of any Loan Party to perform its obligations under the Loan Documents, or (iii) the ability, due to circumstances not
caused by the Administrative Agent or any Lender, of the Administrative Agent or any Lender to enforce the Loan Documents. 
  

 10 

 “Material Indebtedness” means Indebtedness (other than the Loans) of any one or more of
the Borrower and its Subsidiaries in an aggregate principal amount exceeding $100,000,000. 
 “Material Subsidiary” means
each Domestic Subsidiary (i) which (on an unconsolidated basis and excluding intercompany income statement items of such Domestic Subsidiary), as of the most recent two consecutive fiscal quarters of the Borrower, in each case for the period of
four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section 5.07, contributed EBITDA in an amount greater than ten percent (10%) of the EBITDA of the Borrower and its Domestic
Subsidiaries on a consolidated basis for the four consecutive fiscal quarter period most recently ended prior to the Effective Date or (ii) which (on an unconsolidated basis and excluding intercompany balance sheet items of such Domestic
Subsidiary), as of the most recent two consecutive fiscal quarters of the Borrower, for which financial statements have been delivered pursuant to Section 5.07 contributed total assets in an amount greater than ten percent (10%) of the
Total Assets of the Borrower and its Domestic Subsidiaries on a consolidated basis as of the Effective Date (or, upon the occurrence of the Funding Date, the Funding Date), in each case as calculated by the Borrower on a pro forma basis reasonably
acceptable to the Administrative Agent giving positive effect to the CheckFree Acquisition and deducting for discontinued operations as a result of the Trust Business Disposition; provided, however, that no Trust Company Subsidiary and no SPE shall
be deemed to constitute a “Material Subsidiary” hereunder. 
 “Maturity Date” means November 9, 2012.

 “Moody’s” means Moody’s Investors Service, Inc. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “Net Proceeds” means, with respect to any event, (a) the cash proceeds received in respect of such event including any cash
received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but excluding any interest
payments), but only as and when received, net of (b) the sum of (i) all fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event (including, without limitation, underwriting discounts and
commissions or placement fees, investment banking fees, legal and consulting fees and accounting fees), (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a sale-leaseback transaction or a casualty or a
condemnation or similar proceeding), the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory prepayment as a result of such event and
(iii) the amount of all taxes paid (or reasonably estimated to be payable) and the amount of any reserves established to fund contingent liabilities reasonably estimated to be payable and that are directly attributable to such event (as
determined reasonably and in good faith by a Financial Officer). 
  

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 “Net Worth” means, at any date, the sum of all amounts which would be included under
shareholders’ equity on a Consolidated balance sheet of the Borrower and the Subsidiaries determined in accordance with GAAP on such date or, in the event such date is not a fiscal quarter end, as of the immediately preceding fiscal quarter
end. 
 “New Bond Indenture” means the Indenture, dated on or about November 20, 2007, between the Borrower, as Issuer,
the Subsidiaries party thereto as guarantors and U.S. Bank National Association, as Trustee, as amended or supplemented. 
 “Obligations” means all indebtedness (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding),
obligations and liabilities of any of the Borrower and its Subsidiaries to any of the Lenders and the Administrative Agent, individually or collectively, under this Loan Agreement or any of the other Loan Documents or in respect of any of the Loans
made or other instruments at any time evidencing any thereof. 
 “Operating Entity” means (a) any Person, (b) any
business or operating unit of a Person (i) which is operated separate and apart from the other businesses and operations of such Person, or (ii) whose products and services are uniquely divisible from the products and services of such
Person, or (c) any other line of business or business segment. 
 “Other Taxes” means any and all present or future
stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement, but excluding
Excluded Taxes. 
 “Participant” has the meaning set forth in Section 9.04. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar
functions. 
 “Pension Plan” means at any time, any Employee Benefit Plan (including a Multiemployer Plan) subject to
Section 302 of ERISA or Section 412 of the Code, the funding requirements of which are, or at any time within the six years immediately preceding the time in question, were in whole or in part, the responsibility of the Borrower, any
Subsidiary or an ERISA Affiliate. 
 “Permitted Sale-Leaseback Transactions” means sales or transfers by the Borrower or any
Subsidiary of any real property, improvements, fixtures, machinery and/or equipment with the intention of taking back a lease thereof; provided, however, that “Permitted Sale-Leaseback Transactions” shall not include such
transactions involving machinery and/or equipment (excluding any lease for a temporary period of not more than thirty-six (36) months with the intent that the use of the subject machinery and/or equipment will be discontinued at or before the
expiration of such period) relating to facilities (a) in full operation for more than 180 days as of the date hereof and (b) that are material to the business of the Borrower and its Subsidiaries taken as a whole, to the extent that
the sum of the aggregate sale price of such machinery and/or equipment from time to time involved in such transactions (excluding the Applied Amounts, as defined in the following sentence), plus the amount of obligations and Indebtedness from time
to 

  

 12 

 
time secured by Liens permitted under Section 6.02(r), exceeds 10.0% of Net Worth. For purposes of this definition, “Applied Amounts”
means an amount (which may be conclusively determined by the Board of Directors of the Borrower) equal to the greater of (i) capitalized rent with respect to the applicable machinery and/or equipment and (ii) the fair value of the
applicable machinery and/or equipment, that is applied within 180 days of the applicable transaction or transactions to repayment of the Term Loan or to the repayment of any Indebtedness for borrowed money which, in accordance with GAAP, is
classified as long-term debt and that is on parity with the Term Loan. 
 “Person” means any natural person, corporation,
limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the
Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Prepayment Event” means: 
 (a) the issuance after the Effective Date of capital stock of the Borrower in a registered public offering in which an underwriter or an agent is involved or in a private placement (excluding, for the avoidance of doubt, issuances to
employees or directors, issuances in connection with dividend reinvestment plans and issuances pursuant to employee or director stock plans or other employee benefit plans); or 
 (b) the issuance after the Effective Date by the Borrower or any of its Subsidiaries of any debt for borrowed money (excluding intercompany debt for
borrowed money, any issuances of commercial paper and any Subsidiary’s credit facility that is not guaranteed by the Borrower) in one or a series of related transactions not in the capital markets in a principal amount in excess of $100,000,000
in the aggregate; or 
 (c) the incurrence or issuance after the Effective Date by the Borrower or any of its Subsidiaries in the capital
markets of debt for borrowed money having a maturity of more than 270 days; or 
 (d) any sale or other disposition (including pursuant to a
sale-leaseback transaction) of any property or asset (other than sales of inventory in the ordinary course of business consistent with past practice) of the Borrower or any Subsidiary resulting in aggregate Net Proceeds in excess of $50,000,000 (for
any one transaction) or $100,000,000 (for all transactions during any fiscal year of the Borrower). 
 “Prime Rate” means
the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, National Association as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and
including the date such change is publicly announced as being effective. 
  

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 “Property” means, with respect to any Person, all types of real, personal or mixed
property and all types of tangible or intangible property owned or leased by such Person. 
 “Ratings Event” means that at
any time, the Borrower’s Index Debt is rated (i) below BBB- by S&P and (ii) below Baa3 by Moody’s. 
 “Register” has the meaning set forth in Section 9.04. 
 “Related Parties” means, with
respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Required Lenders” means, at any time, Lenders having Commitments representing more than 50% of the sum of the Commitments;
provided that, upon the funding of the Loans on the Funding Date, “Required Lenders” shall mean, at any time, Lenders having Loans representing more than 50% of the sum of the aggregate outstanding principal amount of all of
the Loans at such time. 
 “Restricted Payment” means, with respect to any Person, any of the following, whether direct or
indirect: (a) the payment by such Person of any dividend or distribution on any class of stock of such Person, except to the extent payable solely in shares of that class of stock to the holders of such class, (b) the payment by such
Person of any distribution on any other type or class of equity interest or equity investment in such Person except to the extent payable in stock of such Person, and (c) any redemption, retirement, purchase or acquisition of, or sinking fund
or other similar payment in respect of, any class of stock of, or other type or class of equity interest or equity investment in, such Person. For all purposes hereof, the amount of any Restricted Payment made through the transfer of property shall
be deemed to be the greater of (x) the fair market value of such property (as determined in good faith by the Board of Directors of the Borrower) and (y) the net book value thereof on the books of the Borrower or any Subsidiary (as
determined in accordance with GAAP), in each case as determined on the date such Restricted Payment is paid, distributed, made or set apart, as the case may be. 
 “Revolving Facility” means the revolving credit facility evidenced by the Revolving Facility Agreement. 
 “Revolving Facility Agreement” means that certain Credit Agreement dated as of March 24, 2006 by and among the Borrower, the foreign subsidiary borrowers party thereto and the lenders and agents
from time to time party thereto, as amended, restated, supplemented, replaced or otherwise modified from time to time. 
 “S&P” means Standard & Poor’s. 
 “SEC” means the Securities and Exchange
Commission of the United States or such other Governmental Authority succeeding to the functions thereof. 
 “Securitized
Indebtedness” means, with respect to any Person as of any date, the reasonably expected liability of such Person for the repayment of, or otherwise relating to, all accounts receivable, general intangibles, chattel paper or other financial
assets and related rights and assets sold or otherwise transferred by such Person, or any subsidiary or affiliate thereof, on or prior to such date. 
  

 14 

 “SPE” means any bankruptcy-remote, special-purpose entity created in connection with the
financing of settlement float with respect to customer funds or otherwise. 
 “Statutory Reserve Rate” means a fraction
(expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those
imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from
time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage, and the Administrative Agent shall
notify the Borrower promptly of any such adjustment. 
 “Stock” means any and all shares, partnership interests, membership
interests, warrants, options, rights of conversion, participations or other equivalents (however designated) of equity interests in a Person. 
 “subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated
with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP (excluding any FIN 46 Entity, but only to the extent that the owners of such FIN 46 Entity’s
Indebtedness have no recourse, directly or indirectly, to the Borrower or any of its Subsidiaries for the principal, premium, if any, and interest on such Indebtedness) as of such date, as well as any other corporation, limited liability company,
partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general
partnership interests are, as of such date, owned, controlled or held. 
 “Subsidiary” means any subsidiary of the Borrower,
other than Bastogne, Inc. and any other SPE. 
 “Subsidiary Guarantor” means each Subsidiary (other than Foreign
Subsidiaries) acting as such pursuant to Section 5.11 hereof from time to time (and giving effect to any releases in accordance with the terms hereof) or otherwise. The Subsidiary Guarantors on the Effective Date are identified as such in
Schedule 3.13 hereto. 
 “Subsidiary Guaranty” means that certain Guaranty dated as of the Effective Date in the form
of Exhibit E (including any and all supplements thereto) and executed by each Subsidiary Guarantor, as amended, restated, supplemented or otherwise modified from time to time. 
  

 15 

 “Syndication Agent” means SunTrust Bank in its capacity as syndication agent for the
credit facility evidenced by this Agreement. 
 “Target” means CheckFree Corporation, a Delaware corporation. 
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any
Governmental Authority. 
 “Term Loan” means the Term Loan made pursuant to Section 2.01. 
 “Total Assets” means, as the date of any determination thereof, total assets of a Person calculated in accordance with GAAP on a
consolidated basis as of such date. 
 “Transactions” means the execution, delivery and performance by the Loan Parties of
this Agreement and the other Loan Documents, the borrowing of Loans, the use of the proceeds thereof and the consummation of the CheckFree Acquisition. 
 “Trust Business Disposition” is defined in Section 6.03. 
 “Trust Company
Indebtedness” means, with respect to any Trust Company Subsidiary that either (i) is a Subsidiary Guarantor or (ii) does not Guarantee any Indebtedness of the Borrower or any other Subsidiary (other than another Trust Company
Subsidiary), indebtedness of such Trust Company Subsidiary (a) incurred in the ordinary course of its business, (b) in respect of which neither the Borrower nor any other Subsidiary (other than another Trust Company Subsidiary) shall have
any obligation or liability, contingent or otherwise, (c) to the extent such indebtedness is not past due in the payment of principal or interest thereon, and (d) to the extent such indebtedness is not in excess of 20% of the consolidated
investments of such Trust Company Subsidiary as reflected on its most recent quarterly balance sheet. 
 “Trust Company
Subsidiary” means each of Fiserv Trust Company (formerly known as First Trust Corporation and Lincoln Trust Company) and Trust Industrial Bank, in each case for so long as it retains its powers as a trust company or banking organization
under the laws of the United States or any State thereof, together with each wholly-owned Subsidiary thereof. 
 “Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.02. Classification of Loans and Borrowings.
For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”). 
  

 16 

 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or
reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04. Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

 ARTICLE II 
 The Credits

 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans to the
Borrower in a single draw on the Funding Date in an aggregate principal amount that will not result in (a) the principal amount of such Lender’s Loans exceeding such Lender’s Commitment or (b) the aggregate principal amount of
the Loans exceeding the Aggregate Commitment. Amounts repaid or prepaid in respect of the Loans may not be reborrowed. 
 SECTION 2.02.
Loans and Borrowings. (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by
it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
  

 17 

 (b) Subject to Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar
Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall
not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of
each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an
aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000. Borrowings of more than one Type may be outstanding at the same time. 
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request any Loans other than the initial Loans on the Funding Date and shall not be entitled to elect to convert or
continue any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 SECTION 2.03. Request
for Initial Borrowing. To request the initial Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 12:00 noon, Chicago time, three Business Days
before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 noon, Chicago time, on the Business Day of the proposed Borrowing. Such telephonic Borrowing Request shall be irrevocable and shall be
confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Such telephonic and written Borrowing Request shall specify the
following information in compliance with Section 2.02: 
 (i) the aggregate amount of the requested Borrowing; 
 (ii) the date of such Borrowing, which shall be a Business Day; 
 (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 
 (iv) in the case of a
Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 
 (v) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of
Section 2.07. 
 If no election as to the Type of the initial Borrowing is specified, then the requested Borrowing shall be a Eurodollar Borrowing with
an Interest Period ending, in the case of the initial Borrowing, on the last day of the calendar month of the date of such Borrowing. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall
advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
  

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 SECTION 2.04. [Intentionally Omitted]. 
 SECTION 2.05. [Intentionally Omitted]. 
 SECTION 2.06. [Intentionally Omitted]. 
 SECTION 2.07. Funding of Borrowings. (a) Each Lender shall make the
Loan to be made by it hereunder on the Funding Date by wire transfer of immediately available funds by 1:00 p.m., Chicago time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The
Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City or Chicago and designated by
the Borrower in the applicable Borrowing Request. 
 (b) Unless the Administrative Agent shall have received notice from a Lender prior to
the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to
the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is
made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such
Lender’s Loan included in such Borrowing. 
 SECTION 2.08. Interest Elections. (a) Each Borrowing initially shall be of the
Type specified in the applicable Borrowing Request (or, in the case of the initial Borrowing, as provided in Section 2.03) and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request
(or, in the case of the initial Borrowing, as provided in Section 2.03 if not so specified). Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar
Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among
the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 
 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were
requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to
the Administrative Agent of a written Interest 

  

 19 

 
Election Request in a form approved by the Administrative Agent and signed by the Borrower. Notwithstanding any contrary provision herein, this Section shall
not be construed to permit the Borrower to elect an Interest Period for Eurodollar Loans that does not comply with Section 2.02(d). 
 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting
Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election
Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of three months’ duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such
Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to
a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be automatically continued as a Eurodollar Borrowing
with a three-month Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as
an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued beyond its then current Interest Period as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an
ABR Borrowing at the end of the Interest Period applicable thereto. 
 SECTION 2.09. Termination of Commitments. The Commitments shall
terminate on the earlier of (a) the Funding Date upon funding of the Term Loan in accordance with Section 4.02 or, if the Funding Date has not then occurred, December 31, 2007, (b) the date (if any) on which the Borrower redeems
the notes issued under the New Bond Indenture as a result of its failure to consummate the CheckFree Acquisition and (c) the date (if any) on which the Borrower notifies the Administrative Agent of its election to terminate the Commitments
(and, in the case of a termination pursuant to the foregoing clauses (b) or (c), the Subsidiary 

  

 20 

 
Guarantors shall also be released from their obligations under the Subsidiary Guaranty). Any such notice under the foregoing clause (c) by the Borrower
to the Administrative Agent to terminate the Commitments shall be made at least three Business Days prior to the specified effective date of such termination in such notice. Promptly following receipt of such notice, the Administrative Agent shall
advise the Lenders of the contents thereof. Such notice by the Borrower shall be irrevocable. Any termination of the Commitments shall be permanent. 
 SECTION 2.10. Repayment and Amortization of Loans; Evidence of Debt. (a) The Borrower shall repay Term Loans on (or before) each date set forth below in the aggregate principal amount set forth opposite
such date (as adjusted from time to time pursuant to Section 2.11): 
  

				
	 Date
	  	Amount
	 December 31, 2008
	  	$	250,000,000
	 December 31, 2009
	  	$	250,000,000
	 December 31, 2010
	  	$	375,000,000
	 December 31, 2011
	  	$	375,000,000

 To the extent not previously paid, all unpaid Term Loans shall be paid in full in cash by the Borrower on the
Maturity Date. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of
the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the
Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to
paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such
accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (e) Any Lender may request that Loans made by it to the Borrower be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order
of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent and the Borrower. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at
all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its
registered assigns). 
  

 21 

 SECTION 2.11. Prepayment of Loans. 
 (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in
accordance with paragraph (c) of this Section. 
 (b) In the event and on each occasion that (i) the Ratings Event has occurred and
is continuing and (ii) any Net Proceeds are received by or on behalf of the Borrower or any of its Domestic Subsidiaries (excluding amounts received from the Borrower or any of its Subsidiaries) in respect of any Prepayment Event, the Borrower
shall, within four (4) Business Days after such Net Proceeds are received, prepay the Obligations as set forth in paragraph (c) below in an aggregate amount equal to 75% of such Net Proceeds; provided that, in the case of any event
described in clause (d) of the definition of the term “Prepayment Event”, if the Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that the Borrower or its relevant Subsidiaries
intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within 180 days after receipt of such Net Proceeds (or, if the Borrower or such Subsidiary has entered into a contract within 180 days to reinvest
such proceeds, within 210 days), to acquire real property, equipment or other tangible assets (excluding inventory) to be used in the business of the Borrower and/or its Subsidiaries, and certifying that no Default has occurred and is continuing,
then no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds specified in such certificate; provided further that to the extent any such Net Proceeds therefrom that have not been so applied by the end
of such 180 or 210 day period, as the case may be, a prepayment shall be required at such time in an amount equal to such Net Proceeds that have not been so applied. 
 (c) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 1:00 p.m., Chicago
time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 1:00 p.m., Chicago time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the
prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each prepayment of a Borrowing
pursuant to paragraphs (a) and (b) above shall be applied against the installment payments set forth in Section 2.10(a) (x) as the Borrower shall direct, so long as no Default or Event of Default has occurred and is continuing
and (y) at all other times, in the inverse order of maturity. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16.

 SECTION 2.12. Fees. 
 (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a ticking fee, which shall accrue at a rate per annum equal to 0.10% of the Commitment of such Lender during the period from and including the
Effective Date to but excluding the earlier of the Funding Date and the date on which such Commitment terminates. Accrued ticking fees shall be 

  

 22 

 
payable in arrears on December 31, 2007 and the earlier of the Funding Date and the date on which the Commitments terminate, commencing on the first
such date to occur after the date hereof. All ticking fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon
between the Borrower and the Administrative Agent. 
 (c) All fees payable hereunder shall be paid on the dates due, in immediately available
funds in Dollars to the Administrative Agent for distribution, in the case of ticking fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.13. Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee payable by the Borrower hereunder is not paid when due, whether
at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise
applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any fee, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued
pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment
or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at
times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
  

 23 

 SECTION 2.14. Alternate Rate of Interest. If prior to the commencement of any Interest Period for
a Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest
error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such
Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the
Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a
Eurodollar Borrowing shall be ineffective; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 
 SECTION 2.15. Increased Costs. (a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement
reflected in the Adjusted LIBO Rate); or 
 (ii) impose on any Lender or the London interbank market any other condition affecting this
Agreement or Eurodollar Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Loan or of maintaining its obligation to make any such Loan or to reduce the amount of any sum received or receivable by such Lender hereunder, whether of principal, interest or otherwise, then the Borrower will pay to
such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 
 (b)
If any Lender reasonably determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a
consequence of this Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and
the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company
for any such reduction suffered. 
  

 24 

 (c) A certificate of a Lender setting forth in reasonable detail the computation of the amount or amounts
necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower contemporaneously with any demand for payment hereunder and shall be
conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof. 
 (d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower
shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions if such Lender fails to notify the Borrower within 90 days after it obtains actual knowledge (or, in the exercise of ordinary due diligence,
should have obtained actual knowledge) and such Lender shall only be entitled to receive such compensation for any losses incurred by it or amounts to which it would otherwise be entitled from and after the date 90 days prior to the date such Lender
provided notice thereof to the Borrower of the Change in Law and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof. 
 SECTION 2.16.
Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any
prepayment pursuant to Section 2.11), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the
date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and is revoked in accordance therewith) or (d) the assignment of any Eurodollar Loan other than on the last day
of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. Such
loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not
occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue,
for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the
commencement of such period, for deposits in the relevant currency of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth the computation in reasonable detail of any amount or amounts
that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower contemporaneously with the demand for payment and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as
due on any such certificate within 30 days after receipt thereof. 
 SECTION 2.17. Taxes. (a) Any and all payments by or on
account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be 

  

 25 

 
required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after
making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions
been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. In the event that any such deduction or withholding
can be reduced or nullified as a result of the application of any relevant double taxation convention, the Lenders and the Administrative Agent will, at the expense of the Borrower, cooperate with the Borrower in making application to the relevant
taxing authorities seeking to obtain such reduction or nullification, provided, however, that the Lenders and the Administrative Agent shall have no obligation to (i) engage in litigation with respect thereto or (ii) disclose
any tax return or other confidential information. 
 (b) In addition, the Borrower shall pay any Other Taxes related to the Borrower to the
relevant Governmental Authority in accordance with applicable law. 
 (c) The Borrower shall indemnify the Administrative Agent and each
Lender, within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any
obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability together with a supporting document shall be
delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender contemporaneously with any demand for payment, and shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver
to the Administrative Agent the original or a copy of a receipt issued, if available, by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to
the Administrative Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of
the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times
prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate. 
 (f) If the Administrative Agent or a Lender determines that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by
the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund to the Borrower. This Section shall not be construed to require the Administrative Agent or 

  

 26 

 
any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other
Person. Notwithstanding any provision herein to the contrary, the Borrower shall have no obligation to pay to any Lender any amount which the Borrower is liable to withhold due to the failure of such Lender to file any statement of exemption
required by the Code. 
 SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 
 (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees, or of amounts payable under
Section 2.15, 2.16 or 2.17, or otherwise) prior to 1:00 p.m., Chicago time on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 131 South Dearborn Street, Chicago,
Illinois 60603, except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments denominated in the same currency received by it
for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business
Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars. 
 (b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees
then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and
(ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. 
 (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on
any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion
shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price
restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or
any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of
this paragraph shall apply). The Borrower consents to 

  

 27 

 
the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender
with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (e) If any Lender shall fail to make any payment
required to be made by it pursuant to Section 2.07(b), 2.18(d) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent
for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and
(ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment. 
 (b) If any Lender requests compensation under Section 2.15, or if the Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender defaults in its obligation to fund Loans hereunder, or if any Lender shall determine that
any law, regulation or treaty or directive, or any change therein or in the interpretation or application thereof, shall make it unlawful for such Lender to make or maintain any Eurodollar Loans as contemplated by this Agreement, then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its
interests, rights and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) such Lender is reasonably 

  

 28 

 
acceptable to the Administrative Agent and (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts). 
 ARTICLE III 
 Representations and
Warranties 
 The Borrower represents and warrants to the Lenders that: 
 SECTION 3.01. Existence and Power. Each of the Borrower and its Material Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its formation, has all requisite power and authority to own its Property and to carry on its business as now conducted, and each of the Borrower and its Subsidiaries is in good standing and authorized to do
business in each jurisdiction in which the failure so to qualify could reasonably be expected to have a Material Adverse Effect. 
 SECTION
3.02. Authority. Each Loan Party has full power and authority to enter into, execute, deliver and perform the terms of the Loan Documents to which it is a party, all of which have been duly authorized by all proper and necessary corporate or
other entity action and are in full compliance with its certificate of incorporation, by-laws or other comparable documents. No consent or approval of, or other action by, shareholders or other equity owners of any Loan Party, any Governmental
Authority or any other Person, which has not already been obtained, (a) is required to authorize the execution, delivery or performance by any Loan Party of the Loan Documents to which it is a party, (b) except for the filing of the Loan
Documents with the SEC, is required of the Borrower or any Subsidiary in connection with the execution and delivery by the Borrower or such Subsidiary of the Loan Documents to which it is a party, or (c) is required as a condition to the
enforceability against any Loan Party of the Loan Documents to which it is a party. 
 SECTION 3.03. Binding Agreements. The Loan
Documents constitute the valid and legally binding obligations of the Loan Parties, enforceable in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors’ rights generally and by equitable principles relating to the availability of specific performance as a remedy. 
 SECTION 3.04. Litigation. (a) Except as set forth on Schedule 3.04 and in the Borrower’s filings on Forms 10K, 10Q or 8K, there
are no actions, suits or arbitration proceedings pending or, to the knowledge of the Borrower, threatened against the Borrower or any Subsidiary, at law or in equity, before any Governmental Authority which could reasonably be expected to have a
Material Adverse Effect. 
  

 29 

 (b) There are no proceedings pending or, to the knowledge of the Borrower, threatened against the
Borrower or any Subsidiary (i) which call into question the validity or enforceability of, or otherwise seek to invalidate, any Loan Document, or (ii) which would reasonably be expected to, individually or in the aggregate, materially and
adversely affect any of the transactions contemplated by any Loan Document. 
 SECTION 3.05. No Conflicting Agreements.
(a) Neither the Borrower nor any Subsidiary is in default under any existing mortgage, indenture, contract, or agreement to which it is a party or by which it or any of its Property is bound the effect of which could reasonably be expected to
have a Material Adverse Effect. No notice to, or filing with, any Governmental Authority is required for the due execution or delivery (except for the filing of the Loan Documents with the SEC promptly thereafter) or performance by any Loan Party of
the Loan Documents to which it is a party other than those notices or filings which have been given and filed, as the case may be. 
 (b) No
provision of any existing mortgage, indenture, material contract, material agreement or material instrument evidencing Indebtedness, in each case binding on the Borrower or any Material Subsidiary or affecting the Property of the Borrower or any
Material Subsidiary, and no provision of any statute, rule, regulation, judgment, decree or order binding on the Borrower or any Material Subsidiary or affecting the Property of the Borrower or any Material Subsidiary conflicts with, or requires any
consent which has not already been obtained under, or would in any way prevent the execution, delivery or performance by any Loan Party of the terms of, any Loan Document. The execution, delivery or performance by each Loan Party of the terms of
each Loan Document to which it is a party will not constitute a default under, or result in the creation or imposition of, or obligation to create, any Lien (other than any Lien permitted under Section 6.02) upon the Property of the Borrower or
any Material Subsidiary pursuant to the terms of any mortgage, indenture, material contract, material agreement or material instrument evidencing Indebtedness binding on the Borrower or any Material Subsidiary or affecting the Property of the
Borrower or any Material Subsidiary. 
 SECTION 3.06. Taxes. The Borrower and each Subsidiary has filed or caused to be filed all tax
returns, and has paid, or has made adequate provision for the payment of, all taxes shown to be due and payable on said returns or in any assessments made against them, the failure of which to file or pay could reasonably be expected to have a
Material Adverse Effect. 
 SECTION 3.07. Governmental Regulations. Neither the Borrower nor any Subsidiary nor any corporation
controlling the Borrower or any Subsidiary or under common control with the Borrower or any Subsidiary is subject to regulation under the Investment Company Act of 1940. 
 SECTION 3.08. Federal Reserve Regulations; Use of Loan Proceeds. The Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing
or carrying any Margin Stock. After giving effect to the making of each Loan, Margin Stock will constitute less than 25% of the assets (as determined by any reasonable method) of the Borrower and the Subsidiaries. The Borrower has not used nor will
use the proceeds of the Loans for any purpose other than (i) to finance the CheckFree Acquisition and costs, fees and expenses incurred in connection therewith (ii) for its general corporate 

  

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purposes (including refinancing existing Indebtedness and repurchases of the Borrower’s Stock, in each case to the extent not inconsistent with the
terms hereof). Anything in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower (i) in violation of any limitation or prohibition provided by any applicable law, regulation or statute,
including Regulations U or X of the Board or (ii) to fund any tender offer for, or other Acquisition of, Stock issued by any other Person with a view towards attaining Control of such other Person at a time when the board of directors or other
similar managing body of such Person shall not have approved of such attainment of Control. 
 SECTION 3.09. Disclosure. None of the
Information Memorandum, any Loan Document or any material information delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading in any material respect; provided that, with respect to projected financial information, the Borrower represents only that
such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 
 SECTION 3.10. Plans. Each
Employee Benefit Plan of the Borrower, each Subsidiary and each ERISA Affiliate is in compliance with ERISA and the Code, where applicable, except to the extent that non-compliance would not reasonably be expected to have a Material Adverse Effect.
The Borrower, each Subsidiary and each ERISA Affiliate have complied with the requirements of Section 515 of ERISA with respect to each Pension Plan which is a Multiemployer Plan, except to the extent that non-compliance would not reasonably be
expected to have a Material Adverse Effect. The Borrower, each Subsidiary and each ERISA Affiliate has, as of the date hereof, made all contributions or payments to or under each such Pension Plan required by law or the terms of such Pension Plan or
any contract or agreement, except to the extent that non-compliance would not reasonably be expected to have a Material Adverse Effect. No liability to the PBGC has been, or is expected by the Borrower, any Subsidiary or any ERISA Affiliate to be,
incurred by the Borrower, any Subsidiary or any ERISA Affiliate, except to the extent that such liability, individually or in the aggregate, is not in excess of $100,000,000. Liability, as referred to in this Section 3.10, includes any joint
and several liability. Each Employee Benefit Plan which is a group health plan within the meaning of Section 5000(b)(1) of the Code is in material compliance with the continuation of health care coverage requirements of Section 4980B and
4980D of the Code, except to the extent that non-compliance would not reasonably be expected to have a Material Adverse Effect. 
 SECTION
3.11. Environmental Matters. Except as set forth in Schedule 3.11 and except as would not reasonably be expected to have a Material Adverse Effect, (a) the Borrower and each Subsidiary possess all Environmental Permits currently
required under applicable Environmental Laws to conduct their respective businesses and are, and within applicable statutes of limitation, have been, in compliance with the terms and conditions of such Environmental Permits, nor has the Borrower or
any Subsidiary received written notice that any Environmental Permits possessed by any of them will be revoked, suspended or will not be renewed; (b) the Borrower and each Subsidiary is currently, and within applicable statutes of limitation,
have been, in compliance with all applicable Environmental Laws; (c)(i) the Borrower has not received notice of any civil, criminal or administrative action, suit, demand, claim, hearing, notice of violation, investigation, notice or demand letter
or request for information pending or 

  

 31 

 
threatened under any Environmental Law against the Borrower or any Subsidiary, and (ii) the Borrower has not received notice of actual or potential
liability under any Environmental Law that has not been resolved, including, but not limited to, any liability that the Borrower or any Subsidiary may have retained or assumed either contractually or by operation of law; (d) as of the date
hereof, no property or facility currently, or to the best of the Borrower’s knowledge, formerly owned, operated or leased by the Borrower or any present or former Subsidiary, or by any respective predecessor in interest, is listed or proposed
for listing on the National Priorities List or CERCLIS, both promulgated under the CERCLA, or on any comparable foreign or state list established under any Environmental Law; (e)(i) there has been no disposal, spill, discharge or release of any
Hazardous Material generated, used, owned, stored or controlled by the Borrower, any Subsidiary or respective predecessors in interest, on, at or under any property presently or formerly owned, leased or operated by the Borrower, any Subsidiary or
any predecessor in interest; and (ii) there are no Hazardous Materials located in, at, on or under such facility or property, or at any other location, in either case, that could reasonably be expected to require investigation, removal,
remedial or corrective action by the Borrower or that would reasonably likely result in liabilities of, or losses, damages or costs to the Borrower under any Environmental Law; (f)(i) there has not been any underground or aboveground storage tank or
other underground storage receptacle or related piping, or any impoundment or other disposal area in each case containing Hazardous Materials located on any facility or property owned, leased or operated by the Borrower, any Subsidiary or respective
predecessors in interest except in compliance with Environmental Laws during the period of such ownership, lease or operation, and (ii) no asbestos or polychlorinated biphenyls have been used or disposed of, or have been located at, on or under
any such facility or property during the period of such ownership, lease or operation, except in compliance with Environmental Laws; and (g) no lien has been recorded against any properties, assets or facilities currently owned, leased or
operated by the Borrower or any Subsidiary under any Environmental Law. 
 SECTION 3.12. Financial Statements. (a) The Borrower
has heretofore delivered to the Lenders copies of its audited Consolidated Balance Sheet as of December 31, 2006, and the related Consolidated Statement of Income and Retained Earnings, and Consolidated Statement of Cash Flows, for the fiscal
year then ended (collectively, together with the related notes and schedules, the “Financial Statements”). The Financial Statements fairly present the Consolidated financial condition and results of the operations of the Borrower
and the Subsidiaries as of the dates and for the periods indicated therein and have been prepared in conformity with GAAP as then in effect. 
 (b) Since December 31, 2006, there has been no material adverse change in the financial condition, operations, business or assets of the Borrower and its Subsidiaries on a Consolidated basis. 
 SECTION 3.13. Material Subsidiaries; Capital Stock. As of the date of this Agreement, each Material Subsidiary of the Borrower is set forth on
Schedule 3.13. The shares of each Material Subsidiary are duly authorized, validly issued, fully paid and, except to the extent that the law of the State of Wisconsin may require assessment of each shareholder of a Material Subsidiary for an
amount not exceeding the lesser of the par value of the shares held by such shareholder and the unpaid wages owed by such Material Subsidiary, nonassessable. 
  

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 SECTION 3.14. Holding Company Status. Neither the Borrower nor any Subsidiary is a Holding
Company. 
 ARTICLE IV 
 Conditions 
 SECTION 4.01. Effective Date. This Agreement shall not become effective until the date on which each of
the following conditions is satisfied (or waived in accordance with Section 9.02): 
 (a) The Administrative Agent (or
its counsel) shall have received from (i) each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy or
electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and (ii) each initial Subsidiary Guarantor either (A) a counterpart of the Subsidiary Guaranty signed on
behalf of such Subsidiary Guarantor or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of the Subsidiary Guaranty) that such Subsidiary Guarantor
has signed a counterpart of the Subsidiary Guaranty. 
 (b) The Administrative Agent shall have received a favorable written
opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of (i) Foley & Lardner LLP, special counsel for the Loan Parties and (ii) Charles W. Sprague, General Counsel of the Loan Parties,
substantially in the form of Exhibits B-1 and B-2, respectively, and covering such other matters relating to the Loan Parties, this Agreement or the Transactions as the Required Lenders shall reasonably request. The Borrower hereby
requests such counsel to deliver such opinion. 
 (c) The Lenders shall have received (i) reasonably satisfactory audited
consolidated financial statements of the Borrower and the Target for the two most recent fiscal years ended prior to the Effective Date as to which such financial statements are available and (ii) reasonably satisfactory unaudited interim
consolidated financial statements of the Borrower and the Target for each quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements
are available. 
 (d) The Administrative Agent shall have received such documents and certificates as the Administrative Agent
or its counsel may reasonably request relating to the organization, existence and good standing of the initial Loan Parties, the authorization of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents or the
Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit D. 
  

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 (e) The Administrative Agent shall have received a certificate, dated the Effective Date
and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming that (a) the representations and warranties of the Borrower set forth in this Agreement shall be true and correct on and as of the Effective Date
and (b) no Default shall have occurred and be continuing. 
 (f) The Administrative Agent shall have received evidence
satisfactory to it that the Revolving Facility Agreement shall have been amended to reflect certain modifications agreed upon by the Administrative Agent and the Borrower. 
 The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 
 SECTION 4.02. Funding Date. The obligations of the Lenders to make the Loans hereunder shall be subject to the satisfaction of the following conditions: 
 (a) The representations and warranties of the Borrower set forth in this Agreement (other than the representations contained in
Section 3.04(a) and 3.12(b)) shall be true and correct on and as of the date of the Loans (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 
 (b) At the time of and immediately after giving effect to the Loans, no Default shall have occurred and be continuing (it being understood
that the representations contained in Section 3.04(a) and 3.12(b) are made only as of the Effective Date). 
 (c) All
governmental and third party approvals necessary or, in the discretion of the Administrative Agent, advisable in connection with the consummation of the CheckFree Acquisition and the Transactions shall have been obtained and be in full force and
effect. 
 (d) The CheckFree Acquisition shall be consummated substantially simultaneously with the funding of the Loans on
the Funding Date in accordance with applicable law and the merger agreement related thereto. 
 (e) The Funding Date shall
occur by no later than December 31, 2007 and, if the Funding Date does not occur by such date, the Commitments shall automatically terminate. 
 (f) The Borrower shall have delivered to the Administrative Agent (for distribution to the Lenders) updated Schedules hereto, giving effect to the CheckFree Acquisition, which Schedules modify the Sections to which
they relate as of the Funding Date. 
 (g) The Administrative Agent shall have received all fees and other amounts due and
payable on or prior to the Funding Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 
  

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 The making of the Loans on the Funding Date shall be deemed to constitute a representation and warranty by the Borrower
on such date as to the matters specified in paragraphs (a) and (b) of this Section. 
 The Administrative Agent shall notify the Borrower and the
Lenders of the Funding Date, and such notice shall be conclusive and binding. 
 ARTICLE V 
 Affirmative Covenants 
 Until the
Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, the Borrower covenants and agrees with the Lenders that the Borrower will: 
 SECTION 5.01. Legal Existence. Except as may otherwise be permitted by Sections 6.03 and 6.04, maintain, and cause each Subsidiary to maintain,
its corporate existence in good standing in the jurisdiction of its incorporation or formation and in each other jurisdiction in which the failure so to do could reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.02. Taxes. Pay and discharge when due, and cause each Subsidiary so to do, all taxes, assessments, governmental charges, license fees
and levies upon or with respect to the Borrower and such Subsidiary, and upon the income, profits and Property thereof unless, and only to the extent, that (a)(i) such taxes, assessments, governmental charges, license fees and levies shall be
contested in good faith and by appropriate proceedings diligently conducted by the Borrower or such Subsidiary, and (ii) such reserve or other appropriate provision as shall be required by GAAP shall have been made therefor, or (b) the
failure so to do would not have a Material Adverse Effect. 
 SECTION 5.03. Insurance. Maintain, and cause each Material Subsidiary to
maintain, insurance with financially sound insurance carriers against at least such risks, and in at least such amounts, as are usually insured against by similar businesses, including business interruption, public liability (bodily injury and
property damage), fidelity, workers’ compensation and property insurance, except to the extent that the failure so to do could not reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.04. Performance of Obligations. Pay and discharge promptly when due, and cause each Subsidiary so to do, all lawful Indebtedness,
obligations and claims for labor, materials and supplies or otherwise which, if unpaid, could reasonably be expected to have a Material Adverse Effect, provided that neither the Borrower nor such Subsidiary shall be required to pay or discharge or
cause to be paid or discharged any such Indebtedness, obligation or claim so long as (i) the validity thereof shall be contested in good faith and by appropriate proceedings diligently conducted by the Borrower or such Subsidiary, and
(ii) such reserve or other appropriate provision as shall be required by GAAP shall have been made therefor. 
  

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 SECTION 5.05. Condition of Property. Except as permitted by Sections 6.03 and 6.04 and for
ordinary wear and tear, at all times, maintain, protect and keep in good repair, working order and condition, all Property used or useful in the operation of its business (other than Property which is replaced with similar Property), and cause each
Subsidiary so to do, except to the extent that the failure to do so would not have a Material Adverse Effect. 
 SECTION 5.06. Observance
of Legal Requirements. Observe and comply in all material respects, and cause each Subsidiary so to do, with all laws, ordinances, orders, judgments, rules, regulations, certifications, franchises, permits, licenses, directions and requirements
of all Governmental Authorities, which now or at any time hereafter may be applicable to it or to such Subsidiary, a violation of which would reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.07. Financial Statements and Other Information. Furnish to the Administrative Agent: 
 (a) As soon as available and, in any event, within 90 days after the close of each fiscal year, a copy of (x) the Borrower’s 10-K in respect of
such fiscal year, and (y) (i) the Borrower’s Consolidated Balance Sheet as of the end of such fiscal year, and (ii) the related Consolidated Statement of Income and Retained Earnings, and Consolidated Statement of Cash Flows, as
of and through the end of such fiscal year, setting forth in each case in comparative form the corresponding figures in respect of the previous fiscal year, all in reasonable detail, and accompanied by a report of the Borrower’s auditors, which
report shall state that (A) such auditor has audited such financial statements, (B) such audit was made in accordance with generally accepted auditing standards in effect at the time and provides a reasonable basis for such opinion, and
(C) said financial statements have been prepared in accordance with GAAP (provided that, notwithstanding the foregoing, such report may be with reference to such financial statements which have given effect to the consolidation of any FIN 46
Entities with the Borrower); 
 (b) Simultaneously with the delivery of the certified statements required by paragraph (a) of this
Section, copies of a certificate of the Borrower’s auditors (i) expressing their opinion that the computations by the Borrower (which computations shall accompany such certificate and shall be in reasonable detail) show compliance with
Section 6.08 and are in accordance with such Section, and (ii) stating that, in making the examination necessary for their audit of the financial statements of the Borrower for such fiscal year, nothing came to their attention of a
financial or accounting nature that caused them to believe that there shall have occurred any condition or event which would constitute a Default or an Event of Default, or, if so, specifying in such certificate all such Defaults or Events of
Default and the nature and status thereof; 
 (c) As soon as available, and in any event within 45 days after the end of each of the first
three fiscal quarters of each fiscal year, a copy of (x) the Borrower’s 10-Q in respect of such fiscal quarter, and (y) (i) the Borrower’s Consolidated Balance Sheet as of the end of such quarter, and (ii) the related
Consolidated Statement of Income and Retained Earnings, and Consolidated Statement of Cash Flows for (A) such quarter, and (B) the period from the beginning of the then current fiscal year to the end of such quarter, in each case in
comparable form with the prior fiscal year, all in reasonable detail and prepared in accordance with GAAP (without footnotes and subject to normal year-end and audit adjustments); 
  

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 (d) (i) Simultaneously with the delivery of the financial statements required by
Section 5.07(c), a certificate of a Financial Officer of the Borrower certifying that no Default or Event of Default shall have occurred and be continuing or, if so, specifying in such certificate all such Defaults and Events of Default, and
setting forth computations in reasonable detail demonstrating compliance with Section 6.08, and (ii) simultaneously with the delivery of the financial statements required by Section 5.07(a) or 5.07(c), as the case may be, a Compliance
Certificate, as of the fiscal period then ended, certified by a Financial Officer of the Borrower; 
 (e) Upon an executive officer of the
Borrower becoming aware thereof, prompt written notice of: (i) any citation, summons, subpoena, order to show cause or other order naming the Borrower or any Subsidiary a party to any proceeding before any Governmental Authority which could
reasonably be expected to have a Material Adverse Effect, and include with such notice a copy of such citation, summons, subpoena, order to show cause or other order, (ii) any lapse or other termination of any license, permit, franchise or
other authorization issued to the Borrower or any Subsidiary by any Governmental Authority, (iii) any refusal by any Governmental Authority to renew or extend any license, permit, franchise or other authorization, and (iv) any dispute
between the Borrower or any Subsidiary and any Governmental Authority, which lapse, termination, refusal or dispute, referred to in clause (ii), (iii) or (iv) above, could reasonably be expected to have a Material Adverse Effect;

 (f) Upon an executive officer of the Borrower becoming aware thereof, prompt written notice of the occurrence of (i) each Default,
and (ii) each Material Adverse Effect; 
 (g) Upon the forwarding thereof to the shareholders of the Borrower generally, copies of all
financial statements, reports and proxy statements so furnished; 
 (h) Promptly after either rating agency providing a rating for the Index
Debt pursuant to the definition of “Applicable Rate” shall have publicly announced a change in the rating established or deemed to have been established for the Index Debt, written notice of such rating change; and 
 (i) Promptly after request therefor, such other information relating to the financial condition or business of the Borrower, the Subsidiaries and the FIN
46 Entities, as the Administrative Agent or any Lender at any time or from time to time may reasonably request. 
 Each report and other document required to
be delivered by the Borrower pursuant to subparagraphs (a), (b), (c), (d)(i), (d)(ii) and (g) of this Section 5.07 shall be deemed to have been delivered on the date upon which the Borrower notifies the Administrative Agent that such
report or other document has been posted at a site (the address of which shall be contained in such notice) on the world wide web, which site is accessible by a widely held nationally recognized web browser, from which such report or document may be
readily viewed and printed. The Administrative Agent shall promptly furnish to each Lender a copy (in the form received) of each notice or other information provided to the Administrative Agent under this Section 5.07. 
  

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 SECTION 5.08. Records. At all reasonable times, upon reasonable prior notice and at the sole cost
and expense of the Administrative Agent and the Lenders, permit representatives of the Administrative Agent and each Lender to discuss the affairs of the Borrower and each Subsidiary with the respective officers thereof, and to meet and discuss the
affairs of the Borrower and each Subsidiary with the Borrower’s auditors. 
 SECTION 5.09. Authorizations. Maintain and cause
each Subsidiary to maintain, in full force and effect, all copyrights, patents, trademarks, trade names, franchises, licenses, permits, applications, reports, and other authorizations and rights, except where the failure so to do could not
reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.10. Disaster Recovery Program. Maintain, and cause each
Subsidiary to maintain, a “disaster recovery program” which conforms to and complies with all laws, rules and regulations, and all industry standards for businesses of the type engaged in by the Borrower and the Subsidiaries, and keep such
disaster recovery program in a current status at all times, in each case except to the extent that the failure so to do could not reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.11. Subsidiary Guaranty. 
 (a) Guarantors. As promptly as possible but in any event within forty-five (45) days (or such later date as may be agreed upon by the Administrative Agent) (i) after any Person becomes a Domestic Subsidiary or
(ii) after any Domestic Subsidiary becomes a Material Subsidiary, the Borrower shall provide the Administrative Agent with written notice thereof setting forth information in reasonable detail describing the material assets of such Person and
shall cause each such Person that is a Material Subsidiary to deliver to the Administrative Agent the Subsidiary Guaranty pursuant to which such Material Subsidiary agrees to be bound by the terms and provisions thereof, such Subsidiary Guaranty to
be accompanied by appropriate corporate or equivalent resolutions, other corporate or equivalent documentation and legal opinions (which may include inside counsel to such Material Subsidiary for certain matters) in form and substance reasonably
satisfactory to the Administrative Agent and its counsel. Notwithstanding the foregoing, promptly after consummation of the CheckFree Acquisition, the Borrower shall cause CheckFree Services Corporation to become a Subsidiary Guarantor in the manner
contemplated by the immediately preceding sentence. 
 (b) Release. 
 (i) If any Subsidiary Guarantor ceases to be a Material Subsidiary (excluding any Domestic Subsidiary that becomes a Subsidiary Guarantor pursuant to the
proviso in subsection (ii) below or that is a Subsidiary Guarantor, but not a Material Subsidiary, on the Effective Date (or, upon the occurrence of the Funding Date, the Funding Date)), the Borrower may provide the Administrative Agent with
written notice thereof, and, upon receipt by the Administrative Agent of such notice, such Domestic Subsidiary shall no longer be a Subsidiary Guarantor and shall be automatically released from the Subsidiary Guaranty and its obligations thereunder
shall be terminated; provided that such Domestic Subsidiary shall remain subject to the Subsidiary Guarantor requirements of subsection (a) above, if applicable. The obligations of all Subsidiary Guarantors under the Subsidiary Guaranty
shall be automatically 

  

 38 

 
released and terminated when the Borrower achieves the Guaranty Ratings Threshold; provided that at any time the Borrower does not maintain the
Guaranty Ratings Threshold, the obligations and requirements of any Subsidiary to be a Subsidiary Guarantor and to enter into the Subsidiary Guaranty, all pursuant to the terms and conditions of this Agreement, shall once again be fully effective
upon the forty-fifth (45th) day after the date upon which the Borrower ceases to maintain the Guaranty Ratings Threshold. 
 (ii) Any Subsidiary Guarantor (including any Domestic Subsidiary that becomes a Subsidiary Guarantor pursuant to the proviso in this subsection
(ii) or that is a Subsidiary Guarantor, but not a Material Subsidiary, on the Effective Date (or, upon the occurrence of the Funding Date, the Funding Date)) shall be released from the Subsidiary Guaranty upon the Borrower’s written
request to the Administrative Agent, provided, however, that, (x) any such release of a Material Subsidiary shall only be permitted hereunder if, and effective upon, all of the assets (or substantially all of the assets) of, or all of the
equity interests (or substantially all of the equity interests) in, a Material Subsidiary are being sold, transferred or otherwise disposed of pursuant to a transaction permitted by the Loan Documents and (y) if at the time of any release of
any Subsidiary Guarantor (based on the financial statements delivered pursuant to Section 5.07 for the most recently ended fiscal quarter prior to such release and calculated for the most recently ended four consecutive fiscal quarter period)
the aggregate amount of the EBITDA of such Subsidiary Guarantor and all Domestic Subsidiaries that are not Subsidiary Guarantors (on a consolidated basis) at such time exceeds forty percent (40%) of the EBITDA of the Borrower and its Domestic
Subsidiaries, on a consolidated basis, for the four consecutive fiscal quarter period most recently ended prior to the Effective Date (or, upon the occurrence of the Funding Date, the Funding Date) (as calculated by the Borrower on a pro forma basis
reasonably acceptable to the Administrative Agent giving positive effect to the CheckFree Acquisition and deducting for discontinued operations as a result of the Trust Business Disposition), then the Borrower shall, contemporaneously with such
release, cause sufficient Domestic Subsidiaries to become Subsidiary Guarantors to eliminate such excess. 
 (c) Other Requirements.
Notwithstanding anything to the contrary in this Agreement (including, without limitation, Section 5.11(b)), the Borrower shall not permit any Subsidiary to guaranty the obligations under the New Bond Indenture or the Revolving Facility,
regardless of whether such Subsidiary is a “Material Subsidiary”, unless such Subsidiary shall become a Subsidiary Guarantor. 
 ARTICLE VI 
 Negative Covenants 
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, the Borrower covenants and agrees with the Lenders that it will
not: 
  

 39 

 SECTION 6.01. Subsidiary Indebtedness. Permit any Subsidiary that is not a Subsidiary Guarantor to
create, incur, assume or suffer to exist any Indebtedness, except any one or more of the following types of Indebtedness: 
 (a) (i) the Obligations and any other Indebtedness created under the Loan Documents, (ii) the obligations and any other Indebtedness under the Revolving Facility, and (iii) the obligations and any other Indebtedness under the
New Bond Indenture; 
 (b) Indebtedness existing on the Effective Date (or, upon the occurrence of the Funding Date, on the
Funding Date) and set forth on Schedule 6.01 (including any extensions, renewals, refinancings, amendments, supplements, refundings, modifications or replacements of such Indebtedness, to the extent that the principal amount thereof shall not
be increased); 
 (c) Indebtedness in respect of capital and operating leases, and Permitted Sale-Leaseback Transactions;

 (d) purchase money Indebtedness in connection with the Acquisition of fixed or capital assets; 
 (e) Indebtedness to the Borrower or any Subsidiary, and Guarantees by any Subsidiary of Indebtedness of another Subsidiary or the Borrower
to the extent that such Indebtedness is not prohibited hereby; and 
 (f) other Indebtedness, provided that,
immediately after giving effect thereto, the aggregate sum of all Indebtedness (without duplication) under this Section 6.01(f) (i) would not exceed 15.0% of Net Worth and (ii) to the extent secured by Liens, would be permitted under
Section 6.02(r). 
 SECTION 6.02. Liens. Create, incur, assume or suffer to exist any Lien against or on any Property now owned
or hereafter acquired by the Borrower or any Subsidiary, or permit any Subsidiary so to do, except any one or more of the following types of Liens: 
 (a) Liens in connection with workers’ compensation, unemployment insurance or other social security obligations (which phrase shall not be construed to refer to ERISA or the minimum funding obligations under
Section 412 of the Code); 
 (b) Liens to secure the performance of bids, tenders, letters of credit, contracts (other
than contracts for the payment of Indebtedness), leases, statutory obligations, surety, customs, appeal, performance and payment bonds and other obligations of like nature, in each such case arising in the ordinary course of business; 
 (c) mechanics’, workmen’s, carriers’, warehousemen’s, materialmen’s, landlords’, or other like Liens arising
in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith and by appropriate proceedings diligently conducted; 
  

 40 

 (d) Liens for taxes, assessments, fees or governmental charges or levies which are not
delinquent or are payable without penalty, or are being contested in good faith and by appropriate proceedings diligently conducted, and in respect of which adequate reserves shall have been established in accordance with GAAP on the books of the
Borrower or any Subsidiary; 
 (e) Liens consisting of attachments, judgments or awards against the Borrower or any Subsidiary
with respect to which an appeal or proceeding for review shall be pending or a stay of execution shall have been obtained, or which are otherwise being contested in good faith and by appropriate proceedings diligently conducted, and in respect of
which adequate reserves shall have been established in accordance with GAAP on the books of the Borrower or any Subsidiary; 
 (f) easements, rights of way, restrictions, leases of Property to others, easements for installations of public utilities, title imperfections and restrictions, zoning ordinances and other similar encumbrances affecting Property which in
the aggregate do not materially adversely affect the value of such Property or materially impair its use for the operation of the business of the Borrower or any Subsidiary; 
 (g) Liens existing on the Effective Date (or, upon the occurrence of the Funding Date, on the Funding Date) and securing Indebtedness or
other obligations of the Borrower or, to the extent permitted by Section 6.01, of the Subsidiaries; 
 (h) statutory
Liens in favor of lessors arising in connection with Property leased to the Borrower or any Subsidiary; 
 (i) Liens on Margin
Stock to the extent that a prohibition on such Liens pursuant to this Section 6.02 would violate Regulation U of the Board, as amended; 
 (j) purchase money Liens on Property hereafter acquired by the Borrower or any Subsidiary created within 180 days of such acquisition (or in the case of real property, completion of construction including any
improvements or the commencement of operation of the property, whichever occurs later) to secure or provide for the payment or financing of all or any part of the purchase price thereof, provided that the Lien secured thereby shall attach only to
the Property so acquired and related assets (except that individual financings by one Person (or an Affiliate thereof) may be cross-collateralized to other financings provided by such Person and its Affiliates that are permitted by this clause (j));

 (k) Liens in respect of capital leases permitted by Section 6.01 and Permitted Sale-Leaseback Transactions;

 (l) Liens on the Property of a Person that becomes a Subsidiary after the date hereof, provided that (i) such Liens
existed at the time such Person becomes a Subsidiary and were not created in anticipation thereof, (ii) any such Lien does not by its terms cover any Property after the time such Person becomes a Subsidiary that was not covered immediately
prior thereto and (iii) any such Lien does not by its terms secure any Indebtedness other than Indebtedness existing immediately prior to the time such Person becomes a Subsidiary; 
  

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 (m) Liens on Property and proceeds thereof existing at the time of acquisition thereof
and not created in contemplation thereof; 
 (n) Liens (i) of a collection bank arising under Section 4-208 of the
Uniform Commercial Code on the items in the course of collection, and (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of set off) and which are within the general parameters customary
in the banking industry. 
 (o) Liens securing Securitized Indebtedness in an aggregate principal amount not in excess of
$200,000,000 at any one time outstanding; 
 (p) any extension, renewal, refinancing, substitution or replacement (or
successive extensions, renewals, refinancings, substitutions or replacements), as a whole or in part, of any of the Liens referred to in paragraphs (g), (j), (l) and (m) of this Section 6.02, provided that such extension, renewal,
refinancing substitution or replacement Lien shall be limited to all or any part of substantially the same property or assets that secured the Lien extended, renewed, refinanced, substituted or replaced (plus improvements on such property) and the
liability secured by such Lien at such time is not increased; 
 (q) Liens on proceeds of any of the assets permitted to be
the subject of any Lien or assignment permitted by this Section 6.02, and 
 (r) other Liens, provided that,
without duplication, the aggregate sum of all obligations and Indebtedness secured by Liens permitted under this Section 6.02(r) would not exceed 10.0% of Net Worth. 
 SECTION 6.03. Asset Sales. Other than in connection with the Trust Business Disposition, Permitted Sale-Leaseback Transactions or one or more transactions contemplated by Sections 6.04(a) or 6.04(b), sell,
assign (other than a collateral assignment intended for security), transfer or otherwise dispose of, in one transaction or a series of related transactions, or permit any Material Subsidiary so to do, all or a substantial part of the consolidated
assets of the Borrower and the Subsidiaries taken as a whole. As used herein the “Trust Business Disposition” means the consummation of the transactions contemplated by the following agreements and any related agreements,
instruments or documents in connection with the sale of capital stock in each of Fiserv Trust Company, Fiserv Affinity, Inc., Trust Industrial Bank and Fiserv Brokerage Services, Inc.: (i) that certain Stock Purchase Agreement dated as of
May 24, 2007 between the Borrower and TD Ameritrade Online Holdings Corp.; and (ii) that certain Stock Purchase Agreement dated as of May 24, 2007 between the Borrower and Robert Beriault Holdings, Inc. 
 SECTION 6.04. Mergers and Acquisitions. Consolidate or merge into or with any Person, or make any Acquisition, or enter into any binding agreement
to do any of the foregoing which is not contingent on obtaining the consent of the Required Lenders, or permit any Subsidiary so to do, except as follows: 
 (a) any Subsidiary may merge into or be acquired by a Loan Party, provided that (i) such Loan Party is the survivor thereof (and in a transaction involving the Borrower, the Borrower is the survivor thereof), and
(ii) immediately before and after giving effect thereto no Default or Event of Default shall or would exist; 
  

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 (b) any Subsidiary may merge into or be acquired by another Subsidiary; 
 (c) the consummation of the CheckFree Acquisition; and 
 (d) Acquisitions of one or more Operating Entities or Properties, provided that immediately before and after giving effect to each such Acquisition under this Section 6.04(d), (1) no Default shall or
would exist, and (2) all of the representations and warranties contained in Article III (other than Sections 3.04(a) and 3.12) shall be true and correct as if then made (except to the extent such representations and warranties refer to an
earlier date, in which case they shall be true and correct as of such date). 
 SECTION 6.05. Pari Passu Obligations. The obligations
of each Loan Party under the Loan Documents shall at all times rank not lower than pari passu as to priority of payment and in all other respects with all other unsecured and unsubordinated obligations of such Loan Party. 

SECTION 6.06. Transactions with Affiliates. Become, or permit any Subsidiary to become, a party to any transaction with any Affiliate of the
Borrower on a basis materially less favorable to the Borrower or such Subsidiary in any material respect than if such transaction were not with an Affiliate of the Borrower. 
 SECTION 6.07. Restricted Payments. Make any Restricted Payment, or permit any Subsidiary so to do, except any one or more of the following
Restricted Payments: 
 (a) Restricted Payments made by the Borrower, provided that (i) immediately before and after giving effect
thereto no Event of Default shall or would exist, and (ii) immediately after giving effect thereto, the Borrower would be in pro-forma compliance with Section 6.08; and 
 (b) Restricted Payments by any Subsidiary, provided that no Restricted Payment made to any holder of a minority interest in the Stock thereof shall be
greater, on a pro rata basis, than the amount received by the Borrower and the other Subsidiaries in respect thereof. 
  

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 SECTION 6.08. Financial Covenants. 
 (a) Maximum Leverage Ratio. Permit the Leverage Ratio at the end of any fiscal quarter to be greater than: (i) 3.5 to 1.0 at all times prior
to the Funding Date, (ii) for the period beginning on the Funding Date and ending March 30, 2009, 4.5 to 1.0, (iii) for the period beginning on March 31, 2009 and ending March 30, 2010, 4.0 to 1.0, and (iv) from
March 31, 2010 and thereafter, 3.5 to 1.0; or 
 (b) Minimum Interest Coverage Ratio. Permit the Interest Coverage Ratio at the
end of any fiscal quarter to be less than 3.0 to 1.0. 
 ARTICLE VII 
 Events of Default 
 If any of the following events (“Events of
Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and
payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) the Borrower shall fail to pay any
interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for
a period of five (5) Business Days; 
 (c) any representation or warranty of any Loan Party in this Agreement or any other Loan Document
or any amendment or modification thereof or waiver thereunder, or in any final version of any report, certificate or other document delivered on or after the date hereof, shall prove to have been incorrect in any material respect when made;

 (d) (i) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.01 or in
Article VI or (ii) except as permitted herein, any Loan Document shall for any reason not be or shall cease to be in full force and effect or is declared to be null and void by any Loan Party, or the Borrower or any Subsidiary takes any action
for the purpose of terminating, repudiating or rescinding any Loan Document or any of its obligations thereunder; 
 (e) the Borrower or any
Subsidiary Guarantor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and
such failure shall continue unremedied for a period of 30 days after an executive of such Loan Party being aware of such failure; 
 (f) the
Borrower or any Subsidiary shall fail to make any payment (whether of principal, interest or otherwise and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable (after giving effect to any
applicable grace period); 
  

 44 

 (g) any event or condition occurs that (i) results in any Material Indebtedness becoming or being
declared due prior to its scheduled maturity or (ii) enables or permits the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due prior to its scheduled
maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief
in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue
undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) the Borrower or any
Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter
in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any
such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (j) the Borrower or any Material Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 shall be rendered against the Borrower or any
Subsidiary and the same shall remain unpaid, unstayed on appeal, undischarged, unbonded or undismissed for a period of 60 consecutive days; 
 (l) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, would have a Material Adverse Effect; 
 (m) a Change in Control shall occur; or 
 (n) the occurrence of an Event of Default under and as defined in
(i) the Indenture, dated as of April 11, 2003, between the Borrower, as Issuer, and BNY Midwest Trust Company, as Trustee, as amended or supplemented, (ii) the Indenture, dated as of June 27, 2003, between the Borrower, as
Issuer, and BNY Midwest Trust Company, as Trustee, as amended or supplemented; or (iii) the New Bond Indenture; 
  

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 then, and in every such event (other than an event with respect to the Borrower described in clause (h) or
(i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at
the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not
so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the
Borrower accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with
respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other
Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 
 ARTICLE VIII 
 The Administrative Agent

 Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take
such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. 
 The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may
exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as
if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any duties or obligations except those
expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to
exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth herein, the
Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent 

  

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or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The
Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or
document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be
made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not
be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 The
Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent; provided, no such delegation shall serve as a release of the
Administrative Agent or waiver by the Borrower of any rights hereunder. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory
provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent. 
 Subject to the appointment and acceptance of a successor
Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with (and, so long
as no Default shall then exist, the consent of) the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon
the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the 

  

 47 

 
retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall
continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.

 Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document
furnished hereunder or thereunder. 
 None of the Lenders, if any, identified in this Agreement as a Syndication Agent or Documentation Agent
shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary
relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacities as Syndication Agent or Documentation Agents, as applicable, as it makes with respect to the
Administrative Agent in the preceding paragraph. 
 ARTICLE IX 
 Miscellaneous 
 SECTION 9.01. Notices. (a) Except in the case of notices and other
communications expressly permitted to be given by telephone or other means permitted hereunder (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (i) if to the Borrower, to Fiserv, Inc.,
255 Fiserv Drive, Brookfield, Wisconsin 53045, Attention of Thomas Hirsch, Executive Vice President and Chief Financial Officer and Erich Janzen, Vice President of Treasury (Telecopy No. (262) 879-5318), with a copy to, in the case of any
notice of Default or Event of Default, Charles W. Sprague, Executive Vice President and General Counsel (Telecopy No. (414) 879-5425); 
 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, National Association, Loan and Agency Services Group, Chase Tower IL 1-0010, Chicago, Illinois 60670, Attention of Teresita Siao (Telecopy No. (312) 385-7096); and

  

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 (iii) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative
Questionnaire. 
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the
Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or
communications. 
 (c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to
the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 
 SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power
hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies
that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 
 (b) Neither this Agreement
nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the
Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or
reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce
the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.18(b) or (c) in a manner that would
alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the
number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender or (vi) release, unless required 

  

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by the terms of this Agreement, all or substantially all of the Subsidiary Guarantors from, its obligations under the Subsidiary Guaranty, as applicable,
without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the
Administrative Agent. 
 SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent, the Arrangers and their respective Affiliates, including the reasonable fees, charges and disbursements of one primary counsel (and one local counsel in each applicable jurisdiction) for
the Administrative Agent and the Arrangers, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or
waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated); provided that, in advance of contacting outside counsel of the Administrative Agent regarding matters
concerning the administration of this Agreement in respect of which the Administrative Agent will expect to be reimbursed by the Borrower, the Administrative Agent will notify the Borrower of its intent to contact such outside counsel and
(ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable fees, charges and disbursements of one primary counsel (and one local counsel in each applicable jurisdiction) for the
Administrative Agent and one additional counsel for all of the Lenders and additional counsel as the Administrative Agent or any Lender or group of Lenders determines are necessary in light of actual or potential conflicts of interest or the
availability of different claims or defenses, in connection with the enforcement or protection of its rights in connection with the Loan Documents at any time during a Default, including its rights under this Section, or in connection with the Loans
made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations during an Event of Default in respect of such Loans. 
 (b) The Borrower shall indemnify the Administrative Agent, the Arrangers and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, penalties and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, as and when incurred by any
Indemnitee arising out of, in connection with, or as a result of (i) the enforcement and performance of this Agreement or any agreement or instrument contemplated hereby or the performance by the parties hereto of their respective obligations
hereunder or the consummation of the transactions contemplated hereby (including the syndication of the Term Loans), (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials
on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (a) the gross negligence or willful
misconduct of such Indemnitee (b) a dispute among the Lenders not arising from a Default or (c) such Indemnitee’s breach of the Loan Documents. 
  

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 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the
Administrative Agent or any Arranger under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or such Arranger such Lender’s Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent or such Arranger in its capacity as such. 
 (d) To the extent permitted by applicable law, the Borrower
shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, the Term Loan or the use of the proceeds thereof. 
 (e) All amounts due under this Section shall be payable not later than 30 days after written demand therefor. 
 SECTION 9.04.
Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not
assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender
may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) (i) Subject to the
conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it)
with the prior written consent (such consent not to be unreasonably withheld) of: 
 (A) the Borrower, provided that no
consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; and 
 (B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment to a Lender,
an Affiliate of a Lender or an Approved Fund. 
  

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 (ii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the
assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is
continuing; 
 (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and 
 (D)
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 For the purposes of
this Section 9.04(b), the term “Approved Fund” has the following meaning: 
 “Approved Fund” means any
Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 (iii) Subject
to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be
entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as
a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 
 (iv) The
Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,

  

 52 

 
and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed
Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of
this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any
payment required to be made by it pursuant to Section 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until
such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) (i) Any Lender may, without the consent of the Borrower and the Administrative Agent, sell participations to one or more banks or other entities (a
“Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations
under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) or in clause (i) of Section 9.04(a) that affects such Participant. Subject to paragraph (c)(ii) of this
Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(c) as though it were a Lender.

 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender
if it were a Lender 

  

 53 

 
shall not be entitled to the benefits of Section 2.17 unless the Borrower is notified of the participation sold to such Participant and such Participant
agrees, for the benefit of the Borrower, to comply with Section 2.17(e) as though it were a Lender. 
 (d) Any Lender may at any time
pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this
Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto. 
 SECTION 9.05. Survival. All covenants, agreements, representations and warranties made
by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect in accordance with their terms as long as the principal of or any accrued interest
on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid. The provisions of Sections 2.15, 2.16, 2.17, 9.03 and 9.12 and Article VIII shall survive and remain in full force and
effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 
 SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to
the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as
provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy or electronically shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 9.07.
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  

 54 

 SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final and in whatever
currency denominated) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under
this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured; provided that, promptly after any such set off and application,
such Lender or Affiliate shall give notice thereof to the Borrower. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and
governed by the law of the State of New York. 
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action
or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or
proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction. 
 (c) The Borrower hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in
the manner provided for notices in Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER 

  

 55 

 
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration
in interpreting, this Agreement. 
 SECTION 9.12. Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential to the same extent as if they were parties hereto), (b) to the
extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of
any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as
those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to
any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this
Section or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower or any of its Subsidiaries. For the purposes of this Section, “Information” means all
information which is received from the Borrower relating to the Borrower, the Target, their respective Subsidiaries or Affiliates, their respective business or the CheckFree Acquisition, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 SECTION 9.13. USA PATRIOT Act. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the
name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 
  

 56 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	FISERV, INC.,
	as the Borrower
		
	By:	 	 /s/ Thomas J. Hirsch

	Name:	 	Thomas J. Hirsch
	Title:	 	Executive Vice President, Chief Financial
		 	Officer, Treasurer and Assistant Secretary

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	JPMORGAN CHASE BANK,
	 NATIONAL ASSOCIATION,
 individually and as
Administrative Agent

		
	By:	 	 /s/ Sabir A. Hashmy

	Name:	 	Sabir A. Hashmy
	Title:	 	Vice President

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	SUNTRUST BANK,
	individually and as Syndication Agent
		
	By:	 	 /s/ Robert S. Ashcom

	Name:	 	Robert S. Ashcom
	Title:	 	Director

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	CREDIT SUISSE SECURITIES (USA) LLC,
	as a Documentation Agent
		
	By:	 	 /s/ Christopher G. Cunningham

	Name:	 	Christopher G. Cunningham
	Title:	 	Managing Director
	
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
 as
a Lender

		
	By:	 	 /s/ John Toronto

	Name:	 	John Toronto
	Title:	 	Director
		
	By:	 	 /s/ James Neira

	Name:	 	James Neira
	Title:	 	Associate

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	WACHOVIA BANK, N.A.,
	individually and as a Documentation Agent
		
	By:	 	 /s/ Russ Lyons

	Name:	 	Russ Lyons
	Title:	 	Director

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
	individually and as a Documentation Agent
		
	By:	 	 /s/ Victor Pierzchalski

	Name:	 	Victor Pierzchalski
	Title:	 	Vice President & Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	BANK OF AMERICA, N.A.,
	individually and as a Documentation Agent
		
	By:	 	 /s/ Debra E. DelVecchio

	Name:	 	Debra DelVecchio
	Title:	 	Managing Director

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	SUMITOMO MITSUI BANKING CORPORATION,
	individually and as a Documentation Agent
		
	By:	 	 /s/ Leo Pagarigan

	Name:	 	Leo E. Pagarigan
	Title:	 	General Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Mark Halldorson

	Name:	 	Mark H. Halldorson
	Title:	 	Vice President

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	FIFTH THIRD BANK,
	as a Lender
		
	By:	 	 /s/ Michael R. Zaksheske

	Name:	 	Michael R. Zaksheske
	Title:	 	Vice President

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	U.S. BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Caroline V. Krider

	Name:	 	Caroline V. Krider
	Title:	 	Vice President & Senior Lender

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	MIZUHO CORPORATE BANK,
	as a Lender
		
	By:	 	 /s/ Makoto Murata

	Name:	 	Makoto Murata
	Title:	 	Deputy General Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	THE NORTHERN TRUST COMPANY,
	as a Lender
		
	By:	 	 /s/ Dave Graham

	Name:	 	Dave Graham
	Title:	 	Second Vice President

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	PNC BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ W. J. Bowne

	Name:	 	W. J. Bowne
	Title:	 	Managing Director

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	SOVEREIGN BANK,
	as a Lender
		
	By:	 	 /s/ Judith C.E. Kelly

	Name:	 	Judith C.E. Kelly
	Title:	 	Senior Vice President

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	TORONTO DOMINION (TEXAS) LLC,
	as a Lender
		
	By:	 	 /s/ Debbi Brito

	Name:	 	Debbi L. Brito
	Title:	 	Authorized Signatory

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	KEYBANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ David A. Wild

	Name:	 	David A. Wild
	Title:	 	Vice President

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	BANK OF CHINA, NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Xiaojing Li

	Name:	 	Xiaojing Li
	Title:	 	General Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	REGIONS BANK,
	as a Lender
		
	By:	 	 /s/ Sam Prudhomme

	Name:	 	Sam Prudhomme
	Title:	 	Vice President

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	CITIBANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Thomas Faherty

	Name:	 	Thomas Faherty
	Title:	 	Vice President

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	BANK OF TAIWAN, NEW YORK AGENCY,
	as a Lender
		
	By:	 	 /s/ Eunice Shiou-Jsu Yeh

	Name:	 	Eunice Shiou-Jsu Yeh
	Title:	 	SVP & General Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	COMERICA BANK,
	as a Lender
		
	By:	 	 /s/ Heather A. Whiting

	Name:	 	Heather Whiting
	Title:	 	Vice President

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	E. SUN COMMERCIAL BANK, LTD. LOS ANGELES BANK,
	as a Lender
		
	By:	 	 /s/ Benjamin Lin

	Name:	 	Benjamin Lin
	Title:	 	EVP & General Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	FIRST COMMERCIAL BANK NEW YORK AGENCY,
	as a Lender
		
	By:	 	 /s/ Helen Tong

	Name:	 	Helen Tong
	Title:	 	FVP & Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	FIRST TENNESSEE BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Bob Nieman

	Name:	 	Bob Nieman
	Title:	 	Senior Vice President

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD.,
	as a Lender
		
	By:	 	 /s/ Tsang – Pei Hsu

	Name:	 	Tsang – Pei Hsu
	Title:	 	VP & DGM

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	CHANG HWA COMMERCIAL BANK, LTD.,
NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Jim C.Y. Chen

	Name:	 	Jim C.Y. Chen
	Title:	 	VP & General Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	TAIPEI FUBON COMMERCIAL BANK,
NEW YORK AGENCY,
	as a Lender
		
	By:	 	 /s/ J.H. Sophia Jing

	Name:	 	J.H. Sophia Jing
	Title:	 	F.V.P & General Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	THE CHIBA BANK, LTD.,
NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Morio Tsumita

	Name:	 	Morio Tsumita
	Title:	 	General Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc. 

			
	 HUA NAN COMMERCIAL BANK, LTD.
 LOS ANGELES
BRANCH,

	as a Lender
		
	By:	 	 /s/ Samson Mao

	Name:	 	Samson Mao
	Title:	 	Deputy General Manager

  

 Signature Page to Loan Agreement 
 Fiserv, Inc.Stock Purchase Agreement

 EXHIBIT 10.1 
 STOCK PURCHASE AGREEMENT 
 by and among 
 FISERV, INC., 
 FISERV HEALTH, INC. 
 and 
 UNITED HEALTHCARE SERVICES, INC.

  

 Dated as of
November 1, 2007 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
	 ARTICLE I.
	 	SALE AND PURCHASE OF TARGET SHARES	  	1
			
	             1.1.
	 	Purchase and Sale of Shares	  	1
		 	1.1.1.	 	Purchase Price	  	1
		 	1.1.2.	 	Preparation of Estimated Balance Sheet	  	2
	            1.2.	 	The Closing	  	2
	            1.3.	 	Deliveries at the Closing	  	3
	            1.4.	 	Post-Closing Purchase Price Adjustment	  	4
			
	ARTICLE II.	 	REPRESENTATIONS AND WARRANTIES OF SELLER AND TARGET	  	6
			
	            2.1.	 	Disclosure Schedules	  	6
	            2.2.	 	Representations and Warranties of Seller and Target	  	7
		 	2.2.1.	 	Authorization; No Conflicts; Status of the Target Group, etc	  	7
		 	2.2.2.	 	Capitalization	  	8
		 	2.2.3.	 	Financial Information	  	9
		 	2.2.4.	 	Undisclosed Liabilities	  	11
		 	2.2.5.	 	Absence of Changes	  	11
		 	2.2.6.	 	Taxes	  	12
		 	2.2.7.	 	Properties and Assets	  	15
		 	2.2.8.	 	Contracts	  	17
		 	2.2.9.	 	Intellectual Property	  	20
		 	2.2.10.	 	Insurance	  	23
		 	2.2.11.	 	Compliance with Laws and Other Instruments; Governmental Approvals	  	24
		 	2.2.12.	 	Affiliate Transactions	  	25
		 	2.2.13.	 	Labor Matters, etc	  	25
		 	2.2.14.	 	ERISA	  	27
		 	2.2.15.	 	Environmental Matters	  	29
		 	2.2.16.	 	Litigation	  	30
		 	2.2.17.	 	Prior Acquisitions	  	30
		 	2.2.18.	 	Agents and Brokers	  	30
		 	2.2.19.	 	Brokers, Finders, etc	  	30
	            2.3.	 	Representations and Warranties of Buyer	  	31
		 	2.3.1.	 	Authorization; No Conflicts; Status of Buyer, etc	  	31
		 	2.3.2.	 	Litigation	  	32
		 	2.3.3.	 	Compliance with Laws, etc	  	32
		 	2.3.4.	 	Financing	  	32
		 	2.3.5.	 	Brokers, Finders, etc	  	32
		 	2.3.6.	 	Investment	  	32

  

 i 

							
	 ARTICLE III.
	 	COVENANTS	  	33
			
	             3.1.
	 	Covenants of Seller and Target	  	33
		 	3.1.1.	 	Conduct of Business	  	33
		 	3.1.2.	 	Access and Information	  	35
		 	3.1.3.	 	Tax Matters	  	36
		 	3.1.4.	 	Public Announcements	  	37
		 	3.1.5.	 	Further Actions	  	38
		 	3.1.6.	 	No Solicitation, etc	  	39
		 	3.1.7.	 	Resignation of Directors	  	40
		 	3.1.8.	 	Agreement Not to Compete	  	40
		 	3.1.9.	 	Agreement Not to Hire	  	41
		 	3.1.10.	 	Available Remedies	  	42
		 	3.1.11.	 	Insurance Subsidiary Transactions	  	42
	             3.2.
	 	Covenants of Buyer	  	42
		 	3.2.1.	 	Public Announcements	  	42
		 	3.2.2.	 	Further Actions	  	42
		 	3.2.3.	 	Employee Benefit Matters	  	43
	             3.3.
	 	Change of Name	  	47
	             3.4.
	 	Cooperation	  	48
	             3.5.
	 	Intercompany Relationships	  	49
	             3.6.
	 	Title Insurance Policies	  	50
	             3.7.
	 	Election under Section 338(h)(10)	  	50
	             3.8.
	 	Retained Business	  	51
			
	 ARTICLE IV.
	 	CONDITIONS PRECEDENT	  	51
			
	             4.1.
	 	Conditions to Obligations of Each Party	  	51
		 	4.1.1.	 	Regulatory Approvals	  	51
		 	4.1.2.	 	No Injunction, etc	  	52
	             4.2.
	 	Conditions to Obligations of Buyer	  	52
		 	4.2.1.	 	Representations and Warranties	  	52
		 	4.2.2.	 	Covenants	  	53
		 	4.2.3.	 	Absence of Material Adverse Effect	  	53
		 	4.2.4.	 	Third Party Consents	  	53
		 	4.2.5.	 	Proceedings	  	53
		 	4.2.6.	 	Retained Business	  	53
	             4.3.
	 	Conditions to Obligations of Seller	  	53
		 	4.3.1.	 	Representations and Warranties	  	53
		 	4.3.2.	 	Covenants	  	54
		 	4.3.3.	 	Proceedings	  	54
			
	 ARTICLE V.
	 	TERMINATION	  	54
			
	             5.1.
	 	Termination	  	54
	             5.2.
	 	Effect of Termination	  	55

  

 ii 

							
	 ARTICLE VI.
	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES AND COVENANTS; INDEMNIFICATION	  	55
			
	             6.1.
	 	Survival of Representations and Warranties and Covenants	  	55
	             6.2.
	 	General Indemnity	  	56
		 	6.2.1.	 	Seller Indemnity	  	56
		 	6.2.2.	 	Buyer Indemnity	  	56
		 	6.2.3.	 	Exclusive Remedy	  	57
		 	6.2.4.	 	Further Limitations	  	57
	             6.3.
	 	Third Party Claims; Direct Claims	  	57
	             6.4.
	 	Trewit Litigation	  	59
	             6.5.
	 	Consequential Damages	  	60
	             6.6.
	 	Payments	  	61
	             6.7.
	 	Adjustments to Losses	  	61
		 	6.7.1.	 	Insurance	  	61
		 	6.7.2.	 	Taxes	  	61
		 	6.7.3.	 	Reimbursement	  	62
	             6.8.
	 	Mitigation	  	62
	             6.9.
	 	Claims Unaffected by Investigation	  	62
	             6.10.
	 	Tax Indemnity	  	62
	             6.11.
	 	Effect on the Purchase Price	  	63
			
	 ARTICLE VII.
	 	DEFINITIONS; MISCELLANEOUS	  	63
			
	             7.1.
	 	Definition of Certain Terms	  	63
	             7.2.
	 	Expenses; Transfer Taxes	  	73
	             7.3.
	 	Further Assurances	  	73
	             7.4.
	 	Severability	  	74
	             7.5.
	 	Notices	  	74
	             7.6.
	 	Miscellaneous	  	75
		 	7.6.1.	 	Headings, Interpretation	  	75
		 	7.6.2.	 	Counterparts	  	76
		 	7.6.3.	 	Jurisdictional Matters	  	76
		 	7.6.4.	 	Waiver of Jury Trial	  	77
		 	7.6.5.	 	Specific Performance	  	77
		 	7.6.6.	 	Litigation Expenses	  	77
		 	7.6.7.	 	Binding Effect	  	77
		 	7.6.8.	 	Assignment	  	77
		 	7.6.9.	 	Third Party Beneficiaries	  	77
		 	7.6.10.	 	Confidentiality	  	77
		 	7.6.11.	 	Amendment; Waivers	  	78
		 	7.6.12.	 	Entire Agreement	  	79

  

 iii 

 EXHIBITS 
  

	
	Exhibit A – Target Group Executives
	Exhibit B – Form of Transitional Trademark License Agreement
	Exhibit C – Form of Transition Services Agreement
	Exhibit D – Example of Estimated Balance Sheet and Working Capital Calculation
	Exhibit E – Form of FIRPTA Certificate
	Exhibit F – Required Consents
	Exhibit G – Indemnification Matters

  

 iv 

 STOCK PURCHASE AGREEMENT 
 This STOCK PURCHASE AGREEMENT, dated as of November 1, 2007 (this “Agreement”), is made and entered into by and among FISERV,
INC., a Wisconsin corporation (“Seller”), FISERV HEALTH, INC., a Delaware corporation (“Target”), and UNITED HEALTHCARE SERVICES, INC., a Minnesota corporation (“Buyer”). 
 WITNESSETH: 
 WHEREAS, Seller owns all
of the outstanding capital stock of Target (the “Target Shares”); 
 WHEREAS, Buyer desires to purchase, and Seller desires
to sell, all of the Target Shares upon the terms and subject to the conditions described in this Agreement; 
 WHEREAS, simultaneously with
the execution and delivery of this Agreement, certain key employees of the Target Group set forth in Exhibit A (the “Target Group Executives”) have entered into employment agreements with an Affiliate of Buyer, each to take effect
as of the Closing; 
 WHEREAS, simultaneously with the execution and delivery of this Agreement, Seller and Buyer have entered into a
trademark license agreement in the form of Exhibit B hereto (the “Transitional Trademark License Agreement”) and a transition services agreement in the form of Exhibit C hereto (the “Transition Services Agreement”
and, together with the Transitional Trademark License Agreement, the “Ancillary Agreements”), each to take effect as of the Closing; and 
 WHEREAS, Buyer, Seller and Target desire to make certain representations, warranties, covenants and agreements in connection with the purchase and sale of the Target Shares and also to prescribe various conditions to
the transaction. 
 NOW, THEREFORE, in consideration of the mutual promises, covenants, representations and warranties made herein and
intending to be bound hereby, the parties hereto agree as follows: 
 ARTICLE I. 
 SALE AND PURCHASE OF TARGET SHARES 
 1.1. Purchase and Sale of Shares. 
 1.1.1. Purchase Price. 
 (a) Upon the terms and subject to the conditions of this Agreement, at the Closing, Seller shall sell to Buyer the Target Shares, and Buyer shall
purchase from Seller the Target Shares, in each case free and clear of all Liens, for an aggregate purchase price equal to $775,000,000, as adjusted as set forth in Section 1.1.1(b) and in accordance with Section 1.4 (such purchase price,
as so adjusted, the “Purchase Price”). 

 (b) The purchase price specified in Section 1.1.1(a) shall be adjusted as follows: 
 (i) if the Estimated Working Capital is greater than $0, such purchase price shall be increased by the dollar amount by which the
Estimated Working Capital is greater than $0; 
 (ii) if the Estimated Working Capital is less than $0, such purchase price
shall be reduced by the dollar amount by which the Estimated Working Capital is less than $0; and 
 (iii) in all cases, such
purchase price shall be reduced by an amount equal to the Target Group Debt. 
 1.1.2. Preparation of Estimated Balance Sheet. Not
fewer than three Business Days prior to the Closing Date, Seller shall prepare and deliver to Buyer in writing (a) an estimated consolidated balance sheet for the Target Group as of immediately prior to the Closing (the “Estimated
Balance Sheet”), (b) a good faith estimate of the Purchase Price payable at Closing after giving effect to the adjustments described in Section 1.1.1(b) (the “Estimated Purchase Price”), and (c) a good faith
calculation, as of immediately prior to the Closing, of (i) Estimated Working Capital and (ii) Target Group Debt. The Estimated Balance Sheet shall be prepared in accordance with GAAP, except as set forth on Section 2.2.3(a)-2 of the
Seller Disclosure Schedule, and on a basis consistent with the accounting methods, practices and procedures used to prepare the Annual Financial Statements for Target’s fiscal year ending December 31, 2006 and the Latest Financial
Statements, insofar as such methods, practices and procedures are consistent with GAAP (including appropriate closing adjustments, as if the Closing were at a fiscal year end) except as set forth on Section 2.2.3(a)-2 of the Seller Disclosure
Schedule. For illustrative purposes only, Exhibit D sets forth an example of the Estimated Balance Sheet, as of July 31, 2007, and an example calculation of Working Capital derived therefrom. Working Capital shall be calculated by applying the
terms and conditions of this Agreement on a basis consistent with the sample calculation and methodology set forth on Exhibit D. 
 1.2.
The Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Sullivan & Cromwell LLP in New York, New York, commencing at 9:00 a.m. local time on
the second Business Day following the satisfaction or waiver of all conditions to the obligations of the parties to consummate the transactions contemplated hereby (other than conditions with respect to actions the respective parties will take at
the Closing itself) or such other time and place as Buyer and Seller may mutually determine (the “Closing Date”), and shall be effective for financial accounting and tax purposes as of 11:59 p.m. on the Closing Date. 
  

 2 

 1.3. Deliveries at the Closing. At the Closing: 
 (a) Buyer will deliver to Seller, by wire transfer of immediately available funds to one or more accounts designated in writing by Seller (such
designation to be made at least two (2) Business Days prior to the Closing Date), an amount in cash equal to the Estimated Purchase Price; 
 (b) Seller will deliver to Buyer the certificates referred to in Sections 4.2.1(c) below and 4.2.2 below; 
 (c) Buyer will deliver
to Seller the certificates referred to in Sections 4.3.1(c) below and 4.3.2 below; 
 (d) Seller will deliver to Buyer stock
certificates representing the Target Shares, endorsed in blank or accompanied by duly executed stock powers; 
 (e) Seller shall deliver to
Buyer the minute books, stock ledgers and transfer records and the corporate seal for each entity that is a member of the Target Group (including, without limitation, to the extent certificated, certificates representing all outstanding shares of
capital stock or other equity interests of each entity that is a member of the Target Group), except to the extent Applicable Law requires that such instruments be maintained at the offices of such member of the Target Group; 
 (f) Seller shall deliver to Buyer an executed resignation, in a form reasonably acceptable to Buyer, effective as of the Closing Date, from each of the
directors of each member of the Target Group, except for resignations of any such directors in respect of whom Buyer notifies Seller, at least ten (10) days prior to Closing, that no such resignation is required; 
 (g) Seller shall deliver to Buyer a copy of a Certificate of Good Standing from the Secretary of State of the State of Delaware, as of date within three
(3) Business Days of the Closing Date, evidencing the good standing of Target in such state; 
 (h) Seller shall deliver to Buyer an
update to Section 2.2.3(g) of the Seller Disclosure Schedule, setting forth a list, as of a date within five (5) Business Days prior to the Closing Date, which is correct and complete as of such date, of all bank accounts and safe deposit
boxes of the Target Group, the number of each such account or box and such information as Seller can reasonably locate regarding the Persons authorized to draw on such accounts or to access such boxes; and 
 (i) Seller shall deliver to Buyer a duly executed certification, substantially in the form of Exhibit E hereto, that Seller is not a foreign person
within the meaning set forth in Treasury Regulation Section 1.1445-2(b)(2)(iv). 
  

 3 

 1.4. Post-Closing Purchase Price Adjustment. 
 (a) Calculation of Final Purchase Price. As soon as reasonably practicable, but in no event later than ninety (90) days after the Closing
Date, Buyer shall prepare and cause to be delivered to Seller (i) a consolidated balance sheet for the Target Group as of immediately prior to Closing (the “Final Balance Sheet”), (ii) a good faith calculation of the
Purchase Price payable at Closing after giving effect to the adjustments described in Section 1.1.1(b) (the “Final Purchase Price”), and (iii) a good faith calculation, as of immediately prior to the Closing, of
(A) Working Capital and (B) Target Group Debt. The Final Balance Sheet shall be prepared in accordance with GAAP, except as set forth on Section 2.2.3(a)-2 of the Seller Disclosure Schedule, and on a basis consistent with the
accounting methods, practices and procedures used to prepare the Annual Financial Statements for Target’s fiscal year ending December 31, 2006 and the Latest Financial Statements, insofar as such methods, practices and procedures are
consistent with GAAP (including appropriate closing adjustments, as if the Closing were at a fiscal year end) except as set forth on Section 2.2.3(a)-2 of the Seller Disclosure Schedule. Working Capital shall be calculated by applying the terms
and conditions of this Agreement on a basis consistent with the sample calculation and methodology set forth in Exhibit D. Buyer’s Representatives shall be permitted reasonable access at all reasonable times to the books and records of Seller
and the personnel of Seller and/or Seller’s Representatives (in the case of Representatives, to the extent permitted by such Representatives and, in each case, subject to Buyer’s execution and delivery of customary agreements with such
Representatives) to the extent that they relate to the Target Group and to such historical financial information relating to the Target Group as Buyer may reasonably request for the purpose of reviewing the Estimated Balance Sheet or preparing the
Final Balance Sheet and the calculation of the Final Purchase Price and preparing materials for any presentation to the Accounting Expert. 
 (b) Examination by Seller. Upon receipt of the Final Balance Sheet and calculation of the Final Purchase Price, Seller and Seller’s Representatives shall be permitted during the succeeding sixty (60) day period (the
“Review Period”) reasonable access at all reasonable times to the books and records of the Target Group and the personnel of Buyer, the members of the Target Group and/or Buyer’s Representatives (in the case of Representatives,
to the extent permitted by such Representatives and, in each case, subject to Seller’s execution and delivery of customary agreements with such Representatives) to the extent that they relate to the Target Group and to such historical financial
information relating to the Target Group as Seller may reasonably request for the purpose of reviewing the Final Balance Sheet and the calculation of the Final Purchase Price and preparing materials for any presentation to the Accounting Expert.

 (c) Objection by Seller. On or prior to the last day of the Review Period, Seller may object to the calculation of the Final
Purchase Price by delivering to Buyer a written statement setting forth Seller’s objections to the calculation of the Final Purchase Price and a reasonable basis for such objections, including, in reasonable detail, the specific items of the
calculation of the Final Purchase Price to which such objections relate (the “Statement of Objections”). If Seller fails to deliver the Statement of Objections within the Review Period, Buyer’s calculation of the Final Purchase
Price shall be deemed to have been accepted by 

  

 4 

 
Seller and shall be final and binding and shall be used in computing the Adjustment Amount. If Seller delivers the Statement of Objections within the Review
Period, subject to Section 1.4(d) below, Seller and Buyer shall negotiate in good faith to resolve such objections, and, if the same are so resolved, the calculation of the Final Purchase Price with such changes as may have been previously
agreed in writing by Seller and Buyer shall be final and binding and shall be used in computing the Adjustment Amount. To the extent a matter is not set forth in the Statement of Objections, such matter shall be deemed to have been accepted and
agreed to by Seller and all such matters and any amounts related thereto shall be final and binding and shall be used in computing the Adjustment Amount. 
 (d) Resolution of Disputes. If Seller and Buyer shall fail to reach an agreement with respect to all of the matters set forth in the Statement of Objections within thirty (30) days after the date of
delivery of the Statement of Objections (or such longer period as the parties hereto shall agree in writing), then such unresolved matters shall, not later than ten (10) days after the expiration of such thirty day period (or such longer period
as the parties hereto shall agree in writing), be jointly submitted by the parties hereto for resolution to the Chicago, Illinois office of Ernst & Young LLP or, if Ernst & Young LLP is not independent of Seller and Buyer at such
time, such other nationally recognized accounting firm to be mutually agreed upon by Seller and Buyer (the “Accounting Expert”) who shall, acting as experts and not as arbitrators, resolve such matters and make any resulting
adjustments to the calculation of the Final Purchase Price. The Accounting Expert shall be bound by a mutually agreeable confidentiality agreement. 
 (e) Fees of the Accounting Expert. The fees and expenses of the Accounting Expert shall be borne by Seller and Buyer in such proportion as is appropriate to reflect the relative percentages of the aggregate
dollar amount of all matters submitted to the Accounting Expert that were resolved against Seller or Buyer, respectively. For example, if Seller objects to the calculation of the Final Purchase Price by an amount of $100,000, and the Accounting
Expert resolves such matters submitted to it in a manner that results in an upward adjustment to the calculation of the Final Purchase Price of $40,000, Buyer shall bear 40% of the fees and expenses of the Accounting Expert and Seller shall bear the
other 60% of such fees and expenses. 
 (f) Access to Supporting Documentation. Subject to, and to the extent permitted by, any
Applicable Laws, Seller and Buyer and their respective Representatives (in the case of Representatives, to the extent permitted by such Representatives and, in each case, subject to the execution and delivery of customary agreements with such
Representatives) shall each make reasonably available to the Accounting Expert all relevant work papers and books and records relating to the Target Group, and copies of all such materials and information provided by a party to the Accounting Expert
shall be concurrently delivered to the other party to the proceeding. The Accounting Expert’s determination shall be based solely on its review of such work papers and books and records relating to the Target Group and the written information
and presentations provided by Buyer and Seller (or their Representatives), which are in accordance with the terms and procedures set forth in this Agreement, and not on the basis of an independent review. 
  

 5 

 (g) Determination by Accounting Expert. The parties shall jointly instruct the Accounting Expert
to make a determination as soon as practicable within thirty (30) days (or such other time as the parties hereto shall agree in writing) after its engagement only with respect to the disputed items submitted to the Accounting Expert, whether
and to what extent (if any) the Final Purchase Price requires adjustment and a written explanation in reasonable detail of each such required adjustment, including the basis therefor. The procedures of this Section 1.4 are exclusive and the
determination of the Accounting Expert shall, absent manifest error, be conclusive, final and binding upon the parties hereto and shall be used in computing the Adjustment Amount. 
 (h) Payment of Adjustment Amount. Within two (2) Business Days of the later of (i) acceptance of the calculation of the Final Purchase
Price or (ii) the resolution of Seller’s objections in connection therewith in accordance with this Section 1.4, the Purchase Price shall be recalculated by giving effect to such final and binding amounts and, to the extent that the
Final Purchase Price is less than or more than the Estimated Purchase Price, (x) the Purchase Price shall be adjusted downward (if the Final Purchase Price is less than the Estimated Purchase Price) or upward (if the Final Purchase Price is
greater than the Estimated Purchase Price) respectively, on a dollar-for-dollar basis by the amount of the difference between the Final Purchase Price and the Estimated Purchase Price (such dollar amount, the “Adjustment Amount”),
and (y) Seller shall pay to Buyer, or Buyer shall pay to Seller, as the case may be, the Adjustment Amount together with interest thereon accrued at a rate per annum equal to the Prime Rate as published in the The Wall Street Journal, Eastern
Edition, in effect for the period from the Closing Date to the date on which the Adjustment Amount is paid. Any such payment shall be made by wire transfer of immediately available funds as directed by Buyer or Seller, as the case may be.

 ARTICLE II. 
 REPRESENTATIONS AND WARRANTIES OF SELLER AND TARGET 
 2.1. Disclosure Schedules. On or prior to the date
hereof, Seller has delivered to Buyer (the “Seller Disclosure Schedule”), and Buyer has delivered to Seller (the “Buyer Disclosure Schedule” and, together with the Seller Disclosure Schedule, the “Disclosure
Schedules”), a schedule each setting forth, among other things, items the disclosure of which is necessary or appropriate either in response to an express disclosure requirement contained in a provision hereof or as an exception to one or
more representations and warranties contained in Article II or to one or more of the covenants contained in Article III; provided, that the mere inclusion of an item in the Seller Disclosure Schedule or Buyer Disclosure Schedule as an
exception to a representation, warranty or covenant shall not be deemed an admission by a party that such item represents a material exception or fact, event or circumstance or that such item has had or is reasonably likely to result in a Material
Adverse Effect with respect to the disclosing party. Notwithstanding that the 

  

 6 

 
Disclosure Schedules are organized such that the responses or exceptions set forth thereon are set forth under captions referencing the Sections and
subsections, if any, of this Agreement to which such responses or exceptions apply, a disclosure in any section of the Seller Disclosure Schedule or Buyer Disclosure Schedule shall be deemed to be a disclosure for all other sections of the Seller
Disclosure Schedule or Buyer Disclosure Schedule in respect of which it is reasonably apparent on its face that such disclosure is applicable. 
 2.2. Representations and Warranties of Seller and Target. Seller and Target jointly and severally represent and warrant to Buyer, as of the date hereof and as of the Closing Date, as follows: 
 2.2.1. Authorization; No Conflicts; Status of the Target Group, etc. 
 (a) Due Organization, etc. Section 2.2.1(a) of the Seller Disclosure Schedule sets forth a correct and complete list of Target and each of its Subsidiaries (collectively, the “Target
Group”), their respective forms and jurisdictions of incorporation or organization and each jurisdiction in which a member of the Target Group is qualified to do business. Seller and each member of the Target Group is a corporation, limited
liability company or limited liability limited partnership, as applicable, duly incorporated or organized, validly existing and in good standing under the laws of its respective jurisdiction of incorporation or organization, with the requisite power
and authority, as applicable, to carry on its business as now conducted and presently proposed by Seller to be conducted and to own or lease and to operate its properties as and in the places where such business is now conducted and such properties
are now owned, leased or operated. Each member of the Target Group is duly qualified to do business and is in good standing as a foreign corporation, limited liability company or limited liability limited partnership, as applicable, in all
jurisdictions in which the nature of its business or its ownership of property requires it to be so qualified, except for those failures to be so qualified that would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect on the Target Group. 
 (b) Authorization, etc. Each of Seller and Target has all requisite corporate power and
authority to enter into the Transaction Documents to which it is a party, to perform its obligations thereunder and to consummate the transactions contemplated thereby. The execution, delivery and performance of the Transaction Documents, and the
consummation of the transactions contemplated thereby, by each of Seller and Target, as applicable, have been duly authorized by all requisite corporate action of Seller and Target, as applicable, and no other corporate proceedings on the part of
Seller or Target, as applicable, are necessary to authorize the execution, delivery or performance of the Transaction Documents by it. Each of the Transaction Documents has been duly executed and delivered by each of Seller and Target, as
applicable, and constitutes the valid and legally binding obligations of it enforceable against it in accordance with its terms, except to the extent that enforceability thereof may be limited by bankruptcy, insolvency, reorganization and other
similar Applicable Laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 
  

 7 

 (c) No Conflicts. Except as set forth on Section 2.2.1(c) of the Seller Disclosure Schedule,
the execution and delivery of the Transaction Documents to which Seller or Target is a party, by Seller and Target, as applicable, and the consummation by Seller and Target, as applicable, of the transactions contemplated thereby do not and will not
conflict with or result in a breach of any of the provisions of, result in any loss of rights or default under, constitute an event creating rights of, or result in, acceleration, termination, repayment or cancellation of or under, entitle any party
to receive any payment or benefit pursuant to, or result in the creation of any Lien upon any of the properties or assets of Seller or any member of the Target Group under, (i) any provision of the Organizational Documents of Seller or any
member of the Target Group, (ii) any Applicable Law applicable to Seller or any member of the Target Group or any of their respective properties or (iii) any Target Contract, except in the case of clauses (ii) or (iii) for any
such conflicts, breaches, losses, defaults, accelerations, terminations, repayments, cancellations or Liens that, individually or in the aggregate, are not reasonably expected to have a Material Adverse Effect on Seller or on the Target Group.
Except as set forth on Section 2.2.1(c) of the Seller Disclosure Schedule, no Governmental Approval (other than pursuant to the HSR Act) or other Consent is required to be obtained or made by Seller or any member of the Target Group in
connection with the execution and delivery of the Transaction Documents to which Seller or Target is a party or the consummation by Seller and Target of the transactions contemplated thereby. 
 (d) Organizational Documents, etc. Seller has made available to Buyer complete and correct copies of the Organizational Documents, as in effect
on the date hereof, of each member of the Target Group. No member of the Target Group is in violation of any of the provisions of its Organizational Documents. 
 (e) Transferred Entities. Each of the entities set forth on Section 2.2.1(e) of the Seller Disclosure Schedule (the “Transferred Entities”) was formerly a direct or indirect wholly owned
Subsidiary of Target and has been validly transferred to Seller or a Subsidiary of Seller (other than a member of the Target Group) so as to no longer be owned by Target or any other member of the Target Group. No member of the Target Group incurred
any liabilities or other obligations as a result of such transfers or in connection with the operations of the Transferred Entities. 
 2.2.2. Capitalization. 
 (a) Target. The authorized capital stock of Target consists of 1,000 shares of common stock,
$.01 par value, of which 100 shares are issued and outstanding as of the date hereof. All of the Target Shares have been duly authorized and validly issued and are fully paid and non-assessable, and are owned beneficially and of record by Seller,
free and clear of all Liens. All of the issued and outstanding shares of the capital stock of Target (i) were offered, sold, issued and delivered in compliance with Applicable Law and (ii) are not subject to, and were not issued in
violation of, any preemptive rights or any other third party rights created by the Organizational Documents or any agreement to which Target is a party or by which Target is bound. No shares of authorized capital stock or other equity ownership
interests of Target are held in treasury or reserved for any purpose. 
  

 8 

 (b) Target Group. The authorized capital stock or other equity ownership interests of each other
member of the Target Group, and the number of issued and outstanding shares of capital stock or other equity ownership interests of each other member of the Target Group, is set forth on Section 2.2.2(b) of the Seller Disclosure Schedule. All
of the issued and outstanding shares of capital stock or other equity ownership interests of each other member of the Target Group are owned by Target, directly or indirectly, free and clear of all Liens and all of such shares or equity ownership
interests have been duly authorized and validly issued and are fully paid and nonassessable. All of the issued and outstanding shares of the capital stock or other equity ownership interests of each other member of the Target Group (i) were
offered, sold, issued and delivered in compliance with Applicable Law and (ii) are not subject to, and were not issued in violation of, any preemptive rights or any other third party rights created by the Organizational Documents or any
agreement to which any member of the Target Group is a party or by which any member of the Target Group is bound. No shares of authorized capital stock or other equity ownership interests of any of the other members of the Target Group are held in
treasury or reserved for any purpose. 
 (c) Other Agreements with Respect to Common Stock. There are no preemptive or similar rights
on the part of any Person with respect to the issuance of any shares of capital stock or any other equity interests of any member of the Target Group. There are no subscriptions, options, warrants, conversion rights, stock appreciation rights,
phantom stock rights or other similar rights, agreements or commitments of any kind with respect to any shares of capital stock or any other equity interests of any member of the Target Group. There are no rights, agreements or commitments
obligating any member of the Target Group to issue or sell, or to cause to be issued or sold, or to repurchase, redeem, exchange, transfer, register or otherwise acquire or dispose of, any shares of its capital stock or any other equity interests or
any securities convertible into or exchangeable for, or any options, warrants, conversion rights, stock appreciation rights, phantom stock rights or other similar rights relating to, any shares of capital stock or any other equity interests of any
member of the Target Group other than the Transaction Documents. 
 (d) Securities Laws. No member of the Target Group has registered
shares of its capital stock or any other equity interests or debt securities under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the “Exchange Act”). 
 2.2.3. Financial Information. 
 (a) Financial Statements. Set forth on Section 2.2.3(a)-1 of the Seller
Disclosure Schedule are true, correct and complete copies of (i) the unaudited consolidated balance sheet, as of July 31, 2007, of the Target Group (the “Latest Balance Sheet”) and the unaudited consolidated statement of
operations and cash flows of the Target Group for the seven-month period then ended 

  

 9 

 
(such statement of income and cash flows and the Latest Balance Sheet being hereinafter referred to as the “Latest Financial Statements”)
and (ii) the unaudited consolidated balance sheets, as of December 31 of each of 2006 and 2005, of the Target Group and the unaudited consolidated statements of operations and cash flows of the Target Group for each of the years then ended
(collectively, the “Annual Financial Statements”). The Latest Financial Statements and the Annual Financial Statements fairly present in all material respects the financial position and results of operations of the Target Group as
of the dates thereof and for the periods referred to therein. Except as set forth on Section 2.2.3(a)-2 of the Seller Disclosure Schedule, the Annual Financial Statements have been prepared in accordance with GAAP, consistently applied in
accordance with the Target Group’s historical practices, insofar as such practices are consistent with GAAP, except as set forth on Section 2.2.3(a)-2 of the Seller Disclosure Schedule. Except as set forth on Section 2.2.3(a)-2 of the
Seller Disclosure Schedule, the Latest Financial Statements have been prepared in accordance with GAAP applicable to unaudited interim financial statements and on a basis consistent with the Annual Financial Statements. 
 (b) Financial Books and Records. All financial and accounting books and records related to the business of the Target Group are accurate and
complete in all material respects. 
 (c) Receivables. The accounts receivable and other receivables reflected on the Latest Balance
Sheet, and those arising in the Ordinary Course of Business after the date thereof, are (i) valid receivables that have arisen from bona fide transactions in the Ordinary Course of Business, (ii) not subject to valid counterclaims or
setoffs and (iii) except as and to the extent of the bad debt reserve reflected on the Latest Balance Sheet, collectible in accordance with their terms. 
 (d) Disclosure Controls and Procedures. Seller maintains disclosure controls and procedures designed to ensure that information required to be publicly disclosed by Seller with respect to the Target Group is
recorded and reported on a timely basis to the individuals responsible for the preparation of Seller’s filings and submissions with the Commission. 
 (e) Internal Control Over Financial Reporting. Seller has disclosed to Buyer any significant deficiencies or material weaknesses in the design or operation of its internal control over financial reporting that
are reasonably likely to adversely affect the Target Group’s ability to record, process, summarize and report financial information. 
 (f) Up the Ladder Reporting. Since December 31, 2005, no unresolved complaints from any source regarding improper accounting, internal accounting controls or auditing matters relating to the Target Group, have been received by
Seller or the Target Group. No attorney representing the Target Group, whether or not employed by the Target Group, has reported evidence of a violation of securities laws, breach of fiduciary duty or similar violation relating to the Target Group
by the Target Group or any of 

  

 10 

 
its officers, directors, employees or agents to Seller’s chief legal officer, audit committee (or other committee designated for the purpose) of the
board of directors of Seller or the board of directors of Seller pursuant to the rules adopted pursuant to Section 307 of the Sarbanes-Oxley Act of 2002 or any Seller policy contemplating such reporting, in instances required by those rules.

 (g) Bank Accounts. Section 2.2.3(g) of the Seller Disclosure Schedule sets forth a list of all bank accounts and safe deposit
boxes of the Target Group, which is correct and complete as of the date hereof. 
 (h) Restricted Cash Accounts; Client Cash
Accounts. Section 2.2.3(h) of the Seller Disclosure Schedule sets forth a full and complete list, as of a date within three (3) Business Days prior to the date hereof, of all Restricted Cash Accounts on a customer-by-customer basis.
The balance of each Restricted Cash Account is equal to or exceeds the amount that any member of the Target Group owes to such customer, and the aggregate balance of all Restricted Cash Accounts is equal to or exceeds the aggregate amount that the
members of the Target Group owe to such customers. All Client Cash Accounts are currently and have been administered in a manner that is consistent with the contractual obligations of the Target Group related thereto. 
 (i) Insurance Subsidiary Required Capital. As of the date hereof, the Insurance Subsidiary’s capital and surplus as reflected on its
statutory balance sheet exceeds the minimum capital requirement imposed by Arizona law for insurers of its type. 
 2.2.4. Undisclosed
Liabilities. Except as set forth on Section 2.2.4 of the Seller Disclosure Schedule, the Target Group does not have any obligations or liabilities of any nature, whether absolute, accrued, contingent, unliquidated or otherwise, whether
known or unknown, whether due or to become due, and regardless of when asserted, and, there is no existing condition, situation or set of circumstances which is reasonably expected to result in such an obligation or liability, other than obligations
and liabilities (i) contemplated by or in connection with this Agreement or the transactions contemplated hereby, (ii) as and to the extent disclosed, reserved against or reflected in the consolidated balance sheets included in the Latest
Financial Statements and the Annual Financial Statements, (iii) that have been incurred in the Ordinary Course of Business which, individually or in the aggregate, are not reasonably likely to result in Losses in excess of $1,000,000,
(iv) arising under executory Contracts, or (v) that are not, individually or in the aggregate, reasonably expected to have a Material Adverse Effect on the Target Group. Except as set forth on Section 2.2.4 of the Seller Disclosure
Schedule, no member of the Target Group has any outstanding Indebtedness and there exists no indebtedness owed by Seller to Target or any other member of the Target Group. 
 2.2.5. Absence of Changes. Except as set forth on Section 2.2.5 of the Seller Disclosure Schedule, (A) since December 31, 2006,
(i) the Target Group has conducted its business in the Ordinary Course of Business and (ii) no event has occurred or fact or circumstance has arisen that, individually or taken together with all other events, facts, and circumstances has
had, or is reasonably 

  

 11 

 
expected to have, a Material Adverse Effect on the Target Group and (B) since July 31, 2007, none of the actions or events prohibited by
Section 3.1.1 have been taken or have occurred except as contemplated or permitted by this Agreement. 
 2.2.6. Taxes.

 (a) Filing of Target Tax Returns and Payment of Taxes. Except as set forth on Section 2.2.6(a) of the Seller Disclosure
Schedule, all material Seller Group Tax Returns and all material Target Tax Returns required to be filed on or before the Closing Date have been or will be timely filed with the proper Governmental Authorities and are or will be true, correct and
complete in all material respects. Except as set forth on Section 2.2.6(a) of the Seller Disclosure Schedule, all material Taxes of or allocable to any member of the Target Group (“Target Taxes”), whether or not shown on a
Target Tax Return or a Seller Group Tax Return, due and payable on or before the Closing Date have been or will be timely paid in full. Except as disclosed on Section 2.2.6(a) of the Seller Disclosure Schedule, all material Target Employment
and Withholding Taxes required to be withheld and paid on or before the date hereof, and all Target Employment and Withholding Taxes required to be withheld and paid on or before the Closing Date, have (or, in the case of such Target Employment and
Withholding Taxes that are required to be withheld and paid after the date hereof and on or before the Closing Date, by the Closing Date will have) been duly paid or accrued. 
 (b) Tax Reserve. Except as set forth on Section 2.2.6(b) of the Seller Disclosure Schedule, the Target Group maintains no reserves for Tax
liability (rather than any reserve for deferred Taxes, established to reflect timing differences between book and Tax income) for financial reporting purposes. 
 (c) Liens. There are no Liens for Taxes (other than for current Taxes not yet due and payable or which are being contested in good faith by appropriate proceedings and for which adequate reserves have been
established) on any of the assets of the Target Group. Section 2.2.6(c) of the Seller Disclosure Schedule sets forth, to the Knowledge of Seller or of which Seller has received written notice, all Liens for Taxes that exist on any of the assets
of the Target Group. 
 (d) Extensions, etc. Except as set forth on Section 2.2.6(d) of the Seller Disclosure Schedule, with
respect to open Tax periods, (i) neither a member of the Target Group nor the common parent of the Seller Group has entered into (or prior to close of business on the Closing Date will enter into) (A) a written agreement extending or
waiving the period of assessment or collection of any Target Taxes, which extension or waiver is currently in force or (B) any closing agreement pursuant to Section 7121 of the Code, or any predecessor provision thereof or any similar
provision of state, local or foreign Tax law that relates to the assets or operations of the Target Group; (ii) there are no pending requests by Seller for any extension of time within which to file any Seller Group Tax Return that has not been
filed; (iii) there are no pending requests by any member of the Target Group for any extension of time within which to file any Target Tax Return that has not been filed; and (iv) there are no requests for rulings, closing agreements, or
similar agreements, in respect of any Target Taxes filed by a member of the Target Group or the common parent of the Seller Group that are pending with any Governmental Authority. 
  

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 (e) Tax Filing Groups. Except as set forth on Section 2.2.6(e) of the Seller Disclosure
Schedule, since December 31, 2003, no member of the Target Group (i) is or has been at any time a member of any affiliated, consolidated, combined or unitary group for Income Tax purposes other than the Seller Group or (ii) has any
liability for the Income Taxes of any Person (other than another member of the Seller Group) under Section 1.1502-6 of the Treasury Regulations, or any similar provision of state or local law. 
 (f) Copies of Target Tax Returns; Audits; etc. Seller has (or by the Closing Date will have) made available to Buyer complete and accurate copies
of (i) all material Target Tax Returns as filed that have been filed or will be filed (after giving effect to all valid extensions of time for filing) after December 31, 2003 and on or before the Closing Date and (ii) all examination
reports and statements of deficiencies assessed against or agreed to by any member of the Target Group received since December 31, 2003. Except as set forth on Section 2.2.6(f) of the Seller Disclosure Schedule, to the Knowledge of Seller,
to the extent it would exceed the estimated reserves therefor established on the books and records of the relevant member of the Seller Group or the Target Group, (i) no Target Taxes have been asserted in writing by any Governmental Authority
to be due in respect of any open Tax period that have not been settled and fully paid as settled, (ii) no revenue agent’s report or assessment for Target Taxes has been received in writing by any member of the Target Group or the common
parent of the Seller Group from any Governmental Authority for any open Tax period, and (iii) no unresolved question or claim has been raised by any Governmental Authority in writing received by any member of the Target Group or the common
parent of the Seller Group in the course of any audit that has not been completed with respect to Target Taxes. Neither Seller nor any member of the Target Group has received from any foreign, federal, state, or local taxing authority (including
jurisdictions where the Target Group has not filed Tax Returns) any (i) written notice indicating an intent to open an audit or other review or (ii) request for information related to Tax matters. No foreign, federal, state, or local tax
audits or administrative or judicial Tax proceedings are pending or being conducted with respect to any member of the Target Group. 
 (g)
Tax Claims in Other Jurisdictions. To the Knowledge of Seller, no written claim has ever been made by a Governmental Authority in a jurisdiction where any member of the Target Group has not filed Tax Returns that such member of the Target
Group is or may be subject to taxation by that jurisdiction. 
 (h) Tax Sharing Agreements. Except as disclosed on
Section 2.2.6(h) of the Seller Disclosure Schedule, no member of the Target Group is a party to or bound by or has any contractual obligation under any Income Tax sharing agreement or arrangement. 
  

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 (i) Tax-Exempt Property. No property of the Target Group is property that the Target Group is or
will be required to treat as being owned by another Person under the provisions of Section 168(f)(8) of the Code (as in effect prior to amendment by the Tax Reform Act of 1986) or is “tax-exempt use property” within the meaning of
Section 168 of the Code. 
 (j) Reporting Corporation. No member of the Target Group is, nor has been, a “reporting
corporation” subject to the information reporting and record maintenance requirements of Section 6038A of the Code. 
 (k) 280G
Payments. No member of the Target Group has made any payment, is obligated to make any payment or is a party to any agreement that under any circumstance could obligate it to make any payments that would not be fully deductible under
Section 280G or as a result of Section 162(m) (or any corresponding provision of state, local or foreign Tax law). 
 (l)
Foreign Person. No member of the Target Group is a foreign person within the meaning of Section 1445 of the Code. 
 (m)
Substantial Understatement. Each member of the Target Group has disclosed in its federal income Tax Returns transactions that would reasonably be expected to give rise to a substantial understatement of federal income Tax (within the meaning
of Section 6661 of the Code as it applied prior to repeal) or a substantial underpayment of Tax (within the meaning of Section 6662 of the Code). 
 (n) Reportable Transactions. No member of the Target Group has participated in any “reportable transaction” or any “listed transaction” within the meaning of Treasury Regulation
Section 1.6011-4. Each member of the Target Group has complied with all obligations applicable to the Target Group under Sections 6111 and 6112 of the Code. 
 (o) United States Real Property Holding Corporation. No member of the Target Group has been a United States real property holding corporation within the meaning of Section 897(c)(2) of the Code during the
applicable period specified in Section 897(c)(l)(A)(ii) of the Code. 
 (p) Income Inclusions; Deduction Exclusions. No member
of the Target Group will be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any tax period that ends after the Closing Date as a result of any (i) change in accounting
method for any tax period that ends before the Closing Date (a “Pre-Closing Tax Period”) under Section 481 of the Code (or any analogous or comparable provision of United States state or local or non-United States Tax law),
(ii) written agreement with a Tax authority with regard to the Tax liability of the Target Group for any Pre-Closing Tax Period, (iii) deferred intercompany gain described in United States Treasury Regulations under Section 1502 of
the Code (or any corresponding or similar provision of state, local or non-United States Income Tax law) arising from any transaction that occurred prior to the Closing Date or prior to the Closing on the Closing Date, or (iv) installment sale
or open transaction disposition made prior to the Closing Date or prior to the Closing on the Closing Date. 
  

 14 

 (q) Joint Venture, Partnership or Other Written Arrangement. No member of the Target Group is a
party to any joint venture, partnership or other written arrangement or contract which could be treated as a partnership for United States federal income tax purposes for any period for which the statute of limitations for any Tax on the income
therefrom has not expired. 
 (r) Distributing Corporation. Neither Seller nor any member of the Target Group has constituted either
a “distributing corporation” or a “controlled corporation” in a distribution of stock qualifying or intended to qualify for tax-free treatment under Section 355 of the Code in the two years prior to the date of this
Agreement. 
 (s) 338(h)(10) Election. To the Knowledge of Seller, an election under Section 338(h)(10) of the Code may be made
jointly by Seller and Buyer in respect of the Target Shares and the outstanding equity ownership interests of each other member of the Target Group. 
 2.2.7. Properties and Assets. 
 (a) Leased Real Property. Section 2.2.7(a) of the Seller
Disclosure Schedule sets forth a complete and correct list, as of the date hereof, of all real property (other than parking spaces or storage units) leased by any member of the Target Group, including the names of each of the parties to such lease
and the address of the applicable property (collectively, the “Leased Real Property”). 
 (i) All documents
purporting to convey an interest in real property to any member of the Target Group, including leases, agreements, subleases, amendments and any guaranties, modifications and addendums thereto (each a “Lease” and collectively, the
“Leases”) have been made available to Buyer. 
 (ii) Each Lease is in full force and effect, and is valid
and enforceable against the member of the Target Group that is a party thereto in accordance with its terms. None of the Leases have been modified in any material respect, except to the extent that the copies made available to Buyer disclose such
modifications. 
 (iii) No member of the Target Group that is a party to any Lease is in default thereunder, and to the
Knowledge of Seller, there has not occurred any event which (whether with or without notice, lapse of time or the happening or occurrence of any other event) would constitute such a default. 
 (b) Owned Real Property. Section 2.2.7(b) of the Seller Disclosure Schedule sets forth all parcels of land (other than parking spaces or
storage units) owned by a member of the Target Group and is referred to as the “Owned Real Property.” Target, 

  

 15 

 
or a member of the Target Group, has purchased an ALTA owner’s policy of title insurance (a “Title Policy”) for the Owned Real
Property, which is in full force and effect as of the date hereof. To the Knowledge of Seller and except for any Target Permitted Encumbrances or as otherwise set forth in the Title Policy, no other Person has any ownership right in the Owned Real
Property, or the right to purchase any portion of the Owned Real Property. Seller has delivered or made available to Buyer copies of (i) the Title Policy and (ii) any surveys, plans, environmental reports and zoning information in
Seller’s or Target Group’s possession with respect to the Owned Real Property. 
 (c) Additional Property Representations and
Warranties. 
 (i) All of the buildings, fixtures, leasehold improvements, computers, equipment and other tangible and
intangible assets necessary for the conduct of the businesses of the members of Target Group as now conducted and presently proposed to be conducted are usable in the Ordinary Course of Business, except for such failures that would not reasonably be
expected to materially and adversely affect the operation or value of such assets. Each member of the Target Group has valid title to all material personal property owned by it for its own benefit, and valid leasehold interests in all real and
material personal property leased by it, in each case free and clear of all Liens, except (i) Liens set forth on Section 2.2.7(c)(i) of the Seller Disclosure Schedule or reflected in the Annual Financial Statements or the Latest Financial
Statements, (ii) Liens for Taxes not yet delinquent or which are being contested in good faith by appropriate proceedings if adequate reserves with respect thereto are maintained on its books in accordance with GAAP, (iii) statutory Liens
incurred in the Ordinary Course of Business that have not had and are not reasonably expected to have a Material Adverse Effect on the Target Group and (iv) Liens which do not materially interfere with the use of the properties affected thereby
(the exceptions described in the foregoing clauses (i), (ii), (iii) and (iv) being referred to collectively as “Target Permitted Encumbrances”). 
 (ii) Except as set forth on Section 2.2.7(c)(ii) of the Seller Disclosure Schedule, as of the date hereof, neither Target nor any
other member of the Target Group leases or sublets, as lessor or sublessor, any of the Owned Real Property or Leased Real Property. 
 (iii) As of the date hereof, except as set forth on Section 2.2.7(c)(iii) of the Seller Disclosure Schedule, there does not exist any pending or, to the Knowledge of Seller, threatened condemnation or eminent domain proceedings,
lawsuits or administrative actions that affect the Owned Real Property or the Leased Real Property, and no members of the Target Group have received any written notice of the intention of any Governmental Authority or other Person to take or use any
Owned Real Property or Leased Real Property. 
  

 16 

 (iv) As of the date hereof, to the Knowledge of Seller, neither a member of the Target
Group nor Seller has received written notice of any improvements made or contemplated to be made to the Owned Real Property by any public or private authority, the costs of which are to be assessed as special taxes or charges against the Owned Real
Property. As of the date hereof, to the Knowledge of Seller, there are no such assessments presently against the Owned Real Property. 
 (v) As of the date hereof, the Owned Real Property and Leased Real Property constitute all of the material real property necessary for the conduct of the business of the members of the Target Group as now conducted.

 2.2.8. Contracts. 
 (a) Schedule of Contracts, etc. Section 2.2.8 of the Seller Disclosure Schedule sets forth, by applicable subsection, a correct and complete list, as of the date hereof, of all Target Contracts. The term “Target
Contracts” means all Contracts of the following types to which any member of the Target Group is a party or by which any member of the Target Group or its respective properties (excluding any properties held by a member of the Target Group
for the benefit of a customer) is bound, or to which Seller is a party but which is for the benefit of any member of the Target Group, which is currently in effect, as amended, supplemented, waived or otherwise modified as of the date hereof (other
than Excluded Contracts): 
 (i) any agreement (other than pharmacy network contracts), if (x) the performance remaining
thereunder involves aggregate consideration to or by any member of the Target Group in excess of $1,000,000 per annum, and (y) such agreement is not cancelable, without material penalty, premium, fee or other liability, by the member of the
Target Group on 90 days’ or less notice; 
 (ii) any agreement that will continue after the Closing with Seller or
its Affiliates, including any intercompany Indebtedness, guarantee, receivable, payable or other account maintained between any member of the Target Group, on the one hand, and Seller and any of its Affiliates, on the other hand; 
 (iii) any employment, severance, termination, employee-like consulting or retirement agreement binding on any member of the Target Group;

 (iv) any agreement that relates to Indebtedness owed by any member of the Target Group or the guarantee thereof, other
than Indebtedness incurred in the Ordinary Course of Business, including accounts payable, withholding liabilities and accrued expenses and Indebtedness constituting deposits and deferred revenue; 
 (v) any mortgage, pledge, indenture or security agreement or similar arrangement constituting a Lien upon the assets or properties of any
member of the Target Group; 
  

 17 

 (vi) agreements of the Target Group with customers that, in the aggregate, represent at
least 40% of the total 2007 revenue of the Target Group (in each case measured in terms of total revenues to the Target Group during the year ended December 31, 2007 extrapolated from year-to-date revenues from January 1, 2007 through
July 31, 2007) (the “Largest Customer Contracts”); 
 (vii) agreements of the Target Group under which
any Agent received payment from a member of the Target Group during the nine (9) months ended September 30, 2007 (the “Largest Broker Contracts”); 
 (viii) agreements of the Target Group with a Health Care Provider network that, in the aggregate, represent at least 75% of the total
2007 payments by the Target Group to the Health Care Provider networks (measured in terms of total projected payments by the Target Group during the year ended December 31, 2007) (the “Largest Network Contracts”); 

(ix) any agreement for the sale or purchase of personal property having a value individually, with respect to outstanding sales or
purchases thereunder, in excess of $250,000 or to purchase the equity interests or a material portion of the assets of any Person; 
 (x) any agreement for (A) the sale or purchase of fixed assets or real estate having a value individually, with respect to outstanding sales or purchases thereunder, in excess of $250,000 or (B) capital expenditures in excess of
$250,000 under which any member of the Target Group will have any obligations after the date hereof; 
 (xi) any of the
Largest Customer Contracts that provides for a fixed fee guarantee or other form of fee rate cap by a member of the Target Group; 
 (xii) any agreements (A) relating to the licensing or maintenance of the three core claims processing systems (CPS, FACTS and ClaimFacts) utilized by the members of the Target Group or (B) concerning Intellectual Property to which
a member of the Target Group is a party and in respect of which such member the Target Group makes annual payments in excess of $250,000, including agreements pursuant to which a member of the Target Group licensed by Seller or other Persons to use
Intellectual Property, and excluding licenses for commercial “off-the-shelf” or “shrink-wrap” software that (1) has not been modified or customized for a member of the Target Group or (2) is licensed to a member of the
Target Group for a one-time fee or an annual fee of $250,000 or less; 
 (xiii) any agreement of a member of the Target Group
with a retail pharmacy, mail pharmacy or specialty pharmacy under which the pharmacy processed more than 10,000 claims per month in 2007; 
  

 18 

 (xiv) any agreement pursuant to which a member of the Target Group or a customer of a
member of the Target Group receives annual rebates in excess of $500,000 with respect to pharmacy products or services; 
 (xv) any reinsurance, coinsurance or retrocession treaties, agreements, slips, binders, cover notes or other arrangements of any kind to which a member of the Target Group is a party as a cedent and any terminated or expired treaty or
agreement under which there remains any outstanding liability; 
 (xvi) any joint venture or partnership agreement;

 (xvii) any agreement relating to the voting or the control of the Target Shares or the election of directors of any member
of the Target Group; 
 (xviii) any agreement not otherwise disclosed in Section 2.2.8 of the Seller Disclosure Schedule
which (A) is not entered into in the Ordinary Course of Business and (B) imposes a significant performance obligation on any member of the Target Group or significantly impairs the business of the members of the Target Group; 

(xix) any Contract that restricts in any respect or contains limitations on the ability of any member of the Target Group to compete
in any line of business; and 
 (xx) any (A) Health Care Provider network Contract, or (B) any Contract of a type
described in one or more of clauses (i) through (xviii) of this Section 2.2.8(a) that contains any exclusivity provision binding on any member of the Target Group. 
 (b) No Defaults, etc. Except as set forth on Section 2.2.8(b) of the Seller Disclosure Schedule, excluding any failure to obtain Consent
with respect to any Target Contract and except for those matters that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on the Target Group, (i) each Target Contract is valid and enforceable
against each member of the Target Group that is a party thereto and, to the Knowledge of Seller, against each other Person that is a party thereto, in accordance with its terms and is in full force and effect and (ii) each member of the Target
Group has performed all obligations required to be performed by it in connection with the Target Contracts to which it is a party and is not in receipt of any claim of default under any Target Contract. As of the date hereof, to the Knowledge of
Seller, no member of the Target Group has any present expectation or intention of not fully performing any material obligation pursuant to any Target Contract. As of the date hereof, to the Knowledge of Seller, there is no current material breach or
anticipated material breach by any other party to any Target Contract other than in the Ordinary Course of Business. Prior to the date of this Agreement, subject to Applicable Law, Buyer has been supplied with a true and correct copy of each written
Target Contract, and a written description of each oral Target Contract, together with all amendments, waivers or other changes thereto. Section 2.2.8(b) of the Seller Disclosure Schedule lists each oral Target Contract and sets forth a
description of the material terms thereof. 
  

 19 

 (c) Performance Guarantees. Section 2.2.8(c) of the Seller Disclosure Schedule sets forth
the aggregate amount of any expense that the members of the Target Group have had for each of 2005, 2006 and the portion of 2007 prior to July 31, 2007, pursuant to any performance guarantees. 
 (d) Largest Customer Contracts. With respect to each Largest Customer Contract, Section 2.2.8(d) of the Seller Disclosure Schedule sets
forth opposite the name of each such customer, the approximate percentage and dollar amount of net sales by the Target Group attributable to such customer during the nine months ended September 30, 2007. Since December 31, 2006 and prior
to September 30, 2007, no party to any of the Largest Customer Contracts has indicated in writing that it will stop or materially decrease the rate of business done with the Target Group, except for changes in the Ordinary Course of Business.

 (e) Largest Broker Contracts. With respect to each Largest Broker Contract, Section 2.2.8(e) of the Seller Disclosure
Schedule sets forth opposite the name of each Agent party thereto, the approximate dollar amount of net commissions or other amounts paid to such Agent during the nine months ended September 30, 2007. Since December 31, 2006 and prior to
September 30, 2007, no party to any of the Largest Broker Contracts has indicated in writing that it will stop or materially decrease the rate of business done with the Target Group, except for changes in the Ordinary Course of Business.

 (f) Largest Network Contracts. With respect to each Largest Network Contract, Section 2.2.8(f) of the Seller Disclosure
Schedule sets forth opposite the name of each Health Care Provider network party thereto, the approximate dollar amount of access fees or other amounts paid by the Target Group to such Health Care Provider network during the nine months ended
September 30, 2007. Since December 31, 2006 and prior to September 30, 2007, no party to any of the Largest Network Contracts has indicated in writing that it will stop or materially decrease the rate of business done with the Target
Group, except for changes in the Ordinary Course of Business. 
 (g) Continuation of Access. As of the date hereof, no Health Care
Provider network has notified Seller that it will terminate any Contract with any customer of the Target Group as a result of the execution and delivery of the Transaction Documents or the consummation of the transactions contemplated thereby.

 2.2.9. Intellectual Property. 
 (a) Section 2.2.9(a)-1 of the Seller Disclosure Schedule is a correct and complete list, as of the date hereof, of all Intellectual Property owned by the Target Group that is registered with, or the subject of a pending application
before, any Governmental Authority (the “Registered Intellectual Property”), indicating for each such item the registration number, the applicable filing jurisdiction and the member of the Target Group that is the owner thereof.
Except as set forth on Section 2.2.9(a)-2 of the 

  

 20 

 
Seller Disclosure Schedule, the Target Group exclusively owns or has sufficient and, to the Knowledge of the Seller, enforceable rights to use all
Intellectual Property owned or used in connection with the operation of the business as currently conducted by the Target Group (the “Target Intellectual Property”), all of which rights, to the extent material to the business of the
Target Group, shall survive unchanged and be available for use on identical terms following the consummation of the transactions contemplated hereby, except as set forth in the Transition Services Agreement, and except as would not reasonably be
expected to have a Material Adverse Effect on the Target Group. The Target Intellectual Property constitutes all the Intellectual Property that is necessary for the conduct of the business as currently conducted by the Target Group. 
 (b) Either Target or a member of the Target Group exclusively owns (beneficially, and of record where applicable) all right, title and interest in and
to the Registered Intellectual Property, free and clear of all Liens, other than Target Permitted Encumbrances. The Registered Intellectual Property and, to the Knowledge of Seller, all other Intellectual Property owned or used by any member of the
Target Group, is subsisting and enforceable, and is not subject to any outstanding order, judgment, decree, contract or other legal or governmental proceeding adversely affecting the Target Group’s use thereof or rights thereto. Except as set
forth on Section 2.2.9(b) of the Seller Disclosure Schedule, there are no material royalties, fees, honoraria or other payments payable by any member of the Target Group to any Person by reason of the ownership, development, modification, use,
license, sublicense, sale, distribution or other disposition of the Owned Intellectual Property, other than salaries and sales commissions paid to employees and sales agents in the Ordinary Course of Business. 
 (c) Each member of the Target Group has (i) complied with all material Internet domain name registration and other requirements of Internet domain
administration authorities concerning all Internet domain names that are registered by any member of the Target Group, and (ii) to the Knowledge of Seller, operated all websites associated with such Internet domain names in accordance with
Applicable Law in the jurisdictions in which the member of the Target Company conducts business. 
 (d) To the Knowledge of the Seller, the
Target Group, and the conduct of their respective businesses, does not infringe, misappropriate or otherwise violate the Intellectual Property rights of any third party. There is no litigation, opposition, cancellation, proceeding, objection or
claim pending, asserted or threatened in writing (or, to the Knowledge of Seller, otherwise threatened) against any member of the Target Group concerning the ownership, validity, registerability, enforceability, infringement, misappropriation,
violation or use of, or licensed right to use, any Target Intellectual Property. To the Knowledge of Seller, no valid basis exists for any such litigation, opposition, cancellation, proceeding, objection or claim. To the Knowledge of Seller, no
Person is infringing, misappropriating or otherwise violating (i) any Registered Intellectual Property right, (ii) any other Intellectual Property that is owned or purported to be owned by any member of the Target Group (the “Owned
Intellectual Property”), or (iii) any other Target Intellectual Property except as would not reasonably be expected to have a Material Adverse Effect on the Target Group. 
  

 21 

 (e) Section 2.2.9(e)-1 of the Seller Disclosure Schedule sets forth a complete and accurate list of
all computer software that is Owned Intellectual Property and material to the business of any member of the Target Group, which disclosure specifically identifies the owner of all such software (“Target Group Proprietary Software”).
Except as set forth on Section 2.2.9(e)-2 of the Seller Disclosure Schedule, the Target Group owns all right, title and interest in and to the Target Group Proprietary Software, and no Target Group Proprietary Software contains any programming
code, documentation or other materials for which the Target Group does not have sufficient rights to use in the conduct of the business as currently used in the conduct of the business by the Target Group. No Target Group Proprietary Software
contains any code that is licensed pursuant to the provisions of any “open source” license agreement, such as any version of any software licensed pursuant to any GNU, General Public License (GPL), GNU Lesser/Library Public License (LGPL),
Mozilla Public License (MPL), or any similar public license agreement, that, based on the Target Group’s use of such code in the Target Group Proprietary Software, would require the source code for the Target Group Proprietary Software to be
distributed or made available in connection with the distribution of the licensed software in object code form or that limits the amount of fees that may be charged in connection with sublicensing or distributing such licensed software. 

(f) Each member of the Target Group has sufficient rights to use all computer software, middleware and systems, information technology equipment, and
associated documentation used in connection with the operation of their respective businesses as presently conducted (the “IT Assets”), except where a failure of the foregoing, individually or in the aggregate, would not have a
Material Adverse Effect on the Target Group, all of which rights, to the extent material to the business of the Target Group, shall survive unchanged the consummation of the transactions contemplated hereby, except as set forth in the Transition
Services Agreement, and except as would not reasonably be expected to have a Material Adverse Effect on the Target Group. To the Knowledge of Seller, the IT Assets operate and perform in all material respects in accordance with their documentation
and functional specifications. The IT Assets have not materially malfunctioned or failed within the past three years and do not contain any viruses, bugs, faults or other devices or effects that (i) enable or assist any Person to access without
authorization the IT Assets, or (ii) otherwise significantly adversely affect the functionality of the IT Assets, except as disclosed in its documentation, except where the foregoing, individually or in the aggregate, or would not have a
Material Adverse Effect on the Target Group. To the Knowledge of Seller, no Person has gained unauthorized access to any IT Assets, except as would not have a Material Adverse Effect on the Target Group. Each member of the Target Group has
implemented reasonable backup, security and disaster recover technology consistent with industry practices. Except as set forth on Section 2.2.9(f) of the Seller Disclosure Schedule, none of the IT Assets is the subject of a pending or, to
Seller’s Knowledge, threatened, audit, demand letter, “request to license”, or other claim relating to use thereof by the Target Group. 
 (g) Each member of the Target Group has established and maintains at least industry standard safeguards against the destruction, loss, or alteration of customer data or information in the possession or control of such
member of the Target Group which are designed to comply with any applicable contractual and legal requirements. Each member of the Target Group has implemented 

  

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and maintains at least industry standard systems, security measures and procedures which are designed to guard against the unauthorized access, alteration,
or destruction of customer data or information (including any personally identifiable information). 
 (h) No trade secret or confidential
know-how either of which is material to the business of any member of the Target Group as currently operated has been disclosed or authorized to be disclosed to any third party, other than pursuant to a non-disclosure agreement or other obligation
of confidentiality that reasonably protects the member of the Target Group’s proprietary interests in and to such trade secrets and confidential know-how. 
 (i) Each member of the Target Group has a policy of requiring all employees, consultants and contractors with responsibility for the development of Intellectual Property that is material to the conduct of the business
of the Target Group or who may be exposed to any trade secret or confidential information to execute a confidentiality agreement, substantially in the Target’s standard forms, that reasonably protects the confidentiality of such member of the
Target Group. No source code of any software both owned by and proprietary to any member of the Target Group has been provided to any third party except under license (a list of which licenses made effective on or after November 1, 1997 appears
as Section 2.2.9(i) of the Seller Disclosure Schedule), and all such source code has been reasonably safeguarded and protected by the applicable member of the Target Group. 
 2.2.10. Insurance. Section 2.2.10 of the Seller Disclosure Schedule contains a correct and complete list of all material insurance policies
and fidelity bonds maintained on the date hereof by or for the benefit of any of the members of the Target Group (“Material Insurance Policies”). Seller has made available to Buyer complete and correct copies of those policies and
bonds that are specifically related to the Target Group, together with all riders and amendments thereto as of the date hereof. As of the date hereof, such policies and bonds are in full force and effect, and all premiums due thereon have been paid.
All of such policies and bonds are in amounts and had coverages that are and were reasonable and customary for Persons engaged in businesses similar to that engaged in by the Target Group. The members of the Target Group have complied in all
material respects with the terms and provisions of such policies and bonds and none of Seller (to the extent related to the Target Group), Target or any other member of the Target Group is in default with respect to its obligations under such
policies or bonds. None of Seller (to the extent related to the Target Group), Target or any other member of the Target Group has failed to give any notice of any material claim under any such policy in a due and timely fashion where such failure
has or would reasonably be expected to adversely impact the Target Group’s ability to recover in respect of such claim. Except as set forth on Section 2.2.10 of the Seller Disclosure Schedule, there is no claim in excess of $1,000,000 by
any member of the Target Group pending as of the date hereof under any of such policies or bonds as to which coverage has been questioned, denied or disputed by the underwriters of such policies or bonds. Such policies and bonds (or other policies
and bonds providing substantially similar insurance coverage) have been in effect since December 31, 2004. All insurance policies maintained on the date hereof by Seller for the benefit of any of the members of the Target Group will
terminate 

  

 23 

 
with respect to each member of the Target Group upon the Closing. None of Seller nor its Affiliates have made any claims for the benefit of the Target Group
under any Material Insurance Policies maintained by Seller or its Affiliates (other than insurance policies maintained directly by members of the Target Group) in respect of the Legal Proceedings set forth on Section 2.2.16 of the Seller
Disclosure Schedule, other than the Trewit Litigation. 
 2.2.11. Compliance with Laws and Other Instruments; Governmental
Approvals. 
 (a) Compliance with Laws, etc. Except as set forth on Section 2.2.11(a) of the Seller Disclosure Schedule, all
activities of each member of the Target Group have been since December 31, 2004, and are currently being, conducted in compliance in all respects with all Applicable Laws, permits, licenses (including requirements contained in market conduct
examination reports), orders and certificates of any Governmental Authority including, without limitation, all Health Benefit Laws and all Laws pertaining to confidentiality and privacy of patient information, all corrective action plans required by
Governmental Authorities, all rules and regulations of the United States Office of Inspector General of the Social Security Administration and the Department of Health and Human Services (including compliance program guidance for pharmaceutical
manufacturers), all Laws pertaining to billing, kickbacks, false claims, claims processing, marketing, HIPAA security standards for the storage, maintenance, transmission, utilization and access to and privacy of patient information, and HIPAA and
state standards for electronic transactions and data code sets, equal employment opportunity, employee retirement, applicable requirements of the Gramm-Leach-Bliley Act of 1999, building and zoning codes, which affect the businesses of the members
of the Target Group or the Owned Real Property or Leased Real Property and to which the members of the Target Group may be subject, except for any failures that, individually or in the aggregate, are not reasonably expected to have a Material
Adverse Effect on the Target Group. Neither Target nor any other member of the Target Group has received any written notice alleging a violation of any such Laws. Each member of the Target Group has made all material filings, submissions, notices
and registrations required to be made with or to insurance regulators under insurance holding company statutes and regulations. Section 2.2.11(a) of the Seller Disclosure Schedule sets forth a correct and complete list of all consent decrees or
other similar agreements entered into by any member of the Target Group with any Governmental Authority currently in effect. No Governmental Authority has instituted, implemented, taken or to the Knowledge of Seller, threatened to take, any other
action the effect of which, individually or in the aggregate, is reasonably expected to have a Material Adverse Effect on the Target Group. 
 (b) Governmental Approvals. Except as set forth on Section 2.2.11(b) of the Seller Disclosure Schedule, all material Governmental Approvals necessary for the conduct of the business and operations of each member of the Target
Group, or necessary to own, lease and operate their respective properties, have been duly obtained and are in full force and effect. A true, correct and complete list of all material Governmental Approvals is set forth on Section 2.2.11(b) of
the Seller Disclosure Schedule. Since July 31, 2007, each member of the Target Group has conducted its business in material compliance with all terms and conditions of 

  

 24 

 
the Governmental Approvals. There are no proceedings pending or, to the Knowledge of Seller, threatened that are reasonably expected to result in the
revocation, cancellation or suspension, or any materially adverse modification, of any such Governmental Approval, and except as set forth on Section 2.2.11(b) of the Seller Disclosure Schedule, the execution and delivery of the Transaction
Documents and the consummation of the transactions contemplated thereby will not result in any such revocation, cancellation, suspension or modification. 
 2.2.12. Affiliate Transactions. Section 2.2.12 of the Seller Disclosure Schedule sets forth a correct and complete list of all agreements, arrangements or other commitments (including any
intercompany loans or financial arrangements), other than brokerage accounts, in effect as of December 31, 2006, between Seller or any member of the Target Group, on the one hand, and any employee, officer, director or shareholder of any member
of the Target Group on the other hand, other than compensation or benefit agreements, arrangements and commitments. Since December 31, 2006, except as set forth on Section 2.2.12 of the Seller Disclosure Schedule, no member of the Target
Group has entered into any agreement, arrangement or other commitment or transaction with any employee, officer, director or shareholder of Seller or any member of the Target Group. 
 2.2.13. Labor Matters, etc. 
 (a)
Employees. Section 2.2.13(a) of the Seller Disclosure Schedule sets forth a true, correct and complete listing of all employees of each member of the Target Group, as well as any employee of Seller who devotes at least 50% of his/her
working time in direct support of the Target Group’s operations (“Target Group Employees”), and all independent contractors and leased employees of the Target Group (as defined in Section 414(n) of the Code), as of the
date hereof, including each such Person’s name, job title or function, and job location, as well as a true, correct and complete listing of his or her current salary or wage payable by any member of the Target Group, and for each Target Group
Employee, the amount of all incentive compensation paid to such Person for the current calendar year, the amount of accrued but unused vacation time, each as of the date hereof, and each Target Group Employee’s current status (as to leave or
disability status and full time or part time, exempt or nonexempt and temporary or permanent status). Other than as fully reflected or specifically reserved against in accordance with GAAP in the Annual Financial Statements (or as otherwise
expressly permitted pursuant to this Agreement), neither Target nor any other member of the Target Group has paid or promised to pay any bonuses, commissions or incentives to any Target Group Employee, including any officer or director. To the
Knowledge of Seller, each Person who provides services to any member of the Target Group is properly classified by such member of the Target Group, as applicable, with respect to employment status for all purposes, including, without limitation,
employment, labor, wage and hour compliance and Tax purposes. Seller has delivered to Buyer a true and complete copy of the employee handbook, if any, and all other material employment policies, if any, applicable to any Target Group Employee. No
Target Group Employee is on long-term disability and the policy of each member of the Target Group is to terminate any employee who begins receiving long-term disability benefits under Seller’s Long-Term Disability Plan. 
  

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 (b) As of the date hereof, to the Knowledge of Seller, no officer or Target Group Employee at the level
of manager or higher, no independent contractor or leased employee whose departure would materially disrupt the operations of the Target Group and no group of three (3) or more Target Group Employees in a single department of the Target Group
has, as of the date hereof, disclosed in writing any plans to terminate his, her or their employment or relationship with Target Group. 
 (c) Except as disclosed in Section 2.2.13(c) of the Seller Disclosure Schedule: 
 (i) to the Knowledge of
Seller, each member of the Target Group has paid or made provision for payment of all salaries and wages, which are payable by such member of the Target Group to any Target Group Employees, independent contractors and leased employees, accrued
through the Closing Date; and are in compliance in all material respects with all Applicable Laws respecting employment and employment practices, terms and conditions of employment, collective bargaining, immigration, wages, hours and benefits,
non-discrimination in employment, workers compensation, the collection and payment of withholding and/or payroll taxes and similar Taxes (except for non-compliance which, individually or in the aggregate, is not reasonably likely to have a Material
Adverse Effect on the Target Group), including but not limited to the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Equal Employment Opportunity Act of 1972, the Employee Retirement Income Security Act of 1974, the
Equal Pay Act, the National Labor Relations Act, the Fair Labor Standards Act, the Americans with Disabilities Act of 1990, the Vietnam Era Veterans Reemployment Act, and any and all similar applicable state and local laws; and, to the Knowledge of
Seller, the members of the Target Group are not engaged in any unfair employment practice; 
 (ii) none of the Target Group
Employees is represented by a labor union with respect to his or her employment with the members of the Target Group, there are no collective bargaining agreements binding on the members of the Target Group with respect to any of the Target Group
Employees and, to the Knowledge of Seller, no petition has been filed, nor has any proceeding been instituted by any Target Group Employee or group of Target Group Employees with the National Labor Relations Board or similar Governmental Authority
seeking recognition of a collective bargaining representative; 
 (iii) to the Knowledge of Seller, (A) there is no
organizational effort currently being made or threatened by or on behalf of any labor organization or trade union to organize any Target Group Employees, and (B) no demand for recognition of any Target Group Employees has been made by or on
behalf of any labor organization or trade union; 
  

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 (iv) there is no pending nor, to the Knowledge of Seller, threatened Target Group
Employee strike, work stoppage, slowdown, lockout, picketing or material labor dispute with respect to any Target Group Employees against or affecting any member of the Target Group; and 
 (v) each member of the Target Group is, and during the ninety (90) day period prior to the date hereof has been, in compliance with
all notice and other requirements under the Workers’ Adjustment and Retraining Notification Act (the “WARN Act”) and any similar Applicable Law relating to plant closings and mass layoffs. 
 2.2.14. ERISA. 
 (a)
Schedule of Plans, etc. Section 2.2.14(a)-1 of the Seller Disclosure Schedule sets forth a true and complete list of each Employee Benefit Plan and each material bonus, incentive or deferred compensation, stock option or other
equity-based award, retention, change in control, severance, employment or other employee or retiree compensation, fringe benefit or benefit plan, program, agreement, policy or arrangement that is maintained or participated in by any member of the
Target Group or to which any member of the Target Group contributes or is obligated to contribute, excluding those that are maintained or administered by any member of the Target Group as part of its business of providing third-party administrative
services (collectively, the “Target Plans”). Seller has made available to Buyer true and complete copies of all written Target Plans in which one or more current or former employees or directors of the Target Group is eligible to
participate or entitled to benefits and, as applicable, all related trusts or other funding agreements, all amendments to such Target Plans, the three most recent IRS Form 5500 filed in respect of any such Target Plan, the most recent summary plan
description and summaries of material modifications of any such Target Plan, the most recent actuarial valuation prepared for any such Target Plan and all material correspondence with the IRS, Department of Labor and the Pension Benefit Guaranty
Corporation for any such Target Plan. Except as set forth on Section 2.2.14(a)-2 of the Seller Disclosure Schedule, each Target Plan intended to be qualified under Section 401(a) of the Code has either (i) received a favorable
determination letter from the IRS as to its qualification under the Code covering all Tax law changes prior to the Economic Growth and Tax Relief Reconciliation Act of 2001 or (ii) been submitted to the IRS for such determination letter within
the applicable remedial amendment period under Section 401(b) of the Code and such determination letter application is still pending. To the Knowledge of Seller, (x) no amendment has been made to any such Target Plan since the date of its
most recent determination letter that is reasonably expected to result in the disqualification of such Target Plan and (y) no other event has occurred with respect to any such Target Plan which is reasonably expected to adversely affect the
qualification of such Target Plan. 
  

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 (b) No Minimum Target Funding Standards, etc. Except as set forth on Section 2.2.14(b) of
the Seller Disclosure Schedule, no Target Plan or Employee Benefit Plan sponsored, contributed to or participated in by an ERISA Affiliate of any member of the Target Group is subject to the minimum funding standards of Section 302 of ERISA or
Section 412 of the Code, no Target Plan or Employee Benefit Plan sponsored, contributed to or participated in by an ERISA Affiliate of any member of the Target Group is a multi-employer plan (as defined in Section 3(37) of ERISA) or a
multiple employer plan and no Target Plan is maintained in connection with any trust described in Section 501(c)(9) of the Code. No member of the Target Group or an ERISA Affiliate of any member of the Target Group has ever fully or partially
withdrawn from a multi-employer plan. No material liability has been incurred pursuant to the provisions of Title IV of ERISA by any member of the Target Group or any ERISA Affiliate thereof and no condition or event exists or has occurred which is
reasonably expected to result in any such material liability to any such Person. 
 (c) Operation of the Target Plans, etc. Each of
the Target Plans has been operated and administered in substantial compliance with its terms and all Applicable Law, including but not limited to ERISA and the Code. There are no material claims pending or, to the Knowledge of Seller, threatened by
or on behalf of any employee of any member of the Target Group involving any Target Plan or its assets (other than routine claims for benefits under the terms of any such Target Plan). Each Target Plan that is intended to be a “qualified
plan” within the meaning of Section 401(a) of the Code (“Qualified Plans”) has been issued a favorable determination letter by the IRS that has not been revoked, and, to the Knowledge of Seller, there are no circumstances
and no events that have occurred that could reasonably be expected to adversely affect the qualified status of any Qualified Plan or the related trust. Each Target Plan that is a “nonqualified deferred compensation plan” (within the
meaning of Section 409A(d)(1) of the Code) subject to Section 409A of the Code has been operated in good faith compliance with Section 409A of the Code since January 1, 2005, based upon a good faith, reasonable interpretation of
Section 409A of the Code and guidance promulgated thereunder (together, the “409A Authorities”). No Target Plan that would be a nonqualified deferred compensation plan subject to Section 409A of the Code but for the
effective date provisions that are applicable to Section 409A of the Code, as set forth in Section 885(d) of the American Jobs Creation Act of 2004, as amended (the “AJCA”), has been “materially modified” within
the meaning of Section 885(d)(2)(B) of the AJCA after October 3, 2004, based upon a good faith reasonable interpretation of the AJCA and the 409A Authorities. 
 (d) Welfare Plans. The Target Plans and Employee Benefit Plan sponsored, contributed to or participated in by an ERISA Affiliate of any member of the Target Group that are group health plans (as defined for the
purposes of Section 4980B of the Code and Part 6 of Subtitle B of Title I of ERISA and all regulations thereunder (“COBRA”)) have complied with the requirements of COBRA to provide healthcare continuation coverage to
qualified beneficiaries who have elected, or may elect to have, such coverage, except for any violation that, individually or in the aggregate, is not reasonably expected to have a Material Adverse Effect on the Target Group. 
  

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 (e) Retiree Health. Except as set forth on Section 2.2.14(e) of the Seller Disclosure
Schedule, neither Target nor any other member of the Target Group has any liability for life, health, medical or other welfare benefits to former employees or beneficiaries or dependents thereof, except for health continuation coverage as required
by Section 4980B of the Code or Part 6 of Title I of ERISA. 
 (f) Accelerated Payments. Except as expressly contemplated in
Section 3.2.3 of this Agreement, no provision of any Target Plan upon the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby could (either alone or in conjunction with any other event) result
in, cause the accelerated vesting, funding or delivery of, or increase the amount or value of, any payment (including, without limitation, severance, unemployment compensation, “excess parachute payment” (within the meaning of
Section 280G of the Code)) or benefit to any employee, officer, consultant or director of any member of the Target Group, or result in the forgiveness of Indebtedness, or could limit the right of Target or any other member of the Target Group
to amend, merge, terminate or receive a reversion of assets from any Target Plan. 
 2.2.15. Environmental Matters. Except as set
forth on Section 2.2.15 of the Seller Disclosure Schedule: 
 (a) The Target Group is in material compliance with all Environmental
Laws, and the Target Facilities are, and during the Target Group’s operation, have been, in material compliance with all Environmental Laws. The Target Group has no material liability under any Environmental Law and, to the Knowledge of Seller,
is not responsible for any material liability of any other Person under any Environmental Law. 
 (b) The Target Group possesses all
material permits, licenses, registrations, identification numbers, authorizations and approvals required under applicable Environmental Laws for the operation of its business as presently conducted. 
 (c) The Target Group has not received any material written claim, notice or citation concerning any violation or liability or alleged violation or
liability with respect to any Environmental Law which has not been fully and finally resolved. 
 (d) There are no material writs,
injunctions, decrees, liens, orders or judgments outstanding, or any actions, suits, proceedings or governmental investigations pending or, to the Knowledge of Seller, threatened, with respect to the Target Group’s liability under, or
compliance by the Target Group or the Target Facilities with, any Environmental Law. 
 (e) Seller has furnished to Buyer copies of all
material environmental reports, audits, assessments and other documents in its possession or control that relate to the Target Group’s compliance with Environmental Laws or the environmental condition of the Target Facilities. 
  

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 (f) Notwithstanding any other representation in Article II, the representations and warranties contained
in this Section 2.2.15 constitute the sole representations and warranties of Seller and Target relating to Environmental Laws. 
 2.2.16. Litigation. Section 2.2.16 of the Seller Disclosure Schedule contains a list, which is true and complete, of all judicial or administrative actions, suits, investigations, mediations, arbitrations, orders, inquiries or
proceedings (collectively, “Legal Proceedings”) pending or, to the Knowledge of Seller, threatened in writing against any member of the Target Group. No other Legal Proceeding is pending against any member of the Target Group and,
to the Knowledge of Seller, no other such Legal Proceeding has been threatened in writing. For purposes of this Section 2.2.16, judicial or administrative actions, suits, investigations, inquiries or proceedings pending or threatened against
customers of a member of the Target Group, or in respect of real or personal property held in the name of a member of the Target Group for the benefit of a customer or customers, are expressly excluded unless a member of the Target Group is named as
a party to such judicial or administrative action, suit, investigation, inquiry or proceeding. As of the date hereof, there is no Legal Proceeding pending or, to the Knowledge of Seller, threatened, that questions the validity of this Agreement or
of any action taken or to be taken by Seller or any member of the Target Group in connection with the Transaction Documents or the transactions contemplated thereby. Except as set forth on Section 2.2.16 of the Seller Disclosure Schedule, as of
the date hereof, no member of the Target Group is subject to any order, consent decree, judgment, writ, injunction, decree, award, conciliation agreement, settlement agreement, market conduct or financial examination report, corrective action plan
or other similar agreement with any Governmental Authority (including, without limitation, cease-and-desist or other orders). 
 2.2.17.
Prior Acquisitions. Section 2.2.17 of the Seller Disclosure Schedule sets forth a list, which is true and complete, of all pending and, to the Knowledge of Seller, threatened indemnification claims by or against Seller or any member of the
Target Group under any agreement for the acquisition of any assets, business or Person by, or for the benefit of, Target or any other member of the Target Group. 
 2.2.18. Agents and Brokers. Each agent or broker (each, an “Agent”) conducting business for the stop-loss business of the Target Group, at the time such agent or broker received commissions
from the Insurance Subsidiary for the placement of stop loss insurance, was duly licensed as an insurance agent or broker (for the types of business placed in force by such insurance agent or broker) in the particular jurisdiction in which such
agent or broker placed in force such business if such licensure was required by such jurisdiction and, to the Knowledge of Seller, no such Agent violated, in any material respect, any Applicable Law relating to the placement of business in force for
such member of the Target Group. 
 2.2.19. Brokers, Finders, etc. All negotiations relating to this Agreement and the transactions
contemplated hereby have been carried on without the participation of any Person acting on behalf of Seller, Target or any other member of the Target Group in such manner as to give rise to any valid claim against Seller, Target or any other member
of the Target Group for any brokerage or finder’s commission, fee or similar compensation, except for Credit Suisse Securities (USA), LLC. 
  

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 2.3. Representations and Warranties of Buyer. Buyer represents and warrants to Seller and
Target, as of the date hereof and as of the Closing Date, as follows: 
 2.3.1. Authorization; No Conflicts; Status of Buyer, etc.

 (a) Due Organization, etc. Buyer is a corporation duly organized, validly existing and in good standing under the laws of its
jurisdiction of incorporation. Buyer is duly qualified to do business and is in good standing as a foreign corporation in those jurisdictions in which it is required to be so qualified in order for it to be able to perform its obligations under the
Transaction Documents. 
 (b) Authorization, etc. Buyer has all requisite corporate power and authority to enter into the Transaction
Documents, to perform its obligations thereunder and to consummate the transactions contemplated thereby. The execution, delivery and performance of each Transaction Document, and the consummation of the transactions contemplated thereby, by Buyer
have been duly authorized by all requisite corporate action of Buyer, and no other corporate proceedings on the part of Buyer are necessary to authorize the execution, delivery or performance of the Transaction Documents by Buyer. Each of the
Transaction Documents has been duly executed and delivered by Buyer and constitutes the valid and legally binding obligation of Buyer, enforceable against it in accordance with its respective terms, except to the extent that enforceability thereof
may be limited by bankruptcy, insolvency, reorganization and other similar Applicable Laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 
 (c) No Conflicts. The execution and delivery by Buyer of the Transaction Documents, and the consummation by Buyer of the transactions
contemplated thereby, do not and will not conflict with or result in a breach of any of the provisions of, loss of rights or default under, constitute an event creating rights of, or result in, acceleration, termination, repayment or cancellation of
or under, entitle any party to receive any payment or benefit pursuant to, or result in the creation of any Lien upon any of the properties or assets of Buyer under, (i) any provision of the Organizational Documents of Buyer or any Affiliate of
Buyer, (ii) any Applicable Law applicable to Buyer or any of its properties or any Affiliate of Buyer or any properties of any Affiliate of Buyer or (iii) any Contract to which Buyer or any Affiliate of Buyer is a party, except in the case
of clauses (ii) or (iii) for any such conflicts, breaches, losses, defaults, accelerations, terminations, repayments, cancellations or Liens that, individually or in the aggregate, is not reasonably expected to have a Material Adverse
Effect on Buyer. No Governmental Approval (other than (i) pursuant to the HSR Act, (ii) as required by any applicable state health or pharmacy third party benefits administration licensing laws or regulations or (iii) as required by
the Arizona Department of Insurance) or other Consent is required to be obtained or made by Buyer or any Affiliate of Buyer in connection with the execution and delivery by Buyer of the Transaction Documents to which Buyer is a party or the
consummation by Buyer of the transactions contemplated thereby. 
  

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 2.3.2. Litigation. As of the date hereof, there is no Legal Proceeding against Buyer or any
Affiliate of Buyer pending or, to the Knowledge of Buyer, threatened, that questions the validity of this Agreement or of any action taken or to be taken by Buyer in connection with Transaction Documents or the transactions contemplated thereby.

 2.3.3. Compliance with Laws, etc. As of the date hereof, none of Buyer or its Affiliates is in material violation of or material
default under, or has at any time since December 31, 2004 materially violated or been in material default under, (i) any Applicable Law applicable to it or any of its properties or businesses, except for any such violation or default that
would not reasonably be expected to result in a material impairment of Buyer’s ability to perform its material obligations under this Agreement, or (ii) any provision of its Organizational Documents. There are no consent decrees or other
similar agreements entered into by Buyer or its Affiliates with any Governmental Authority currently in effect that would reasonably be expected to result in a material impairment of Buyer’s ability to perform its material obligations under
this Agreement. As of the date hereof, no Governmental Authority has instituted, implemented, taken or threatened to take any other action the effect of which, individually or in the aggregate, is reasonably expected to result in a material
impairment of Buyer’s ability to perform its material obligations under this Agreement. 
 2.3.4. Financing. Buyer has available,
and as of the Closing will have available, sufficient cash, available lines of credit or other sources of immediately available funds to enable it to pay the Purchase Price and pay any other amounts to be paid by it under this Agreement.
Buyer’s obligations hereunder are not subject to any condition regarding Buyer’s ability to obtain financing for the consummation of the transactions contemplated hereby. 
 2.3.5. Brokers, Finders, etc. All negotiations relating to this Agreement and the transactions contemplated hereby have been carried on without
the participation of any Person acting on behalf of Buyer in such manner as to give rise to any valid claim against Buyer for any brokerage or finder’s commission, fee or similar compensation. 
 2.3.6. Investment. The Target Shares will be acquired by Buyer for its own account for the purpose of investment and not with a view to their
distribution within the meaning of Section 2(11) of the Securities Act. Buyer has not, directly or indirectly, offered the Target Shares to anyone or solicited any offer to buy the Target Shares from anyone, so as to bring such offer and sale
of the Target Shares by Buyer within the registration requirements of the Securities Act. Buyer will not sell, convey, transfer or offer for sale any of the Target Shares except in compliance with the Securities Act and any applicable state
securities laws or pursuant to an exemption therefrom. 
  

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 ARTICLE III. 
 COVENANTS 
 3.1. Covenants of Seller and Target. 
 3.1.1. Conduct of Business. From the date hereof to the Closing Date, except (i) as contemplated by or in connection with this Agreement or
the transactions contemplated hereby, (ii) as set forth on Section 3.1.1 of the Seller Disclosure Schedule, (iii) as required by Applicable Law, or (iv) as consented to by Buyer (such consent not to be unreasonably withheld or
delayed), Target will, and Seller and Target will cause each member of the Target Group to: 
 (a) carry on its business in the ordinary
course consistent with past practices, and use commercially reasonable efforts to maintain and to preserve intact the present business organization of Target and each member of the Target Group, to conduct their operations in compliance with
Applicable Laws, to preserve their assets and properties in good repair and condition, to retain the services of its executive officers and key employees, including but not limited to each of the Target Group Executives, and preserve its
relationships with customers, clients, employees, providers, members and suppliers of Target and each member of the Target Group and others having material business dealings with it; 
 (b) not amend the Organizational Documents of Target and each member of the Target Group; 
 (c) not merge or consolidate with, or agree to merge or consolidate with, or purchase substantially all of the assets or any equity interests of, any
corporation, partnership, limited liability company, association or other business organization or division thereof or otherwise acquire any business; 
 (d) not repurchase, redeem or otherwise acquire any Target Shares or any shares of capital stock or other equity ownership interests of any member of the Target Group; 
 (e) not issue, sell, pledge, dispose of or subject to any Lien any Target Shares, any shares of capital stock or other equity ownership interests of any
member of the Target Group, or any options, warrants or other similar rights, agreements or commitments of any kind to purchase any such shares or any securities convertible into or exchangeable for any such shares; 
 (f) not split, combine or reclassify any Target Shares or any shares of capital stock or other securities of any member of the Target Group, or declare,
set aside or pay any dividend or other distribution payable in cash, stock, property or otherwise with respect to Target Shares or any shares of capital stock or other equity ownership interests of any member of the Target Group; 
  

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 (g) not incur, assume, guarantee (including by way of any agreement to “keep well” or of any
similar arrangement) or prepay any Indebtedness or amend the terms relating to any Indebtedness (including, without limitation, capital leases, payments in respect of the deferred purchase price of property, letters of credit, loan agreements and
other agreements relating to the borrowing of money or extension of credit) or issue or sell any debt securities, except for any such incurrence, assumption, guarantee or prepayment of such Indebtedness or amendments of the terms of such
Indebtedness in the Ordinary Course of Business in an aggregate amount not exceeding $100,000; 
 (h) not sell, transfer, assign, license,
convey, mortgage, pledge or otherwise subject to any Lien any of its properties or assets, tangible or intangible, except for Target Permitted Encumbrances or in the Ordinary Course of Business; 
 (i) not acquire (by merger, exchange, consolidation, acquisition of stock or assets or otherwise) any material assets, other than in the Ordinary Course
of Business; 
 (j) other than in the Ordinary Course of Business, not enter into any transaction with Seller or any Affiliate of Seller
(other than any member of the Target Group), on the one hand, and any other member of the Target Group, on the other hand; 
 (k) not waive
any material rights of material value or take any material actions with respect to collection practices that would result in any material Losses or material adverse changes in collection loss experience; 
 (l) not make charitable contributions or pledges which in the aggregate exceed $100,000; 
 (m) not make, accelerate or defer any capital expenditures other than (i) in accordance with Target’s and the Target Group’s budget which
has been provided to Buyer prior to the date hereof, and (ii) any such other expenditures as are necessary to prevent the destruction, removal, wasting, deterioration or impairment of the assets of Target and each member of the Target Group;

 (n) not conclude or agree to any corrective action plan, consent decree, action or order; 
 (o) not settle, compromise or waive any material rights relating to any litigation or arbitration matters of Target or the Target Group, other than
(i) in the Ordinary Course of Business or (ii) with respect to the Trewit Litigation in compliance with the provisions of Sections 6.3(b) and 6.4 as if such provisions had been in effect as of the date hereof; 
 (p) not pay (or commit to pay) any bonus or other incentive compensation to any director, officer or any Target Group Employee (other than a new
position hire whose compensation is less than $75,000 in any fiscal year) or grant (or commit to grant) to any director, officer or Target Group Employee any other increase in compensation (except for bonuses payable pursuant to 

  

 34 

 
any Target Plans), base salary or wage increases, except as are made in the Ordinary Course of Business, increases in severance or termination pay by an
amount of more than $10,000, or material increases in benefits, in each case except as set forth in any written agreement or commitment existing as of the date hereof; 
 (q) not enter into, adopt or amend (other than any amendment necessary to comply with any Applicable Law) any employment, retention, change in control, collective bargaining, deferred compensation, retirement, bonus,
profit-sharing, stock option or other equity, pension or welfare plan, contract or other arrangement with an independent contractor or agreement maintained for the benefit of any director, partner, officer, or other employee, or take any action to
accelerate the vesting or payment, or fund or in any other way secure the payment, of compensation or benefits under any employee benefit plan or other arrangement, to the extent not already provided in any such plan or arrangement and except as
contemplated by Section 3.2.3(d), or change any actuarial or other assumptions used to calculate funding obligations with respect to any employee benefit plan or other arrangement or to change the manner in which contributions to such plans are
made or the basis on which such contributions are determined, except as may be required by GAAP, or forgive any loans to directors, officers or any Target Group Employee; 
 (r) not cancel or terminate any insurance policies maintained by any member of the Target Group or cause any of the coverage thereunder to lapse, unless
simultaneously with such termination, cancellation or lapse, replacement policies providing, to the extent reasonably available, coverage equal to or greater than the coverage under the canceled, terminated or lapsed policies for substantially
similar premiums are in full force and effect; 
 (s) not terminate, cancel, enter into or propose to enter into, or modify or propose to
modify, (i) any Target Contracts or (ii) any agreements, contracts, licenses or commitments that if entered into prior to the date of this Agreement, would have been required to be listed on Section 2.2.8(a) of the Seller Disclosure
Schedule as a Target Contract, other than in the Ordinary Course of Business; 
 (t) not agree or commit to do any of the foregoing referred
to in clauses (a) – (s); and 
 (u) promptly advise Buyer of any fact, condition, occurrence or change known to Seller or any
member of the Target Group that is reasonably expected to have a Material Adverse Effect on any material member of the Target Group or the Target Group in the aggregate or cause a breach of this Section 3.1.1. 
 3.1.2. Access and Information. 
 (a)
Books and Records. From the date hereof to the Closing Date, upon reasonable notice from Buyer, Seller and Target will and will cause each member of the Target Group to, give to Buyer and Buyer’s accountants, counsel and other
Representatives reasonable access during normal business hours to each such member of the Target Group and its respective 

  

 35 

 
officers, employees, offices, properties, books, contracts, commitments, reports and records relating to each member of the Target Group, and to furnish them
or provide them access to all such documents, financial data, records and information with respect to the properties and businesses of each member of the Target Group as Buyer shall from time to time reasonably request; provided that the
foregoing shall be under the general coordination of Seller, shall not be disruptive to the Ordinary Course of Business and shall be subject to the confidentiality provisions set forth in Section 7.6.10. In addition, subject to Applicable Law,
Buyer and Seller shall consult and cooperate, each with the other, in matters involving third parties, including customers, prospective customers, specifying agencies, vendors and suppliers, in matters involving transition and integration planning.

 (b) Monthly Reports. From and after the date hereof until the Closing Date, Target shall furnish to Buyer, within fifteen
(15) Business Days after the end of each calendar month, the monthly reporting package described in Section 3.1.2(b) of the Seller Disclosure Schedule. 
 3.1.3. Tax Matters. 
 (a) Tax Returns. Seller shall duly and timely file all Seller Group Tax
Returns, and shall cause each member of the Target Group to duly and timely file all Target Tax Returns, required to be filed on or before the Closing Date (including such Tax Returns filed pursuant to any valid extension of time to file), and
Seller shall pay all Taxes with respect to such periods. Seller shall prepare and duly and timely file all Seller Group Tax Returns that are due after the Closing Date with respect to periods ending on or before the Closing Date, and Seller shall
pay all Taxes with respect to such periods. Seller shall prepare and Buyer shall cause each member of the Target Group to duly and timely file all Target Tax Returns that are due after the Closing Date with respect to periods ending on or before the
Closing Date, and Seller shall pay all Taxes with respect to such periods. Such Seller Group Tax Returns and Target Tax Returns shall be prepared on a basis consistent with the prior Tax Returns for the same Person. The members of the Target Group
shall furnish information to Seller for inclusion in the Seller Group Tax Returns for the periods ending on or before the Closing Date in accordance with the past customs and practices of such members and shall file Target Tax Returns for periods
beginning after the Closing Date in accordance with such customs and practices. No election under Section 336(e) of the Code shall be made with respect to any member of the Target Group in connection with any transaction contemplated by this
Agreement. 
 (b) Straddle Tax Returns. Except as otherwise provided herein, Buyer shall prepare or cause to be prepared and file or
cause to be filed any Tax Returns of the Target Group for Tax periods which end after the Closing Date, and Buyer shall cause the Target Group, at the Target Group’s expense, to pay all Taxes with respect to such periods, subject to
Seller’s responsibility for Pre-Closing Taxes. Buyer shall permit Seller to review and comment, prior to filing, on each Tax Return for Tax periods which begin before the Closing Date and end after the Closing Date (“Straddle Tax
Returns”). To the extent not reflected as a liability on the Estimated Balance Sheet, Seller shall pay to Buyer an amount equal to the Pre-Closing Taxes due with any Straddle Tax Returns and payable by Seller pursuant to this
Section 3.1.3(b) at least ten (10) days before Buyer is required to cause to be paid the related Tax liability. 
  

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 (c) Calculation of Taxes for Straddle Tax Returns. Where the Pre-Closing Taxes involve a period
which begins before and ends after the Closing Date, such Pre-Closing Taxes shall be calculated as though the taxable year of the Target Group terminated as of the close of business on the Closing Date; provided, however, that in the case of
a Tax not based on income, receipts, proceeds, profits or similar items, Pre-Closing Taxes shall be equal to the amount of Tax for the taxable period multiplied by a fraction, the numerator of which shall be the number of days from the beginning of
the taxable period through the Closing Date and the denominator of which shall be the number of days in the taxable period. All Straddle Tax Returns shall be prepared, and all determinations necessary to give effect to the foregoing allocations
shall be made, in a manner consistent with prior practice of the Target Group. 
 (d) Documentation. Buyer and Seller further agree,
upon request from the other party, to use their commercially reasonable efforts to obtain any certificate or other document from any Governmental Authority or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could
be imposed (including, but not limited to, with respect to the transactions contemplated hereby). 
 (e) Actions with respect to
Taxes. Without the prior written consent of Buyer, neither Seller nor the Target Group shall, with respect to the Target Group, make or change any election, change an annual accounting period, adopt or change any accounting method, file any
amended Tax Return, enter into any closing agreement, settle any Tax claim or assessment relating to the Target Group, surrender any right to claim a refund of Taxes, consent to any extension or waiver of the limitation period applicable to any Tax
claim or assessment relating to the Target Group, or take any other similar action relating to the filing of any Tax Return or the payment of any Tax, if such election, adoption, change, amendment, agreement, settlement, surrender, consent or other
action would have the effect of increasing the Tax liability of the Target Group for any period ending after the Closing Date or decreasing any Tax attribute of the Target Group existing on the Closing Date. Seller shall notify Buyer of any consent
to any extension or waiver of the limitation period applicable to any Tax claim or assessment relating to the Target Group within fifteen (15) days of making such consent or waiver. 
 (f) Tax Sharing Agreements. All tax sharing agreements or similar agreements with respect to or involving the Target Group shall be terminated as
of the Closing Date and, after the Closing Date, no such party shall be bound thereby or have any liability thereunder. 
 3.1.4. Public
Announcements. From the date hereof to the Closing Date, except as required by Applicable Law, Seller shall not, and Target shall not and shall not permit any member of the Target Group to, make any public announcement in respect of this
Agreement or the transactions contemplated hereby without the prior consent of Buyer, which will not be unreasonably withheld or 

  

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delayed; provided that the foregoing shall not apply to any public announcement in respect of litigation relating to this Agreement or the transactions
contemplated hereby, or the filing of any document in connection with any such litigation. Subject to the exceptions set forth in the immediately preceding sentence, Seller and Target will, and will cause the other members of the Target Group to,
cooperate with Buyer to develop all public communications and make appropriate members of management available at presentations related to the transactions contemplated hereby as reasonably requested by Buyer. 
 3.1.5. Further Actions. 
 (a)
Generally. From the date hereof to the Closing Date, Seller and Target will, and will cause each member of the Target Group to, use their reasonable best efforts to (i) take, or cause to be taken, all actions and to do, or cause to be
done, all things necessary, proper or advisable to consummate and make effective the transactions contemplated hereby and (ii) cause the conditions set forth in Sections 4.1 and 4.2 to be satisfied as promptly as practicable. 
 (b) Filings, etc. From the date hereof to the Closing Date, Seller and/or Target will (i) as promptly as practicable, but in no event later
than fifteen (15) days following the date of this Agreement, file or supply, or cause to be filed or supplied, all applications, notifications and information required to be filed or supplied by or on behalf of Seller or any member of the
Target Group pursuant to Applicable Law in connection with this Agreement or the consummation of the transactions contemplated hereby, and (ii) use their reasonable best efforts to obtain from any Governmental Authority or pursuant to
Applicable Law any Consents required to be obtained or made by the Seller or any member of the Target Group in connection with this Agreement or the consummation of the transactions contemplated hereby (collectively, the “Seller Requisite
Regulatory Approvals”), including but not limited to (in the case of the foregoing clauses (i) and (ii)) filings and Consents pursuant to the HSR Act and any other Requisite Regulatory Approval. Subject to the rules, regulations and
instructions of any relevant Governmental Authority, Buyer will have the right to review in advance, and to the extent practicable Seller and/or Target will consult with Buyer, in each case subject to Applicable Laws relating to the exchange of
information, with respect to all material written information submitted to any third party or any Governmental Authority in connection with the Requisite Regulatory Approvals. In exercising the foregoing right, each of the parties will act
reasonably and as promptly as practicable. 
 (c) Consents. Seller will use commercially reasonable efforts to obtain, or cause to be
obtained, the Required Consents as promptly as practicable. 
 (d) Other Actions. Subject to Applicable Laws and the rules,
regulations and instructions of any relevant Governmental Authority, Seller and Target will and will cause each member of the Target Group to, coordinate and cooperate with Buyer in exchanging such information and supplying such reasonable
assistance as may be reasonably requested by Buyer in connection with the filings and other actions contemplated by Section 3.2.2, including information regarding operational matters of Target and the other members of the Target Group.

  

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 (e) Notice of Certain Events. From the date hereof to the Closing Date, Seller shall promptly
notify Buyer of: 
 (i) any fact, condition, event or occurrence known to Seller that will or reasonably may be expected to
result in the failure of any of the conditions contained in Sections 4.1 and 4.2 to be satisfied; 
 (ii) any notice or
other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement; 
 (iii) subject to Applicable Laws and the rules, regulations and instructions of any relevant Governmental Authority, any notice or other
communication from any Governmental Authority in connection with the transactions contemplated by this Agreement; 
 (iv) any
member of the Target Group developing any present expectation or intention of not fully performing any material obligation pursuant to any Target Contract; and 
 (v) any current material breach or anticipated material breach known to Seller by any other party to any Target Contract other than in
the Ordinary Course of Business. 
 3.1.6. No Solicitation, etc. Seller shall not, nor shall Target or any other member of the Target
Group, directly or indirectly, through any employee, officer, director, agent or otherwise, solicit, initiate or conduct any discussions or negotiations with, or provide any information to or otherwise cooperate in any other way with, or facilitate
or encourage any effort to attempt to, or enter into any agreement or understanding with, any Person or group of Persons regarding any Competing Transaction. Seller or Target shall promptly (and in any event within two (2) Business Days) notify
Buyer of the receipt by Seller or Target or any of its officers or directors of any inquiries, proposals or requests for information concerning a Competing Transaction. A “Competing Transaction” means any of the following (other
than any transaction contemplated by this Agreement): (w) any direct sale of stock or other equity ownership interests in Target and/or any one or more members of the Target Group, including without limitation in any initial public offering of
any such securities, (x) a merger, consolidation, share exchange, business combination, or other similar transaction directly involving Target and/or any one or more members of the Target Group, or (y) any direct transfer or other
disposition of 10% or more of the total assets of Target and/or any one or more members of the Target Group in a single transaction or a series of related transactions. For the avoidance of doubt, nothing in this Section 3.1.6 shall restrict
Seller’s activities in any manner with respect to any of the Transferred Entities or any assets and business of the Seller other than Target, the members of the Target Group and their respective assets. 
  

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 3.1.7. Resignation of Directors. Target and Seller shall cause each of the directors of Target and
the other members of the Target Group, other than those whose names are set forth on a notice to be delivered to Seller by Buyer not less than five (5) days prior to the Closing that indicates such persons are not required to resign, to resign
from all director positions with Target and the other members of the Target Group effective at the Closing. 
 3.1.8. Agreement Not to
Compete. 
 (a) Seller agrees that for the five (5) year period from and after the Closing (the “Restricted
Period”), Seller shall not, and shall cause its Subsidiaries not to, directly or indirectly, in any capacity, engage in or have any direct or indirect ownership interest in, or permit its name to be used in connection with (other than those
name permissions that are granted in the ordinary course of business), any business anywhere in the United States that is engaged, either directly or indirectly, in the business of (w) the sale, underwriting or reinsurance of stop loss
insurance policies issued to employer sponsored ERISA health plans, which policies are intended to manage such employer sponsors’ funding exposure to such plans, (x) third party administration of healthcare benefits for group health plans,
including subrogation, bill review and claim repricing in connection therewith, (y) pharmacy benefit management and administration for group health plans, including subrogation, bill review and claim repricing in connection therewith or
(z) disease management or care management programs for group health plans (each, a “Competing Business”); provided, however, that the following shall not be deemed a violation of this Section 3.1.8(a): 

(i) ownership of stock of any corporation listed on a national securities exchange or publicly traded on any nationally recognized
over-the-counter market so long as Seller and its Subsidiaries collectively do not own more than an aggregate of five percent (5%) of the capital stock of such corporation; 
 (ii) making or maintaining any investment (or engaging in any activity related thereto) in a fiduciary or agency capacity of any type and
carried out on behalf of clients or other beneficiaries; 
 (iii) ownership of, an affiliation with, or the conduct of any
other prohibited activity with respect to, a Person that conducts, either directly or indirectly, a Competing Business (any such Person, together with all of its Affiliates, a “Competing Person”) that is the direct or indirect
result of (A) the merger, consolidation, share exchange, sale or purchase of assets or similar business combination involving Seller or any of its Affiliates and any Competing Person or (B) the acquisition of any Competing Person by Seller
or any of its Affiliates; provided if more than 15% of the total revenue, assets or cash flows of the Competing Person in the calendar year prior to such ownership or affiliation is attributable to any Competing Business, Seller shall, prior
to the first anniversary of the consummation of such transaction, divest or discontinue the operations of the 

  

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acquired business that constitute Competing Businesses; provided, however, that prior to any such divestiture, Seller shall provide reasonable
notice thereof to Buyer such that Buyer has a reasonable opportunity to make an offer to purchase such business should it desire to do so; or 
 (iv) ownership and operation of the Continued Retained Business. 
 (b) For purposes of clarity, the parties
hereby acknowledge that, for all purposes of this Agreement, the term “Competing Business” shall not include the business of (i) workers’ compensation pharmacy benefits and administration, (ii) consumer-directed health plan
administration, or (iii) health care banking and payments, except, in the case of payments, to the extent acting as a third party administrator of healthcare benefits. 
 (c) Section 3.1.8 shall terminate immediately upon a Change in Control of Seller; provided, however, that for the balance of the Restricted
Period following any such Change in Control, Seller shall (i) cause any employees of Seller or any Affiliate thereof who, at any time prior to Closing, had been employed by any member of the Target Group or otherwise had been in receipt of
confidential information with respect to the Target Group, to continue to abide by the provisions of this Section 3.1.8 including, without limitation, by causing any such employees not to assist or participate in any Competing Business engaged
in by any other party who became an Affiliate of Seller in connection with such Change in Control (a “COC Party”) and (ii) keep confidential, and not disclose to any COC Party, any confidential information related to the Target
Group (including, without limitation, customer or price information). 
 (d) Seller hereby acknowledges that the geographic boundaries,
scope of prohibited activities and the time duration of the provisions of this Section 3.1.8 are reasonable and are no broader than are necessary to protect the legitimate business interests of Buyer including, without limitation, the ability
of Buyer to realize the benefit of its bargain and enjoy the goodwill of Target and the other members of the Target Group. 
 3.1.9.
Agreement Not to Hire. During the Restricted Period, Seller shall not, without the prior written consent of Buyer, hire, or directly or indirectly attempt to hire away, any then-current employee of Buyer or any of its Affiliates who is a
Transferred Employee, or persuade any such employee to leave employment with Buyer or any of its Affiliates; provided, that a general solicitation for employment through advertisements not specifically directed at any Transferred Employees
shall not be prohibited under this Section 3.1.9 and the hiring of any Transferred Employees who are non-exempt for purposes of the Fair Labor Standards Act and who are solicited through such a general solicitation shall not be prohibited under
this Section 3.1.9. 
  

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 3.1.10. Available Remedies. Seller acknowledges that it would be difficult to fully compensate
Buyer or any of its Affiliates for damages resulting from any breach by them of the provisions of Sections 3.1.8 or 3.1.9. Accordingly, notwithstanding anything to the contrary in this Agreement, in the event of any actual or threatened breach of
such provisions, Buyer and its Affiliates shall (in addition to any other remedies which it may have) be entitled to seek from any court of competent jurisdiction temporary and/or permanent injunctive relief to enforce such provisions and recover
attorneys’ fees and costs for same, and such relief may be granted without the necessity of proving actual damages or the inadequacy of money damages, or posting bond. Seller further acknowledges that Sections 3.1.8 and 3.1.9 constitute a
material inducement to Buyer to complete the transactions contemplated by this Agreement and Buyer will be relying on the enforceability of Sections 3.1.8 and 3.1.9 in completing such transactions contemplated by this Agreement. 
 3.1.11. Insurance Subsidiary Transactions. Prior to Closing, Seller shall (i) contribute $5,000,000 to the Insurance Subsidiary (so as to
cause the cash on hand thereof to be equal to at least such amount) and (ii) cause all intercompany loans between the Insurance Subsidiary and Seller or any Affiliate of Seller (other than members of the Target Group) to be cancelled, without
any cost or other liabilities to any member of the Target Group resulting therefrom. 
 3.2. Covenants of Buyer. 
 3.2.1. Public Announcements. From the date hereof to the Closing Date, except as required by Applicable Law, Buyer shall not, and shall cause its
Affiliates not to, make any public announcement in respect of this Agreement or the transactions contemplated hereby without the prior consent of Seller, which will not be unreasonably withheld or delayed. Buyer will cooperate with Seller and the
Target Group to develop all public communications and make appropriate members of management available at presentations related to the transactions contemplated hereby as reasonably requested by Seller. 
 3.2.2. Further Actions. 
 (a)
Generally. From the date hereof to the Closing Date, Buyer will use its reasonable best efforts to (i) take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate and
make effective the transactions contemplated hereby and (ii) cause the conditions set forth in Sections 4.1 and 4.3 to be satisfied as promptly as practicable. 
 (b) Filings, etc. From the date hereof to the Closing Date, Buyer will (i) as promptly as practicable, but in no event later than fifteen (15) days following the date of this Agreement, file or
supply, or cause to be filed or supplied, all applications, notifications and information required to be filed or supplied by or on behalf of Buyer or its Affiliates pursuant to Applicable Law in connection with this Agreement or the consummation of
the transactions contemplated hereby and (ii) use its reasonable best efforts to obtain from any Governmental Authority or pursuant to Applicable Law any Consents required to be obtained or made by Buyer 

  

 42 

 
or its Affiliates in connection with this Agreement or the consummation of the transactions contemplated hereby (collectively, the “Buyer Requisite
Regulatory Approvals” and, together with the Seller Requisite Regulatory Approvals, the “Requisite Regulatory Approvals”), including but not limited to (in the case of the foregoing clauses (i) and (ii)) filings
and Consents (i) pursuant to the HSR Act, (ii) under any applicable state health or pharmacy third party benefits administration licensing laws or regulations or (iii) with the Arizona Department of Insurance. Subject to the rules,
regulations and instructions of any relevant Governmental Authority, Seller will have the right to review in advance, and to the extent practicable Buyer will consult with Seller, in each case subject to Applicable Laws relating to the exchange of
information, with respect to all material written information submitted to any third party or any Governmental Authority in connection with the Requisite Regulatory Approvals. In exercising the foregoing right, each of the parties will act
reasonably and as promptly as practicable. 
 (c) Other Actions. Subject to Applicable Laws and the rules, regulations and
instructions of any relevant Governmental Authority, Buyer will, and will cause its Affiliates to, coordinate and cooperate with Seller in exchanging such information and supplying such reasonable assistance as may be reasonably requested by Seller
in connection with the filings and other actions contemplated by Section 3.1.5(b). 
 (d) Notice of Certain Events. From the
date hereof to the Closing Date, Buyer shall promptly notify Seller of: 
 (i) any fact, condition, event or occurrence known
to Buyer that will or reasonably may be expected to result in the failure of any of the conditions contained in Sections 4.1 and 4.3 to be satisfied; 
 (ii) any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement; and 
 (iii) subject to Applicable Laws and the rules, regulations and instructions of any relevant Governmental Authority, any notice or other
communication from any Governmental Authority in connection with the transactions contemplated by this Agreement. 
 3.2.3. Employee
Benefit Matters. 
 (a) Transferred Employee Benefits. Buyer agrees: (i) to waive any limitations regarding pre-existing
conditions, waiting periods and actively at work requirements under any new health benefit plan maintained by Buyer (and/or any of its Affiliates) for the benefit of Transferred Employees to the extent such condition, period or requirement was
satisfied under any existing health benefit plans in which Transferred Employees participate; and (ii) for all purposes (other than benefit accrual under a defined benefit pension plan) under all benefit plans and policies, to treat all service
by Transferred Employees with any member of the Target Group before the Closing Date as service with Buyer and its Subsidiaries; and (iii) to recognize, for each Transferred 

  

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Employee, any unused vacation days set forth on Section 3.2.3(a)(iii) of the Seller Disclosure Schedule that the Transferred Employee has accrued as of
the Closing Date for purposes of Buyer’s vacation plan or policies. Buyer and Seller agree that (i) the Transferred Employees shall continue to participate in Seller’s medical and dental plans for the period beginning on the Closing
Date and ending on (x) December 31, 2007, if the Closing occurs prior to January 1, 2008, and (y) the last day of the month in which the Closing occurs, if the Closing occurs on or after January 1, 2008, and (ii) Buyer
shall reimburse Seller for the cost of providing the benefits described in clause (i) of this sentence in the amount equal to the difference between the COBRA rate for such benefits and the applicable employee premiums for such benefits.
Commencing on the later of January 1, 2008, and the first day of the month following the month in which the Closing occurs, the Transferred Employees shall be eligible to participate in the medical and dental plans of Buyer on terms that are
substantially comparable to the terms applicable to similarly situated employees of Buyer. With respect to the Transferred Employees, Seller agrees to amend its 401(k) plan to eliminate its last day of employment requirement with respect to the
Transferred Employees for purposes of eligibility to receive any employer contributions from Seller under Seller’s 401(k) plan and Seller shall make post-Closing employer contributions to its 401(k) plan for the benefit of the Transferred
Employees on a pro rata basis based on the Transferred Employees’ length of employment by Seller or its Affiliates in 2007 and in accordance with its customary process. Buyer agrees to accept rollovers from Seller’s 401(k) plan for Target
Employees. Seller further agrees to 100% vest all Transferred Employees in its retirement plans including its 401(k) plan. Other than the obligations specifically set forth in this Section 3.2.3, Buyer shall have no liability with respect to
payment of benefits under any benefit plans of Seller in which any Transferred Employee has or currently participates. 
 (b)
Continuation of Employment. 
 (i) Except as provided in this Section 3.2.3(b), immediately after the Closing,
Buyer shall continue the employment of all of the Target Group Employees by transferring their employment to an Affiliate of Buyer, and any Target Group Employee whose employment thus continues after the Closing Date shall be a “Transferred
Employee.” Notwithstanding the foregoing, no Transferred Employee shall have any continuing rights to employment, and each such employee shall be considered an “at will” employee, unless he/she has or enters into a written
employment agreement binding on Buyer or one of its Affiliates. Buyer, in its sole discretion, and subject only to an obligation to interview each person in good faith, may determine whether or not to continue the employment of any Target Group
Employee listed on Section 3.2.3(b)(i) of the Buyer Disclosure Schedule. No later than fifteen (15) days prior to the Closing Date, Buyer shall provide Seller with a written list of any Target Group Employee listed on
Section 3.2.3(b)(i) of the Buyer Disclosure Schedule whose employment will not continue after the Closing Date (each a “Non-Transferred Employee”). Seller will, or will cause each member of the Target Group to, terminate the
employment of, or transfer to Seller or one of its Affiliates (other any member of the Target Group), any Non-Transferred Employee, with such termination or transfer to take effect no later than the Closing Date. 
  

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 (ii) Seller shall be fully liable for all employment-related costs or liabilities in
respect of any Non-Transferred Employee, including but not limited to any termination-related costs such as severance benefits, and Seller shall fully indemnify Buyer and each member of the Target Group from any such liability or cost. 

(iii) The rest of this Section 3.2.3(b) notwithstanding, in the event that any Target Group Employee is not actively at work on
the Closing Date due to any leave of absence, including but not limited to a short-term disability leave (each an “Inactive Employee”), such employee shall become a Non-Transferred Employee and Seller shall assume the employment
relationship for that person and all costs and liabilities incurred as a result of that employment relationship as described in Section 3.2.3(b)(ii). With respect to any Inactive Employee who becomes a Non-Transferred Employee pursuant to this
Section 3.2.3(b)(iii), Buyer’s sole obligation shall be to pay, or cause a member of the Target Group to pay, to Seller an amount for each such Inactive Employee that is equal to the sum of (x) the short-term disability payroll
continuation payment made to such person, if any, (y) the Human Resources and Payroll fees set forth on Exhibit 1 of the Transition Services Agreement, and (z) the Health, Dental, Flexible Spending, HSA, HRA and COBRA Plan Benefits fees
set forth on Exhibit 1 of the Transition Services Agreement; provided, however, that for purposes of health insurance reimbursement for each of the Inactive Employees, instead of the reimbursement rate being the COBRA rate, such reimbursement
rate shall equal $1,500 per month for each such Inactive Employee; provided, further, that with respect to any Inactive Employee, Buyer’s payment obligation hereunder shall end on the earliest of: (A) the date on which the
Inactive Employee becomes a Transferred Employee pursuant to this Section 3.2.3(b)(iii), (B) the date on which Seller terminates the Inactive Employee for any reason, or (C) the sixth-month anniversary of the Closing Date. If any
Inactive Employee is able to return to work on or before the six-month anniversary of the Closing Date, Buyer shall hire such person and such person shall become a Transferred Employee as of the date that Buyer receives written notice from Seller
that the employee is able to return to work. For purposes of this Section 3.2.3(b)(iii) “able to return to work” means that Seller provides Buyer with adequate documentation that the person is able to perform the essential functions
of his/her Target Group Employee position, with or without reasonable accommodation. 
 (iv) The rest of this
Section 3.2.3(b) notwithstanding, each Target Group Employee listed on Section 3.2.3(b)(iv) of the Seller Disclosure Schedule is performing duties directed to performance by Harrington Benefit Services, Inc. (which is a member of the
Target Group) pursuant to a Services Agreement dated October 25, 2007, between it and Kaiser Permanente Insurance Company (“Kaiser”). The parties acknowledge that the business transaction contemplated by this Agreement will give
Kaiser a contractual right to terminate the afore-described Services Agreement. If Kaiser exercises its contractual termination 

  

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right prior to the Closing Date, then each such person will become a Non-Transferred Employee for purposes of Sections 3.2.3(b)(i) and (ii). If Kaiser
exercises its contractual termination right after the Closing Date then Seller shall be fully liable for and shall indemnify Buyer against any and all liabilities arising out of Buyer’s decision to terminate the employment of any person listed
on Section 3.2.3(b)(iv) of the Seller Disclosure Schedule as a direct result of Kaiser exercising that contractual right. 
 (v) Section 3.2.3(b)(v) of the Seller Disclosure Schedule sets forth a list of certain Target Group Employees who are performing duties directed to the Retained Business (the “Retained Business Employees”). Accordingly, and
notwithstanding anything to the contrary in this Section 3.2.3(b), (A) no Retained Business Employee will become a Transferred Employee, (B) each Retained Business Employee will become a Non-Transferred Employee and (C) Seller
shall transfer each such Retained Business Employee to a Retained Business Transferee, with such transfer to take effect no later than the Closing Date. 
 (c) Severance. Except as otherwise required by any Applicable Law, for a 12-month period beginning on the Closing Date, Buyer shall provide, or cause each member of the Target Group to provide, to any
Transferred Employee whose employment is terminated other than for cause (within the meaning of the severance payment schedule set forth on Section 3.2.3(c) of the Seller Disclosure Schedule), severance benefits that are no less favorable than
as would be determined in accordance with Target’s existing severance payment schedule (which is set forth on such severance payment schedule). To the extent that any Transferred Employee who is a party to an agreement providing for the payment
of severance under certain circumstances, as set forth on Section 2.2.8(a)(iii) of the Seller Disclosure Schedule, is terminated by Buyer or any of its Affiliates or terminates or resigns his or her employment, in each case within the first
ninety (90) days immediately following the Closing Date, Seller shall pay to Buyer for each such terminated Transferred Employee the difference between the amount of severance paid to the Terminated Employee under such employee’s severance
agreement and the amount of severance that such employee would have otherwise been eligible to receive under the severance payment schedule set forth on Section 3.2.3(c) of the Seller Disclosure Schedule. 
 (d) Vesting. Prior to the Closing Date, Seller shall take all actions necessary to provide that all options to purchase the common stock of
Seller, restricted stock units of Seller or unvested shares of restricted stock of Seller that are held by any Target Group Employee as of the Closing Date, whether vested or unvested, shall be cancelled in exchange for the payment by Seller to such
Target Group Employee of the cash equivalent thereof; provided, that the foregoing shall not apply to restricted stock units awarded to certain Target Group sales executives listed on Section 3.2.3(d) of the Seller Disclosure Schedule,
who were awarded such restricted stock units pursuant to an incentive compensation plan or scheme, the unvested value of which is set forth on Section 3.2.3(d) of the Seller Disclosure Schedule. Buyer will establish an incentive compensation
arrangement to provide such sales executives with an opportunity to earn such unvested value. 
  

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 (e) Deferred Compensation Plan. On the Closing Date, Buyer shall cause a member of the Target
Group to continue to maintain sponsorship of the Deferred Compensation Plan maintained by a member of the Target Group along with any assets and liabilities associated therewith, including but not limited to any assets or liabilities of the Rabbi
Trust. 
 (f) Incentive Compensation. 
 (i) Seller shall, or shall cause each member of the Target Group to, fully reflect or specifically reserve against in accordance with GAAP in the Estimated Balance Sheet (and there shall be included in the Final
Balance Sheet), amounts adequate to pay all incentive compensation earned by any Target Group Employee through the Closing Date. Buyer shall ensure that each such employee is paid that amount no later than the customary payment date the Target Group
has used for such incentive compensation payments. 
 (ii) Set forth on Section 3.2.3(f)(ii) of the Seller Disclosure
Schedule is a listing of each Target Group Employee, including estimated incentive pay and/or bonus accruals for each such employee for the remainder of calendar year 2007. At least three (3) Business Days prior to the Closing Date, Seller
shall deliver to Buyer an updated Section 3.2.3(f)(ii) of the Seller Disclosure Schedule that sets forth the estimated incentive pay and bonus accruals for each Target Group Employee as of the Closing Date. Buyer shall pay, or cause to be paid,
to any Transferred Employee the amount of incentive compensation such employee earns, pursuant to the terms of any incentive compensation plan that is in effect as of the Closing Date, during the period beginning on the day after the Closing Date
and ending on December 31, 2007. Any such earned compensation shall be paid no later than the customary payment date the Target Group has used for such incentive compensation payments. 
 (iii) Seller agrees to pay or cause to be paid to selected Target Group Employees incentive compensation described in
Section 3.2.3(f)(iii) of the Seller Disclosure Schedule. Buyer agrees to pay or cause to be paid to select Transferred Employees incentive compensation as described in Section 3.2.3(f)(iii) of the Buyer Disclosure Schedule. 
 3.3. Change of Name. 
 (a)
Except for the limited license expressly provided in the Transitional Trademark License Agreement, all right, title and interest in and to (i) the name “Fiserv” or any derivative thereof or any logo, trademark, service mark, domain
name, or trade name including such name, and (ii) any other trademark, service mark, logo, domain name or other indicia or origin of the Seller and its Affiliates (other than any member of the Target Group) ((i) and (ii) collectively, the
“Seller Marks”), shall be retained by Seller or its applicable Affiliates and none of Buyer or the Target Group shall have any rights therein or thereto following the Closing. 
  

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 (b) Except as expressly provided in the Transitional Trademark License Agreement, immediately following
Closing, Buyer will, and will cause each member of the Target Group to, cease use of the Seller Marks and any other designation of affiliation with Seller or its Affiliates (including the removal of any Seller Marks from the name of any member of
the Target Group and the filing of all appropriate documentation with state authorities relating thereto). 
 3.4. Cooperation.

 (a) Seller and Buyer will, and Buyer will cause each member of the Target Group to, provide the other party with such cooperation and
information as the other party may request in filing any Tax Return, in determining a liability for any Tax or a right to a refund or credit of any Tax, in defending an audit or in conducting any other proceeding in respect of any Tax, in each case
in connection with a Tax of a member of the Target Group (including as a result of being included in a Seller Group) for a Tax period that ends on or before the Closing Date or, in the case of a Tax period that begins on or before the Closing Date
and ends after the Closing Date, the portion of the period through and including the Closing Date (such full or partial period is a “Pre-Closing Period”). Such cooperation shall include, but not be limited to, providing access to
the books and records of each member of the Target Group, making employees of Buyer and of each member of the Target Group available on a mutually convenient basis to provide explanation of any documents or information provided hereunder or as
otherwise may be necessary or appropriate for any of the foregoing. Seller and Buyer shall, and Buyer shall cause each member of the Target Group to, retain all Tax Returns of a member of the Target Group, schedules and work papers and all other
material records or documents relating thereto or to a member of the Target Group’s inclusion in Seller Group Tax Returns for all Pre-Closing Periods until 60 days after the expiration of the applicable statute of limitations (including any
extensions and waivers thereof), and at the expiration of such period each party shall have the right to dispose of any such Tax Returns or other documents or records after providing thirty (30) days’ written notice to the other party,
unless the other party requests that such Tax Returns or other documents or records be delivered to it or be retained. 
 (b) Buyer shall
promptly notify Seller in writing within thirty (30) days after receipt by Buyer, any of its Affiliates or any member of the Target Group of notice of any pending or threatened federal, state, local or foreign Tax audit, proposed adjustment or
assessment which may affect the Tax liability of any member of the Target Group for which Seller would be required to indemnify Buyer pursuant to Section 6.10. Failure of Buyer to promptly notify Seller shall be deemed a waiver of Buyer’s
right to indemnification under Section 6.10. Seller shall have the sole right to represent a member of the Target Group in any Tax audit or administrative or court proceeding to the extent it relates to (i) a Tax period ending on or before
the Closing Date, or (ii) a Tax period that includes the Closing Date if the only items at issue relate to the portion of the period prior to or including the Closing Date, to 

  

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control such audit or proceedings, and to employ counsel of its choice at its expense. Notwithstanding the foregoing, Seller shall not be entitled to settle,
either administratively or after the commencement of litigation, any claim for Taxes which would adversely affect Buyer or any member of the Target Group for any period after the Closing Date without the prior written consent of Buyer, which consent
shall not be unreasonably withheld or delayed; provided, however that such consent shall not be necessary to the extent that Seller agrees to indemnify Buyer against the effects of any such settlement. Seller shall be entitled to
participate at its expense with counsel of its choice in the defense of any claim for Taxes which may be the subject of indemnification by Seller pursuant to Section 6.10 which is not subject to Seller’s control pursuant to this
Section 3.4(b). Neither Buyer, any member of the Target Group, nor any of their Affiliates may agree to settle or pay any Tax claim which may be the subject of indemnification by Seller under Section 6.10 without the prior written consent
of Seller, which consent shall not unreasonably be withheld, delayed or conditioned. 
 3.5. Intercompany Relationships.

 (a) Seller Guarantees. Buyer shall use its commercially reasonable efforts to cause itself or one or more of its Affiliates to be
substituted in all respects for Seller or any of its Affiliates and for Seller and any of its Affiliates to be otherwise removed or released, effective as of the Closing, in respect of all obligations of Seller or any of its Affiliates under each
guaranty, performance bond, letter of credit or similar instrument obtained by Seller or any of its Affiliates to the extent that it is for the benefit of any member of the Target Group (collectively, the “Seller Guarantees”), and
for all obligations of Seller or any of its Affiliates in respect thereof to be terminated, with, in each case, such substitution, removal, release and termination to be in form and substance reasonably satisfactory to Seller. In the event that
Buyer has been unable to effect any such substitution, removal, release or termination with respect to any Seller Guarantee effective as of the Closing, from and after the Closing, Buyer shall use its commercially reasonable efforts to effect such
substitution, removal and release and termination as soon as reasonably practicable, including, without limitation, by providing substitute cash collateral. Buyer shall promptly reimburse Seller for any payments made by Seller or any of its
Affiliates on or after the Closing in respect of any Seller Guarantee. 
 (b) Target Guarantees. Seller shall use its commercially
reasonable efforts to cause itself or one or more of its Affiliates (other than Target or any other member of the Target Group) to be substituted in all respects for Target or any other member of the Target Group and for Target and any member of the
Target Group to be otherwise removed or released, effective as of the Closing, in respect of all obligations of Target and any member of the Target Group under each guaranty, performance bond, letter of credit or similar instrument obtained by
Target or any other member of the Target Group for the benefit of Seller or its Affiliates (other than Target or any other member of the Target Group) (collectively, the “Target Guarantees”), and for all obligations of Target and
any other member of the Target Group in respect thereof to be terminated, with, in each case, such substitution, removal, release and termination to be in form and substance reasonably satisfactory to Buyer. In the event that Seller has been unable
to effect any 

  

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such substitution, removal, release or termination with respect to any Target Guarantee effective as of the Closing, from and after the Closing, Seller shall
use its commercially reasonable efforts to effect such substitution, removal and release and termination as soon as reasonably practicable, including, without limitation, by providing substitute cash collateral. Seller shall promptly reimburse Buyer
for any payments made by any member of the Target Group on or after the Closing in respect of any Target Guarantee. 
 (c) Termination of
Contracts. Except as set forth on Section 3.5(c) of the Seller Disclosure Schedule, Seller shall terminate, or cause to be terminated, all Target Contracts between Seller or any of its Affiliates (other than Target or any other member of
the Target Group) on the one hand, and any of Target or any other member of the Target Group, on the other hand (other than, for the avoidance of doubt, any of the Ancillary Agreements), effective as of the Closing, in each case without any penalty
or obligation for Target or any other member of the Target Group. 
 (d) Assignment of Contracts. From and after the Closing, at
Buyer’s reasonable request, Seller shall, and shall cause its Affiliates to, assign to Buyer and its Affiliates any and all rights that Seller and its Affiliates may have under any agreement, contract or commitment to the extent relating to the
protection of confidential information of Target or any other member of the Target Group, other than any agreements entered into in connection with the proposed sale or disposition of the Target Group, to the extent such assignment is permissible
under Applicable Law and the terms of the relevant agreement, contract or commitment. 
 3.6. Title Insurance Policies. At
Buyer’s request and Buyer’s sole cost and expense, (i) Seller and Buyer shall each agree to use its commercially reasonable efforts to obtain prior to Closing, to the extent reasonably practicable, a letter from Target’s and/or
the Target Group’s current provider of the Title Policy stating that the Title Policy will continue in effect after the Closing and (ii) Seller shall cooperate with Buyer in seeking a non-imputation endorsement to the Title Policy.

 3.7. Election under Section 338(h)(10). 
 (a) At the sole discretion of Buyer, Seller shall join with Buyer in making joint elections under Section 338(h)(10) of the Code (and any comparable election under state or local Law) with respect to the purchase
of the Target Shares and the outstanding equity ownership interests of each other member of the Target Group. The Target Group, Buyer and Seller shall cooperate fully with each other in the making of such elections, including the filing of all
required IRS forms and comparable forms under state and local Law. Promptly after the date hereof, Seller shall provide to Buyer any information reasonably requested by Buyer in connection with the filing of the Section 338(h)(10) elections.

 (b) Seller shall pay all Taxes attributable to the making of the Section 338(h)(10) elections, including any federal, state, or
local Tax attributable to an election under federal, state, or local law similar to the election available under Section 338(h)(10) of the Code, and will indemnify the Buyer against any claim arising out of any failure to pay any such Tax.

  

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 (c) The Purchase Price shall be allocated among the assets of the Target Group in accordance with their
fair market value as reasonably determined by Buyer and Seller in accordance with Sections 338 and 1060 of the Code and the regulations thereunder (the “Allocation”). Buyer shall initially determine the Allocation and prepare a
complete set of IRS Forms 8023 and 8883 (and any comparable forms required to be filed under state or local tax Law) and any additional data or materials required to be attached to Forms 8023 and 8883 pursuant to the Treasury Regulations promulgated
under Section 338 of the Code (“Section 338 Forms”). Buyer will deliver the Section 338 Forms to Seller for review no later than sixty (60) days prior to the date the Section 338 Forms are required to be filed.
In the event Seller reasonably objects to the manner in which the Section 338 Forms have been prepared, Seller will notify Buyer within fifteen (15) days of receipt of the Section 338 Forms of any such objection, and Buyer and Seller
will endeavor in good faith to resolve such dispute in the succeeding fifteen (15) days. If Buyer and Seller are unable to resolve such dispute within such time period, Buyer and Seller will submit such dispute to an independent accounting firm
of recognized national standing (the “Allocation Arbiter”) mutually agreeable to Buyer and Seller, which firm will not be the regular accounting firm of Buyer or Seller. Promptly, but no later than fifteen (15) days after its
acceptance of appointment hereunder, the Allocation Arbiter will determine (based solely on representations of Buyer and Seller and not by independent review) only those matters in dispute that have been submitted to it and will render a written
report thereon, which will be conclusive and binding on Buyer and Seller. 
 (d) Buyer and Seller shall (i) report the acquisition of
the Target Shares by Buyer in a manner consistent with the making of the Section 338(h)(10) elections and (ii) not take a position in any Tax Return that is inconsistent with the Section 338(h)(10) elections. 
 3.8. Retained Business. Prior to the Closing Date, Seller shall cause the Target Group to transfer the Contracts and other assets and
liabilities set forth on Section 3.8 of the Seller Disclosure Schedule (collectively, the “Retained Business”) to one or more Persons that is not a member of the Target Group (each, a “Retained Business
Transferee”). 
 ARTICLE IV. 
 CONDITIONS PRECEDENT 
 4.1. Conditions to Obligations of Each Party. The obligations of
Buyer and Seller to effect the purchase and sale of the Target Shares and to consummate the other transactions contemplated hereby shall be subject to the fulfillment at or prior to the Closing Date of the following conditions: 
 4.1.1. Regulatory Approvals. All Requisite Regulatory Approvals shall have been obtained and shall remain in full force and effect and all
statutory waiting periods in respect thereof shall have been terminated or expired. 
  

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 4.1.2. No Injunction, etc. (i) Consummation of the transactions contemplated hereby shall not
have been restrained, enjoined or otherwise prohibited by any Applicable Law, including any order, injunction, decree or judgment of any court or other Governmental Authority, and there shall not have been promulgated, entered, issued or determined
by any court or other Governmental Authority to be applicable to this Agreement any Applicable Law making illegal or otherwise prohibiting the consummation of the transactions contemplated hereby and (ii) no Governmental Authority shall have
instituted any action or proceeding (which remains pending at what would otherwise be the Closing Date) before any United States court or other Governmental Authority of competent jurisdiction seeking to restrain, enjoin or otherwise prohibit
consummation of the transactions contemplated hereby. 
 4.2. Conditions to Obligations of Buyer. The obligation of Buyer to
effect the purchase and sale of the Target Shares and to consummate the other transactions contemplated hereby shall be subject to the fulfillment (or waiver by Buyer) at or prior to the Closing Date of the following additional conditions:

 4.2.1. Representations and Warranties. 
 (a) The representations and warranties set forth in Sections 2.2.1(a), 2.2.1(b), 2.2.2(a), 2.2.2(b) and 2.2.5(A)(ii) shall be true and correct in all respects as of the Closing Date, with the same effect as though
such representations and warranties had been made on and as of the Closing Date. 
 (b) Each of the representations and warranties of Seller
set forth in this Agreement (other than the representations and warranties set forth in Sections 2.2.1(a), 2.2.1(b), 2.2.2(a), 2.2.2(b) and 2.2.5(A)(ii)), which representations and warranties shall be deemed for purposes of this Section 4.2.1
not to include any qualification or limitation with respect to materiality (whether by reference to “material,” “Material Adverse Effect” or otherwise), shall be true and correct as of the Closing Date, with the same effect as
though such representations and warranties had been made on and as of the Closing Date, except that such representations and warranties that are made as of a specific date need only be true and correct as of such date; provided,
however, that notwithstanding anything herein to the contrary, this Section 4.2.1(b) shall be deemed to have been satisfied even if such representations and warranties are not so true and correct unless such failure of such
representations and warranties to be so true and correct, in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect on the Target Group. 
 (c) Seller shall have delivered to Buyer a certificate, dated the Closing Date and signed by an authorized officer of Seller, to the effect set forth
above in this Section 4.2.1. 
  

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 4.2.2. Covenants. All of the covenants, agreements, undertakings and obligations that Seller is
required to perform or to comply with at or prior to Closing pursuant to this Agreement shall have been duly performed and complied with in all material respects, and Seller shall have delivered to Buyer a certificate, dated the Closing Date and
signed by an authorized officer of Seller, to the effect set forth in this Section 4.2.2. 
 4.2.3. Absence of Material Adverse
Effect. Since December 31, 2006, no event shall have occurred or fact or circumstance arisen that, individually or in aggregate, with or without the passage of time, has had or is reasonably expected to have, a Material Adverse Effect on
the Target Group. 
 4.2.4. Third Party Consents. Seller shall have delivered to Buyer all consents, waivers and approvals set forth
in Exhibit F (the “Required Consents”), all of which shall be in full force and effect. 
 4.2.5. Proceedings. All
corporate and other proceedings of Seller that are required in connection with the transactions contemplated by this Agreement, and all documents and instruments incident to such proceedings, shall be reasonably satisfactory to Buyer and its
counsel, and Buyer and such counsel shall have received all such documents and instruments, or copies thereof, certified if requested, as may be reasonably requested. 
 4.2.6. Retained Business. Seller shall have performed all of the obligations required to be performed by it pursuant to Section 3.8. 
 4.3. Conditions to Obligations of Seller. The obligation of Seller to effect the purchase and sale of the Target Shares and to consummate
the other transactions contemplated hereby shall be subject to the fulfillment (or waiver by Seller), at or prior to the Closing Date, of the following additional conditions: 
 4.3.1. Representations and Warranties. 
 (a) The representations and warranties set forth in Sections 2.3.1(a) and 2.3.1(b) shall be true and correct in all respects as of the Closing Date, with the same effect as though such representations and warranties had been made on and as
of the Closing Date. 
 (b) Each of the representations and warranties of Buyer set forth in this Agreement (other than the representations
and warranties set forth in Sections 2.3.1(a) and 2.3.1(b)), which representations and warranties shall be deemed for purposes of this Section 4.3.1 not to include any qualification or limitation with respect to materiality (whether by
reference to “material,” “Material Adverse Effect” or otherwise), shall be true and correct as of the Closing Date, with the same effect as though such representations and warranties had been made on and as of the Closing Date,
except that such representations and warranties that are made as of a specific date need only be true and correct as of such date; provided, however, that notwithstanding anything herein to the contrary, this Section 4.3.1 shall be
deemed to have been satisfied even if such representations and warranties are not so true and correct unless such failure of such representations and warranties to be so true and correct, in the aggregate, has materially impaired, or is reasonably
likely to result in the material impairment of, the ability of Buyer to perform its material obligations under this Agreement. 
  

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 (c) Buyer shall have delivered to Seller a certificate, dated the Closing Date and signed by an
authorized officer of Buyer, to the effect set forth above in this Section 4.3.1. 
 4.3.2. Covenants. All of the covenants,
agreements, undertakings and obligations that Buyer is required to perform or to comply with at or prior to Closing pursuant to this Agreement shall have been duly performed and complied with in all material respects, and Buyer shall have delivered
to Seller a certificate, dated the Closing Date and signed by an authorized officer of Buyer, to the effect set forth in this Section 4.3.2. 
 4.3.3. Proceedings. All corporate and other proceedings of Buyer that are required in connection with the transactions contemplated by this Agreement, and all documents and instruments incident to such proceedings, shall be
reasonably satisfactory to Seller and its counsel, and Seller and such counsel shall have received all such documents and instruments, or copies thereof, certified if requested, as may be reasonably requested. 
 ARTICLE V. 
 TERMINATION

 5.1. Termination. This Agreement may be terminated at any time prior to the Closing Date: 
 (a) by the written agreement of Buyer and Seller; 
 (b) by either Buyer or Seller by written notice delivered to the other party, if the Closing has not occurred (other than through the failure of the party seeking to terminate this Agreement to comply with its obligations hereunder) by the
eight-month anniversary of the date hereof; 
 (c) by Buyer by written notice delivered to Seller, if Seller shall have breached any
representation or warranty contained herein or any of the covenants or agreements contained herein, which breach or event, individually or with other breaches or events, would cause the conditions set forth in Section 4.1 or Section 4.2
not to be satisfied and which breach or event cannot be or has not been cured within forty-five (45) days after the giving by Buyer of written notice to Seller of such breach; or 
 (d) by Seller by written notice delivered to Buyer, if Buyer shall have breached any representation or warranty contained herein or any of the covenants
or agreements contained herein, which breach or event, individually or with other breaches or events, would cause the conditions set forth in Section 4.1 or Section 4.3 not to be satisfied and which breach or event cannot be or has not
been cured within forty-five (45) days after the giving by Seller of written notice to Buyer of such breach. 
  

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 5.2. Effect of Termination. In the event of the termination of this Agreement pursuant to
Section 5.1, this Agreement shall become void and have no effect, without any liability to any Person in respect hereof or of the transactions contemplated hereby on the part of any party hereto, or any of its Representatives, stockholders or
Affiliates, except for any liability resulting from any party’s, fraud or willful or intentional breach of this Agreement, and except that the provisions of this Section 5.2 and the provisions of Article VII shall survive any such
termination. The foregoing sentence shall not be construed to limit any party’s obligations under Section 7.2. 
 ARTICLE VI.

 SURVIVAL OF REPRESENTATIONS AND WARRANTIES AND COVENANTS; 
 INDEMNIFICATION 
 6.1. Survival of Representations and Warranties and
Covenants. The representations and warranties made herein shall survive the Closing and terminate as provided in this Section 6.1. Upon such termination, no party shall have any liability to the other party with respect to a claim of
violation of a representation or warranty unless the party entitled to indemnification pursuant to this Article VI (the “Indemnified Party”) shall have given appropriate notice to the party liable for indemnification pursuant to
this Article VI (the “Indemnifying Party”) before the termination of the relevant representation or warranty as provided in this section and, accordingly, any representation or warranty, and any liability with respect thereto, that
would otherwise terminate in accordance with this Section 6.1 shall continue to survive if a notice of a claim shall have been timely given under this Article VI on or prior to such termination, until such claim has been satisfied or otherwise
resolved as provided in this Article VI, but only with respect to such claim. The representations and warranties and the covenants and other obligations contained in this Agreement shall survive the Closing for a period of twenty-four
(24) months following the Closing, subject to the terms and conditions of this Article VI. Notwithstanding the preceding sentence (i) the representations and warranties contained in Sections 2.2.6 (Taxes), 2.2.14 (ERISA) and 2.2.15
(Environmental Matters) shall survive until six (6) months after the applicable statute of limitations (including any extensions and waivers thereof) has expired; and (ii) the representations and warranties in Sections 2.2.1(a), (b),
clause (i) of Section 2.2.1(c), and the second sentence of Section 2.2.1(d) (Authorization; No Conflicts; Organizational Documents, etc.), 2.2.2 (a), (b) and (c) (Capitalization), and 2.2.3(h) (Restricted Cash Accounts;
Client Cash Accounts)(such representations and warranties, the “Seller Fundamental Representations”) and 2.3.1(a), (b), and clause (i) of Section 2.3.1(c) (Authorization; No Conflicts; Status of Buyer, etc.) (such
representations and warranties, the “Buyer Fundamental Representations”) and the covenants and other obligations in this Agreement shall survive the Closing indefinitely. 
  

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 6.2. General Indemnity. 
 6.2.1. Seller Indemnity. 
 (a) Seller
hereby agrees that from and after the Closing it shall indemnify, defend and hold harmless Buyer and its Affiliates and their respective officers, directors, employees, agents and stockholders (the “Buyer Indemnified Parties”) from,
against and in respect of any damages, losses, charges, liabilities, claims, demands, actions, suits, proceedings, payments, judgments, settlements, assessments, costs and expenses (including reasonable attorneys’ fees, and reasonable
out-of-pocket disbursements) (collectively, “Losses”) imposed on, sustained, incurred or suffered by, or asserted against, any of the Buyer Indemnified Parties, whether in respect of third party claims, claims between the parties
hereto, or otherwise, directly or indirectly relating to or to the extent arising or resulting from: 
 (i) subject to
Section 6.2.1(b), any breach of any representation or warranty made by Seller or Target contained in this Agreement, in all cases without giving effect to any qualifications as to materiality such as “in all material respects”,
“material”, “Material Adverse Effect” and similar qualifications contained in such representations and warranties; 
 (ii) any breach of any covenant or agreement of Target (prior to the Closing Date) or Seller (at any time) contained in this Agreement; 
 (iii) the Trewit Litigation; and 
 (iv) the matters set forth on Exhibit G. 
 (b) Except with respect to fraud and claims with respect to
breaches of any Seller Fundamental Representation, (i) Seller shall not be liable to the Buyer Indemnified Parties for any Losses with respect to the matters contained in Section 6.2.1(a)(i) unless the Losses therefrom exceed an aggregate
amount equal to $10,000,000, in which case Seller shall be liable only for the amount of Losses which exceed $7,500,000, and (ii) Seller shall not be liable to the Buyer Indemnified Parties for any Losses with respect to the matters contained
in Section 6.2.1(a)(i) that exceed an aggregate amount equal to 35% of the Purchase Price. 
 6.2.2. Buyer Indemnity. 

(a) Buyer hereby agrees that from and after the Closing it shall indemnify, defend and hold harmless Seller and its Affiliates and their respective
officers, directors, employees, agents and stockholders (the “Seller Indemnified Parties”) from, against and in respect of any Losses imposed on, sustained, incurred or suffered by, or asserted against, any of the Seller Indemnified
Parties, whether in respect of third party claims, claims between the parties hereto, or otherwise, directly or indirectly relating to, or to the extent arising out of or resulting from: 
 (i) subject to Section 6.2.2(b), any breach of any representation or warranty made by Buyer contained in this Agreement, in all
cases without giving effect to any qualifications as to materiality, such as “in all material respects”, “material”, “Material Adverse Effect” and similar qualifications contained in such representations and warranties;
and 
  

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 (ii) any breach of a covenant or agreement of Buyer contained in this Agreement.

 (b) Except with respect to fraud and claims with respect to breaches of any Buyer Fundamental Representation, (i) Buyer shall not be
liable to the Seller Indemnified Parties for any Losses with respect to the matters contained in Section 6.2.2(a)(i) unless the Losses therefrom exceed an aggregate amount equal to $10,000,000, in which case Buyer shall be liable only for the
amount of Losses which exceed $7,500,000, and (ii) Buyer shall not be liable to the Seller Indemnified Parties for any Losses with respect to the matters contained in Section 6.2.2(a)(i) that exceed an aggregate amount equal to 35% of the
Purchase Price. 
 6.2.3. Exclusive Remedy. Following Closing, except (i) with respect to a claim to enforce this Article VI,
(ii) with respect to fraud or (iii) as may be contemplated by Section 1.4, the rights and remedies of Seller and Buyer under this Article VI are exclusive and in lieu of any and all other rights and remedies which Seller and
Buyer may have under, or with respect to, this Agreement or otherwise against each other with respect to the transactions contemplated by this Agreement for monetary relief with respect to any breach of any representation or warranty or any
failure to perform any covenant or agreement set forth in this Agreement and Buyer and Seller each expressly waives any and all other rights or causes of action it or its Affiliates may have against the other party or its Affiliates for monetary
relief now or in the future under any Applicable Law with respect to the subject matter hereof. 
 6.2.4. Further Limitations. Except
for actions required to be taken by Buyer or any member of the Target Group pursuant to this Agreement or otherwise contemplated by this Agreement, Seller shall not have any liability under any provision of this Agreement for any Losses to the
extent the underlying liability was taken into account in computing the Final Purchase Price or the Adjustment Amount. 
 6.3. Third
Party Claims; Direct Claims. 
 (a) In the event that any claim or demand for which an Indemnifying Party may have liability to any
Indemnified Party hereunder is asserted against or sought to be collected from any Indemnified Party by a third party (a “Third Party Claim”), such Indemnified Party shall promptly, but in no event (a) more than thirty
(30) days following such Indemnified Party’s receipt of a Third Party Claim, or (b), to the extent practicable, fewer than three (3) days prior to any appearance in a litigated matter, notify the Indemnifying Party in writing of such
Third Party Claim, and the amount or the estimated amount of damages or other relief sought thereunder to the extent then ascertainable (which estimate shall not be conclusive of the final amount of such Third Party Claim) 

  

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and, to the extent practicable, any other material details pertaining thereto (a “Claim Notice”); provided, however, that the
failure to give a timely Claim Notice or otherwise comply with this Section 6.3(a) shall not affect the rights of an Indemnified Party hereunder unless, and then only if and to the extent that, such failure has a prejudicial effect on the
defenses or other rights available to the Indemnifying Party with respect to such Third Party Claim. The Indemnifying Party shall have thirty (30) days (or such lesser number of days set forth in the Claim Notice as may be required by court
proceeding in the event of a litigated matter) after receipt of the Claim Notice (the “Notice Period”) to notify the Indemnified Party that it desires to defend the Indemnified Party against such Third Party Claim. 
 (b) In the event that the Indemnifying Party notifies the Indemnified Party within the Notice Period that it desires to defend the Indemnified Party
against a Third Party Claim, (i) the Indemnifying Party shall have the right to defend the Indemnified Party by appropriate proceedings and shall have the sole power to direct and control such defense, with counsel of its choosing, at its
expense, (ii) the Indemnifying Party shall actively and diligently defend such Third Party Claim by appropriate proceedings and (iii) the Indemnified Party, prior to the period in which the Indemnifying Party assumes the defense of such
matter, may take such reasonable actions to preserve any and all rights with respect to such matter, without such actions being construed as a waiver of the Indemnified Party’s rights to defense and indemnification pursuant to this Agreement,
but with such actions not being determinative of the amount of any Losses. Once the Indemnifying Party has duly assumed the defense of a Third Party Claim, the Indemnified Party shall have the right, but not the obligation, to participate in any
such defense and to employ separate counsel of its choosing. The Indemnified Party shall participate in any such defense at its expense; provided, however, that such Indemnified Party shall be entitled to participate in any such defense with
separate counsel at the reasonable expense of the Indemnifying Party if, (A) so requested by the Indemnifying Party to participate or (B) in the reasonable opinion of counsel to the Indemnified Party, a conflict or potential conflict
exists between the Indemnified Party and the Indemnifying Party that would make such separate representation advisable; and provided, further, that the Indemnifying Party shall not be required to pay for more than one such counsel for all
Indemnified Parties in connection with any Third Party Claim. The Indemnifying Party shall not, without the prior written consent of the Indemnified Party, not to be unreasonably withheld or delayed, settle, compromise or offer to settle or
compromise any Third Party Claim. Notwithstanding the foregoing, if a Third Party Claim (i) would result in the imposition of a consent order, injunction or decree that would materially restrict the future activity or conduct of the Indemnified
Party or any of its Affiliates, (ii) would result in a finding or admission of a violation of Applicable Law by the Indemnified Party or any of its Affiliates, (iii) would result in any monetary liability of the Indemnified Party that will
not be fully and promptly paid or reimbursed by the Indemnifying Party or (iv) is reasonably likely to adversely impact any ongoing business of the Indemnified Party or any of its Affiliates, then, in each such case, the Indemnified Party alone
shall be entitled to contest, defend, compromise and settle (subject, with respect to any such settlement, to obtaining the consent of the Indemnifying Party, such consent not to be unreasonably withheld or delayed) such Third Party Claim in the
first instance and, if the Indemnified Party does not contest, defend, compromise or settle such Third Party Claim, the Indemnifying Party shall then have the right to contest, defend, compromise and settle (subject, with respect to any such
settlement, to obtaining the consent of the Indemnified Party, such consent not to be unreasonably withheld or delayed) such Third Party Claim. 
  

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 (c) If the Indemnifying Party (i) does not elect to defend the Indemnified Party against a Third
Party Claim, whether by not giving the Indemnified Party timely notice of its desire to so defend or otherwise or (ii) after assuming the defense of a Third Party Claim, fails to take commercially reasonable steps necessary to defend diligently
such Third Party Claim within thirty (30) days after receiving written notice from the Indemnified Party to the effect that the Indemnifying Party has so failed, the Indemnified Party shall have the right but not the obligation, to assume such
defense and shall have the sole power to direct and control such defense, with counsel of its choosing; it being understood that the Indemnified Party’s right to indemnification for a Third Party Claim shall not be adversely affected by
assuming the defense of such Third Party Claim. The Indemnified Party shall not settle a Third Party Claim without the consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. 
 (d) The Indemnified Party and the Indemnifying Party shall cooperate in the conduct of the defense of a Third Party Claim, including by providing
reasonable access to each other’s relevant business records and other documents, and employees. 
 (e) The Indemnified Party and the
Indemnifying Party shall use commercially reasonable efforts to avoid production of confidential information (consistent with Applicable Law), and to cause all communications among employees, counsel and others representing any party to a Third
Party Claim to be made so as to preserve any applicable attorney-client or work-product privileges. 
 (f) In the event any Indemnified
Party has a claim against any Indemnifying Party that does not involve a Third Party Claim, within thirty (30) days after becoming aware of facts and circumstances sufficient to allow the Indemnified Party to conclude that the Indemnified Party
is entitled to indemnification pursuant to Section 6.2 in respect of such claim, the Indemnified Party shall notify the Indemnifying Party in writing of such claim and the amount or the estimated amount of damages or other relief sought
thereunder to the extent then ascertainable (which estimate shall not be conclusive of the final amount of such claim) and, to the extent practicable, any other material details pertaining thereto; provided, however, that the failure
to give a timely notice or otherwise comply with this Section 6.3(f) shall not affect the rights of an Indemnified Party hereunder unless, and then only if and to the extent that, such failure has a prejudicial effect on the defenses or other
rights available to the Indemnifying Party with respect to such claim. 
 6.4. Trewit Litigation. 
 (a) Following the Closing, Seller shall, at its own expense, (i) actively and diligently defend the Buyer Indemnified Parties (including, without
limitation, the members of the Target Group) with respect to the Trewit Litigation by appropriate 

  

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proceedings and (ii) have the sole power to direct and control such defense, with counsel of its choosing. The Buyer Indemnified Parties shall have the
right, but not the obligation, to participate in such defense and to employ separate counsel of their own choosing and may participate in such defense at their own expense. Notwithstanding the foregoing, if counsel for the Buyer Indemnified Parties
reasonably determines that there is a conflict between the positions of Seller and the Buyer Indemnified Parties in conducting the defense of such action or that there are legal defenses available to the Buyer Indemnified Parties different from or
in addition to those available to Seller, then counsel for the Buyer Indemnified Parties shall be entitled, if the Buyer Indemnified Parties so elect, to conduct the defense to the extent reasonably determined by such counsel to protect the
interests of the Buyer Indemnified Parties, at their own expense. Seller shall not, without the prior written consent of Buyer (such consent not to be unreasonably withheld or delayed), settle, compromise or offer to settle or compromise the Trewit
Litigation in any manner that is reasonably likely to have an ongoing material and adverse impact on the business and operations of the Target Group. Subject to the preceding sentence, Seller shall be permitted to settle, compromise or offer to
settle or compromise the Trewit Litigation without the prior written consent of Buyer provided that such settlement contains an unqualified release of the Target Group. 
 (b) The Buyer Indemnified Parties shall cooperate in the conduct of the defense of the Trewit Litigation, including by providing reasonable access to the relevant business records, other documents and employees of the
Target Group. 
 (c) The Buyer Indemnified Parties and Seller shall use commercially reasonable efforts to avoid production of confidential
information (consistent with Applicable Law), and to cause all communications among employees, counsel and others representing any party to the Trewit Litigation to be made so as to preserve any applicable attorney-client or work-product privileges.

 (d) To the extent any member of the Target Group is entitled to reimbursement under an insurance policy covering the Trewit Litigation of
the attorneys’ fees and expenses in respect of the Trewit Litigation, Buyer shall cause such member of the Target Group to assign and transfer such amounts to Seller upon receipt thereof. 
 (e) All rights of Buyer and the Buyer Indemnified Parties set forth in this Section 6.4 shall terminate immediately upon the nonappealable
dismissal with prejudice of Target as a defendant in the Trewit Litigation, without affecting in any respect the respective obligations of Buyer and the Buyer Indemnified Parties pursuant to this Section 6.4, which obligations shall continue in
full force and effect. 
 6.5. Consequential Damages. Notwithstanding anything to the contrary contained in this Agreement, no
Person shall be liable under this Article VI for any consequential, punitive, special, incidental or indirect damages, including lost profits, except to the extent recovered by a third party in connection with a Third Party Claim, or except to the
extent the Loss arises out of fraud by the non-claiming party. 
  

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 6.6. Payments. The Indemnifying Party shall pay to the Indemnified Party, by wire transfer
of immediately available funds, the amount of any Loss for which it is liable hereunder no later than three (3) days following any final determination of such Loss and the Indemnifying Party’s liability therefor. A “final
determination” shall exist when (i) the parties to the dispute have reached an agreement in writing, (ii) a court of competent jurisdiction shall have entered a final and non-appealable order or judgment, or (iii) an arbitration
or like panel shall have rendered a final non-appealable determination with respect to disputes the parties have agreed to submit thereto. 
 6.7. Adjustments to Losses. 
 6.7.1. Insurance. In calculating the amount of any Loss, the proceeds actually
received by the Indemnified Party or any of its Affiliates under any insurance policy or pursuant to any claim, recovery, settlement or payment by or against any other Person in each case relating to the Third Party Claim or other claim, net of any
actual costs, expenses or premiums (including any increase in premiums directly attributable to insurance claims relating to such Loss) incurred in connection with securing or obtaining such proceeds, shall be deducted, except to the extent that the
adjustment itself would excuse, exclude or limit the coverage of all or part of such Loss. In the event that an Indemnified Party has any rights against an insurer or other third party with respect to any Loss that results in a payment by an
Indemnifying Party under this Article VI, such Indemnifying Party shall be subrogated to such rights to the extent of such payment. Without limiting the generality or effect of any other provision hereof, each Indemnified Party and Indemnifying
Party shall duly execute upon request all instruments reasonably necessary to evidence and perfect the subrogation and subordination rights detailed herein, and otherwise cooperate in the prosecution of such claims. 
 6.7.2. Taxes. The amount of indemnification to which any Indemnified Party shall be entitled under this Article VI shall be reduced by the amount
of the Tax Benefit, if any, computed at the Assumed Rate for all Taxes, such Tax Benefit to be reduced by the cost of any Tax Detriment, computed at the Assumed Rate, it being the intent of the parties that the indemnification provided for in this
Article VI be net of all actual income tax effects to the Indemnified Party, and it further being the intention of the parties that if the Tax Benefit to the Indemnified Party, if any, computed at the Assumed Rate for all Taxes, is less than the
cost of any Tax Detriment to the Indemnified Party calculated at the Assumed Rate, that the Indemnifying Party shall be liable to and shall further indemnify for the Indemnified Party for the difference between the Tax Benefit and Tax Detriment. Tax
Benefits realized in a taxable period subsequent to the period in which the related indemnification payment is made (such as the utilization of net operating losses that arise or are increased as a result of an indemnity claim) shall not be taken
into account in computing such payment; instead the Indemnified Party will pay over to the Indemnifying Party the amounts of such Tax Benefits as and when they are actually realized; provided the aggregate amount required to be so paid over
to the Indemnifying Party under this Section shall not exceed the amount 
  

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of the indemnification payment made by it. The Indemnified Party will provide the Indemnifying Party with sufficient documentation each taxable year (which
requirement may be satisfied by a certification of such party’s tax manager or other knowledgeable officer) confirming the amount of Tax Benefit and Tax Detriment realized in such year. 
 6.7.3. Reimbursement. If an Indemnified Party recovers an amount from a third party in respect of a Loss that is the subject of indemnification
hereunder after all or a portion of such Loss has been paid by an Indemnifying Party pursuant to this Article VI, the Indemnified Party shall promptly remit to the Indemnifying Party the excess (if any) of (i) the amount paid by the
Indemnifying Party in respect of such Loss, plus the amount received from the third party in respect thereof, (net of costs reasonably incurred directly in connection with the collection of such amounts from the third party), less (ii) the full
amount of Loss. 
 6.8. Mitigation. In the event an Indemnified Party willfully fails to mitigate an indemnifiable Loss, the
Indemnifying Party shall have no liability for any portion of such Loss that reasonably could have been avoided had the Indemnified Person not willfully failed to so mitigate. 
 6.9. Claims Unaffected by Investigation. The right of an Indemnified Party to indemnification or to assert or recover on any claim shall
not be affected by any investigation conducted with respect to, or any knowledge acquired (or capable of being acquired) at any time, whether before or after the execution and delivery of this Agreement or the Closing Date, with respect to the
accuracy of or compliance with, any of the representations, warranties, covenants or agreements set forth in this Agreement. Unless otherwise agreed upon in writing by the parties, the written waiver of any condition based on the accuracy of any
representation or warranty, or on the performance of or compliance with any covenant or agreement, shall not affect the right to indemnification or other remedy based on such representations, warranties, covenants or agreements. 
 6.10. Tax Indemnity. 
 (a) The
indemnification obligations of the parties in respect of Taxes are not subject to the provisions of Section 6.2.1. Seller shall be liable for and indemnify, defend and hold harmless the Buyer Indemnified Parties from, against and in respect of
any and all Pre-Closing Taxes and any and all Tax Claims resulting from, arising out of or relating to: (i) any Taxes imposed on the Target Group with respect to any Pre-Closing Taxes, (ii) except as otherwise set forth in Section 7.2
relating to transfer Taxes, all liability for Taxes of the Target Group arising (directly or indirectly) as a result of the transactions contemplated by the Transaction Documents (including, without limitation, Taxes imposed on or with respect to
income or gain recognized by the Target Group or Seller by virtue of the Section 338(h)(10) election), (iii) any inaccuracy of a representation or warranty with respect to Taxes set forth herein, (iv) all Taxes of any member of an
affiliated, consolidated combined or unitary group of which the Target Group (or any predecessor of the Target Group) is or was a member on or prior to the Closing Date, including pursuant to Treasury 

  

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Regulation Section 1.1502-6 or any analogous or similar state, local or foreign law or regulation, (v) any and all Taxes of any Person (other than
the Target Group) imposed on the Target Group as a transferee, successor, by contract or pursuant to any law, rule or regulation, which Taxes relate to an event or transaction occurring before the Closing Date, (vi) the transfer Taxes for which
Seller is liable pursuant to Section 7.2, and (vii) Taxes and other costs resulting from a failure on the part of Seller to take any action required of Seller under this Agreement; provided, however, that Seller shall not be liable
to indemnify Buyer under this Section 6.10(a) for Taxes described in each of clauses (i) through (vii) above to the extent that amounts in respect of such taxes have been adequately reflected as a current liability in the Final
Balance Sheet (and thus in Working Capital). Notwithstanding any provision of this Agreement to the contrary, the indemnification obligations of Seller pursuant to this Section 6.10(a) shall survive until six months after the expiration of the
statute of limitations for the Taxes involved. 
 (b) Buyer shall pay to Seller an amount equal to any Tax refund or credit received by any
member of the Target Group for any Pre-Closing Period (except to the extent such refund or credit was included as an asset in the calculation of the Final Balance Sheet). 
 6.11. Effect on the Purchase Price. Any payment made under Article VI shall constitute an adjustment to the Purchase Price for all purposes, including federal, state and local Tax as well as financial
accounting purposes, except as otherwise required by GAAP for financial accounting purposes only. 
 ARTICLE VII. 
 DEFINITIONS; MISCELLANEOUS 
 7.1.
Definition of Certain Terms. The terms defined in this Section 7.1, whenever used in this Agreement (including in the Disclosure Schedules), shall have the respective meanings indicated below for all purposes of this Agreement. All
references herein to a Section or Article are to a Section or Article of or to this Agreement, unless otherwise indicated. 
 409A
Authorities: as defined in Section 2.2.14(c). 
 Accounting Expert: as defined in Section 1.4(d). 
 Adjustment Amount: as defined in Section 1.4(h). 
 Affiliate: of a Person means a Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, the first Person, including but not limited to
a Subsidiary of the first Person, a Person of which the first Person is a Subsidiary, or another Subsidiary of a Person of which the first Person is also a Subsidiary. 
 Agent: as defined in Section 2.2.18. 
  

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 Agreement: as defined in the introductory paragraph hereof. 
 AJCA: as defined in Section 2.2.14(c). 
 Allocation: as defined in Section 3.7(c). 
 Allocation Arbiter: as defined in Section 3.7(c). 

Ancillary Agreements: as defined in the recitals of this Agreement. 
 Annual Financial Statements: as defined in Section 2.2.3(a). 
 Applicable Law: the common law and all applicable provisions of all (i) statutes, laws, rules, administrative codes, regulations or ordinances of any Governmental Authority, (ii) Governmental
Approvals and (iii) orders, decisions, injunctions, judgments, awards, rulings, decisions, determinations and decrees of any Governmental Authority. 
 Assumed Rate: the maximum combined federal and state income tax rates applicable to an Indemnified Party on the date of any indemnification payment to the Indemnified Party. 
 Business Day: a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York or Milwaukee, Wisconsin are
authorized or required by law to close. 
 Buyer: as defined in the introductory paragraph of this Agreement. 
 Buyer Disclosure Schedule: as defined in Section 2.1. 
 Buyer Fundamental Representations: as defined in Section 6.1. 
 Buyer Indemnified
Parties: as defined in Section 6.2.1(a). 
 Buyer Requisite Regulatory Approvals: as defined in Section 3.2.2(b).

 Change in Control: the occurrence of any one of the following events: 
 (i) any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Seller representing more than 50% of the combined voting power of Seller’s
then-outstanding securities eligible to vote for the election of Seller’s directors (“Voting Securities”); provided, however, that the occurrence of the foregoing events shall be deemed not to be a Change in Control if
it results from any of the following acquisitions: (A) by Seller or any Subsidiary thereof, (B) by any employee benefit plan (or related trust) sponsored or maintained by Seller or any Subsidiary thereof, (C) by any underwriter
temporarily holding securities pursuant to an offering of such securities, or (D) pursuant to a Non Qualifying Transaction (as defined in paragraph (ii); 
 (ii) the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving Seller or
any of its Subsidiaries and a third party that requires the approval of Seller’s stockholders, 

  

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whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such
Business Combination: (A) more than 50% of the total voting power of (x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if applicable, the ultimate parent corporation
that directly or indirectly has beneficial ownership of at least 95% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by Voting Securities that were
outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in
substantially the same proportion as the voting power of such Voting Securities among the holders thereof immediately prior to the Business Combination or (B) at least a majority of the members of the board of directors of the Parent
Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were incumbent directors at the time of the Board’s approval of the execution of the initial agreement
providing for such Business Combination (any Business Combination which satisfies any of the criteria specified in (A) or (B) above shall be deemed to be a “Non-Qualifying Transaction”); or 
 (iii) the stockholders of Seller approve a plan of complete liquidation or dissolution of Seller or a sale of all or substantially all of
Seller’s assets. 
 Claim Notice: as defined in Section 6.3(a). 
 Client Cash Accounts: bank accounts maintained by customers of the Target Group with respect to which the Target Group performs administrative
services. 
 Closing: as defined in Section 1.2. 
 Closing Date: as defined in Section 1.2. 
 COBRA: as defined in Section 2.2.14(d).

 COC Party: as defined in Section 3.1.8(c). 
 Code: the United States Internal Revenue Code of 1986, as amended. 
 Commission: the United
States Securities and Exchange Commission. 
 Competing Business: as defined in Section 3.1.8(a). 
 Competing Person: as defined in Section 3.1.8(a)(iii). 
 Competing Transaction: as defined in Section 3.1.6. 
 Consent: any consent, approval,
authorization, waiver, permit, license, grant, certification, exemption or order of, or registration, declaration or filing with, or notice to, any Person, including but not limited to any Governmental Authority. 
  

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 Continued Retained Business: the Retained Business as conducted by Seller or any of its Affiliates
immediately prior to Closing, but not any expansion or development thereof. 
 Contract: all written or oral agreements, contracts,
licenses, commitments, memoranda of understanding or other arrangements or understandings. 
 Control: (including the terms
“Controlled by” and “under common Control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person, whether through the ownership of voting
securities, by contract, as trustee or executor, or otherwise. 
 Deferred Compensation Plan: Wausau Benefits 2000 Deferred
Compensation Plan. 
 Disclosure Schedules: as defined in Section 2.1. 
 Employee Benefit Plan: has the meaning set forth in Section 3(3) of ERISA. 
 Environmental Law: all federal, state, local and foreign statutes (including the Comprehensive Environmental Response, Compensation, and Liability
Act), ordinances, regulations, orders, directives, common law rulings, and decrees concerning pollution, hazardous materials or protection of the environment. 
 ERISA: the Employee Retirement Income Security Act of 1974, as amended. 
 ERISA Affiliate: as
to any Person, any other Person which, together with such Person, is or has been within the preceding six years treated as a single employer under Section 414(b), (c), (m) or (o) of the Code. 
 Estimated Balance Sheet: as defined in Section 1.1.2. 
 Estimated Purchase Price: as defined in Section 1.1.2. 
 Estimated Working Capital:
Seller’s good faith calculation of Working Capital calculated on a basis consistent with the sample calculation and methodology set forth in Exhibit D. 
 Exchange Act: as defined in Section 2.2.2(d). 
 Excluded Contracts: the Contracts set
forth on Section 2.2.8(a) of the Seller Disclosure Schedule under the heading “Excluded Contracts”. 
 Final Balance
Sheet: as defined in Section 1.4(a). 
 Final Purchase Price: as defined in Section 1.4(a) 
 GAAP: Generally Accepted Accounting Principles. 
 Governmental Approval: any Consent of, with or to any Governmental Authority. 
 Governmental
Authority: any nation or government, any state or other political subdivision thereof, including, without limitation, (i) any governmental agency, department, commission or instrumentality of the United States, or any State of the United
States, whether executive, legislative, judicial or otherwise, or (ii) any stock exchange or self-regulatory agency or authority. 
  

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 Health Benefit Law: any Applicable Law relating to the licensure, certification, qualification or
authority to transact business relating to the provision of, or payment for, or both the provision of and payment for, health benefits, health care or insurance coverage, including without limitation ERISA, COBRA, HIPAA, SCHIP, Medicare, Medicaid,
CHAMPUS/TriCare, and Applicable Laws relating to the regulation of Health Business, utilization review, third party administrative services, case management, pharmacy benefit management, coordination of benefits, fraud and abuse, false claims and
patient referrals. 
 Health Business: the business of an administrator, sales agent or broker, health maintenance organization,
insurer or reinsurer, of medical, dental, vision, group life, short or long term disability, COBRA, Medicaid, Medicare, SCHIP or similar benefits. 
 Health Care Provider: defined as physicians or other health care professionals, medical groups, independent practice associations, hospitals or other health care facilities, specialty health care providers (such as ophthalmologists,
psychiatrists, behavioral health professionals and the like), or ancillary health service providers (such as laboratories, magnetic resonance imaging service providers and the like). 
 HSR Act: the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations thereunder. 
 Inactive Employee: as defined in Section 3.2.3(b)(iii). 
 Income Tax: any federal, state, local or foreign Tax (a) based on, measured by or calculated with respect to net income or profits or (b) based on, measured by or calculated with respect to multiple
bases (including without limitation corporate franchise Taxes) if one or more of the bases on which such Tax may be based is described in clause (a), in each case together with interest, additions to Tax and penalties thereon. 
 Indebtedness: (i) any indebtedness for borrowed money or issued in substitution for or exchange of indebtedness for borrowed money (including
unpaid interest and prepayment penalties or obligations computed as though payment is being made as of the Closing), (ii) any indebtedness evidenced by any note, bond, debenture or other debt security, (iii) any accrued indebtedness for
the deferred purchase price of property or services with respect to which a Person is liable, contingently or otherwise, as obligor or otherwise (including any earnouts, holdbacks, etc.), (iv) any accrued liability or obligation relating to the
acquisition activity of a Person, (v) any commitment by which a Person assures a creditor against loss (including, without limitation, contingent reimbursement liabilities with respect to letters of credit), (vi) any indebtedness
guaranteed by any member of the Target Group or any other Person (including repurchase and reimbursement agreements) and (vii) any liabilities under capitalized leases with respect to which a Person is liable, contingently or otherwise, as
obligor, guarantor or otherwise, or with respect to which liabilities a Person assures a creditor against loss, except the SXC perpetual license and the McKesson term license. 
 Indemnified Party: as defined in Section 6.1. 
  

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 Indemnifying Party: as defined in Section 6.1. 
 Insurance Subsidiary: Sheridan Re, Inc., an Arizona corporation. 
 Intellectual Property: all (i) trademarks, service marks, brand names, Internet domain names, uniform resource locators, logos, symbols, trade dress, trade names, and other indicia of source or origin, all
applications and registrations for the foregoing, and all goodwill associated therewith and symbolized thereby, including all renewals of same; (ii) inventions and discoveries, whether patentable or not, and all patents, registrations,
invention disclosures and applications therefor, including divisions, continuations, continuations-in-part and renewal applications, and including renewals, extensions and reissues; (iii) trade secrets and know-how; (iv) published and
unpublished works of authorship, whether copyrightable or not (including databases and other compilations of information), copyrights therein and thereto, and registrations and applications therefor, and all renewals, extensions, restorations and
reversions thereof; and (v) all other intellectual property or proprietary rights. 
 Investment Grade: with respect to
Moody’s Investors Service, a credit rating of “Baa” or higher; and with respect to Standard & Poor’s, a credit rating of “BBB” or higher. 
 IRS: the United States Internal Revenue Service. 
 IT Assets: as defined in Section 2.2.9(f). 
 Kaiser: as defined in
Section 3.2.3(b)(iv). 
 Knowledge of Buyer: the actual knowledge, after reasonable due inquiry, of Edward Lagerstrom; Forrest
Burke; and Jack Larsen. 
 Knowledge of Seller: the actual knowledge, after reasonable due inquiry, of Charles Sprague; James Cox;
Randy Franke; Julia Jensen; Jay Anliker; Mark Campbell; Bruce Czech; Cullen Sloan; and Kevin Klopfenstein. 
 Largest Broker
Contracts: as defined in Section 2.2.8(a)(vii). 
 Largest Customer Contracts: as defined in Section 2.2.8(a)(vi).

 Largest Network Contracts: as defined in Section 2.2.8(a)(viii). 
 Latest Balance Sheet: as defined in Section 2.2.3(a). 
 Latest Financial Statements: as defined in Section 2.2.3(a). 
 Lease: as defined in
Section 2.2.7(a)(i). 
 Leased Real Property: as defined in Section 2.2.7(a). 
 Legal Proceedings: as defined in Section 2.2.16. 
 Lien: any mortgage, pledge, hypothecation, security interest, encumbrance, title retention agreement, lien, charge or other similar restriction. 
 Losses: as defined in Section 6.2.1(a). 
  

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 Material Adverse Effect: (a) With respect to a Person, a material adverse change in, or a
material adverse effect upon, the business, results of operations or financial condition of such Person and its Subsidiaries, taken as a whole, excluding any effect or change attributable to or resulting from (1) events, conditions or trends in
economic, business or financial conditions generally (including interest rates and equity, debt or other financial market conditions) or in any Competing Business generally, (2) changes or proposed changes in Applicable Laws, regulations,
interpretations of Applicable Laws or regulations, GAAP or regulatory accounting requirements applicable to the industry in which the Target Group operates, (3) changes, effects, events or occurrences of any type proximately caused by the
announcement or performance of this Agreement and the transactions contemplated hereby, (4) changes in national or international political or social conditions, including the engagement by the United States in hostilities, whether or not
pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack upon or within the United States, or any of its territories, possessions or diplomatic or consular offices or upon any military
installation, equipment or personnel of the United States, (5) any hurricane, earthquake, flood, or other natural disasters or acts of God, (6) actions, or effects of actions, taken or not taken by Seller or any member of the Target Group
either required by or contemplated by this Agreement or with the prior written consent of Buyer, or (7) Seller’s performance of its obligations pursuant to Section 3.8 and the effects thereof, unless, in the case of clauses (1), (2),
(4) and (5) above, such material adverse change or material adverse effect has had or is reasonably expected to have a disproportionate effect on such Person and its Subsidiaries, taken as a whole, as compared to other Persons in the
health or pharmacy benefit plan administration business; or (b) with respect to a Person, a material impairment of such Person’s ability to perform its material obligations under this Agreement. Any reference in this Agreement to
“Material Adverse Effect on the Target Group” shall mean a Material Adverse Effect on the Target Group, collectively taken as a whole. 
 Material Insurance Policies: as defined in Section 2.2.10. 
 Non-Transferred Employee: as defined in
Section 3.2.3(b)(i). 
 Notice Period: as defined in Section 6.3(a). 
 Ordinary Course of Business: means the conduct of the businesses of Target and the other members of the Target Group, in a manner consistent with
their past custom and practice. 
 Organizational Documents: as to any Person, if a corporation, its articles or certificate of
incorporation or memorandum and articles of association, as the case may be, and bylaws; if a partnership, its partnership agreement; and if some other entity, its constituent documents. 
 Owned Intellectual Property: as defined in Section 2.2.9(d). 
 Owned Real Property: as defined in Section 2.2.7(b). 
 Person: any natural person or any
firm, partnership, limited liability partnership, association, corporation, limited liability company, trust, business trust, Governmental Authority or other entity. 
  

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 Pre-Closing Period: as defined in Section 3.4(a). 
 Pre-Closing Taxes: Target Taxes for any taxable year or period that ends on or before the Closing Date and, with respect to any taxable year or
period beginning before and ending after the Closing Date, the portion of such taxable year or period ending on and including the Closing Date. Where the Pre-Closing Taxes involve a period which begins before and ends after the Closing Date, such
Pre-Closing Taxes shall be calculated as though the taxable year of the Person terminated as of the close of business on the Closing Date; provided, however, that in the case of a tax not based on income, receipts, proceeds, profits or
similar items, Pre-Closing Taxes shall be equal to the amount of tax for the taxable period multiplied by a fraction, the numerator of which shall be the number of days from the beginning of the taxable period through the Closing Date and the
denominator of which shall be the number of days in the taxable period. 
 Pre-Closing Tax Period: as defined in
Section 2.2.6(p). 
 Purchase Price: as defined in Section 1.1.1(a). 
 Qualified Plans: as defined in Section 2.2.14(c). 
 Rabbi Trust: the rabbi trust related to the Deferred Compensation Plan. 
 Registered Intellectual
Property: as defined in Section 2.2.9(a). 
 Representatives: with respect to a Person, the directors, officers, employees,
agents, consultants, advisors or other representatives of such Person, including legal counsel, accountants and financial advisors. 
 Required Consents: as defined in Section 4.2.4. 
 Requisite Regulatory Approvals: as defined in
Section 3.2.2(b). 
 Restricted Cash Accounts: the portion of the amounts any member of the Target Group receives from customers
that it holds or is required to hold as a fiduciary in cash accounts maintained for such customers in the taxpayer identification number of any member of the Target Group. 
 Restricted Period: as defined in Section 3.1.8(a). 
 Retained Business: as defined in Section 3.8. 
 Retained Business Employees: as defined
in Section 3.2.3(b)(v). 
 Retained Business Transferee: as defined in Section 3.8. 
 Review Period: as defined in Section 1.4(b). 
 Section 338 Forms: as defined in Section 3.7(c). 
 Securities Act: as defined in
Section 2.2.2(d). 
 Seller: as defined in the introductory paragraph of this Agreement. 
 Seller Disclosure Schedule: as defined in Section 2.1. 
 Seller Fundamental Representations: as defined in Section 6.1. 
  

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 Seller Guarantees: as defined in Section 3.5(a). 
 Seller Group: the federal Income Tax consolidated return group of which Seller and any member of the Target Group are members and any similar
group on which the income of Seller and any member of the Target Group is reported on a combined, consolidated or unitary basis for the purposes of any state or local Income Tax. 
 Seller Group Tax Return: any Tax Return of the Seller Group that has included one or more members of the Target Group (or any corporate
predecessor of such a member). 
 Seller Indemnified Parties: as defined in Section 6.2.2(a). 
 Seller Marks: as defined in Section 3.3(a). 
 Seller Requisite Regulatory Approvals: as defined in Section 3.1.5(b). 
 Statement of
Objections: as defined in Section 1.4(c). 
 Straddle Tax Returns: as defined in Section 3.1.3(b). 
 Subsidiary: each corporation or other Person in which a Person owns or controls, directly or indirectly, capital stock or other equity ownership
interests representing more than 50% of the outstanding voting stock or other equity ownership interests. 
 Target: as defined in the
preamble to this Agreement. 
 Target Contracts: as defined in Section 2.2.8(a). 
 Target Employment and Withholding Taxes: any federal, state, local or foreign employment, unemployment insurance, social security, disability,
workers’ compensation, payroll, health care, or other similar Tax, duty or other governmental charge or assessment or deficiencies thereof or any Tax required to be withheld by or on behalf of any member of the Target Group in connection with
amounts paid or owing to any employee, independent contractor, creditor or other party (including, but not limited to, all interest, additions to Tax and penalties thereon, and additions thereto, and whether or not such item or amount is disputed).

 Target Facilities: any property presently or previously operated by any member of the Target Group. 
 Target Group: as defined in Section 2.2.1(a). 
 Target Group Debt: any (i) Indebtedness of the Target Group, whether or not reflected on the Estimated Balance Sheet or the Final Balance Sheet, (ii) bonus to any employees of a member of the Target
Group triggered upon, or in connection with, the transactions contemplated by this Agreement and (iii) liabilities of any member of the Target Group (including fees, costs and expenses incurred on behalf of any member of the Target Group) in
connection with the negotiation of the Transaction Documents, the performance of Sellers’ or any member of the Target Group’s obligations thereunder and the consummation of the transactions contemplated thereby. Notwithstanding the
foregoing, for purposes of Sections 1.1 and 1.4, Target Group Debt does not include any Indebtedness to the extent reflected as a current liability on the Final Balance Sheet in the computation of Working Capital. 
  

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 Target Group Employees: Section 2.2.13(a). 
 Target Group Executives: as defined in the recitals of this Agreement. 
 Target Group Proprietary Software: as defined in Section 2.2.9(e). 
 Target Guarantees: as defined in Section 3.5(b). 
 Target Intellectual Property: as defined in Section 2.2.9(a). 
 Target Permitted
Encumbrances: as defined in Section 2.2.7(c)(i). 
 Target Plans: as defined in Section 2.2.14(a). 
 Target Shares: as defined in the recitals of this Agreement. 
 Target Tax Return: any Tax Return (other than a Seller Group Tax Return) required to be filed by or on behalf of any member of the Target Group. 
 Target Taxes: as defined in Section 2.2.6(a). 
 Tax or Taxes: any taxes, duties, charges or other levies due or payable to, or levied or imposed by, any federal, state, provincial, municipal, local or foreign tax authority, including income, profits,
franchise, gross receipts, license, wages, occupation, premium, windfall profits, environmental (including taxes under Code §59A), customs duty, capital stock, severance, stamp, payroll, sales, employment, withholding, social security (or
similar), unemployment, disability, use, personal and real property, withholding, excise, production, sales, transfer, transaction, registration, alternative or add-on minimum, value added, estimated, occupancy or other taxes, duties, charges or
other levies of any kind whatsoever, including any addition thereto, or interest or penalty thereon; provided that, the foregoing shall include any transferee or secondary liability for a Tax and any liability assumed by agreement or arising
as a result of being (or ceasing to be) a member of any affiliated group (or by being included (or required to be included) in any Tax Return relating thereto). 
 Tax Benefit: an actual decrease of any Tax liability in a current period payable by the Indemnified Party under the Code, resulting solely and directly from the payment of any indemnification under Article VI.

 Tax Claims: means any claims, actions, causes of action, liabilities, losses, damages, deficiencies, judgments, settlements, costs
and expenses (including reasonable out-of-pocket expenses and reasonable attorneys’ and professional fees ) relating to Taxes, including any transferee liability with respect to Taxes. 
 Tax Detriment: an actual increase of any Tax liability in a current period payable by the Indemnified Party pursuant to the Code, resulting solely
and directly from the payment of any indemnification under Article VI. 
 Tax Return: any return, report, declaration, form, claim for
refund or credit or information statement relating to Tax, including any Schedule or attachment thereto, and including any amendment thereof. 
 Third Party Claim: as defined in Section 6.3(a). 
  

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 Title Policy: as defined in Section 2.2.7(b). 
 Transaction Documents: this Agreement and the Ancillary Agreements, collectively. 
 Transferred Employee: as defined in Section 3.2.3(b)(i). 
 Transferred Entities: as defined in Section 2.2.1(e). 
 Transition Services Agreement: as
defined in the recitals of this Agreement. 
 Transitional Trademark License Agreement: as defined in the recitals of this Agreement.

 Treasury Regulations: the U.S. federal income Tax regulations promulgated under the Code. 
 Trewit Litigation: the litigation pending, as of the date hereof, in the Fourth Judicial District Court, Hennepin County, Minnesota, known as
Robert P. Brook, Mark S. Davis, and Andrew M. Thompson v. James W. Cox, Target and Seller. 
 WARN Act: as defined in
Section 2.2.13(c)(v). 
 Working Capital: (A) the total consolidated current assets of the Target Group minus
(B) the total consolidated current liabilities of the Target Group, in each case, as of immediately prior to the Closing Date, calculated on a basis consistent with the sample calculation and methodology set forth in Exhibit D. 
 7.2. Expenses; Transfer Taxes. Whether or not the transactions contemplated by this Agreement are consummated, all costs and expenses
incurred in connection with this Agreement and the transactions contemplated hereby (including, without limitation, fees and disbursements of counsel, financial advisors and accountants) shall be borne by the party which incurs such cost or expense;
provided, that if this Agreement is terminated by a party pursuant to Section 5.1(c) or 5.1(d), the non-terminating party shall pay the costs and expenses incurred by the other party in connection with this Agreement; provided,
further, that if the transactions contemplated by this Agreement are consummated, all out of pocket costs and expenses incurred by the Target Group in connection with this Agreement and the transactions contemplated hereby (including, without
limitation, fees and disbursements of counsel, financial advisors and accountants) shall be borne solely by Seller. Any sales, use, real estate transfer, stock transfer or similar transfer Tax payable in connection with the transactions contemplated
by this Agreement shall be borne 50% by Seller and 50% by Buyer. Seller shall duly and timely prepare and file any Tax Return relating to such Taxes. Seller shall give Buyer a copy of each such Tax Return for its review and comments at least ten
(10) days prior to filing and shall give Buyer a copy of such Tax Return as filed, together with proof of payment of the Taxes shown thereon to be payable. 
 7.3. Further Assurances. The parties hereto agree that, on and after the Closing Date, they shall take all appropriate action and execute any documents, instruments or conveyances of any kind which may
be reasonably necessary or advisable to carry out any of the provisions hereof; provided that no party shall be required to incur any Loss, liability or Indebtedness in connection therewith. 
  

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 7.4. Severability. If any provision of this Agreement is inoperative or unenforceable for
any reason, such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative,
or unenforceable to any extent whatsoever. The invalidity of any one or more phrases, sentences, clauses, Sections or subsections of this Agreement shall not affect the remaining portions of this Agreement. 
 7.5. Notices. All notices, requests, demands waivers, and other communications made in connection with this Agreement shall be in writing
and shall be (a) mailed by first-class, registered or certified mail, return receipt requested, postage prepaid, (b) transmitted by hand delivery or reputable overnight delivery service or (c) sent by facsimile transmission, addressed
as follows: 
 if to Buyer (or Target after the Closing), to: 
 UnitedHealth Group Incorporated 
 9900 Bren Road East 
 Minnetonka, MN 55343 
 Fax:
(952) 936-0044 
 Attention: Senior Vice President, Corporate Development 
 and 
 UnitedHealthcare, Inc. 
 5901 Lincoln Drive 
 Edina, MN 55436

 Fax: (952) 992-5180 
 Attention: General Counsel 
 with a copy to: 
 Hogan & Hartson LLP 
 One Tabor Center 
 1200 Seventeenth Street, Suite 1500 
 Denver, CO 80202 
 Fax: (303) 899-7333 
 Attention: Richard
J. Mattera 
 and 
  

 74 

 Hogan & Hartson LLP 
 875 Third Avenue 
 New York, NY 10022

 Fax: (212) 918-3100 
 Attention: Alexander B. Johnson 
 if to Seller (or Target prior to the Closing), to: 
 Fiserv, Inc. 
 255 Fiserv Drive 
 Brookfield, WI 53045 
 Fax:
(262) 879-5245 
 Attention: James W. Cox 
 and 
 Fiserv, Inc. 
 255 Fiserv Drive 
 Brookfield, WI 53045 
 Fax: (262) 879-5532 
 Attention: Charles
W. Sprague 
 with a copy to: 
 Sullivan & Cromwell LLP 
 125 Broad Street 
 New York, New York 10004 
 Fax: (212) 558-3188 

			
	Attention:	 	Mark J. Menting
		 	Matthew G. Hurd

 or, in each case, at such other address as may be specified in writing to the other parties hereto. 
 All such notices, requests, demands, waivers and other communications shall be deemed to have been received
(w) if by personal delivery on the day of such delivery, (x) if by first-class, registered or certified mail, on the fifth (5th) Business
Day after the mailing thereof, (y) if by reputable overnight delivery service, on the day delivered, or (z) if by facsimile transmission, on the day on which such facsimile transmission was sent, provided that a copy is also sent
that day by a reputable overnight delivery service. 
 7.6. Miscellaneous. 
 7.6.1. Headings, Interpretation. The headings contained in this Agreement are for convenience of reference only and shall not affect the meaning or
interpretation of this Agreement. As used herein, the singular includes the plural, the plural includes the 
  

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singular, and words in one gender include the others. As used herein, the terms “herein”, “hereunder” and “hereof” refer to the
whole of this Agreement, and “include”, “including” and similar terms are not words of limitation. No rule of construction against the draftsperson shall be applied in connection with the interpretation or enforcement of this
Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by counsel. Time is of the essence with respect to this Agreement. 
 7.6.2. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall together constitute one and the same instrument. Delivery of an
executed counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. 
 7.6.3. Jurisdictional Matters. 
 (a) Governing Law. THIS AGREEMENT SHALL BE GOVERNED IN ALL
RESPECTS, INCLUDING AS TO VALIDITY, INTERPRETATION AND EFFECT, BY THE INTERNAL LAWS OF THE STATE OF NEW YORK. 
 (b) Jurisdiction.
BUYER AND SELLER HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK, IN EACH CASE IN THE BOROUGH OF MANHATTAN, SOLELY IN
RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND OF THE DOCUMENTS REFERRED TO IN THIS AGREEMENT, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR THE INTERPRETATION OR
ENFORCEMENT HEREOF OR OF ANY SUCH DOCUMENT, (A) THAT IT IS NOT SUBJECT TO THE JURISDICTION THEREOF OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS, (B) THAT THE VENUE THEREOF MAY NOT BE
APPROPRIATE OR (C) THAT THE INTERNAL LAWS OF THE STATE OF NEW YORK DO NOT GOVERN THE VALIDITY, INTERPRETATION OR EFFECT OF THIS AGREEMENT, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL DISPUTES WITH RESPECT TO SUCH ACTION OR PROCEEDING
SHALL BE HEARD AND DETERMINED IN SUCH A STATE OR, IF SUBJECT MATTER JURISDICTION EXISTS OVER THE CLAIM, IN SUCH A FEDERAL COURT. BUYER AND SELLER HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND AGREE THAT
MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 7.6, OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. 
  

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 7.6.4. Waiver of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT
MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND
(D) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.6.4. 
 7.6.5. Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that the parties
shall be entitled to seek specific performance of the terms hereof, in addition to any other remedy at law or in equity. 
 7.6.6.
Litigation Expenses. In the event litigation between Buyer and Seller arises out of this Agreement, the losing party will pay all reasonable costs and expenses incurred by the prevailing party in connection with the litigation, including without
limitation, reasonable attorneys’ fees and costs. 
 7.6.7. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, successors and permitted assigns. 
 7.6.8. Assignment. This Agreement shall
not be assignable by any party hereto without the prior written consent of the other parties hereto. 
 7.6.9. Third Party
Beneficiaries. Nothing in this Agreement shall confer any rights upon any Person other than the parties hereto and their respective heirs, successors and permitted assigns. 
 7.6.10. Confidentiality. 
 (a) Buyer
and its Affiliates shall not disclose, directly or indirectly, any documents, work papers or other materials of a confidential or proprietary nature related to Seller (including, without limitation, any information obtained in connection with the
entering into of this Agreement) and shall have all such information kept confidential; provided, however, that Buyer may disclose any such information (A) that is or becomes generally available to the public other than as a
result of disclosure by Buyer or its Affiliates, (B) that is or becomes available to Buyer on a non-confidential basis from a source that is not bound by a confidentiality 

  

 77 

 
obligation to Seller, any Affiliate of Seller or any member of the Target Group or (C) with the prior written approval of Seller; provided,
further, that to the extent that Buyer or its Affiliates may become legally compelled to disclose any such information by any Governmental Authority or if Buyer or its Affiliates receives an opinion of counsel that disclosure is required in
order to avoid violating any laws, Buyer or its Affiliates may disclose such information but only after, if applicable or relevant, they have used all commercially reasonable efforts to afford Seller, at its sole cost and expense, the opportunity to
obtain an appropriate protective order, or other satisfactory assurance of confidential treatment, for the information required to be disclosed; provided, further, that Buyer may disclose such information to the extent necessary to comply
with Applicable Law, or to enforce its rights and obligations under this Agreement; provided, further, that after the Closing, this Section 7.6.10 shall not prohibit or restrict or otherwise limit the use or disclosure by Buyer and its
Affiliates of any documents, work papers or other materials or information related to the Target Group. 
 (b) Seller and its Affiliates
shall not disclose, directly or indirectly, any documents, work papers or other materials of a confidential or proprietary nature related to Buyer and its Affiliates (which shall for the purposes of this Section 7.6.10(b) include, as of the
Closing, the Target Group) (including, without limitation, any information obtained in connection with the entering into of this Agreement) and shall have all such information kept confidential; provided, however, that Seller may
disclose any such information (A) that is or becomes generally available to the public other than as a result of disclosure by Seller or its Affiliates, (B) that is or becomes available to Seller on a non-confidential basis from a source
that is not bound by a confidentiality obligation to Buyer or (C) with the prior written approval of Buyer; provided, further, that to the extent that Seller or its Affiliates may become legally compelled to disclose any such information
by any Governmental Authority or if Seller or its Affiliates receives an opinion of counsel that disclosure is required in order to avoid violating any laws, Seller or its Affiliates may disclose such information but only after, if applicable or
relevant, they have used all commercially reasonable efforts to afford Buyer, at its sole cost and expense, the opportunity to obtain an appropriate protective order, or other satisfactory assurance of confidential treatment, for the information
required to be disclosed; provided, further, that Seller may disclose such information to the extent necessary to comply with Applicable Law, in connection with any required Tax disclosures or to enforce its rights and obligations under this
Agreement. 
 (c) The terms of this Agreement, including the terms of this Section 7.6.10, shall supersede in all respects the terms of
the Confidentiality Agreement, dated October 4, 2006, between Buyer and Seller, as amended. 
 7.6.11. Amendment; Waivers. No
amendment, modification or discharge of this Agreement, and no waiver hereunder, shall be valid or binding unless set forth in writing and duly executed by the party against whom enforcement of the amendment, modification, discharge or waiver is
sought. Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the party granting such waiver in any other respect or at any other 
  

 78 

 
time. Neither the waiver by any of the parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure by any of
the parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of
such provisions, rights or privileges hereunder. 
 7.6.12. Entire Agreement. This Agreement, including the Disclosure Schedules
hereto and the other agreements and written understandings referred to herein or otherwise entered into by the parties hereto on the date hereof (including the Ancillary Agreements and any other agreements that specifically refer to this
Section 7.6.12), constitutes the entire agreement and understanding and supersedes all other prior covenants, agreements, undertakings, obligations, promises, arrangements, communications, representations and warranties, whether oral or
written, by any party hereto or by any director, manager, officer, employee, agent or Representative of any party hereto. Except for the representations and warranties expressly contained in this Article II or in the Ancillary Agreements, none of
Seller, Target, Buyer or any other Person has made or makes any other express or implied representation, either written or oral, on behalf of Seller, Target or Buyer. There are no covenants, agreements, undertakings or obligations with respect to
the subject matter of this Agreement other than those expressly set forth or referred to herein or in the Ancillary Agreements or in any other agreements entered into by the parties hereto on the date hereof that specifically refer to this
Section 7.6.12. 
 [Remainder of page intentionally left blank.] 
  

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

			
	FISERV, INC.
		
	By:	 	 /s/ Jeffery W. Yabuki

	Name:	 	Jeffery W. Yabuki
	Title:	 	President and CEO
	
	FISERV HEALTH, INC.
		
	By:	 	 /s/ Julia A. Jensen

	Name:	 	Julia A. Jensen
	Title:	 	Vice President
	
	UNITED HEALTHCARE SERVICES, INC.
		
	By:	 	 /s/ David S. Wichmann

	Name:	 	David S. Wichmann
	Title:	 	Executive Vice President

 [Signature page to Stock Purchase Agreement]

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