Document:

Tax Allocation Agreement

 Exhibit 10.1 
 Execution Copy 
 TAX ALLOCATION AGREEMENT 
 By and between 
 AUTOMATIC DATA PROCESSING, INC. 
 and 
 BROADRIDGE FINANCIAL
SOLUTIONS, INC. 
 Dated as of March 29, 2007 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page(s)
	ARTICLE I DEFINITIONS	  	1
	 Section 1.01
	  	Definition of Terms	  	1
		
	ARTICLE II PAYMENT OF TAXES	  	8
	 Section 2.01
	  	Income Taxes	  	8
	 Section 2.02
	  	Transaction Taxes	  	9
	 Section 2.03
	  	Other Taxes	  	9
	 Section 2.04
	  	Other Income Taxes	  	10
	 Section 2.05
	  	Allocation of Certain Income Taxes and Income Tax Items	  	11
	 Section 2.06
	  	Refunds	  	12
	 Section 2.07
	  	Carrybacks	  	12
	 Section 2.08
	  	Treatment of Restricted Stock, Stock Options, and Deferred Compensation	  	13
	 Section 2.09
	  	Successor Employer Status	  	14
	 Section 2.10
	  	APA	  	14
		
	ARTICLE III PREPARATION AND FILING OF TAX RETURNS	  	15
	 Section 3.01
	  	ADP Responsibility	  	15
	 Section 3.02
	  	Broadridge Responsibility	  	15
	 Section 3.03
	  	Tax Accounting Practices	  	16
	 Section 3.04
	  	Right to Review Tax Returns	  	16
		
	ARTICLE IV TAX-FREE STATUS OF DISTRIBUTION	  	16
	 Section 4.01
	  	Representations	  	16
	 Section 4.02
	  	Covenants	  	16
	 Section 4.03
	  	Procedures Regarding Opinions and Rulings	  	19
	 Section 4.04
	  	Canadian Butterfly	  	19
		
	ARTICLE V TAX CONTESTS; INDEMNIFICATION; COOPERATION	  	20
	 Section 5.01
	  	Notice	  	20
	 Section 5.02
	  	Control of Tax Contests	  	20
	 Section 5.03
	  	Indemnification Payments	  	21
	 Section 5.04
	  	Interest on Late Payments	  	22
	 Section 5.05
	  	Treatment of Payments	  	22
	 Section 5.06
	  	Expenses	  	23
	 Section 5.07
	  	Cooperation	  	23
	 Section 5.08
	  	Confidentiality	  	24
	 Section 5.09
	  	Retention of Tax Records	  	24
		
	ARTICLE VI RESOLUTION OF DISPUTES	  	24
	 Section 6.01
	  	Tax Disputes	  	24
		
	ARTICLE VII MISCELLANEOUS PROVISIONS	  	25
	 Section 7.01
	  	Disposition of Broadridge Subsidiaries	  	25

  

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	 	  	 	  	Page(s)
	 Section 7.02
	  	Complete Agreement; Representations	  	25
	 Section 7.03
	  	Costs and Expenses	  	25
	 Section 7.04
	  	Governing Law	  	26
	 Section 7.05
	  	Notices	  	26
	 Section 7.06
	  	Amendment, Modification or Waiver	  	26
	 Section 7.07
	  	No Assignment; Binding Effect	  	27
	 Section 7.08
	  	Counterparts	  	27
	 Section 7.09
	  	Specific Performance	  	27
	 Section 7.10
	  	New York Forum	  	27
	 Section 7.11
	  	WAIVER OF JURY TRIAL	  	28
	 Section 7.12
	  	Interpretation; Conflict With Ancillary Agreements	  	28
	 Section 7.13
	  	Severability	  	28
	 Section 7.14
	  	Survival	  	28

  

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 TAX ALLOCATION AGREEMENT dated as of March 29, 2007 (this “Agreement”) between
Automatic Data Processing, Inc., a Delaware corporation (“ADP”) and Broadridge Financial Solutions, Inc., a Delaware corporation whose sole shareholder is ADP (“Broadridge” and, together with ADP, each, a
“Party” and collectively, the “Parties”). 
 WHEREAS, as of the date of this Agreement, the ADP affiliated
group includes Broadridge and its subsidiaries; 
 WHEREAS, the Parties (or their predecessors-in-interest) have entered into the Separation
and Distribution Agreement, pursuant to which ADP has contributed to Broadridge the stock and assets associated with the Broadridge Business (as defined herein) in exchange for shares of common stock of Broadridge, cash and the assumption by
Broadridge of certain liabilities related to the Broadridge Business (the “Contribution”); 
 WHEREAS, ADP intends to
distribute on a pro rata basis to its shareholders all of the shares of stock of Broadridge (the “Distribution”); 
 WHEREAS, the Parties believe the Distribution will provide greater flexibility for management, capital requirements and growth of the Broadridge Business while ensuring that ADP senior management can focus its time and resources on the
development of the ADP retained businesses; 
 WHEREAS, the Parties intend that the Contribution and Distribution qualify as a
“reorganization” under Section 368(a) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), with respect to which no gain or loss is recognized under Code Sections 361 and 355; 
 WHEREAS, as a result of and upon the Distribution, Broadridge and its subsidiaries will cease to be members of the ADP Group; and 
 WHEREAS, the Parties desire to allocate the Tax responsibilities, liabilities and benefits of transactions that occur on or prior to, and that may occur
after, the date on which the Distribution occurs (the “Distribution Date”) and to provide for and address certain other Tax matters. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the Parties (each on behalf of itself and each of its Affiliates) hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS

 Section 1.01 Definition of Terms. The following terms shall have the following meanings (such meanings to apply equally
to both the singular and the plural forms of the terms defined). All Section and Exhibit references are to this Agreement unless otherwise stated. 
  

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 “Action” means any claim, demand, action, cause of action, suit, countersuit,
arbitration, litigation, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority. 
 “Active Trade or Business” means the active conduct by Broadridge of the businesses conducted by the members of the Broadridge Group as of the Distribution (determined in accordance with Code
Section 355(b)). 
 “Adjustment Request” means any formal or informal claim or request filed with any governmental
authority for any Refund, underpayment or overpayment of Tax or any change in available Tax Attributes. 
 “ADP” has the
meaning set forth in the recitals. 
 “ADP Consolidated Group” means the affiliated group of corporations (within the
meaning of Section 1504 of the Code) of which ADP is the common parent prior to the Distribution Date. 
 “ADP
Employee” means an employee of ADP or any ADP Affiliate immediately after the Distribution. 
 “ADP Group” means
ADP and each of its Affiliates and Subsidiaries, and any corporation or other entity that may become part of such Group from time to time. For the avoidance of doubt, the ADP Group excludes any entity that is a member of the Broadridge Group.

 “ADP Restricted Stock” means ADP common stock received by an ADP or Broadridge Employee in connection with his or her
employment, which stock has not yet been included in the income of such Employee as of the Distribution Date. 
 “ADP Stock
Option” means an Option to acquire ADP common stock received by an ADP or Broadridge Employee in connection with his or her employment, which Option has not yet been exercised as of the Distribution Date. 
 “Affiliate” of any Person means any entity that, after the Distribution, is directly or indirectly “controlled” by any of
(i) the Person in question, (ii) any Person of which the Person in question is an Affiliate under clause (i), or (iii) any Affiliate under clause (i) of a Person described in clause (ii). For purposes of this definition,
“control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities or other interests, by contract or
otherwise. 
 “Agreement” has the meaning set forth in the recitals. 
  

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 “Ancillary Agreement” has the meaning set forth in the Separation and Distribution
Agreement. 
 “APA” means the advance pricing agreement currently being negotiated, as such agreement is finally agreed, or
any similar agreement (including any related competent authority agreement for pre-APA years) that is finally agreed, by ADP, ADP Canada, a Canadian corporation that is wholly owned by ADP, and ADP Investor Communications Corporation
(“ICC”), a Canadian corporation that is directly and wholly owned by ADP Canada, with the Internal Revenue Service and the Canada Revenue Agency (including any competent authority for the United States or Canada) relating to the
pricing of services and software that ADP and its U.S. subsidiaries (both in the Broadridge Business and in ADP’s other businesses) provide to ADP Canada and its subsidiaries. 
 “Balance Sheet” has the meaning set forth in Section 2.01(a). 
 “Broadridge” has the meaning set forth in the recitals. 
 “Broadridge Business” means all of the ADP Brokerage Services’ and Securities Clearing and Outsourcing Services’ business and operations, as more fully described in ADP’s Form 10-K for
the fiscal year ended June 30, 2006. 
 “Broadridge Capital Stock” means (i) all classes or series of capital
stock of Broadridge, including common stock and all other instruments treated as equity in Broadridge for U.S. federal Income Tax purposes and (ii) all options, warrants and other rights to acquire such capital stock. 
 “Broadridge Cash” means the cash amounts which are distributed to ADP in one or more transactions intended to qualify as tax-free
pursuant to Section 361(b) of the Code. 
 “Broadridge Employee” means an employee of Broadridge or any Broadridge
Affiliate immediately after the Distribution. 
 “Broadridge Group” means Broadridge and each of its Subsidiaries and
Affiliates and any corporation or other entity that may become part of such Group from time to time. 
 “Broadridge Restricted
Stock” means Broadridge common stock received by a Broadridge Employee or ADP Employee in connection with his or her employment, which stock has not yet been included in the income of such Employee as of the Distribution Date. 

“Broadridge Stock Option” means an Option to acquire Broadridge common stock received by a Broadridge Employee or ADP Employee in
connection with his or her employment, which Option has not yet been exercised as of the Distribution Date. 
  

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 “Butterfly Transactions” means each of the transactions involving ADP, Broadridge and
the other applicable parties specifically set out in the Canadian Tax Ruling. 
 “Canadian Tax Ruling” means the advance
income tax ruling issued by the CRA (whether granted prior to, on or after the date hereof) relating to the Butterfly Transactions and includes all supplemental rulings, requests for rulings, information and legal submissions and exhibits to the
foregoing. 
 “Canadian Tax-Free Status” means the Canadian federal and provincial income tax position of the applicable
parties relating to the Butterfly Transactions that would arise on the assumptions that (i) each of the rulings and opinions provided in the Canadian Tax Ruling applied to determine such income tax position of the applicable parties and
(ii) the requisite conditions for such rulings and opinions as set out in the Canadian Tax Ruling were satisfied. 
 “Code” has the meaning set forth in the recitals. 
 “Contribution” has the meaning set forth in
the recitals. 
 “CRA” means the Canada Revenue Agency. 
 “Distribution” has the meaning set forth in the recitals. 
 “Distribution Date” has the meaning set forth in the recitals. 
 “Employee
Restricted Stock” means either ADP Restricted Stock or Broadridge Restricted Stock. 
 “Employee Stock Option”
means either an ADP Stock Option or a Broadridge Stock Option. 
 “Final Determination” means the final resolution of
liability for any Tax for any taxable period by or as a result of (i) a final and unappealable decision, judgment, decree or other order by any court of competent jurisdiction; (ii) a final settlement with the IRS, a closing agreement or
accepted offer in compromise under Code Sections 7121 or 7122, or a comparable arrangement under the laws of another jurisdiction; (iii) any allowance of a Refund in respect of an overpayment of Tax, but only after the expiration of all periods
during which such amount may be recovered by the Taxing Authority imposing the Tax; or (iv) any other final disposition, including by reason of the expiration of the applicable statute of limitations. 
 “Gain Recognition Agreement” means any agreement to recognize gain that is described in Treasury Regulation Section 1.367(a)-8 and
entered into in connection with the Transactions and to which any member of the ADP Group or the Broadridge Group is a party. 
  

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 “Governmental Authority” means any federal, state, local, foreign or international
court, government, department, commission, board, bureau or agency, or any other regulatory, self-regulatory, administrative or governmental organization or authority, including the New York Stock Exchange, Inc. 
 “Group” means the ADP Group and/or the Broadridge Group, as the context requires. 
 “Income Taxes” means all federal, state, local, and foreign income or franchise Taxes or other Taxes based on income or net worth.

 “Indemnifying Party” has the meaning set forth in Section 5.01. 
 “Indemnitee” has the meaning set forth in Section 5.01. 
 “IRS” means the U.S. Internal Revenue Service. 
 “Joint Return” means any Return that includes both a member of the ADP Group and a member of the Broadridge Group. 
 “Law” means any applicable foreign, federal, national, state, provincial or local law (including common law), statute, ordinance, rule, regulation, code or other requirement enacted, promulgated,
issued or entered into, or act taken, by a Governmental Authority. 
 “Option” means an option to acquire common stock, or
other equity-based incentives the economic value of which is designed to mirror that of an option, including non-qualified stock options, discounted non-qualified stock options, cliff options to the extent stock is issued or issuable (as opposed to
cash compensation), and tandem stock options to the extent stock is issued or issuable (as opposed to cash compensation). 
 “Other
Taxes” means all Taxes other than Income Taxes, including (but not limited to) transfer, sales, use, payroll, property, and unemployment Taxes. 
 “Past Practices” has the meaning set forth in Section 3.03(a). 
 “Person” means any natural person, corporation, general or limited partnership, limited liability company or partnership, joint stock company, joint venture, association, trust, bank, trust company, land trust, business
trust or other organization, whether or not a legal entity, and any Governmental Authority. 
 “Post-Distribution Tax
Period” means any taxable period (or portion thereof) beginning after the Distribution Date. 
 “Pre-Distribution Tax
Period” means any taxable period (or portion thereof) ending on or before the close of the Distribution Date. 
  

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 “Proposed Acquisition Transaction” has the meaning set forth in Section 4.02(b)(i).

 “Refund” means any cash refund of Taxes or reduction of Taxes by means of credit, deduction, offset or otherwise.

 “Reportable Transaction” means a reportable or listed transaction as defined in Section 6011 of the Code or the
Treasury Regulations promulgated thereunder. 
 “Restricted Period” means the period beginning on the date of this Agreement
and ending on, and including, the last day of the two-year period following the Distribution Date. 
 “Restricted Stock”
means either ADP Restricted Stock or Broadridge Restricted Stock. 
 “Ruling” means all private letter rulings granted by
the IRS, the CRA or any other taxing authority relating to the Transactions (whether granted prior to, on or after the date hereof), requests for such rulings, including all supplemental ruling requests and information submissions, and any exhibit
to any of the foregoing. 
 “Satisfactory Guidance” means either a ruling from the IRS (or the CRA in respect of
Section 4.04) or an Unqualified Tax Opinion, at the election of Broadridge, in either case reasonably satisfactory to ADP in both form and substance, including with respect to any underlying assumptions or representations. Satisfactory Guidance
shall not include an Unqualified Tax Opinion with respect to which ADP’s counsel, of recognized national standing, provides an opinion to ADP that the conclusions in such Unqualified Tax Opinion are not free from doubt. For the avoidance of
doubt, this definition is intended to allow ADP to prevent Broadridge from taking the action that is the subject of a ruling from the IRS or an Unqualified Tax Opinion, if ADP determines in good faith that there is any Tax risk to it from such
action based upon either (1) any uncertainty concerning any underlying assumptions or representations in such ruling or opinion or (2) any legal uncertainty referred to in advice it receives from its counsel. 
 “Separate Return” means (i) in the case of the Broadridge Group, a Tax Return of any member of that Group (including any
consolidated, combined, affiliated or unitary Return) that does not include, for all or any portion of the relevant taxable period, any member of the ADP Group and (ii) in the case of the ADP Group, a Tax Return of any member of that Group
(including any consolidated, combined, affiliated or unitary Return) that does not include, for all or any portion of the relevant taxable period, any member of the Broadridge Group. 
 “Separation and Distribution Agreement” means the Separation and Distribution Agreement, as amended from time to time, by and between
ADP and Broadridge (or its predecessor-in-interest) dated as of March 20, 2007. 
  

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 “Straddle Period” means any taxable period beginning on or before the Distribution Date
and ending after the Distribution Date. 
 “Tax Advisor” means a U.S. Tax counsel or other Tax advisor of recognized
national standing reasonably acceptable to both Parties. 
 “Tax Attribute” means a net operating loss, net capital loss,
investment credit, foreign Tax credit, excess charitable contribution, general business credit or any other item of loss, deduction or credit that could reduce a Tax liability. 
 “Tax Contest” means an audit, review, examination or any other administrative or judicial proceeding with the purpose or effect of
determining or redetermining Taxes (including any administrative or judicial review of any Adjustment Request). 
 “Tax
Dispute” means any dispute arising in connection with this Agreement. 
 “Tax-Free Status” means the qualification
of the Contribution and Distribution taken together as a transaction, (i) that is a “reorganization” described in Code Sections 355(a) and 368(a)(1)(D), (ii) in which the Broadridge stock distributed is “qualified
property” for purposes of Code Sections 355(c) and 361(c), (iii) in which no gain or loss will be recognized by ADP upon the receipt of the Broadridge Cash from Broadridge, (iv) in which ADP, Broadridge and the shareholders of ADP
recognize no income or gain for U.S. federal Income Tax purposes pursuant to Code Sections 355, 361 and 1032 and (v) that qualifies for tax-free treatment under comparable provisions of state, local and foreign law. For the avoidance of doubt,
recognition of income or gain that relates to items described in Sections 2.03(c)(i)(A) or 2.04 or to intercompany items shall not cause the Distribution to fail to achieve Tax-Free Status. 
 “Tax Item” means any item of income, gain, loss, deduction, credit, recapture of credit, or any other item (including the basis or
adjusted basis of property) which increases or decreases Income Taxes paid or payable in any taxable period. 
 “Tax
Opinions/Rulings” means (i) any Ruling and (ii) the opinions of Tax Advisors relating to the Transactions including, without limitation, those issued either at the time of the Distribution or to allow a Party to take actions
otherwise prohibited under this Agreement. 
 “Tax Return” or “Return” means any return, filing, report,
questionnaire, information statement, claim for Refund, or other document required or permitted to be filed, including any amendments that may be filed, for any taxable period with any Taxing Authority. 
 “Taxes” means all forms of taxation or duties imposed, or required to be collected or withheld, including charges, together with any
related interest, penalties or other additional amounts. For the avoidance of doubt, the term “Taxes” does not include amounts to be paid to any governmental authority pursuant to escheat law. 
  

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 “Taxing Authority” means any governmental authority imposing Taxes. 
 “Transaction Taxes” means all (i) Taxes of any member of the ADP Group or the Broadridge Group resulting from, or arising in
connection with, the failure of the Contribution and the Distribution to have Tax-Free Status, (ii) Taxes of the type described in clause (i) of any third party for which any member of the ADP Group or the Broadridge Group is or becomes
liable, and (iii) reasonable out of pocket legal, accounting and other advisory and court fees in connection with liability for Taxes described in clauses (i) or (ii). 
 “Transactions” means the Contribution, the Distribution, the transactions contemplated by the Separation and Distribution Agreement and
any other transfer of assets (whether by contribution, sale or otherwise) between any member of the ADP Group and any member of the Broadridge Group in connection with the Contribution or the Distribution. 
 “Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor that permits reliance by ADP. The Tax Advisor,
in issuing its opinion, shall be permitted to rely on the validity and correctness, as of the date given, of any previously issued Tax Opinions/Rulings, unless such reliance would be unreasonable under the circumstances. 
 ARTICLE II 
 PAYMENT OF TAXES

 Section 2.01 Income Taxes. 
 (a) Except as provided in sections 2.02 and 2.04, ADP shall be responsible for all Income Taxes (i) of Broadridge and its Affiliates for any Pre-Distribution Tax Period; (ii) of Broadridge and its Affiliates
for any Straddle Period, but only to the extent allocated to ADP pursuant to Section 2.05; or (iii) imposed under Treasury Regulation Section 1.1502–6 or under any comparable or similar provision of state, local or foreign laws
or regulations on Broadridge or an Affiliate solely as a result of such company being a member of a consolidated, combined, or unitary group with ADP or any ADP Affiliate during any Tax period, in each case to the extent in excess of amounts
provided for in respect of such Income Taxes on the condensed combined balance sheet of Broadridge, including the notes thereto, as of March 30, 2007 (the “Balance Sheet”). 
 (b) Broadridge shall be responsible for all Income Taxes (i) of Broadridge and its Affiliates which are not the responsibility of ADP pursuant to
Section 2.01(a) (including, without limitation, Income Taxes for Post–Distribution Tax Periods of Broadridge and its Affiliates); and (ii) of ADP and its Affiliates attributable to acts or 

  

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omissions of Broadridge or its Affiliates taken after the Distribution (other than acts or omissions in the ordinary course of business or otherwise
contemplated by the Separation and Distribution Agreement and Ancillary Agreements). 
 Section 2.02 Transaction Taxes.

 (a) Broadridge shall be liable, and shall indemnify the ADP Group, for any Transaction Taxes that are attributable to (i) any
inaccurate statement or representation of fact or intent (or omission to state a material fact) in Section 4.01 that relates to the Broadridge Group; (ii) any inaccurate statement or representation of fact or intent (or omission to state a
material fact) in a letter or certificate that is provided by any member of the Broadridge Group after the date hereof, and that forms the basis for the Tax Opinions/Rulings; (iii) any act or omission by the Broadridge Group after the date of
this Agreement inconsistent with the covenants set forth in this Agreement; or (iv) any other act or omission by the Broadridge Group after the date of this Agreement (except for acts disclosed in any Ruling request submitted to the IRS or the
CRA prior to the date hereof), including any act or omission that would have resulted in Broadridge being in breach of Section 4.02(b) but for the receipt by Broadridge of a Ruling from the IRS or the CRA, an Unqualified Tax Opinion or a
waiver. 
 (b) ADP shall be liable, and shall indemnify the Broadridge Group, for any Transaction Taxes attributable to: (i) any
inaccurate statement or representation of fact or intent (or omission to state a material fact) made (x) in Section 4.01 that relates to the ADP Group or (y) before the date hereof and that formed the basis for any Tax
Opinions/Rulings; (ii) any inaccurate statement or representation of fact or intent (or omission to state a material fact) in a letter or certificate that is provided by any member of the ADP Group after the date hereof and that forms the basis
for the Tax Opinions/Rulings; (iii) any act or omission by the ADP Group after the date of this Agreement inconsistent with the covenants set forth in this Agreement; or (iv) any other act or omission (except for acts disclosed in any
Ruling request submitted to the IRS prior to the date hereof) by the ADP Group. 
 (c) Liability for any Transaction Taxes described in both
paragraphs (a) and (b) shall be shared by ADP and Broadridge according to relative fault. 
 Section 2.03 Other Taxes.

 (a) ADP shall be responsible for all Other Taxes attributable to ADP and its Affiliates (other than Broadridge and its Affiliates) and to
its business activities other than the Broadridge Business, or resulting from the Transactions for all Pre–Distribution Tax Periods, Straddle Periods, and Post–Distribution Tax Periods. 
 (b) Broadridge shall be responsible for all Other Taxes attributable to Broadridge and its Affiliates or to the Broadridge Business for all
Pre–Distribution Tax Periods, Straddle Periods, and Post–Distribution Tax Periods. 
 (c) In each case the responsibilities of
2.03(a) and 2.03(b) shall be consistent with the principles described below: 
  

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 (i) Transfer Taxes. 
 (A) The ADP Group shall be liable, and shall indemnify the Broadridge Group, for any stamp, sales, use, gross receipts, value-added, real
estate transfer or other transfer Taxes imposed in connection with the Transactions. 
 (B) If business operations of an ADP
entity are transferred to a Broadridge entity as part of the Transactions, the transferee shall assume any and all liabilities for stamp, sales, use, gross receipts, value-added, real estate transfer and other transfer Taxes associated with such
transferred operations and will have sole responsibility for satisfying such liabilities. 
 (C) With respect to Refund
claims pending on the Distribution Date involving any sales, use, gross receipts or other similar Taxes, (x) in the case of a Refund received by ADP and payable to Broadridge pursuant to the terms hereof, the amount of such payment shall be net
of all contingent fee expenses and Taxes paid by ADP and related to such Refund, or (y) in the event that Broadridge receives a Refund directly from the relevant Taxing Authority, it shall reimburse ADP for all contingent fee expenses and Taxes
paid by ADP with respect to such Refund. For the avoidance of doubt, Broadridge shall not be liable for any contingent fee expenses or Taxes related to Refunds received prior to the Distribution Date. 
 (ii) Property Taxes. If property is transferred between legal entities, the transferee shall assume any and all liabilities for real and personal
property Taxes associated with such transferred property and will have sole responsibility for satisfying such liabilities. 
 (iii)
Payroll Taxes. If an employee moves from one employer to another, the “new” employer shall assume any and all employment related Taxes attributable to such transferred employee and will have sole responsibility for satisfying such
liabilities. 
 Section 2.04 Other Income Taxes. Without regard to anything to the contrary in this Article II, ADP shall be
liable, and shall indemnify the Broadridge Group, for all Taxes arising as a result of the Transactions from (i) excess loss accounts taken into account under Code Section 1502, (ii) Code Section 357(c) or (iii) Code
Section 361(b), in each case, including under similar state and local law provisions. Any Taxes attributable to deferred intercompany gains that are triggered as a result of the Transactions shall be the responsibility of ADP and shall not be
included in determining the Broadridge Group’s Income Tax liability. To the extent there are adjustments to the amount of any deferred intercompany gain triggered as a result of the Distribution, ADP shall be responsible for paying the
additional Tax associated with any increase in the amount of gain and shall also be entitled to a Refund attributable to any reduction of gain. 
  

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 Section 2.05 Allocation of Certain Income Taxes and Income Tax Items. 
 (a) If ADP, Broadridge or any of their respective Affiliates is permitted but not required under applicable U.S. federal, state, local or foreign Tax
laws to treat the Distribution Date as the last day of a taxable period, then the Parties shall treat such day as the last day of a taxable period under such applicable Tax law, and shall file any elections necessary or appropriate to such
treatment; provided that this Section 2.05(a) shall not be construed to require ADP to change its taxable year. 
 (b) Transactions
occurring, or actions taken, on the Distribution Date but after the Distribution outside the ordinary course of business by, or with respect to, Broadridge or any of its Affiliates shall be deemed subject to the “next day rule” of Treasury
Regulation Section 1.1502–76(b)(1)(ii)(B) (and under any comparable or similar provision under state, local or foreign laws or regulations, provided that if there is no comparable or similar provision under state, local or foreign laws or
regulations, then the transaction will be deemed subject to the “next day rule” of Treasury Regulation Section 1.1502–76(b)(1)(ii)(B)) and as such shall for purposes of this Agreement be treated (and consistently reported by the
Parties) as occurring in a Post–Distribution Tax Period of Broadridge or an Broadridge Affiliate, as appropriate. 
 (c) Any Taxes for
a Straddle Period with respect to Broadridge and/or its Affiliates (or entities in which Broadridge and/or one of its Affiliates has an ownership interest) shall, for purposes of this Agreement, be apportioned between ADP and Broadridge based on the
portion of the period ending on and including the Distribution Date and the portion of the period beginning after the Distribution Date, and each such portion of such period shall be deemed to be a taxable period (whether or not it is in fact a
taxable period). Any allocation of income or deductions required to determine any Income Taxes for a Straddle Period shall be made by means of a closing of the books and records of Broadridge and its Affiliates as of the close of business on the
Distribution Date; provided that (i) ADP may elect to allocate Tax Items (other than any extraordinary Tax Items) ratably in the month in which the Distribution occurs (and if ADP so elects, Broadridge shall so elect) as described in Treasury
Regulation Section 1.1502–76(b)(2)(iii) and corresponding provisions of state, local, and foreign Tax laws; and (ii) subject to (i), exemptions, allowances or deductions that are calculated on an annual basis, and not on a closing of
the books method, (including, but not limited to, depreciation and amortization deductions) shall be allocated between the period ending on and including the Distribution Date and the period beginning after the Distribution Date based on the number
of days for the portion of the Straddle Period ending on and including the Distribution Date, on the one hand, and the number of days for the portion of the Straddle Period beginning after the Distribution Date, on the other hand. 
 (d) Tax Attributes determined on a consolidated or combined basis for taxable periods ending before or including the Distribution Date shall be
allocated to ADP and its Affiliates, and Broadridge and its Affiliates, in accordance with the Code and the Treasury Regulations (and any applicable state, local, or foreign law or regulation). ADP shall reasonably determine the amounts and proper
allocation of such 

  

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attributes, and the Tax basis of the assets and liabilities transferred to Broadridge in connection with the Transactions, as of the Distribution Date;
provided that Broadridge shall be entitled to participate in such determination. ADP and Broadridge agree to compute their Tax liabilities for taxable periods after the Distribution Date consistent with that determination and allocation, and treat
the Tax Attributes and Tax Items as reflected on any federal (or applicable state, local or foreign) Income Tax Return filed by the Parties as presumptively correct. 
 Section 2.06 Refunds. Except as provided in Section 2.07: 
 (a) ADP shall be entitled to
all Refunds with respect to any Tax for which ADP is responsible under Sections 2.01, 2.02, 2.03, or 2.04. Broadridge shall be entitled to all Refunds with respect to any Tax for which Broadridge is responsible under Sections 2.01, 2.03, or 2.04.

 (b) Broadridge and ADP shall each forward to the other Party, or reimburse such other Party for, any Refunds received by the first Party
and due to such other Party pursuant to this Section (net of all contingent fees and Taxes payable by the first Party and related to such Refund). Where a Refund is received in the form of a deduction from, or credit or other offset against other or
future Tax liabilities, reimbursement with respect to such Refund shall be due in each case on the due date for payment of the Tax from or against which such Refund has been deducted, credited or otherwise offset. 
 (c) If one Party reasonably so requests, the other Party (at the first Party’s expense) shall file for and pursue any Refund to which the first
Party is entitled under this Section; provided that the other Party need not pursue any Refund on behalf of the first Party unless the first Party provides the other Party a certification by an appropriate officer of the first Party setting
forth the first Party’s belief (together with supporting analysis) that the Tax treatment of the Tax Items on which the entitlement to such Refund is based is more likely than not correct, and is not a Tax Item arising from a Reportable
Transaction. 
 (d) If the other Party pays any amount to the first Party under this Section 2.06 and, as a result of a subsequent
Final Determination, the first Party is not entitled to some or all of such amount, the other Party shall notify the first Party of the amount to be repaid to the other Party, and the first Party shall then repay such amount to the other Party,
together with any interest, fines, additions to Tax, penalties or any additional amounts imposed by a Taxing Authority relating thereto. 
 Section 2.07 Carrybacks. 
 (a) Notwithstanding anything in this Agreement, Broadridge shall file (or cause to be filed)
on a timely basis any available election to waive the carryback of net operating losses, Tax credits or other Tax Items by Broadridge or any Affiliate from a Post–Distribution Tax Period to a Straddle Period or Pre–Distribution Tax Period.
Such elections shall include, but not be limited to, the election described in 

  

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Treasury Regulation Section 1.1502–21T(b)(3)(ii)(B), and any analogous election under state, local, or foreign Income Tax laws, to waive the
carryback of net operating losses for U.S. federal Income Tax purposes. 
 (b) If, notwithstanding the provisions of Section 2.07(a),
Broadridge is required to carryback losses or credits, Broadridge shall be entitled to any Refund of any Tax obtained by ADP or an ADP Affiliate as a result of the carryback of losses or credits of Broadridge or its Affiliate from any
Post-Distribution Tax Period to any Pre-Distribution Tax Period. Such Refund is limited to the net amount received by ADP or an ADP Affiliate, net of any Tax cost incurred by ADP or such Affiliate resulting from such Refund. Upon request by
Broadridge, ADP shall advise Broadridge of an estimate of any Tax cost ADP projects will be associated with any carryback of losses or credits of Broadridge or its Affiliates as provided in this Section 2.07(b). 
 (c) If Broadridge has a Tax Item that must be carried back to any Pre-Distribution Tax Period, Broadridge shall notify ADP in writing that such Tax Item
must be carried back. Such notification shall include a description in reasonable detail of the grounds for the Refund and the amount thereof, and a certification by an appropriate officer of Broadridge setting forth Broadridge’s belief
(together with supporting analysis) that the Tax treatment of such Tax Item is more likely than not correct, and is not a Tax Item arising from a Reportable Transaction. 
 (d) If ADP pays any amount to Broadridge under Section 2.07(b) and, as a result of a subsequent Final Determination, Broadridge is not entitled to some or all of such amount, ADP shall notify Broadridge of the
amount to be repaid to ADP, and Broadridge shall then repay such amount to ADP, together with any interest, fines, additions to Tax, penalties or any additional amounts imposed by a Taxing Authority relating thereto. 
 Section 2.08 Treatment of Restricted Stock, Stock Options, and Deferred Compensation. 
 (a) To the extent permitted by law, ADP (or the appropriate ADP Affiliate) shall claim all Tax deductions arising by reason of the grant or vesting of
Employee Restricted Stock, and by reason of exercises of Employee Stock Options, at the time such Tax deduction can be claimed, provided that such Employee Restricted Stock or Employee Stock Option is then held by an ADP Employee. To the extent
permitted by law, Broadridge (or the appropriate Broadridge Affiliate) shall claim all Tax deductions arising by reason of the grant or vesting of Employee Restricted Stock, and by reason of exercises of Employee Stock Options, at the time such Tax
deduction can be claimed, provided that such Employee Restricted Stock or Employee Stock Option is then held by a Broadridge Employee. To the extent permitted by law, Broadridge (or the appropriate Broadridge Affiliate) shall claim all Tax
deductions arising by reason of the payment (or inclusion in income) of compensation the receipt of which was deferred by an Broadridge Employee prior to the Distribution Date, the payment of which will occur after the Distribution Date, and the
obligation to make such payment is assumed by Broadridge in connection with the Contribution and Distribution. 
  

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 (b) If, pursuant to a Final Determination, all or any part of a Tax deduction claimed by a Party (or
Affiliate thereof) pursuant to Section 2.08(a) is disallowed, then, to the extent permitted by law, the other Party (or Affiliate thereof) shall claim such Tax deduction. If such other Party (or Affiliate thereof) realizes a Tax benefit from
the claiming of such Tax deduction, such other Party (or Affiliate) shall pay the amount of such Tax benefit (net of any Tax detriment suffered by the payor) to the Party who originally claimed the Tax deduction. 
 (c) The Party (or Affiliate thereof) initially claiming the Tax deduction described in Section 2.08(a) shall withhold applicable Taxes and satisfy
applicable Tax reporting obligations with respect to the taxation of the Restricted Stock, Option, or deferred compensation with respect to which the Tax deduction is claimed. The Parties to this Agreement shall cooperate so as to permit the Party
initially claiming such deduction to discharge any applicable Tax withholding and Tax reporting obligations. 
 Section 2.09
Successor Employer Status. ADP and Broadridge shall, to the extent permitted by law, (i) treat Broadridge and its Affiliates (as applicable) as a “successor employer” and ADP and its Affiliates (as applicable) as a
“predecessor,” within the meaning of sections 3121(a)(1) and 3306(b)(1) of the Code, with respect to employees of the Broadridge Business that were employed by Broadridge and its Affiliates starting on March 30, 2007 for purposes of
Taxes imposed under the United States Federal Unemployment Tax Act or the United States Federal Insurance Contributions Act and (ii) cooperate with each other to avoid the filing of more than one IRS Form W–2 with respect to each such
employee for the calendar year in which the Distribution occurs. 
 Section 2.10 APA. 
 (a) When the APA is finally determined, ICC and another Canadian Affiliate of Broadridge (“New CanCo 2”) shall pay the APA Amount to the
Specified Affiliates. For the purposes of this provision, (A) “APA Amount” means an amount equal to the amount of the payables owing under the APA that were retained or assumed by ICC and New CanCo 2 pursuant to the Separation and
Distribution Agreement (taking into account any adjustments provided for in the Separation and Distribution Agreement), and (B) “Specified Affiliates” means the U.S. Affiliates of Broadridge that retained or acquired receivables owing
under the APA from one or more U.S. Affiliates of ADP pursuant to the Separation and Distribution Agreement. 
 (b) For the avoidance of
doubt, and notwithstanding anything herein to the contrary, any tax owing as a result of the APA shall be treated as an Income Tax that is governed by Section 2.01 of this Agreement. 
  

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 ARTICLE III 
 PREPARATION AND FILING OF TAX RETURNS 
 Section 3.01 ADP Responsibility. 
 (a) Subject to paragraph (b) below, ADP shall make all determinations with respect to, have ultimate control over the preparation of and file all
(i) Joint Returns and ADP Separate Returns, in each case as it determines to be mandatory or advisable for all taxable periods, (ii) Broadridge Separate Returns that are Income Tax Returns for all Pre-Distribution Tax Periods and
(iii) at ADP’s election, Broadridge Separate Returns that are Income Tax Returns for all Straddle Periods provided that ADP provides written notice to Broadridge 45 days after the end of such Straddle Period that ADP is exercising its
right to prepare such Tax Return. 
 (b) If, in connection with the preparation of any Return, ADP materially modifies any information
relating to, or provided in, the pro forma federal and state Income Tax Returns or other information related to members of the Broadridge Group prepared by Broadridge and provided to ADP pursuant to Section 3.02 below, the portions of the
Returns that include such information shall be submitted to Broadridge no later than 30 days prior to the due date (including extensions) for filing of such federal Returns and 20 days prior to the due date (including extensions) for filing of such
state Returns (or if such due date is within 30 days following the Distribution Date, as promptly as practicable following the Distribution Date). Within 10 days after delivery of any such revised portions of any Return, Broadridge shall provide
comments to ADP in writing to the extent Broadridge objects to any revisions that could reasonably be expected to adversely impact any member of the Broadridge Group. Such Broadridge comments shall be incorporated into the Return upon the consent of
ADP, not to be unreasonably withheld. If Broadridge does not so notify ADP of any objection, Broadridge shall be considered to have consented to the filing of such Return. The dates for submissions to Broadridge required in this section may be
modified by mutual agreement of ADP and Broadridge. 
 Section 3.02 Broadridge Responsibility. 
 (a) Broadridge shall make all determinations with respect to, have ultimate control over the preparation of and file all Tax Returns (other than those
described in Section 3.01) for the Broadridge Group as it determines to be mandatory or advisable and for all taxable periods. Broadridge shall prepare and provide to ADP all pro forma federal and state Income Tax Returns and other information
related to members of the Broadridge Group required to complete any Tax Return which is the responsibility of ADP pursuant to Section 3.01, in the format reasonably requested by ADP, and at least 110 days prior to the due date (including
extensions) of the relevant federal Return and at least 100 days prior to the due date (including extensions) of the relevant state Return. The dates for submissions to ADP required in this section may be modified by mutual agreement of ADP and
Broadridge. 
  

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 (b) In the case of any Tax Return that is the responsibility of ADP pursuant to Section 3.01(a) and
that relates to an Income Tax that is provided for on the Balance Sheet, Broadridge shall pay to ADP the amount of the provision for such Income Tax no later than 10 days prior to the due date (including extensions) for the filing of such Tax
Return. 
 Section 3.03 Tax Accounting Practices. 
 (a) Except as provided in Section 3.03(b), any Tax Return for any Pre-Distribution Tax Period, to the extent it relates to members of the Broadridge Group, shall be prepared in accordance with practices,
accounting methods, elections, conventions and Tax positions used with respect to the Tax Return in question for periods prior to the Distribution (“Past Practices”), and, in the case of any item the treatment of which is not
addressed by Past Practices, in accordance with generally acceptable Tax accounting practices. Notwithstanding the foregoing, for any Tax Return described in the preceding sentence, (i) a Party will not be required to follow Past Practices with
either the written consent of the other Party (not to be unreasonably withheld) or a “should” level opinion from a Tax Advisor that the proposed method of reporting is correct and (ii) ADP shall have the right to determine which
entities will be included in any consolidated, combined, affiliated or unitary Return that it is responsible for filing. 
 (b) The Parties
shall report the Transactions for all Tax purposes in a manner consistent with the Tax Opinions/Rulings, unless, and only to the extent, an alternative position is required pursuant to a Final Determination. ADP shall determine the Tax treatment to
be reported on any Tax Return of any Tax issue relating to the Transactions that is not covered by the Tax Opinions/Rulings. 
 Section 3.04 Right to Review Tax Returns. Upon request, each Party shall make available to the other Party the portion of Pre-Distribution Tax Period Tax Returns that relates to the Broadridge Group that the first Party is
responsible for preparing under this Article III. 
 ARTICLE IV 
 TAX-FREE STATUS OF DISTRIBUTION 
 Section 4.01 Representations.
Each of Broadridge and ADP represents that (i) it knows of no fact (other than the facts disclosed in any Ruling request submitted prior to the date hereof) that may cause the Contribution and the Distribution to fail to have Tax-Free Status
and (ii) it has no plan or intention to take any action inconsistent with the Tax Opinions/Rulings or the covenants set forth in this Agreement. 
 Section 4.02 Covenants. 
 (a) Each of Broadridge and ADP will not take or fail to take, or
permit its Affiliates to take or fail to take, any action (which includes the undertaking of any transaction) where that action or omission would (i) violate, be inconsistent with or 

  

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cause to be untrue any covenant, representation or statement in any Tax Opinions/Rulings or a letter or certificate that forms the basis therefor, or
(ii) prevent, or be reasonably likely to prevent, or be inconsistent with, the Tax-Free Status. 
 (b) During the Restricted Period,
except as provided in paragraph (c), Broadridge shall not, and shall not permit its Affiliates to, in a single transaction or in a series of transactions: 
 (i) permit any transaction or series of transactions (or any agreement, understanding or arrangement to enter into a transaction or series of transactions) as determined for purposes of Code Section 355(e), in
connection with which (A) any member of the Broadridge Group would merge or consolidate with any Person other than any other member of the Broadridge Group, (B) any member of the Broadridge Group would form one or more joint ventures with
any Person other than any other member of the Broadridge Group in which, in the aggregate, more than 10% of the gross assets of the Broadridge Group are transferred to such joint ventures or (C) any Person would (directly or indirectly)
acquire, or have the right to acquire, from any other Person or Persons, a more than 10% interest in Broadridge Capital Stock (a “Proposed Acquisition Transaction”). For these purposes, any recapitalization, repurchase or redemption
of Broadridge Capital Stock shall be treated as an indirect acquisition of such stock by any non-exchanging shareholder to the extent such shareholder’s percentage interest in the issuer increases by vote or value. Notwithstanding the
foregoing, a Proposed Acquisition Transaction shall not include (w) the adoption by Broadridge of a shareholder rights plan that meets the requirements of IRS Revenue Ruling 90-11, (x) issuances of Broadridge Capital Stock pursuant to an
employee stock purchase agreement or equity compensation plan that ADP has notified Broadridge in writing is acceptable to ADP in its sole discretion (for the avoidance of doubt, (i) any modification or amendment to such agreement or plan is
also subject to the prior written consent of ADP and (ii) ADP’s approval is required for the underlying purchase agreement or plan but not for each issuance of stock pursuant thereto), (y) transfers on an established market of
Broadridge Capital Stock described in Safe Harbor VII of Treasury Regulation Section 1.355-7(d) or (z) issuances of Broadridge Capital Stock described in Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of
Treasury Regulation Section 1.355-7(d). 
 (ii) liquidate or partially liquidate, including by way of merger or consolidation, any
member of the Broadridge Group other than Broadridge; 
 (iii) liquidate or partially liquidate Broadridge; 
 (iv) cause or permit the Broadridge Group to cease to engage in the Active Trade or Business; 
 (v) sell or transfer assets, other than inventory sold or transferred in the ordinary course of business, constituting (A) 50% or more of the gross
assets that are held by any member of the Broadridge Group and are used in the Active Trade or Business and are relied upon to satisfy the requirements of Code Section 

  

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355(b), (B) 50% or more of the consolidated gross assets of the Broadridge Group that are used in an Active Trade or Business (such percentages to be
measured based on fair market value as of the Distribution Date) or (C) any lesser amount if that sale or transfer could reasonably be expected to result in a significant and material change to, or termination of, the Active Trade or Business
immediately after the Distribution Date; or 
 (vi) amend its certificate of incorporation (or other organizational documents), or take any
other action, affecting the relative voting rights of the separate classes of Broadridge Capital Stock; provided, however, that this clause (vi) shall not be deemed to be violated upon Broadridge’s adoption of a shareholder
rights plan that meets the requirements of IRS Revenue Ruling 90-11. 
 (c) Notwithstanding paragraph (b): 
 (i) clauses (i) through (vi) of paragraph (b) shall not apply upon the prior written consent of ADP, which consent may not be withheld if
ADP determines in good faith that Broadridge has provided it with Satisfactory Guidance concluding that the proposed actions will not result in Transaction Taxes; 
 (ii) clause (v) of paragraph (b) shall not apply after the six month anniversary of the Distribution Date; 
 (iii) for purposes of clause (i), if Broadridge provides ADP an Unqualified Tax Opinion that is intended to be Satisfactory Guidance concerning a Proposed Acquisition Transaction, then such Opinion may be based on the
assumption that ADP did not have any agreement, understanding, arrangement or substantial negotiations, within the meaning of Treasury Regulations Section 1.355-7(h), with the counterparty to the Proposed Acquisition Transaction within the two
year period preceding the Distribution Date and such assumption shall not prevent such Unqualified Tax Opinion from being considered Satisfactory Guidance by the Parties, provided that (x) such assumption must be based on a certificate of such
counterparty that such assumption is true to the best of its knowledge and belief, and (y) ADP may deem such Opinion not to be Satisfactory Guidance if, in its reasonable judgment, there is a risk that such assumption is not correct; and

 (iv) In the event that Broadridge intends to consummate any Proposed Acquisition Transaction after the end of the Restricted Period but
before the end of 30 months after the Distribution Date, then either (x) Broadridge shall be permitted to consummate such proposed Acquisition Transaction, provided that Broadridge shall provide ADP with an unconditional
certification that it did not have any agreement, understanding, arrangement or substantial negotiations, within the meaning of Treasury Regulations Section 1.355-7(h), with the counterparty to such transaction within 12 months after the
Distribution Date, and ADP after reasonable due investigation is satisfied with the correctness of such certification, or (y) such Proposed Acquisition Transaction shall be subject to the provisions under Sections 4.02(b) and (c). 

 

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 (d) Notwithstanding anything herein to the contrary, for purposes of paragraph (c), no Ruling shall be
obtained from the IRS if ADP determines that there is a reasonable possibility that such an action could have a significant adverse impact on any member of the ADP Group. 
 (e) Broadridge will not take any action (including, but not limited to, the sale or disposition of any stock, securities or other assets), or permit its
Affiliates to take any such action, and Broadridge will not fail to take any action or permit its Affiliates to fail to take any action that would cause ADP or any of its Affiliates or Broadridge or any of its Affiliates to recognize gain under any
Gain Recognition Agreement. 
 Section 4.03 Procedures Regarding Opinions and Rulings. 
 (a) Subject to Section 4.02(d), if Broadridge may take certain actions conditioned upon the receipt of Satisfactory Guidance, ADP, at the request of
Broadridge, shall use commercially reasonable efforts to expeditiously obtain, or assist Broadridge in obtaining, such Satisfactory Guidance. ADP shall not be required to take any action pursuant to this Section 4.03(a) if Broadridge fails to
certify, upon request, that all information and representations relating to any member of the Broadridge Group in the relevant documents are true, correct and complete. Broadridge shall reimburse ADP for all reasonable out-of-pocket costs and
expenses incurred by the ADP Group in obtaining Satisfactory Guidance. 
 (b) ADP shall have the right to obtain a Ruling from the IRS (or
any other Taxing Authority) or an Unqualified Tax Opinion at any time in its sole discretion. ADP shall reimburse Broadridge for all reasonable out-of-pocket costs and expenses incurred by the Broadridge Group in obtaining such a Ruling or
Unqualified Tax Opinion. 
 (c) ADP shall have exclusive control over the process of obtaining any Ruling relating to the Transactions and
neither Broadridge nor any of its Affiliates shall independently seek any guidance concerning the Transactions from any Taxing Authority at any time. In connection with any Ruling relating to the Transactions that can reasonably be expected to
affect Broadridge liabilities under this Agreement, ADP shall (i) keep Broadridge informed of all material actions taken or proposed to be taken by ADP, (ii) reasonably in advance of the submission of any Ruling request provide Broadridge
with a draft thereof, consider Broadridge’s comments on such draft, and provide Broadridge with a final copy, and (iii) provide Broadridge with notice reasonably in advance of, and permit Broadridge to attend, any formally scheduled
meetings with the IRS (subject to the approval of the IRS) that relate to such Ruling. 
 Section 4.04 Canadian Butterfly.

 (a) Each of Broadridge and ADP represents that (i) it knows of no fact (other than the facts disclosed in any Ruling request
submitted to the CRA prior to the date hereof) that may cause the Butterfly Transactions to fail to have Canadian Tax-Free 

  

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Status and (ii) it has no plan or intention to take any action inconsistent with the request for the Canadian Tax Ruling or the Canadian Tax-Free Status
or the covenants set forth in this Agreement. 
 (b) Each of Broadridge and ADP will not take or fail to take, or permit its Affiliates to
take or fail to take, any action (which includes the undertaking of any transaction) where that action or omission would (i) violate, be inconsistent with or cause to be untrue any covenant, representation or statement in the Canadian Tax
Ruling, or (ii) prevent, or be reasonably likely to prevent, or be inconsistent with, the Canadian Tax-Free Status, in each case without first obtaining Satisfactory Guidance concluding that the proposed action or omission will not have such
effect. 
 ARTICLE V 
 TAX CONTESTS; INDEMNIFICATION; COOPERATION 
 Section 5.01 Notice. 
 (a) Within 15 days after a Party (the “Indemnitee”) becomes aware of the existence of a Tax Contest that may give rise to an
indemnification claim under this Agreement by it against the other Party (the “Indemnifying Party”), the Indemnitee shall promptly notify the Indemnifying Party of the Tax Contest, and thereafter shall promptly forward or make
available to the Indemnifying Party copies of notices and communications with a Taxing Authority relating to such Tax Contest. 
 (b) The
Indemnifying Party shall not be responsible for any increase in amounts to which the Indemnitee is otherwise entitled to the extent that such increase results solely from the failure of the Indemnitee to provide timely notice as required pursuant to
Section 5.01(a). 
 Section 5.02 Control of Tax Contests. 
 (a) Except as otherwise provided in paragraphs (b) and (c): 
 (i) ADP shall control, and have sole discretion in handling, settling or contesting, any Tax Contest relating to any Joint Returns, as well as any Separate Returns or other Return if any such Return is related to
Taxes for which ADP is responsible pursuant to Article II, or the Tax treatment of the Transactions, provided that (x) ADP shall act in good faith in connection with its control of any such Tax Contests and (y) Broadridge
shall have the right to participate in and advise on (including, without limitation, the opportunity to review and comment upon ADP’s communications with the Taxing Authority, which comments shall be incorporated upon the consent of ADP, not to
be unreasonably withheld) such items for which Broadridge could be liable under Article II as a result of such Tax Contest; and 
 (ii) If
Broadridge disagrees with ADP’s decision to settle a Tax Contest that may reasonably be expected materially to affect amounts for which Broadridge is liable under Article II, Broadridge shall have the right to contest its 

  

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liability to ADP under Article II notwithstanding the settlement. Broadridge shall provide written notice to ADP of its intention to contest its liability as
a result of any settlement (and its irrevocable election described below) prior to the time such settlement is entered into. Any such contest by Broadridge shall be made under the procedures set forth in Article VI. Under those procedures,
Broadridge may irrevocably elect, in its sole discretion, to require the Tax Advisor or the arbitrator to determine either (x) the amount of a settlement with the relevant Taxing Authority that would most accurately reflect the litigation risk
of the relevant issue, or (y) the most likely outcome of the issue if it were litigated without a settlement. In either such case, Broadridge shall be liable to ADP, or ADP shall be liable to Broadridge, based solely on the determination of the
Tax Advisor or the arbitrator as if a settlement or litigation implementing such determination had actually occurred, without regard to the actual settlement. For the avoidance of doubt, this clause (ii) shall not limit ADP’s ability to
settle a Tax Contest. 
 (b) Broadridge shall control and have sole discretion in handling, settling or contesting, any Tax Contest for a
Pre-Distribution Tax Period to the extent such Tax Contest relates solely to Taxes that are the responsibility of Broadridge pursuant to Article II; provided that ADP shall have the right to participate in and advise on all aspects of such Tax
Contests and may coordinate discussions with the relevant Taxing Authority with respect thereto. 
 (c) ADP and Broadridge shall jointly
control Tax Contests relating to Tax liability arising from the failure of the Transactions to qualify for tax-free treatment under Code Sections 355 or 361, if there is a reasonable likelihood that Broadridge would be liable to ADP under Article II
as a result of such Tax Contest. Neither Party shall have the right to settle any such Tax Contest without the consent of the other Party; provided that ADP may settle any such Tax Contest without the consent of Broadridge if ADP waives any claim
for indemnification with respect thereto. 
 (d) Except as otherwise provided in paragraph (a), (b) or (c), Broadridge shall have sole
control over any Tax Contest that relates to Broadridge Separate Returns for any Post-Distribution Tax Period. 
 (e) Any out-of-pocket
costs incurred in handling, settling or contesting a Tax Contest shall be borne ratably by the Parties based on their ultimate liability under this Agreement for the Taxes to which the Tax Contest relates; provided, however, that if
Broadridge contests a settlement made by ADP as provided in clause (ii) of paragraph (a), ADP shall bear the costs relating to Broadridge’s contest of such settlement unless ADP substantially prevails in such contest. 
 Section 5.03 Indemnification Payments. 
 (a) An Indemnitee shall be entitled to make a claim for payment pursuant to this Agreement when the Indemnitee determines that it is entitled to such payment and the amount of such payment (including, for the avoidance of doubt, the
finalization of a Return before filing). The Indemnitee shall provide to the Indemnifying 

  

 21 

 
Party notice of such claim within 10 days of the date on which it first so becomes entitled to claim such payment, including a description of such claim and
a detailed calculation of the amount of the indemnification payment that is claimed, provided, however, that no delay on the part of the Indemnitee in notifying the Indemnitor shall relieve the Indemnitor from any obligation hereunder
unless (and then solely to the extent) the Indemnitor is actually and materially prejudiced thereby. Except as provided in paragraph (b), the Indemnifying Party shall make the claimed payment to the Indemnitee within 10 days after receiving such
notice, unless the Indemnifying Party reasonably disputes its liability for, or the amount of, such payment. 
 (b) If the Indemnitee will
be obligated to make the payment described in paragraph (a) to a Taxing Authority or other third Party (including expenses reimbursable under this Agreement), the Indemnifying Party shall not be obligated to pay the Indemnitee more than 5 days
before the Indemnitee incurs such expense or makes such payment. If the Indemnitee’s claim for payment arises from a payment that the Indemnifying Party will receive from a third Party, such as a Refund, the Indemnifying Party shall not be
obligated to pay the Indemnitee until 5 days after the Indemnifying Party receives such payment. 
 (c) In the case of a claim under Article
II where no payment will be made to or received from a Taxing Authority, paragraph (b) shall be applied to the payments that would be made to or from a Taxing Authority if the Broadridge Group was treated as a standalone group for all taxable
periods. 
 Section 5.04 Interest on Late Payments. Interest shall accrue with respect to any indemnification payment (including
any disputed payment that is ultimately required to be made), not made within the period for payment, at 5.75 percent per annum compounded quarterly. 
 Section 5.05 Treatment of Payments. 
 (a) The amount of all indemnification obligations under
this Agreement shall be decreased to take into account the Tax benefits to the Indemnitee of the deductibility of any indemnified item (whether or not any Tax benefit is actually received for a deductible item and assuming the highest applicable
taxable rate) and shall be increased where necessary so that, after all the required deductions (whether or not any Tax benefit is actually received for a deductible item and assuming the highest applicable taxable rate) have been made and Taxes
imposed, the Indemnitee receives the amount it would have been entitled to receive under this Agreement in the absence of such deductions and Taxes. 
 (b) Any payments made to one Party by another Party pursuant to (i) this Agreement or (ii) Sections 2.3(b), 2.3(c), 4.2, and 4.3 of the Separation and Distribution Agreement (or any other payment made
pursuant to the Separation and Distribution Agreement that relates to taxable periods (or portions thereof) ending on or before the Distribution) shall be treated by the Parties for all Tax purposes as a distribution by, or capital contribution to,
Broadridge, as the case may be, made immediately prior to the Distribution, except to the extent otherwise required by a Final Determination. 
  

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 Section 5.06 Expenses. Except as otherwise provided herein, each Party and its Affiliates
shall bear their own expenses incurred in connection with preparation of Tax Returns, Tax Contests, and other matters under this Agreement. 
 Section 5.07 Cooperation. Each member of the ADP Group and the Broadridge Group shall cooperate fully with all reasonable requests from the other Party in connection with the preparation and filing of Tax Returns and Adjustment
Requests, Tax Contests and other matters covered by this Agreement. 
 (a) Such cooperation shall include: 
 (i) the retention until the expiration of the applicable statute of limitations, and the provision upon request, of Tax Returns, books, records
(including information regarding ownership and Tax basis of property), documentation and other information relating to the Tax Returns, including accompanying schedules, related workpapers, and documents relating to Rulings or other determinations
by Taxing Authorities; 
 (ii) the execution of any document that may be necessary or reasonably helpful in connection with any Tax Contest,
the filing of a Tax Return or Adjustment Request by a member of the ADP Group or the Broadridge Group, obtaining a Tax opinion or private letter ruling (except as otherwise provided in Section 4.02(d)), or other matters covered by this
Agreement, including certification (provided in such form as may be required by applicable law or reasonably requested and made to the best of a Party’s knowledge) of the accuracy and completeness of the information it has supplied; 

(iii) the use of the Parties’ reasonable best efforts to obtain any documentation that may be necessary or reasonably helpful in connection with
any of the foregoing; 
 (iv) the use of the Parties’ reasonable best efforts to make the applicable Party’s current or former
directors, officers, employees, agents and facilities available on a reasonable and mutually convenient basis in connection with the foregoing matters; and 
 (v) making determinations with respect to actions described in Section 4.02(c) as promptly as practicable including, without limitation, making determinations within 10 days with respect to modifications and
amendments of employee stock purchase agreements or equity compensation plans under Section 4.02(b)(i)(x). 
 (b) If a Party fails to
comply with any of its obligations set forth in this Section 5.07 upon reasonable request and notice by the other Party, and such failure results in the imposition of additional Taxes, the nonperforming Party shall be liable in full for such
additional Taxes. 
  

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 Section 5.08 Confidentiality. Any information or documents provided under this Agreement
shall be kept confidential by the recipient-Party, except as may otherwise be necessary in connection with the filing of Tax Returns or with any Tax Contest. In addition, if ADP or Broadridge determines that providing such information could be
commercially detrimental, violate any law or agreement or waive any privilege, the Parties shall use reasonable best efforts to permit compliance with the obligations under this Agreement in a manner that avoids any such harm or consequence.

 Section 5.09 Retention of Tax Records. Broadridge may request from ADP and retain copies of (i) with respect to any
Joint Return, all pro forma federal and state Tax Returns, supporting schedules and workpapers related to members of the Broadridge Group, and (ii) any Separate Returns for any Broadridge Group members, including supporting schedules and
workpapers. If either ADP or Broadridge intends to dispose of documentation with respect to any Pre-Distribution Tax Period, including books, records, Tax Returns and all supporting schedules and information relating thereto (after the expiration of
the applicable statute of limitations), of any member of the other Group, or in the case of the Broadridge Group any member included in a Joint Return, they shall provide written notice to the other Party describing the documentation to be disposed
of 30 days prior to taking such action. The other Party may arrange to take delivery of the documentation described in the notice at its own expense during the succeeding 30 day period. 
 ARTICLE VI 
 RESOLUTION OF DISPUTES 
 Section 6.01 Tax Disputes. The Parties will endeavor, and will cause their respective Affiliates to endeavor, to resolve in an amicable
manner all disputes arising in connection with this Agreement. The Parties shall negotiate in good faith to resolve any Tax Dispute for not less than 45 days. Upon written notice of either Party after 45 days, the matter will be referred to a Tax
Advisor acceptable to both Parties. The Tax Advisor may, in its discretion, obtain the services of any third-party necessary to assist it in resolving the dispute. The Tax Advisor shall furnish written notice to the Parties of its resolution of the
dispute as soon as practicable, but in any event no later than 45 days after its acceptance of the matter for resolution. Any such resolution by the Tax Advisor will be binding on the Parties and the Parties shall take, or cause to be taken, any
action necessary to implement the resolution. All fees and expenses of the Tax Advisor shall be shared equally by ADP, on the one hand, and Broadridge, on the other hand. If, having determined that the dispute must be referred to a Tax Advisor,
after 45 days the Parties are unable to find a Tax Advisor willing to adjudicate the dispute in question and whom the Parties in good faith find acceptable, then the dispute will be submitted for arbitration to the American Arbitrators Association,
provided, however, that only an arbitrator that qualifies as a Tax Advisor shall be selected. 
  

 24 

 ARTICLE VII 
 MISCELLANEOUS PROVISIONS 
 Section 7.01 Disposition of Broadridge Subsidiaries. In the
event that Broadridge disposes of the stock of a subsidiary that is not a Party to this Agreement (i) without receiving compensation equal to the fair market value of such subsidiary, prior to the disposition, such subsidiary shall deliver to
ADP an executed agreement, in a form reasonably acceptable to ADP, agreeing to be bound by this Agreement as if it had been an original Party hereto or (ii) in an exchange intended to result in the receipt of compensation equal to the fair
market value of such subsidiary, prior to the disposition, such subsidiary shall deliver to ADP an executed agreement, in a form reasonably acceptable to ADP, agreeing to be bound by Sections 5.07, 5.08, 5.09 and Article VII of this Agreement as if
it had been an original Party hereto. 
 Section 7.02 Complete Agreement; Representations. 
 (a) Except as explicitly stated herein, this Agreement, together with the exhibits and schedules hereto constitutes the entire agreement between the
Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 
 (b) ADP represents on behalf of itself and each other member of the ADP Group and Broadridge represents on behalf of itself and each other member of the Broadridge Group as follows: 
 (i) each such Person has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order to execute,
deliver and perform this Agreement and to consummate the transactions contemplated by this Agreement; and 
 (ii) this Agreement has been
duly executed and delivered by such Person (if such Person is a Party) and constitutes a valid and binding agreement of it enforceable in accordance with the terms thereof (assuming the due execution and delivery thereof by the other Party), except
as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other Laws relating to creditors’ rights generally and by general equitable principles. 
 Section 7.03 Costs and Expenses. All costs and expenses incurred in connection with the negotiation, preparation, execution and performance
of this Agreement and the transactions contemplated hereby shall be borne as provided in the Separation and Distribution Agreement. 
  

 25 

 Section 7.04 Governing Law. This Agreement and any dispute arising out of, in connection
with or relating to this Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without giving effect to the conflicts of laws principles thereof. 
 Section 7.05 Notices. All notices, requests, claims, demands and other communications hereunder must be in writing and will be deemed to
have been duly given only if delivered personally or by facsimile transmission or mailed (first class postage prepaid) to the Parties at the following addresses or facsimile numbers: 
 If to ADP or any member of the ADP Group, to: 
 Automatic Data Processing, Inc. 
 One ADP Boulevard 
 Roseland, New Jersey 07068 
 Attn: General Counsel 
 Fax: 973-974-3324 
 If to Broadridge or any
member of the Broadridge Group, to: 
 Broadridge Financial Solutions, Inc. 
 2 Journal Square Plaza 
 Jersey City, New
Jersey 07306 
 Attn: General Counsel 
 Fax: 201-714-3506 
 All such notices, requests and other communications will (i) if delivered personally to the address as
provided in this section, be deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as provided in this section, be deemed given upon receipt and (iii) if delivered by mail in the manner described
above to the address as provided in this section, be deemed given upon receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice, request or other
communication is to be delivered pursuant to this section). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party by giving notice specifying such change to the other
party. 
 Section 7.06 Amendment, Modification or Waiver. 
 (a) Prior to the Distribution, this Agreement may be amended, modified, waived, supplemented or superseded, in whole or in part, by ADP in its sole
discretion by execution of a written amendment delivered to Broadridge. Subsequent to the Distribution, this Agreement may be amended, modified, supplemented or superseded only by an instrument signed by duly authorized signatories of both Parties.

  

 26 

 (b) Following the Distribution, any term or condition of this Agreement may be waived at any time by the
Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition. No waiver by any Party of any term or condition
of this Agreement, in any one or more instances, shall be deemed or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by Law or otherwise afforded,
will be cumulative and not alternative. 
 Section 7.07 No Assignment; Binding Effect. Neither this Agreement nor any of the
rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by any of the Parties without the prior written consent of the other Party; provided, however, that no such consent shall
be required in the event of a merger, consolidation or sale of either ADP or Broadridge. Subject to the preceding sentence, this Agreement is binding upon, inures to the benefit of and is enforceable by the Parties hereto and their respective
successors and assigns. 
 Section 7.08 Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 Section 7.09 Specific
Performance. From and after the Distribution, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Parties agree that the Party or Parties to this Agreement who are
or are to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its or their rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such
rights and remedies shall be cumulative. The Parties agree that, from and after the Distribution, the remedies at law for any breach or threatened breach of this Agreement, including monetary damages, are inadequate compensation for any loss, that
any defense in any action for specific performance that a remedy at law would be adequate is hereby waived, and that any requirements for the securing or posting of any bond with such remedy are hereby waived. 
 Section 7.10 New York Forum. Each of the Parties agrees that, except as otherwise provided in Section 6.01, all Actions arising out of
or in connection with this Agreement, or for recognition and enforcement of any judgment arising out of or in connection with this Agreement, shall be tried and determined exclusively in the state or federal courts in the State of New York, County
of New York, and each of the Parties hereby irrevocably submits with regard to any such action or proceeding for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the
Parties hereby expressly waives any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (a) any claim that it is not subject to personal
jurisdiction in the aforesaid courts for any reason; (b) any claim 
  

 27 

 
that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; and (c) any claim
that (i) any of the aforesaid courts is an inconvenient or inappropriate forum for such action or proceeding, (ii) venue is not proper in any of the aforesaid courts and (iii) this Agreement, or the subject matter hereof, may not be
enforced in or by any of the aforesaid courts. Each of the Parties agrees that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 7.05 or any other manner as may be permitted by
Law shall be valid and sufficient service thereof. 
 Section 7.11 WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT
ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE WAIVER IN THIS SECTION, (ii) SUCH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (iii) SUCH PARTY MAKES SUCH WAIVER VOLUNTARILY AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS, AGREEMENTS AND
CERTIFICATIONS HEREIN. 
 Section 7.12 Interpretation; Conflict With Ancillary Agreements. The language of this Agreement shall
be construed according to its fair meaning and shall not be strictly construed for or against any Party. Notwithstanding the foregoing, the purposes of Article IV are to ensure the Tax-Free Status and, accordingly, the Parties agree that the
language thereof shall be interpreted in a manner that serves this purpose to the greatest extent possible. The Article and Section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the
Parties and shall not in any way affect the meaning or interpretation of this Agreement. If, and to the extent, the provisions of this Agreement conflict with the Separation and Distribution Agreement, or any Ancillary Agreement, the provisions of
this Agreement shall control. 
 Section 7.13 Severability. If any provision of this Agreement is held to be illegal, invalid or
unenforceable under any present or future Law, the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. 
 Section 7.14 Survival. Except with respect to Sections 5.07, 5.08 and 5.09 which shall remain in effect without limitation as to time, the
provisions in this Agreement shall be unconditional and absolute and shall remain in effect until the expiration of the statute of limitations for all taxable periods that end before or include June 30 of the calendar year in which the
Distribution occurs and the resolution of all disputes under this Agreement that arose during such periods. 
 [Remainder of page
intentionally left blank] 
  

 28 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date first above
written. 
  

			
	AUTOMATIC DATA PROCESSING, INC.
		
	By:	 	 /s/ James B. Benson

	Name:	 	James B. Benson
	Title:	 	Corporate Vice President
	
	 BROADRIDGE FINANCIAL
 SOLUTIONS,
INC.

		
	By:	 	 /s/ James B. Benson

	Name:	 	James B. Benson
	Title:	 	President

 Signature Page – Tax Allocation AgreementTransition Services Agreement

 Exhibit 10.2 
 TRANSITION SERVICES AGREEMENT 
 between 
 AUTOMATIC DATA PROCESSING, INC. 
 and 
 BROADRIDGE FINANCIAL SOLUTIONS, INC. 
 Dated as of March 29, 2007 

 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I DEFINITIONS	  	
	 1.1
	  	  Certain Defined Terms	  	1
	 1.2
	  	  General Interpretive Principles	  	5
		
	ARTICLE II SERVICES	  	5
	 2.1
	  	  ADP Services	  	5
	 2.2
	  	  Terms of the Service Schedules; Fees & Costs	  	6
	 2.3
	  	  Services Management	  	7
		
	ARTICLE III TERM AND TERMINATION	  	7
	 3.1
	  	  Term and Service Terms	  	7
	 3.2
	  	  Termination by Broadridge or ADP	  	8
	 3.3
	  	  Effect of Termination	  	8
		
	ARTICLE IV CONFIDENTIALITY	  	9
	 4.1
	  	  General	  	9
	 4.2
	  	  No Disclosure, Compliance with Law, Return or Destruction	  	9
	 4.3
	  	  Protective Arrangements	  	10
	 4.4
	  	  Survival	  	10
	 4.5
	  	  Ownership of Data	  	10
		
	ARTICLE V INDEMNIFICATION	  	10
	 5.1
	  	  Indemnification for Third Party Claims	  	10
	 5.2
	  	  Procedures for Indemnification of Third Party Claims	  	11
	 5.3
	  	  Limitation on Damages	  	12
	 5.4
	  	  Disclaimer of Warranties	  	12
		
	ARTICLE VI MISCELLANEOUS	  	13
	 6.1
	  	  Cooperation	  	13
	 6.2
	  	  Negotiation	  	13
	 6.3
	  	  Consent to Jurisdiction; Service of Process; Waiver of Jury Trial	  	13
	 6.4
	  	  Notices	  	14
	 6.5
	  	  Entire Agreement	  	15
	 6.6
	  	  Waivers and Amendments	  	15
	 6.7
	  	  Governing Law	  	15
	 6.8
	  	  Binding Effect; Assignment	  	16
	 6.9
	  	  Usage	  	16
	 6.10
	  	  Articles and Sections	  	16
	 6.11
	  	  Interpretation	  	16
	 6.12
	  	  Severability of Provisions	  	16
	 6.13
	  	  Counterparts	  	16
	 6.14
	  	  No Personal Liability	  	17
	 6.15
	  	  No Third Party Beneficiaries	  	17

  

 -i- 

					
	 6.16
	  	  Force Majeure	  	17
	 6.17
	  	  Independent Contractors	  	17
	 6.18
	  	  Employees	  	17
	 6.19
	  	  Further Assurances	  	17

 Service Schedules 
  

			
	1	  	  Infrastructure
	2	  	  System Interfaces
	3	  	  Oracle Financials
	4	  	  Accounts Payable
	5	  	  Shared Services
	6	  	  India Services
	7	  	  Canada Services
	8	  	  Tax

  

 -ii- 

 TRANSITION SERVICES AGREEMENT 
 TRANSITION SERVICES AGREEMENT (this “Agreement”), dated as of March 29, 2007, between Automatic Data Processing, Inc., a
Delaware corporation (“ADP”), and Broadridge Financial Solutions, Inc., a Delaware corporation (“Broadridge”). ADP and Broadridge shall be separately referred to herein as a
“Party” and together as the “Parties.” 
 WHEREAS, the Board of Directors of ADP has
determined that it is in the best interests of ADP to separate the “Broadridge Business” (as defined below) and the “ADP Business” (as defined below) into two independent public companies (the
“Separation”), in order to provide greater flexibility for the management, capital requirements and growth of the Broadridge Business and to allow ADP to focus its time and resources on the development and
growth of the ADP Business; 
 WHEREAS, ADP and Broadridge have entered into a Separation and Distribution Agreement, dated as of
March 20, 2007 (as the same may be amended, supplemented, restated and/or modified from time to time, the “Separation Agreement”), in order to carry out, effect and consummate the Separation (including the distribution,
by dividend, to ADP stockholders of the capital stock of Broadridge, as more fully defined and described in the Separation Agreement (the “Distribution”)); and 
 WHEREAS, the Separation Agreement requires that Broadridge and ADP enter into this Agreement to properly document the transitional services to be
provided by ADP and/or “Third Party Service Providers” (as defined below) to Broadridge (and the other “Service Recipients”, as defined below). 
 NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements entered into herein and in the Separation Agreement, and intending to be legally bound hereby, ADP and Broadridge
agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Certain Defined Terms. For all purposes of this Agreement: 
 “Action” means any claim, demand, action, cause of action, suit, countersuit, arbitration, litigation,
inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority. 
 “ADP” has the meaning assigned to such term in the Preamble hereto. 
 “ADP
Business” means all businesses and operations of the ADP Group, other than the Broadridge Business. 

 “ADP Group” means ADP and each of its Affiliates and
Subsidiaries, and any corporation or other entity that may become part of such Group from time to time, other than the Broadridge Group. 
 “Affiliate” means all entities that directly or indirectly control, are controlled by or are under common with a Party after giving effect to the Distribution. For this purpose, one entity
“controls” another entity if it has the power to direct the management and policies of the other entity (for example, through the ownership of voting securities or other equity interest). 
 “Agreement” has the meaning assigned to such term in the Preamble hereto. 
 “Ancillary Agreements” means the Employee Matters Agreement, the Intellectual Property Transfer Agreement,
the Data Center Outsourcing Services Agreement and the Tax Allocation Agreement. 
 “Broadridge
Business” means all of the ADP Brokerage Services’ and Securities Clearing and Outsourcing Services’ businesses and operations as at the Distribution, as more fully described in ADP’s Form 10K for the fiscal year ended
June 30, 2006. 
 “Broadridge Group” means Broadridge and each of its Subsidiaries and Affiliates
and any corporation or other entity that may become part of such Group from time to time. 
 “Business” means the Broadridge Business and/or the ADP Business, as the context requires. 
 “Business Day(s)” means any day other than a Saturday, Sunday or national holiday. 
 “Companies” means all direct and indirect subsidiaries of ADP except for any such subsidiaries that are to be included within or owned by Broadridge as part of the Separation. 
 “Data Center Outsourcing Services Agreement” means the Data Center Outsourcing Services Agreement, to be entered
into by and between ADP, Inc. and Broadridge, substantially in the form attached to the Separation Agreement, with such changes as may be agreed to by such parties and ADP. 
 “Dispute Escalation Notice” has the meaning assigned to such term in Section 6.2. 
 “Distribution” has the meaning assigned to such term in the Recitals hereto. 
  

 2 

 “Distribution Date” means the date on which the
Distribution shall be effected, such date to be determined by, or under the authority of, the Board of Directors of ADP in its sole and absolute discretion. 
 “Effective Time” means the time at which the Distribution occurs on the Distribution Date. 
 “Employee Matters Agreement” means the employee matters agreement to be entered into by and between ADP and
Broadridge, substantially in the form attached to the Separation Agreement, with such changes as may be agreed to by the Parties. 
 “Fees“ has the meaning assigned to such term in Section 2.2(b). 
 “Force Majeure” has the meaning assigned to such term in Section 6.16. 
 “Governmental Authority” means any federal, state, local, foreign or international court, government, department, commission, board, bureau or agency, or any other regulatory, self-regulatory, administrative or
governmental organization or authority. 
 “Group” means the ADP Group and/or the Broadridge Group, as
the context requires. 
 “Indemnified Party” has the meaning assigned to such term in
Section 5.1. 
 “Indemnifying Party” has the meaning assigned to such term in
Section 5.1. 
 “Information” means all information of either the ADP Group or the
Broadridge Group, as the context requires, whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including non-public financial information, studies, reports, records,
books, accountants’ work papers, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks,
diskettes, tapes, computer programs or other software, marketing plans, customer data, communications by or to attorneys, memos and other materials prepared by attorneys and accountants or under their direction (including attorney work product), and
other technical, financial, legal, employee or business information or data. 
 “Intellectual Property Transfer
Agreement” means the intellectual property transfer agreement to be entered into between ADP and Broadridge, substantially in the form attached to the Separation Agreement, with such changes as may be agreed to by the Parties.

  

 3 

 “Law” means any applicable foreign, federal, national, state,
provincial or local law (including common law), statute, ordinance, rule, regulation, code or other requirement enacted, promulgated, issued or entered into, or act taken, by a Governmental Authority. 
 “Losses” has the meaning assigned to such term in Section 5.1. 
 “Notice” has the meaning assigned to such term in Section 6.2(c). 
 “Parties” has the meaning assigned to such term in the Preamble hereto. 
 “Person” means any natural person, corporation, general or limited partnership, limited liability company or
partnership, joint stock company, joint venture, association, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, and any Governmental Authority. 
 “Separation” has the meaning assigned to such term in the Recitals hereto. 
 “Separation Agreement” has the meaning assigned to such term in the Recitals hereto. 
 “Service Recipient” means Broadridge, its Affiliates, permitted assignees under the Separation
Agreement and all legal entities owned by Broadridge immediately after the Distribution. 
 “Service
Schedule” has the meaning assigned to such term in Section 2.1(a). 
 “Services” has the meaning assigned to such term in Section 2.1(a). 
 “Subsidiary” means, with respect to any Person, any other Person of which a Person (either alone or through or together with any other Subsidiary of such Person) owns, directly or indirectly, a majority of the stock
or other equity interests the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation or other legal entity. 
 “Tax Allocation Agreement” means the tax allocation agreement to be entered into by and between ADP and
Broadridge, substantially in the form attached to the Separation Agreement, with such changes as may be agreed to by the Parties. 
 “Term” has the meaning assigned to such term in Section 3.1(a). 
 “Third Party Service Providers” shall mean third parties which are or will be engaged by ADP or its Affiliates to assist in the delivery of its obligations under this Agreement. 
  

 4 

 “Transition” means the transition of the Services from ADP or a
Third Party Service Provider to Broadridge and/or its Affiliates or Broadridge’s own third party service providers. 
 1.2 General
Interpretive Principles. (i) Words in the singular shall include the plural and vice versa, and words of one gender shall include the other gender, in each case, as the context requires, (ii) the words “hereof,”
“herein,” “hereunder,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement and not to any particular provision of this Agreement, and
references to Article, Section, paragraph and schedule are references to the Articles, Sections, paragraphs and schedules to this Agreement unless otherwise specified, (iii) the word “including” and words of similar import when
used in this Agreement shall mean “including, without limitation,” unless otherwise specified and (iv) any reference to any federal, state, local or non-U.S. statute or Law shall be deemed to also refer to all rules and regulations
promulgated thereunder, unless the context otherwise requires. 
 ARTICLE II 
 SERVICES 
 2.1 ADP Services. 
 (a) The term “Services” shall mean and refer solely to those services listed on Schedules 1 through 8 hereto (each a
“Service Schedule”), that are necessary (i) for the uninterrupted and continued operations of the Broadridge Business after the Distribution Date in substantially the same manner as the Broadridge Business was conducted
and operated immediately prior to the Distribution Date or (ii) to aid Broadridge in the Transition. 
 (b) Commencing on the
Distribution Date and continuing throughout the Term, ADP agrees to provide through the ADP Group and Third Party Service Providers, subject to changes in applicable Law, the Services in accordance with the Service Schedules, it being understood by
the Parties that (except as otherwise set forth in the Service Schedules) the Services shall be provided: (i) only to the extent that services of similar kind were provided by the ADP Group or Third Party Service Providers to the Broadridge
Business prior to the Distribution Date; and (ii) consistent with this Agreement and in substantially the same manner (including, without limitation, as to level, quality and timeliness) as they had been provided to the Broadridge Business by
the ADP Group and Third Party Service Providers on or prior to the Distribution Date. 
 (c) To the extent that any of the assets required
to provide any Services have become the property of Broadridge pursuant to the Separation, Broadridge hereby grants ADP a limited, non-exclusive license to use such assets, for a period not to exceed the Term, for the purpose of providing such
Services and aiding the Transition on the terms and subject to the conditions set forth in this Agreement. 
 (d) Broadridge and ADP shall
use their commercially reasonable efforts to complete the Transition (including without limitation, in the case of Broadridge, identifying and recruiting applicable new personnel) as soon as practicable and in no event later 

  

 5 

 
then the expiration of the Term and shall commit and provide sufficient and appropriate resources to timely complete the Transition. ADP shall also use its
best efforts to assist Broadridge in obtaining licenses and/or consents with or from any of ADP’s current vendors or service providers who are providing services, products or licenses to Broadridge or its Affiliates, or to ADP for the benefit
of Broadridge or its Affiliates, prior to the Distribution Date; provided that in no event shall such assistance by ADP require or be deemed to require ADP to incur any additional costs or make any additional payments to any such vendors or
service providers. 
 (e) Except with respect to ADP’s applicable efforts obligations under Section 2.1(d) above,
Broadridge acknowledges and agrees that ADP has no obligation to obtain licenses or consents with any vendor or service provider in connection with the Services and that any failure by ADP to obtain any such license or consent will not constitute a
breach of this Agreement or the negligence or willful misconduct of ADP; provided that failure to obtain any such license or consent shall not relieve ADP of its obligations to provide the Services set forth herein. 
 (f) Unless specifically set forth elsewhere herein to the contrary, this Agreement does not apply to the services to be provided by ADP (or any of its
subsidiaries) to Broadridge (or any of its subsidiaries) pursuant to any Ancillary Agreements. 
 (g) If, after the execution of this
Agreement, the Parties reasonably determine that a service (i) that was provided by the ADP Group or a Third Party Service Provider to the Broadridge Business prior to the Distribution Date and (ii) is reasonably necessary to the conduct
of the Broadridge Business after the Distribution Date, was unintentionally omitted from the Service Schedules, then ADP shall provide such additional service to the Service Recipients (with such service becoming a Service for purposes of this
Agreement) and a Service Schedule shall be created for such Service, it being agreed by the Parties that the charges for such additional Services shall be their actual cost to ADP (unless the exception contained in Section 2.2(b),
regarding countries other than the United States, applies). 
 (h) Broadridge and ADP hereby agree that ADP is under no obligation to enter
into any engagements with new Third Party Service Providers in connection with this Agreement unless (i) ADP is entering into such new engagements with respect to its own internal business or in its ordinary course of business and
(ii) Broadridge is not able to engage its own third party service providers with respect to the same subject matter within the applicable timing needs of Broadridge. The Parties shall use their commercially reasonable efforts to transition
Broadridge from the ADP Group and the Third Party Service Providers to Broadridge or its own third party service providers. 
 2.2 Terms
of the Service Schedules; Fees & Costs. 
 (a) ADP shall provide, and shall cause any Third Party Service Providers to provide,
the Services with at least the same level of service and degree of quality as provided by ADP to the Broadridge Business prior to the Distribution Date. 
 (b) Each Service Schedule shall, in addition to the Services to be delivered by ADP, set forth the fees to be paid by Broadridge for such Services (collectively, the 

  

 6 

 
“Fees”). If not set forth in any Service Schedule, the Parties agree that the Fees for each of the Services are intended to be equal
to ADP’s applicable allocated costs to the Broadridge Business prior to the Distribution, except to the extent that legal counsel with respect to any applicable country other than the United States (including, without limitation, India) has
advised that a different fee for the Services is required or is more appropriate under the applicable Law of such other country. 
 (c) Not
more than thirty (30) days following the end of each calendar month during the Term, ADP (directly or through one or more of its Affiliates) shall issue a monthly invoice to Broadridge, setting forth the Fees (itemized by Service) and any
applicable taxes payable by Broadridge for such calendar month. 
 (d) Except as otherwise provided herein or in the applicable Service
Schedules, the aggregate Fees under the Service Schedules shall be paid in full by Broadridge within thirty (30) days following receipt of an invoice from ADP, unless Broadridge in good faith disputes the amount of Fees contained in any such
invoice, as provided in Section 2.2(e) below. 
 (e) If Broadridge, in good faith, disputes any Fees, it shall promptly submit
to ADP written notice of such dispute and may withhold from its payment of the relevant invoice only such disputed amounts (except for applicable taxes). 
 (f) Broadridge understands that prior to the date of this Agreement, ADP may have contracted with Affiliates or Third Party Service Providers to provide services in connection with all or any portion of the Services.
ADP may subcontract with its present and future Affiliates or Third Party Service Providers to provide the Services (and may increase the scope of such engagement of Affiliates or Third Party Service Providers). 
 (g) ADP shall promptly correct any errors or omissions in any of the Services that it has provided to Broadridge hereunder. 
 2.3 Services Management. 
 (a)
Broadridge and ADP have established transition teams to lead and coordinate the Transition. 
 (b) Broadridge and ADP shall support the
activities of their respective transition teams with the intent of enabling the completion of the Transition as soon as practicable. 
 ARTICLE III 
 TERM AND TERMINATION 
 3.1 Term and Service Terms. (a) The term of this Agreement shall commence on the
Distribution Date and end on the first (1st) anniversary thereof, unless earlier terminated in accordance with
Section 3.2 below (the “Term”). If the Parties agree (or if required by applicable Law), the Service Schedules will set forth any shorter periods for which particular Services will be provided. 
  

 7 

 (b) During the Term, each of ADP and Broadridge shall continue to use their respective commercially
reasonable efforts to timely complete the Transition. 
 3.2 Termination by Broadridge or ADP. This Agreement or any Service provided
hereunder in accordance with a Service Schedule, as applicable, may be terminated as follows: 
 (a) except as otherwise provided by Law, by
either Broadridge or ADP at any time upon written notice to the other Party, if (i) the other Party is adjudicated as bankrupt, (ii) any insolvency, bankruptcy or reorganization proceeding is commenced by the other Party under any
insolvency, bankruptcy or reorganization act, (iii) any action is taken by others against the other Party under any insolvency, bankruptcy or reorganization act and such Party fails to have such proceeding stayed or vacated within ninety
(90) days or (iv) if the other Party makes an assignment for the benefit of creditors, or a receiver is appointed for the other Party which is not discharged within thirty (30) days after the appointment of the receiver; 

(b) by ADP at any time upon written notice to Broadridge, if Broadridge fails to pay the amount of any undisputed Fees in accordance with
Section 2.2 hereof and such failure is not cured within fifteen (15) Business Days after written notice from ADP or its applicable Affiliate; or 
 (c) by Broadridge at the end of any calendar month, with respect to any or all of the Services hereunder; provided, that Broadridge shall give ADP not less than fifteen (15) days prior written notice
specifying the date that such termination is to be effective (or such shorter notice as may be agreed upon by Broadridge and ADP); provided further that Broadridge will not delay termination of those particular Services for which the
Transition has been completed. 
 3.3 Effect of Termination. In the event this Agreement is validly terminated as provided herein,
each of the Parties shall be relieved of its duties and obligations arising hereunder after the date of such termination, provided, however, that (i) the provisions set forth in Articles IV, V and VI hereof shall survive any
termination of this Agreement and (ii) such termination in and of itself shall not relieve a Party of liability for a breach prior to the date of such termination. For the avoidance of doubt, in the event of any termination of one or more
Services, the Fees applicable to such Services, in accordance with Section 2.2 above, shall no longer be charged or due after the effective date of such termination and in the event of a material reduction by Broadridge of the amount of
the Services it elects to continue to receive, the Fees applicable to such Services shall be appropriately reduced thereafter if costs to ADP are correspondingly reduced as a result of such reduction. 
  

 8 

 ARTICLE IV 
 CONFIDENTIALITY 
 4.1 General. Each Party acknowledges (i) that such Party has in its possession
and, in connection with this Agreement and the Ancillary Agreements such Party will receive, Information of the other Party that is not available to the general public, and (ii) that such Information may constitute, contain or include material
non-public Information of the other Party. Subject to Section 4.3 below, as of the Distribution Date, ADP, on behalf of itself, the ADP Group and each of its Affiliates, and Broadridge, on behalf of itself and each of its Affiliates,
agrees to hold, and to cause its and their respective directors, officers, employees, agents, third party contractors, vendors, accountants, counsel and other advisors and representatives to hold, in strict confidence, with at least the same degree
of care that such Party applies to its own confidential and proprietary Information pursuant to its applicable policies and procedures in effect as of the Distribution Date, all Information concerning the other Party (or its Business) and such other
Party’s Affiliates (or their respective businesses) that is either in its possession (including Information in its possession prior to the Distribution Date) or furnished by the other Party or the other Party’s Affiliates or their
respective directors, officers, employees, agents, third party contractors, vendors, accountants, counsel and other advisors and representatives at any time pursuant to or in connection with this Agreement and the Ancillary Agreements, and will not
use such Information other than for such purposes as may be expressly permitted hereunder, except, in each case, to the extent that such Information: 
 (A) is or becomes available to the general public, other than as a result of a disclosure by such Party or its Affiliates or any of their respective directors, officers, employees, agents, third party contractors,
vendors, accountants, counsel and other advisors and representatives in breach of this Agreement; 
 (B) was available to such Party or its
Affiliates, or becomes available to such Party or its Affiliates, on a non-confidential basis from a source other than the other Party, provided, that, the source of such Information was not bound by a confidentiality obligation with respect
to such Information, or otherwise prohibited from transmitting the Information to such Party or its Affiliates by a contractual, legal or fiduciary obligation; or 
 (C) is independently generated by such Party without use of or reference to any proprietary or confidential Information of the other Party. 
 4.2 No Disclosure, Compliance with Law, Return or Destruction. Each Party agrees not to release or disclose, or permit to be released or
disclosed, any Information with respect to the other Party to any other Person, except its and its Affiliates’ respective directors, officers, employees, agents, third party contractors, vendors, accountants, counsel, lenders and other advisors
and representatives who need to know such Information in connection with this Agreement or the Ancillary Agreements or for valid business reasons relating thereto, and except in compliance with Section 4.3 below. Each Party shall advise
its and its Affiliates’ respective directors, officers, employees, agents, third party contractors, vendors, accountants, counsel, lenders and other advisors and representatives who have been provided with such Information of such Party’s
confidentiality obligations hereunder and that such Information may constitute, 

  

 9 

 
contain or include material non-public Information of the other Party. Each Party shall, and shall cause its and its Affiliates’ respective directors,
officers, employees, agents, third party contractors, vendors, accountants, counsel, lenders and other advisors and representatives who have been provided with such Information to use such Information only in accordance with (i) the terms of
this Agreement or the Ancillary Agreements and (ii) applicable Law (including federal and state securities Laws). Each Party shall promptly, after receiving a written request of the other Party, return to the other Party all such Information in
a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or certify to the other Party that it has destroyed such Information (and such copies thereof and such notes, extracts or summaries based thereon), as
directed by the other Party; provided, however, that in no event shall either Party be required to destroy any hardware that includes Information if such Information is only accessible to highly skilled computer experts and cannot
otherwise be deleted or destroyed without undue cost or effort (provided that such Information will remain subject to the confidentiality protection provisions herein). 
 4.3 Protective Arrangements. Notwithstanding anything herein to the contrary, in the event that either Party or any of its directors, officers, employees, agents, third party contractors, vendors, accountants,
counsel, lenders and other advisors and representatives either determines on the advice of its counsel that it is required to disclose any Information pursuant to applicable Law or the rules or regulations of a Governmental Authority or receives any
demand under lawful process or from any Governmental Authority to disclose or provide Information of the other Party that is subject to the confidentiality provisions hereof, such Party shall, if possible, notify the other Party prior to disclosing
or providing such Information and shall cooperate at the expense of the other Party in seeking any reasonable protective arrangements requested by such other Party. In the event that a protective arrangement is not obtained, the Party that received
such request (i) may thereafter disclose or provide such Information to the extent required by such Law (as so advised by counsel) or by lawful process or such Governmental Authority, without liability therefor and (ii) shall exercise its
commercially reasonable efforts to have confidential treatment accorded any such Information so furnished. 
 4.4 Survival. The
obligations of confidentiality in this Article IV shall remain in effect during the Term and thereafter. 
 4.5 Ownership of Data. To
the extent related to the Broadridge Business, Broadridge (or other applicable Service Recipient) shall own all right, title and interest in and to all data generated for Broadridge or such Service Recipient by ADP, its Affiliates and any Third
Party Service Providers in providing the Services. 
 ARTICLE V 
 INDEMNIFICATION 
 5.1 Indemnification for Third Party Claims. From and after the
Distribution Date, ADP, on the one hand, and Broadridge, on the other hand (as applicable, an “Indemnifying Party”), shall indemnify the other Party (an “Indemnified Party”), the Indemnified
Party’s Affiliates and their respective officers, directors and employees against and hold them harmless 
  

 10 

 
from any and all liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties (including reasonable fees for outside
counsel, accountants and other outside consultants) suffered or incurred (collectively, “Losses”) as a result of a third party claim against the Indemnified Party if and to the extent any such Loss is attributable to the
Indemnifying Party. For avoidance of doubt, this Article V applies solely to the specific matters and activities covered by this Agreement (and not to matters specifically covered by the Separation Agreement and the Ancillary Agreements).

 5.2 Procedures for Indemnification of Third Party Claims. 
 (a) If an Indemnified Party shall receive notice or otherwise learn of the assertion by any Person who is not a member of the ADP Group or the Broadridge
Group of any claim, or of the commencement by any such Person of any Action, with respect to which an Indemnifying Party may be obligated to provide indemnification to such Indemnified Party pursuant to Section 5.1 of this Agreement
(collectively, a “Third Party Claim”), such Indemnified Party shall give such Indemnifying Party prompt written notice thereof and, in any event, within ten (10) days after such Indemnified Party received notice of such Third
Party Claim. Any such notice shall describe the Third Party Claim in reasonable detail. Notwithstanding the foregoing, the failure of any Indemnified Party or other Person to give notice as provided in this Section 5.2(a) shall not
relieve the related Indemnifying Party of its obligations under this Article V, except to the extent that such Indemnifying Party is actually prejudiced by such failure to give notice. 
 (b) An Indemnifying Party may elect (but is not required) to assume the defense of and defend, at such Indemnifying Party’s own expense and by such
Indemnifying Party’s own counsel, any Third Party Claim. Within thirty (30) days after the receipt of notice from an Indemnified Party in accordance with Section 5.2(a) (or sooner, if the nature of such Third Party Claim so
requires), the Indemnifying Party shall notify the Indemnified Party of its election whether the Indemnifying Party will assume responsibility for defending such Third Party Claim, which election shall specify any reservations or exceptions. If, in
such notice, the Indemnifying Party elects to assume the defense of a Third Party Claim, the Indemnified Party shall have the right to employ separate counsel and to participate in (but not control) the defense, compromise, or settlement thereof,
but the fees and expenses of such counsel shall be the expense solely of such Indemnified Party. 
 (c) If, in such notice, an Indemnifying
Party elects not to assume responsibility for defending a Third Party Claim, or fails to notify an Indemnified Party of its election as provided in Section 5.2(b), such Indemnified Party may defend such Third Party Claim at the cost and
expense of the Indemnifying Party. 
 (d) The Indemnifying Party shall have the right to compromise or settle a Third Party Claim the
defense of which it shall have assumed pursuant to Section 5.2(b), and any such settlement or compromise made or caused to be made of a Third Party Claim in accordance with this Article V shall be binding on the Indemnified Party in the
same manner as if a final judgment or decree had been entered by a court of competent jurisdiction in the amount of such settlement or compromise. Notwithstanding the foregoing sentence, without the express prior consent of the Indemnified Party,
the Indemnifying Party shall not have the right to admit 

  

 11 

 
culpability on behalf of the Indemnified Party and shall not compromise or settle a Third Party Claim unless the compromise or settlement includes, as a part
thereof, an unconditional release of the Indemnified Party from liability with respect to such Third Party Claim and does not require the Indemnified Party to make any payment that is not fully indemnified under this Agreement or to be subject to
any non-monetary remedy; provided, however, that if the Indemnified Party unreasonably withholds a consent required by this sentence to the terms of a compromise or settlement of a Third Party Claim proposed to the Indemnified Party by the
Indemnifying Party, the Indemnifying Party’s obligation to indemnify the Indemnified Party for such Third Party Claim shall not exceed the total amount that had been proposed in such compromise or settlement offer plus the amount of all
expenses incurred by the Indemnified Party with respect to such Third Party Claim through the date on which such consent was requested. 
 (e) In the event of payment by or on behalf of any Indemnifying Party to any Indemnified Party in connection with any Third Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnified Party
as to any events or circumstances in respect of which such Indemnified Party may have any right, defense or claim relating to such Third Party Claim against any claimant or plaintiff asserting such Third Party Claim or against any other Person. Such
Indemnified Party shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any subrogated right, defense or claim. 
 (f) All amounts required to be paid pursuant to this Article V shall be paid promptly in immediately available funds by wire transfer to a bank
account designated by the Indemnified Party. 
 5.3 Limitation on Damages. IN NO EVENT SHALL EITHER PARTY AND/OR ITS AFFILIATES OR ANY
OF THEIR DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR SUBCONTRACTORS BE LIABLE REGARDLESS OF THE FORM OF ACTION OR LEGAL THEORY FOR INDIRECT, SPECIAL, PUNITIVE, EXEMPLARY, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND RELATED TO THE PERFORMANCE OR
NON-PERFORMANCE OF THIS AGREEMENT, INCLUDING LOST PROFITS, LOSS OF DATA OR BUSINESS INTERRUPTION. 
 5.4 Disclaimer of Warranties.
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES, AND EACH PARTY EXPRESSLY DISCLAIMS, ANY AND ALL REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE SERVICES TO BE PROVIDED UNDER
THIS AGREEMENT, INCLUDING WARRANTIES WITH RESPECT TO MERCHANTABILITY, OR SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ANY WARRANTIES ARISING FROM COURSE OF DEALING, COURSE OF PERFORMANCE OR TRADE USAGE. NOTHING IN THIS AGREEMENT IS INTENDED
TO LIMIT ANY RIGHTS OR REMEDIES OF EITHER PARTY UNDER THE SEPARATION AGREEMENT OR ANY ANCILLARY AGREEMENT. 
  

 12 

 ARTICLE VI 
 MISCELLANEOUS 
 6.1 Cooperation. 
 Each Party shall, and shall cause its Affiliates to, use good faith efforts to cooperate with the other Party in all matters relating to the provision
and receipt of Services, including providing information and documentation sufficient for the other Party to provide the Services and making available, as reasonably requested by the other Party, timely decisions, approvals and acceptances in order
that the other Party and its Affiliates may perform their respective obligations under this Agreement in a timely manner. 
 6.2
Negotiation. 
 In the event that any dispute arises between the Parties that cannot be resolved, either Party shall have the right to
refer the dispute for resolution to the executive in charge of the business area of the Party to which such dispute relates by delivering to the other Party a written notice of such referral (a “Dispute Escalation Notice”).
Following receipt of a Dispute Escalation Notice, such executives of the Parties shall negotiate in good faith to resolve such dispute. In the event such executives of the Parties are unable to resolve such dispute within fifteen (15) business
days after receipt of the Dispute Escalation Notice, either Party shall have the right to refer the dispute to the chief operating officers of the Parties, who shall negotiate in good faith to resolve such dispute. In the event that the chief
operating officers of the Parties are unable to resolve such dispute within thirty (30) business days after the date of the Dispute Escalation Notice, either Party shall have the right to commence litigation in accordance with
Section 6.3. The Parties agree that all discussions, negotiations and other Information exchanged between the Parties during the foregoing escalation proceedings shall be without prejudice to the legal position of a Party in any
subsequent Action. 
 6.3 Consent to Jurisdiction; Forum; Service of Process; Waiver of Jury Trial. 
 (a) Subject to the prior exhaustion of the procedures set forth in Section 6.2, each of the Parties agrees that, notwithstanding anything
herein, all Actions arising out of or in connection with this Agreement, or for recognition and enforcement of any judgment arising out of or in connection with this Agreement, shall be tried and determined exclusively in the state or federal courts
in the State of New York, County of New York, and each of the Parties hereby irrevocably submits with regard to any such action or proceeding for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of
the aforesaid courts. Each of the Parties hereby expressly waives any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (i) any claim that it is
not subject to personal jurisdiction in the aforesaid courts for any reason; (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; and (iii) any
claim that (A) any of the aforesaid courts is an inconvenient or inappropriate forum for such action or proceeding, (B) venue is not proper in any of the aforesaid courts and (C) this Agreement or the subject matter hereof may not be
enforced in or by any of the aforesaid courts. Each of the Parties 

  

 13 

 
agrees that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 6.4 or any
other manner as may be permitted by Law shall be valid and sufficient service thereof. 
 (b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY. EACH PARTY CERTIFIES AND
ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE WAIVER IN SECTION 6.3(b), (II) SUCH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) SUCH PARTY MAKES SUCH WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS, AGREEMENTS AND
CERTIFICATIONS HEREIN. 
 (c) The covenant of ADP to provide the Services is independent of Broadridge’s covenants under this Agreement
and the Separation Agreement, and ADP, during any dispute or otherwise, shall continue to provide the Services to Broadridge and the other applicable Service Recipients so long as Broadridge is not in (i) material and ongoing breach of its
obligations under Section 4.1 hereof for which breach Broadridge, after becoming aware of or receiving notice of such breach, has not promptly commenced and continued commercially reasonable efforts to remedy, or (ii) material
breach of its payment obligations under this Agreement. 
 6.4 Notices. All notices, requests, claims, demands and other
communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally or by facsimile transmission or mailed (first class postage prepaid) to the Parties at the following addresses or facsimile numbers:

 if to Broadridge or any member of the Broadridge Group, to: 
 Broadridge Financial Solutions, Inc. 
 2 Journal Square Plaza 
 Jersey City, New Jersey 07306 
 Attention:
President and Chief Operating Officer 
 Facsimile: (201) 714-3298 
 with a copy to: 
 Broadridge Financial
Solutions, Inc. 
 2 Journal Square Plaza 
 Jersey City, New Jersey 07306 
 Attention: General Counsel 
 Facsimile: (201) 714-3506 
  

 14 

 if to ADP or any member of the ADP Group, to: 
 Automatic Data Processing, Inc. 
 One ADP
Boulevard 
 Roseland, NJ 07068-1728 
 Attention: President and Chief Operating Officer 
 Facsimile: (973) 974-3371 
 with a copy to: 
 Automatic Data
Processing, Inc. 
 One ADP Boulevard 
 Roseland, NJ 07068-1728 
 Attention: General Counsel 
 Facsimile: (973) 974-3324 
 All such notices, requests and other communications will (i) if
delivered personally to the address as provided in this section, be deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as provided in this section, be deemed given upon receipt and (iii) if
delivered by mail in the manner described above to the address as provided in this section, be deemed given upon receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy
of such notice, request or other communication is to be delivered pursuant to this section). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party by giving notice
specifying such change to the other party. 
 6.5 Entire Agreement. This Agreement, together with the Service Schedules hereto, the
Separation Agreement and the Ancillary Agreements constitutes the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject
matter. This Agreement shall not apply to or supersede any of the terms of separate agreements relating to real property (including, without limitation, real property leases, subleases and facility sharing agreements) entered or being entered into
between the Parties or their respective Affiliates in connection with the Distribution. 
 6.6 Waivers and Amendments. This Agreement
may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by Broadridge and ADP or, in the case of a waiver, by the Party waiving compliance. No delay on the part of either
Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of either Party of any such right, power or privilege, nor any single or partial exercise of any such right, power or
privilege, preclude any further exercise thereof or the exercise of any other such right, power or privilege. 
 6.7 Governing Law.
This Agreement and any dispute arising out of, in connection with or relating to this Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without giving effect to the conflicts of laws principles
thereof. 
  

 15 

 6.8 Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of
the Parties and their respective successors and assigns. This Agreement is not assignable by either Party without the prior written consent of the other Party; provided, that either Broadridge or ADP, as the case may be, may assign any of its
rights under this Agreement to any of its respective Affiliates (it being understood that no such assignment shall effect a novation or otherwise relieve the assigning Party of any of its obligations hereunder nor in any way increase the obligations
of the non-assigning Party under this Agreement); provided, further, that either Party may assign its rights and obligations under this Agreement in connection with a sale of all or substantially all of its business, whether by sale of
assets, merger or otherwise. 
 6.9 Usage. All pronouns and any variations thereof refer to the masculine, feminine or neuter,
singular or plural, as the context may require. Unless otherwise expressly provided, monetary amounts are in U.S. dollars. 
 6.10
Articles and Sections. The Article and Section headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement. 
 6.11 Interpretation. The Parties acknowledge and agree that (i) each Party and its counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed to its revision,
(ii) the rule of construction to the effect that any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement and (iii) the terms and provisions of this Agreement shall be construed
fairly as to each of the Parties, regardless of which Party was generally responsible for the preparation of this Agreement. Any statute, regulation, or other Law defined or referred to herein (or in any agreement or instrument that is referred to
herein) means such statute, regulation or other Law as, from time to time, may be amended, modified or supplemented, including (in the case of statutes) by succession of comparable successor statutes. References to a Person also refer to its
predecessors and permitted successors and assigns. 
 6.12 Severability of Provisions. If any provision or any portion of any
provision of this Agreement shall be held invalid or unenforceable, the remaining portion of such provision and the remaining provisions of this Agreement shall not be affected thereby. If the application of any provision or any portion of any
provision of this Agreement to any Person or circumstance shall be held invalid or unenforceable, the application of such provision or portion of such provision to Persons or circumstances other than those as to which it is held invalid or
unenforceable shall not be affected thereby. 
 6.13 Counterparts. This Agreement may be executed by the Parties in separate
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist of a number of copies hereof each signed by less than all,
but together signed by all, of the Parties. 
  

 16 

 6.14 No Personal Liability. This Agreement (and each agreement, certificate and instrument
delivered pursuant hereto) shall not create or be deemed to create or permit any personal liability or obligation on the part of any officer, director, employee, agent, representative or investor of either Party. 
 6.15 No Third Party Beneficiaries. Except as otherwise provided in Article V, no provision of this Agreement is intended to, or shall, confer any
third party beneficiary or other rights or remedies upon any Person other than the Parties. 
 6.16 Force Majeure. Neither Party shall
be liable for any expense, loss or damage whatsoever arising out of any delay or failure in the performance of its obligations pursuant to this Agreement to the extent such delay or failure results from events beyond the reasonable control of that
Party (“Force Majeure”), including acts of God, acts or regulations of any Governmental Body, war, riots, insurrection, terrorism or other hostilities, accident, fire, flood, strikes, lockouts, industrial disputes, pandemics
or shortages of fuel; provided, that: (a) ADP gives Broadridge, as soon as reasonably practicable, written notice describing the occurrence, including, to the extent reasonably possible, a non-binding estimation of its expected
duration and probable impact on the performance of its obligations hereunder, (b) the suspension of performance is of a scope and duration reasonably related to the Force Majeure and (c) ADP uses commercially reasonable efforts to mitigate
the effects of the Force Majeure. Neither Party shall be entitled to terminate this Agreement due to a Force Majeure or any failure resulting from any such event. 
 6.17 Independent Contractors. Except as otherwise agreed in writing by the Parties, in the performance of the Services to be rendered hereunder, ADP and its Affiliates shall at all times act as independent
contractors, and none is in any respect an agent, attorney, employee, representative, joint venturer or fiduciary of Broadridge, and Broadridge shall not declare or represent to any third party that ADP or any of its Affiliates is acting in any
respect as agent, attorney, employee representative, joint venturer or fiduciary of the Service Recipients. Neither ADP or its Affiliates, on the one hand, nor Broadridge or its Affiliates, on the other, shall have any power or authority to
negotiate or conclude any agreement, or to make any representation or to give any understanding on behalf of the other in any way whatsoever. 
 6.18 Employees. Individuals employed by ADP or its Affiliates who provide Services pursuant to this Agreement shall in no respect be considered employees of Broadridge or any other applicable Service Recipients. ADP or one of its
Affiliates shall act as the sole employer of the individuals it employs and shall not delegate any employment functions to the Service Recipients. 
 6.19 Further Assurances. Subject to the terms and conditions herein provided, each of the Parties agrees to use its commercially reasonable efforts to take or cause to be taken all action and to do or cause to be done all things
reasonably necessary, proper or advisable under applicable Laws to carry out the intents and purposes of this Agreement. 
  

 17 

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

			
	AUTOMATIC DATA PROCESSING, INC.
		
	By:	 	 /s/ James B. Benson

	Name:	 	James B. Benson
	Title:	 	Corporate Vice President
	
	BROADRIDGE FINANCIAL SOLUTIONS, INC.
		
	By:	 	 /s/ James B. Benson

	Name:	 	James B. Benson
	Title:	 	President

  

 18

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