Document:

Form of Terms and Conditions

 Exhibit 10.1 
 PRUDENTIAL FINANCIAL, INC 
 Terms and Conditions of the 

2012 Long-Term Incentive Program for Senior Executives 

  
 1 

 IMPORTANT NOTICE 
 This document is intended to help you understand the main features of the 2012 Long-Term Incentive Program (the Long-Term Program) under the Prudential Financial, Inc. Omnibus Incentive Plan (the
Plan). You should refer to this document only for grants made in 2012, because terms may change from year to year. 
 This
document is not a substitute for the official Plan documents, which govern the operation of the Plan. All terms and conditions of the Long-Term Program and the Plan, including your eligibility and any benefits, will be determined pursuant to, and
are governed by, the provisions of the Plan documents. If there is any discrepancy between the information in this document or in any other materials relating to the Plan and the actual Plan documents, or if there is a conflict between information
discussed by anyone acting on behalf of Prudential and the actual Plan documents, the Plan documents, as interpreted by the Compensation Committee as the Plan administrator in its sole discretion, will always govern. 

Prudential may, in its sole discretion, modify, amend, suspend, or terminate the Plan or the Long-Term Program, or any and all of the policies, programs
and plans described in this document in whole or in part, at any time, without notice to or consent of any Participant to the extent permissible under applicable law. 
 Nothing contained in this document, or in any other materials related to either the Long-Term Program or the Plan, is intended to constitute or create a contract of employment nor shall it constitute or
create the right to remain associated with or in the employ of Prudential for any particular period of time. For US Participants only employment with Prudential is employment-at-will; this means that either you or Prudential may terminate the
employment relationship or association at any time, with or without cause or notice. 

 CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 PART A: General terms and conditions
	  	 	1	  
	1.	 	 Purpose
	  	 	1	  
	2.	 	 Eligibility and grants
	  	 	1	  
	3.	 	 Acceptance of an Award
	  	 	1	  
	4.	 	 Taxes
	  	 	1	  
	5.	 	 Value of Awards
	  	 	2	  
	6.	 	 Covenant not to solicit; other terms and restrictions
	  	 	2	  
	7.	 	 Compliance with Applicable Laws
	  	 	4	  
	8.	 	 Investment representation
	  	 	4	  
	9.	 	 Governing law
	  	 	4	  
	10.	 	 Electronic delivery and acceptance
	  	 	4	  
	11.	 	 No rights as a shareholder
	  	 	5	  
	12.	 	 Section 409A
	  	 	5	  
	13.	 	 Other terms
	  	 	5	  
	 PART B: Terms and conditions applicable to Restricted Stock Units
	  	 	6	  
	1.	 	 Restricted Period
	  	 	6	  
	2.	 	 Settlement of Restricted Stock Units
	  	 	6	  
	3.	 	 Vesting or forfeiture of Restricted Stock Units following termination of Employment in specific circumstances
	  	 	6	  
	4.	 	 Section 409A
	  	 	8	  
	5.	 	 Dividend Equivalents
	  	 	8	  
	 PART C: Terms and conditions applicable to Options
	  	 	10	  
	1.	 	 Vesting and exercise
	  	 	10	  
	2.	 	 Exercise of Options
	  	 	10	  
	3.	 	 Option term
	  	 	10	  
	4.	 	 Exercise or forfeiture of Options following termination of Employment in specific circumstances
	  	 	10	  
	 PART D: Terms and conditions applicable to Performance Shares and Performance Units under the Long-Term
Performance Program, a sub-program of the Long-Term Incentive Program
	  	 	13	  
	1.	 	 Performance Cycle
	  	 	13	  
	2.	 	 Settlement of Performance Shares and Performance Units
	  	 	13	  
	3.	 	 Earnout: Performance Goals
	  	 	13	  
	4.	 	 Vesting or forfeiture of Performance Shares and Performance Units following termination of Employment in specific
circumstances
	  	 	14	  
	5.	 	 Section 409A
	  	 	16	  
	6.	 	 Dividend Equivalents
	  	 	17	  
	 PART E: Terms and conditions applicable to Book Value Units under the Book Value Performance Program, a
sub-program of the Long-Term Incentive Program
	  	 	18	  
	1.	 	 Book Value Units
	  	 	18	  
	2.	 	 Vesting Period
	  	 	18	  
	3.	 	 Settlement of Book Value Units
	  	 	18	  
	4.	 	 Vesting or forfeiture of Book Value Units following termination of Employment in specific circumstances
	  	 	18	  
	5.	 	 Forfeiture
	  	 	21	  
	6.	 	 Section 409A
	  	 	21	  
	7.	 	 No Dividend Equivalents
	  	 	21	  

							
		
	Schedule	  			
			
	1.	 	 Definitions
	  	 	22	  
	2.	 	 Country specific variations
	  	 	25	  
	3.	 	 Form for declining an Award
	  	 	27	  

 Prudential Financial, Inc. 2012 Long-Term Incentive Program 

This document contains the principal terms and conditions applicable to Awards granted to employees under the Prudential Financial, Inc. Omnibus
Incentive Plan (the Plan) for 2012. Specific provisions applicable to any employees selected to participate in any particular country are set out in Schedule 2. 
 PART A: General terms and conditions 
  

	1.	Purpose 

 Prudential’s 2012 Long-Term
Incentive Program (the Long-Term Program) is made available to employees subject to the terms of the Plan and is designed to strengthen the links between leadership, motivation and consistent performance. Employees selected to participate in
the Long-Term Program may be granted Awards of Performance Units valued by reference to the book value of the Common Stock (the Book Value Units), Awards of Restricted Stock Units, Options, Performance Shares, Performance Units, or a
combination thereof, and will be advised of the Awards made to them in their own personalized compensation statement or a communication from their manager. 
 The grant of Awards under the Long-Term Program is subject to the terms and conditions contained in the Plan document. This document describes the principal terms and conditions of Awards granted to
employees under the Plan (the Terms). The Schedule to these Terms contains the definitions used in these Terms. If there is any discrepancy between these Terms and the Plan document, or if there is a discrepancy between any information given
by anyone acting on behalf of any member of the Company Group and the Plan document, the Plan document, as interpreted by the Compensation Committee, will always govern. 

 

	2.	Eligibility and grants 

 Grants of Awards
under the Plan are entirely at the sole discretion of Prudential. 
 A grant of an Award under the Plan on one occasion does not give an
employee the right to any further grant at any time in the future. 
  

	3.	Acceptance of an Award 

 An employee
granted an Award may accept the Award in any manner specified by the Compensation Committee (or the Company Group) and may be deemed to have accepted an Award if the employee has not declined the grant of that Award (in whole or in part) within any
period of time specified by the Compensation Committee (or the Company Group) and notified to the employee. 
 By accepting an Award, a
Participant will be responsible for complying with any Applicable Laws relating to: 
  

	(i)	the transfer of funds on the exercise of an Option (if the Cash Exercise method is used); 

 

	(ii)	the acquisition, holding and sale of shares of Common Stock acquired under the Plan; and 

 

	(iii)	the opening and maintaining of a U.S. brokerage account. 

 The Applicable Laws may change and Participants should seek their own professional legal, financial and taxation advice in relation to their participation in the Plan. 

 

	4.	Taxes 

 Prudential or any member of the
Company Group, as appropriate, has the right to deduct, report and account for any taxes or other obligations required to be withheld by law in connection with an Award. Prudential 

  
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(or, as appropriate, any other member of the Company Group) may require a Participant to pay to Prudential (or, if appropriate, any other member of the Company Group) the amount necessary to
satisfy any such taxes or other obligations and may defer delivery of shares of Common Stock under the Plan to a Participant until such withholding is satisfied. On the exercise of an Option or the Vesting of Restricted Stock Units or Performance
Shares, Prudential or, if appropriate, any other member of the Company Group, will have the right to withhold, either through payroll, through the withholding of sufficient shares of Common Stock or otherwise, in order to satisfy any applicable
withholding requirements on the exercise of an Option or the Vesting of Restricted Stock Units or Performance Shares. Participants will be responsible for ensuring that their own tax affairs in connection with the Plan are in order. 

 

	5.	Value of Awards 

 Prudential makes no
representation as to the future value of any Award under the Plan or whether any profit will be realized with respect to any Award. Past performance may not be a reliable guide to future performance. Investments may fall as well as rise in value. By
accepting the grant of an Award, a Participant agrees that Prudential and the other members of the Company Group are not responsible for foreign exchange fluctuations between the Participant’s local currency and the U.S. dollar and are not
liable for any decrease in the value of shares of Common Stock. Changes in exchange rates may have an adverse effect on the value, price or income of the securities. 
  

	6.	Covenant not to solicit; other terms and restrictions 

  

	(a)	Restrictions during Employment: By accepting the grant of an Award a Participant agrees that during Employment, the Participant will not, other than on behalf of
the Company Group or as may otherwise be required in connection with the performance of the Participant’s duties on behalf of the Company Group, solicit or induce, either directly or indirectly, or take any action to assist any entity, either
directly or indirectly, in soliciting or inducing any employee of the Company Group (other than the Participant’s administrative assistant) to leave Employment (Induce Departures). 

 

	(b)	Post-Employment restrictive covenants, acknowledgements and representations: By accepting the grant of an Award a Participant agrees that following the
termination of the Participant’s Employment: 

  

	 	(i)	Until the original latest Vesting date of the Award or, if ending later, for a period of one year after the termination of the Participant’s Employment for any
reason, the Participant will not Induce Departures or hire or employ, or assist in the hire or employment of, either directly or indirectly, any employee of the Company Group (other than the Participant’s administrative assistant) or any former
employee of the Company Group within 60 days of that former employee’s cessation of Employment with the Company Group; 

  

	 	(ii)	If the Participant voluntarily resigns in circumstances qualifying for Approved Retirement, the Participant will not compete with the Company Group in any business in
which the Company Group is engaged on the last date of the Participant’s Employment that operates in any geographic area in which the Company Group operates as of the Participant’s last date of Employment, for a period of one year
following the Participant’s termination of Employment or until the original latest Vesting date of the Award, whichever is the shorter period; and 

  

	 	(iii)	The Participant could earn a living while fully complying with all of the provisions, restrictions and covenants contained in these Terms. The Participant acknowledges
that Prudential provides a wide range of insurance, investment management and other financial products and services to customers throughout the world and that the restrictions contained in these Terms are reasonable and necessary to protect
Prudential’s legitimate interests in its confidential information, trade secrets, customer relationships, and investment in the training and development of its employees. 

  
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	(c)	Restrictions separable and divisible: By accepting the grant of an Award a Participant acknowledges and accepts the restrictions imposed by subsections 6(a) and
(b) of Part A of these Terms and that each restriction will be construed as separate and divisible from every other restriction. If any provision contained in the Plan or these Terms is for any reason held invalid, illegal or unenforceable in
any respect, that invalidity, illegality or unenforceability will not affect any other provision of the Plan or these Terms, and the Plan or these Terms will be construed as if the invalid, illegal or unenforceable provision had not been included in
the Terms. It is the intention of the parties that if any of the restrictions or covenants contained in these Terms is held to cover a geographic area or to be for a length of time which is not permitted by Applicable Law, or in any way construed to
be too broad or to any extent invalid, that provision will not be null, void and of not effect, but to the extent the provision would be valid or enforceable under Applicable Law, a court of competent jurisdiction will construe and interpret or
reform the Terms to provide for a covenant having the maximum enforceable geographic area, time period and other provisions (not greater than those contained in these Terms) as will be valid and enforceable under the Applicable Law. Prudential may
waive any restriction or any breach in circumstances that it determines do not adversely affect its interests, but only in writing signed by its Senior Vice President, Human Resources (or the successor to his or her human resource responsibilities),
or his or her delegate. No waiver of a breach of a restriction will be deemed a waiver of any other breach. 

  

	(d)	 Remedies: By accepting the grant of an Award a Participant agrees that the restrictions in subsections 6(a) and (b) of Part A of these
Terms are fair, reasonable and necessary, and are reasonably required for the protection of Prudential and any other member of the Company Group. The Participant agrees and acknowledges that the amount of damages that would derive from the breach of
any restriction is not readily ascertainable and that the restrictions are a significant portion of the consideration that the Participant conveys to Prudential in consideration of the grant of an Award. Accordingly, if a Participant fails to
execute and submit or revokes a Release or breaches any of the restrictive covenants set out in subsections 6(a) and (b) of Part A of these Terms, all of the Participant’s outstanding Awards will be cancelled immediately on the date of
that failure, as determined in the sole discretion of the Compensation Committee or its delegate. If a Participant breaches any of the restrictive covenants set out in subsections 6(a) and (b) of Part A of these Terms, in addition to any
equitable relief available to Prudential as outlined below, the Participant will transfer to Prudential Common Stock (rounded to the nearest whole share) equal in value (using the current Market Value of Common Stock on the date the letter of
notification of the breach is dated) to the profit realized by the Participant under the Plan occurring (I) in the case of any breach while the Participant is an employee of the Company Group, within twelve (12) months before the date of
the breach or at any time after the date of such breach; or (II) in the case of a breach after the termination of the Participant’s Employment, within six (6) months before the date on which the Participant’s Employment terminated or
at any time after the date of such termination of Employment. For the avoidance of doubt, the term “profit” referred to in the preceding sentence will be equal to (I) in the case of any Options, the sums (determined separately for
each exercise of any portion of the Options within the applicable period established pursuant to such sentence) of (i) (A) the Market Value of a share of Common Stock on the date of exercise, in the case of a Cash Exercise, the price at
which shares of Common Stock are sold, in the case of a Same Day Sale, or a combination of such Market Value and sales price, in the case of a Sell to Cover (as each such term is defined in Part C below), minus (B) the Grant Price of the
Option, times (ii) the number of shares of Common Stock acquired on exercise of the Option(s); (II) in the case of any Restricted Stock Unit or Performance Share Award, the sums (determined separately for each grant payable within the
applicable period established pursuant to such sentence) of (i) the Market Value of a share of Common Stock on the date of payment times (ii) the number of shares of Common Stock acquired or acquirable, and (III) in the case of any other
Award payable in cash, the amount of cash paid in respect of such Award. The Participant will pay any such amount (in the form of Common Stock or cash, as applicable) to Prudential within five (5) business days of the date Prudential notifies
the Participant that a breach of the provisions of this Section 6 has occurred. If payment is not made within that period, any subsequent payment will be made with interest at a rate equal to the prime

  
 3 

	 	
rate as reported in The Wall Street Journal (Eastern Edition) on the date on which notice of the breach is sent to the Participant by Prudential, plus two (2) percent. Interest payments will
be made in cash. A Participant also acknowledges that the damages to Prudential for any breach of subsections 6(a) or (b) of Part A of these Terms would be irreparable. Therefore, in addition to monetary damages and/or reasonable
attorney’s fees, Prudential will have the right to seek injunctive and/or other equitable relief in any court of competent jurisdiction to enforce the restriction. Further, a Participant consents to the issue of a temporary restraining order to
maintain the status quo pending the outcome of any proceeding. 

  

	7.	Compliance with Applicable Laws 

 Awards
granted under the Plan and Prudential’s obligation to deliver shares of Common Stock or make payment of cash, as applicable, under these Terms will be subject in all respects to (a) all Applicable Laws, and (b) any registration,
qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Compensation Committee determines to be necessary or applicable. Shares of Common Stock or cash, as applicable, may not be delivered or
paid to a Participant if their receipt would be contrary to any Applicable Laws or the rules of any applicable stock exchange. 
  

	8.	Investment representation 

 If at the time
of delivery of any shares of Common Stock under the Plan, the Common Stock is not registered under the United States Securities Act of 1933, as amended (the Securities Act), or there is no current prospectus in effect under the Securities Act
with respect to the Common Stock, a Participant will, if requested by the Compensation Committee, execute, before the delivery of any shares of Common Stock, an agreement (in the form the Compensation Committee specifies) in which the Participant
represents and warrants that the Participant is acquiring the shares for the Participant’s own account, for investment only and not with a view to the resale or distribution of the shares, and agrees that any subsequent offer for sale or
distribution of any kind of such shares will be made only pursuant to either (a) a registration statement on an appropriate form under the Securities Act, which registration statement has become effective and is current with regard to the
shares being offered or sold; or (b) a specific exemption from the registration requirements of the Securities Act, but in claiming that exemption, the Participant will, before any offer for sale of the shares, obtain a prior favorable written
opinion, in form and substance satisfactory to the Compensation Committee, from counsel for or approved by the Compensation Committee, as to the applicability of the exemption. 

 

	9.	Governing law 

 A Participant acknowledges
that Prudential is organized under the laws of the State of New Jersey and maintains its headquarters in Newark, New Jersey. The Participant further acknowledges that Prudential has an interest in ensuring the uniform interpretation and application
of these Terms to all Participants. Accordingly, Prudential and the Participant agree that the Plan and these Terms will be governed by the laws of the State of New Jersey, without giving effect to its conflict of law provisions. 

 

	10.	Electronic delivery and acceptance 

 By
accepting an Award under the Plan, a Participant agrees, to the fullest extent permitted by Applicable Laws, in lieu of receiving documents in paper format to accept electronic delivery of any documents that any member of the Company Group may be
required to deliver in connection with the Plan. Electronic delivery of a document may be via e-mail or by reference to a location on a member of the Company Group’s intranet site or a designated third-party vendor’s internet site.

  
 4 

	11.	No rights as a shareholder 

 A Participant
does not have any rights as a shareholder in Prudential by virtue of the grant of an Award under the Plan, but only with respect to shares of Common Stock, if any, delivered to the Participant in accordance with the Plan and these Terms. 

 

	12.	Section 409A 

 Notwithstanding any
provision of the Plan to the contrary, no acceleration of the time or schedule of any delivery of shares or other payment related to an Award will be permitted to the extent necessary to comply with Code Section 409A and any regulations issued
under Section 409A. The Compensation Committee may amend, modify, adjust or supplement any provision of the Plan without a Participant’s consent if the Compensation Committee determines that the amendment, modification, adjustment or
supplementation is required or advisable for an Award or Prudential to comply with, or not violate, any Applicable Laws, regulation or rule, including, without limitation, Section 409A. 

 

	13.	Other terms 

 Participation in the Plan
does not entitle an employee of the Company Group to any benefit other than that granted under the Plan. Any benefits granted under the Plan will not be deemed to be compensation under any pension plan or other retirement plan, welfare plan or any
compensation plan or program maintained by any member of the Company Group, and will not be considered as part of compensation for the purposes of calculating pension, profit-sharing, bonuses, service awards, or in the event of severance, redundancy
or resignation. 
 Prudential may modify, amend, suspend or terminate the Plan or any and all of the policies, programs and terms of the Plan in
whole or in part, at any time, without notice to or with the consent of Participants. 
 If shares of Common Stock are, or are to be, delivered
in a manner not specifically authorized by the Plan, (i.e., in “Error”), Prudential will be entitled to correct the Error, including reversing the transaction and recouping any Common Stock or gain that might be delivered as a result of
the Error. 
 The English language version of any documents provided in connection with the Plan will prevail in the case of any ambiguities or
divergences as a result of the translation of the document into any other language. 
 Participation in the Plan is not intended to constitute
or create a contract of employment nor does it constitute or create the right to remain associated with or in the employ of any member of the Company Group for any particular period of time. Participation in the Plan does not affect in any way a
member of the Company Group’s right to terminate an employee’s Employment at any time, with or without cause, and does not form part of an employee’s employment contract, if any. 

  
 5 

 PART B: Terms and conditions applicable to Restricted Stock Units under the Long-Term
Incentive Program 
  

	1.	Restricted Period 

 The restricted period
(the Restricted Period) with respect to the Restricted Stock Units will begin on the Grant Date and will end on the RSU Payment Date. 
  

	2.	Settlement of Restricted Stock Units 

Subject to the terms and conditions of the Plan, a Participant in active Employment on the RSU Payment Date will receive as soon as administratively
practicable after the RSU Payment Date (but not later than the end of the calendar year in which the RSU Payment Date occurs) the number of shares of Common Stock equal to the number of Restricted Stock Units vested in accordance with these Terms,
less any taxes or other deductions required by Applicable Law. 
  

	3.	Vesting or forfeiture of Restricted Stock Units following termination of Employment in specific circumstances 

A Participant’s outstanding Restricted Stock Units will automatically be forfeited and cancelled on the termination of the Participant’s
Employment and no shares of Common Stock may thereafter be issued with respect to the Restricted Stock Units, except in the specific circumstances set out in the table below: 

 

			
	 	  	 Restricted Stock Units

	 Type of Termination of Employment
	  	 Vesting Status

	Voluntary Resignation	  	All outstanding Restricted Stock Units are immediately forfeited.

  
 6 

			
	 	  	 Restricted Stock Units

	 Type of Termination of Employment
	  	 Vesting Status

	Approved Retirement	  	 If the Participant retires in 2012 with less than 3 months of active service in such year, all Restricted Stock Units will immediately
be forfeited.
  
 If the Participant retires in 2012 in circumstances
qualifying for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), the Participant will receive a pro-rated(1) number of shares of Common Stock as soon as administratively practicable following the RSU Payment Date (but in all
events not later than the end of the calendar year in which the RSU Payment Date occurs). The remainder of the Restricted Stock Units will be forfeited. If the Participant does not execute a Release, all Restricted Stock Units will be forfeited on
the last date of Employment.
  
 If the Participant retires after 2012 in
circumstances qualifying for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), the Participant will receive shares of Common Stock equal to the number of outstanding
Restricted Stock Units as soon as administratively practicable after the RSU Payment Date (but in all events not later than the end of the calendar year in which the RSU Payment Date occurs). If the Participant does not execute a Release, all
Restricted Stock Units will be forfeited on the last date of Employment.

		
	Termination for Cause	  	 All outstanding Restricted Stock Units are immediately forfeited.

 
 The Compensation Committee may require the Participant to repay any payment, profit,
gain or other benefit (including, but not limited to, any dividends or Dividend Equivalents) in respect of the Restricted Stock Units or any prior restricted stock units or Awards received within a period of twelve (12) months before the
Participant’s termination of Employment for Cause. If a Participant’s Employment is terminated by any member of the Company Group for Cause, the provisions in these Terms relating to termination for Cause will apply notwithstanding any
assertion (by the Participant or otherwise) that the Participant’s Employment was terminated for any other reason.

		
	Death (while an active employee)	  	All outstanding Restricted Stock Units become fully vested and the Participant’s estate will receive shares of Common Stock as soon as administratively practicable (but not
later than 74 days) thereafter.

  
 7 

			
	 	  	 Restricted Stock Units

	 Type of Termination of Employment
	  	 Vesting Status

	Disability	  	All outstanding Restricted Stock Units become fully vested and the Participant will receive shares of Common Stock as soon as administratively practicable (but not later than 74
days) thereafter.
		
	Involuntary Termination for any other reason	  	If a Participant executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), a pro-rated(2) number of Restricted Stock Units will vest and the Participant will
receive shares of Common Stock as soon as administratively practicable (but not later than 74 days) thereafter. The remainder of the Restricted Stock Units will be forfeited. If the Participant does not execute a Release, all Restricted Stock Units
will be forfeited on the last date of Employment.
		
	Change of Control	  	All Restricted Stock Units will become vested and the Participant will normally receive shares of Common Stock; unless the entity that acquires control honors, assumes, or
substitutes new rights for the Restricted Stock Units with substantially equivalent or better rights, terms, conditions and values as determined by the Compensation Committee. Alternatively, the Compensation Committee may, at its sole discretion,
provide for payment in cash based on the Change of Control price.

  

	(1) 	 Pro-ration is based on the number of months of active service during that year divided by 12. The remaining balance will be forfeited as of the date of
retirement. 

	(2) 	 Pro-ration is based on the number of months of active service since the Grant Date divided by 36. 

 

	4.	Section 409A 

 Notwithstanding any
other provisions of the Plan to the contrary, to the extent necessary to comply with the requirements of Code Section 409A and any regulations issued under Section 409A with respect to any individual who is a “specified employee”
within the meaning of Section 409A and any regulations, on termination of the Participant’s employment with any member of the Company Group, delivery of shares of Common Stock may not be made before the date that is six (6) months
after the date of such termination of Employment (or, if earlier, the date of the Participant’s death). In addition, to the extent necessary to comply with the requirements of Section 409A and any regulations issued under
Section 409A, if an award of Restricted Stock Units is treated as deferred compensation subject to Section 409A, no distribution will be made (although vesting will accelerate to the extent otherwise provided above) in respect of such
award upon the occurrence of a Change of Control unless such event qualifies as a change in the ownership of a corporation, change in the effective control of a corporation or a change in the ownership of a substantial portion of the assets of a
corporation within the meaning of Section 409A and any regulations issued thereunder. 
  

	5.	Dividend Equivalents 

 A Participant
granted Restricted Stock Units will be eligible to receive Dividend Equivalents on the Restricted Stock Units based on any regular cash dividends declared on Common Stock from the Grant Date until the RSU Payment Date (or until the date of
forfeiture, if sooner). Any Dividend Equivalents will be paid in cash as soon as administratively practicable (but not more than 74 days) after the related cash 

  
 8 

 
dividends are paid to Common Stock holders, unless determined otherwise by the Compensation Committee. Any Dividend Equivalents payable under the Plan will be treated as separate payments from
the underlying Restricted Stock Units for purposes of Section 409A of the Code. There will be no reinvestment option or earned interest credits on any Dividend Equivalent. 

  
 9 

 PART C: Terms and conditions applicable to Options under the Long-Term Incentive Program

  

	1.	Vesting and exercise 

 An Option will
normally vest and become exercisable in three equal annual installments on each anniversary of the Grant Date provided the Participant holding that Option remains in Employment throughout that period. 

 

	2.	Exercise of Options 

 An Option may be
exercised by the Participant: 
  

	(i)	paying in cash the Grant Price and any applicable taxes and fees (Cash Exercise); or 

 

	(ii)	directing the immediate sale of all the shares of Common Stock acquired on exercise and receiving the cash proceeds, after deduction of the Grant Price and applicable
taxes and fees (Same Day Sale); or 

  

	(iii)	directing the immediate sale of sufficient shares of Common Stock acquired on exercise necessary to pay the Grant Price and any applicable taxes and fees and receive
the remaining shares of Common Stock (Sell to Cover). 

 One or more of the exercise methods may not be available (or may
be unavailable during a specified period) if Prudential determines that its availability will or could violate the terms of any Applicable Laws. An Option cannot be exercised when the Market Value of a share of Common Stock does not exceed the Grant
Price. Please refer to Schedule 2 for country specific restrictions regarding the exercise of Options. 
  

	3.	Option term 

 Once an Option vests, it may
be exercised until its Expiration Date unless the Participant’s employment ends before the Expiration Date or a Change of Control occurs. 
  

	4.	Exercise or forfeiture of Options following termination of Employment in specific circumstances 

A Participant’s Options, whether vested or unvested, will automatically be forfeited and cancelled on the termination of the Participant’s
Employment, and no shares of Common Stock may thereafter be purchased under the Options, except in the specified circumstances set out in the table below: 
  

					
	 Stock Options

	 Type of Termination of
Employment
	  	 Vesting Status 
on Last Date of
Employment
	  	 Exercise Period (1)

	Voluntary Resignation	  	Unvested Options will immediately be forfeited as of the last date of Employment. Vested but unexercised Options may be exercised after the last date of Employment, conditional on
the Participant executing and submitting a Release by the date specified by Prudential (and not later revoking the Release). If the Participant does not execute a Release, all Options will be forfeited as of the last date of the Participant’s
Employment.	  	Vested Options may be exercised until the earlier of 90 days after the last date of Employment or the option Expiration Date, conditional on the Participant executing and submitting
a Release by the date specified by Prudential (and not later revoking the Release).

  
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	 Stock Options

	 Type of Termination of
Employment
	  	 Vesting Status 
on Last Date of
Employment
	  	 Exercise Period (1)

	Approved Retirement	  	If a Participant retires in circumstances qualifying for Approved Retirement with less than three months of active service in 2012, all Options will immediately be forfeited.
Otherwise, the Participant’s Options will continue to vest according to the original vesting schedule, conditioned on the Participant executing and submitting a Release by the date specified by Prudential (and not later revoking the Release).
If a Participant does not execute a Release, all Options will be forfeited on the last date of the Participant’s Employment.	  	Vested Options may be exercised until the earlier of: (i) the Expiration Date; or (ii) the date 5 years after the last date of the Participant’s Employment, conditional on the
Participant executing and submitting a Release by the date specified by Prudential (and not later revoking the Release).
			
	Termination for Cause	  	 All Options, whether vested or unvested, will immediately be forfeited on the last date of the Participant’s Employment.

 
 The Compensation Committee may require the Participant to repay any payment, profit,
gain or other benefit (including, but not limited to any dividends or Dividend Equivalents) received in respect of the exercise of any Options for a period of up to twelve (12) months before the Participant’s termination of Employment for
Cause. If a Participant’s Employment is terminated by any member of the Company Group for Cause, the provisions contained in these Terms relating to termination for Cause will apply notwithstanding any assertion (by the Participant or
otherwise) that the Participant’s Employment terminated for any other reason.
	  	A Participant may not exercise any Options after the last date of Employment, even if the Options were vested. All outstanding Options are forfeited.
			
	Death (while an active employee)	  	Options become fully vested and immediately exercisable.	  	 The Participant’s estate may exercise the Options until the third anniversary of the date of death (or any earlier date the
Compensation Committee determines) or, if the Option Expiration Date is earlier than that, the later of:
  

•   the Expiration Date, or

 
 •   the first
anniversary of the date of death.

			
	Disability	  	Options become fully vested and immediately exercisable.	  	Options may be exercised until the earlier of the Expiration Date or 3 years (or any shorter period the Compensation Committee determines) after the Participant’s last date of
Employment.

  
 11 

					
	 Stock Options

	 Type of Termination of
Employment
	  	 Vesting Status 
on Last Date of
Employment
	  	 Exercise Period (1)

	Involuntary Termination for any other reason	  	Options that are vested and unexercised at the date of termination of the Participant’s Employment will remain exercisable if the Participant executes and submits a Release by
the date specified by Prudential (and does not later revoke the Release). Unvested Options are immediately forfeited. If a Release is not executed, all Options will be forfeited as of the last date of the Participant’s Employment.	  	Vested Options may be exercised until the earlier of the Expiration Date or 90 days after the Participant’s last date of Employment, conditional on the Participant executing
and submitting a Release by the date specified by Prudential (and not later revoking the Release).
			
	Change of Control	  	Options will become fully vested and immediately exercisable on the date of the Change of Control; unless the entity that acquires Control honors, assumes, or substitutes new rights
for the Options with substantially equivalent or better rights, terms, conditions and value. Alternatively, the Compensation Committee may, at its sole discretion, provide for payment in cash based on the Change of Control price.	  	If the entity that acquires control honors, assumes, or substitutes new rights for the Options, the Options (or any substituted alternative award) may be exercised on terms at least
as favorable as the Options. If the entity that assumes control does not honor, assume, or substitute new rights for Options, the Compensation Committee may cancel the Options in exchange for payment in cash.

  

	(1) 	 The period stated may not extend beyond the Expiration Date, other than in the case of death as applicable. Options can be exercised on the Expiration
Date, but only during hours that the New York Stock Exchange (NYSE) is open for trading. If an Option expires on a day that the NYSE is closed, it can be exercised only during the market hours on or before the last day of NYSE trading before the
Option’s Expiration Date. 

  
 12 

 PART D: Terms and conditions applicable to Performance Shares and Performance Units under
the Long-Term Performance Program, a sub-program of the Long-Term Incentive Program 
  

	1.	Performance Cycle 

 The Performance Cycle
(the Performance Cycle) with respect to Performance Shares and Performance Units will begin on January 1, 2012 and will end on December 31, 2014. 
  

	2.	Settlement of Performance Shares and Performance Units 

 Subject to the terms and conditions of the Plan and following approval by the Compensation Committee, any (i) shares of Common Stock to which a Participant is entitled in respect of Performance
Shares; and (ii) amount of cash to which a Participant is entitled in respect of Performance Units will be delivered or paid to such Participant as soon as administratively practicable (but not later than 74 days) after the PS/PU Payment Date,
less any taxes or other deductions required by Applicable Law. 
  

	3.	Earnout: Performance Goals 

 A
Participant’s Performance Shares and Performance Units are conditioned on achievement of ROE Goals specified by the Compensation Committee, with respect to the Performance Cycle. 
 ROE is defined as Prudential’s “operating return on average equity (based on after-tax adjusted operating income)” as publicly disclosed in Prudential’s Quarterly Financial Supplement
(“QFS”). ROE for each year in the Performance Cycle is defined as the average of the quarterly ROE figures for such year published in the QFS. 
 The number of shares of Common Stock and the amount of cash that a Participant may become eligible to receive will be equal to the applicable target number of Performance Shares and/or Performance Units
awarded, adjusted by the applicable ROE Earned Payout Factor (which is determined based on the achievement of the ROE Goals over the Performance Cycle). Any resulting number of shares of Common Stock shall be rounded to the nearest whole number. The
aggregate amount of shares of Common Stock and cash payable to the Participant will be the “Final Payout Amount,” which will be made on the PS/PU Payment Date (shortly following the end of the Performance Cycle) subject to the terms,
conditions and restrictions set out in these Terms and in the Plan, including the requirement that the Participant remain actively employed with the Company Group as of the PS/PU Payment Date. The Compensation Committee will determine, in its sole
discretion, the Final Payout Amount. 
 The ROE Goals will be the average of actual ROE for 2012, 2013 and 2014. The ROE Goals are as follows:

  

			
	Table 1
	ROE Goals	  	ROE Earned Payout
Factor
	8.00% or less	  	0
	9.00%	  	0.25
	10.00%	  	0.50
	11.00%	  	0.75
	12.00%	  	1.00 (target)
	12.50%	  	1.25
	13.0% or more	  	1.50 (maximum)

 If the average ROE achieved is between any two data points, the corresponding ROE Earned Payout Factor will bear a linear
relationship with the actual achievement between such data points. 

  
 13 

 In the event of (i) an acquisition (as determined by the Compensation Committee in its sole discretion)
involving Common Stock or a divestiture or other transaction involving Prudential or any other member of the Company Group during the Performance Cycle, (ii) an accounting pronouncement or methodology change, (iii) an unplanned corporate
initiative, or (iv) other significant events that are unusual, non-recurring and not reflective of operating performance, the Compensation Committee may, in its sole discretion, assess the impact of any such event on the ROE Goals and adjust
such goals and related payout scales as the Compensation Committee, in its sole discretion, deems appropriate. 
 Notwithstanding the foregoing,
the Compensation Committee, in its sole discretion, may (i) under normal circumstances, adjust the Final Payout Amount within the standard range of 0% to 150% of the target number of Performance Shares and Performance Units by up to plus or
minus 15% of the amount that would otherwise be payable to take into account performance factors and other events, as the Compensation Committee deems desirable, and (ii) in the event of circumstances deemed to be extraordinary by the
Compensation Committee, make additional adjustments to the Final Payout Amount. 
  

	4.	Vesting or forfeiture of Performance Shares and Performance Units following termination of Employment in specific circumstances 

A Participant’s outstanding Performance Shares and Performance Units will automatically be forfeited and cancelled on the termination of the
Participant’s Employment and no shares of Common Stock and no amount of cash may thereafter be issued or paid with respect to the Performance Shares and Performance Units, respectively, except in the specific circumstances set out in the table
below: 
  

			
	 	  	 Performance Shares and Performance
Units

	 Type of Termination of Employment
	  	 Vesting Status

	Voluntary Resignation	  	All outstanding Performance Shares and Performance Units are immediately forfeited.

  
 14 

			
	 	  	 Performance Shares and Performance
Units

	 Type of Termination of Employment
	  	 Vesting Status

	Approved Retirement	  	 If the Participant retires in 2012 with less than 3 months of active service in such year, all Performance Shares and Performance Units
will immediately be forfeited.
  
 If the Participant retires in 2012 in
circumstances qualifying for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), the Participant will receive a pro-rated(1) Final Payout Amount as soon as administratively practicable
following the PS/PU Payment Date (but in all events not later than the end of the calendar year in which the PS/PU Payment Date occurs). The remainder of the Performance Shares and Performance Units will be forfeited. If the Participant does not
execute a Release, all Performance Shares and Performance Units will be forfeited on the last date of Employment.
  
 If the Participant retires after 2012 in circumstances qualifying for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release),
the Participant will receive the Final Payout Amount as soon as administratively practicable following the PS/PU Payment Date (but in all events not later than the end of the calendar year in which the PS/PU Payment Date occurs). If the Participant
does not execute a Release, all Performance Shares and Performance Units will be forfeited on the last date of Employment.

		
	Termination for Cause	  	 All outstanding Performance Shares and Performance Units are immediately forfeited.

 
 The Compensation Committee may require the Participant to repay any payment, profit,
gain or other benefit (including, but not limited to, any dividends or Dividend Equivalents) in respect of the Performance Shares and Performance Units or any prior performance shares or performance units received within a period of twelve (12)
months before the Participant’s termination of Employment for Cause. If a Participant’s Employment is terminated by any member of the Company Group for Cause, the provisions in these Terms relating to termination for Cause will apply
notwithstanding any assertion (by the Participant or otherwise) that the Participant’s Employment was terminated for any other reason.

		
	Death (while an active employee)	  	All outstanding Performance Shares and Performance Units become fully vested at target and the Participant’s estate will receive a corresponding number of shares of Common
Stock and cash as soon as administratively practicable (but not later than 74 days) thereafter.

  
 15 

			
	 	  	 Performance Shares and Performance
Units

	 Type of Termination of Employment
	  	 Vesting Status

	Disability	  	All outstanding Performance Shares and Performance Units become fully vested at target and the Participant will receive a corresponding number of shares of Common Stock and cash as
soon as administratively practicable (but not later than 74 days) thereafter.
		
	Involuntary Termination for any other reason	  	If a Participant executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), a pro-rated(2) target number of Performance Shares and Performance Units will vest
and the Participant will receive a corresponding number of shares of Common Stock and cash, respectively, as soon as administratively practicable (but not later than 74 days) thereafter. The remainder of the Performance Shares and Performance Units
will be forfeited. If the Participant does not execute a Release, all Performance Shares and Performance Units will be forfeited on the last date of Employment.
		
	Change of Control	  	All Performance Shares and Performance Units will become vested at target and the Participant will receive shares of Common Stock and cash, respectively; unless the entity that
acquires control honors, assumes, or substitutes new rights for the Performance Shares and Performance Units with substantially equivalent or better rights, terms, conditions and values as determined by the Compensation Committee. Alternatively, the
Compensation Committee may, at its sole discretion, provide for payment in cash based on the Change of Control price

  

	(1) 	 Pro-ration is based on the number of months of active service during that year divided by 12. The remaining balance will be forfeited as of the date of
retirement. 

	(2) 	 Pro-ration is based on the number of months of active service in the Performance Cycle divided by 36. 

 

	6.	Section 409A 

 Notwithstanding any
other provisions of the Plan to the contrary, to the extent necessary to comply with the requirements of Code Section 409A and any regulations issued under Section 409A with respect to any individual who is a “specified employee”
within the meaning of Section 409A and any regulations, on termination of the Participant’s employment with any member of the Company Group, delivery of shares of Common Stock may not be made before the date that is six (6) months
after the date of such termination of Employment (or, if earlier, the date of the Participant’s death). In addition, to the extent necessary to comply with the requirements of Section 409A and any regulations issued under
Section 409A, if an award of Performance Shares or Performance Units is treated as deferred compensation subject to Section 409A, no distribution will be made (although vesting will accelerate to the extent otherwise provided above) in
respect of such award upon the occurrence of a Change of Control unless such event qualifies as a change in the ownership of a corporation, change in the effective control of a corporation or a change in the ownership of a substantial portion of the
assets of a corporation within the meaning of Section 409A and any regulations issued thereunder. 

  
 16 

	7.	Dividend Equivalents 

 A Participant
granted Performance Shares and Performance Units will be eligible to receive Dividend Equivalents on the lesser of (a) the Final Payout Amount; or (b) the respective target amount of Performance Shares and Performance Units, based on any
regular cash dividends declared on Common Stock from the Grant Date until the PS/PU Payment Date (or until the date of forfeiture, if sooner). Any Dividend Equivalents will be paid in cash as soon as administratively practicable after shares of
common stock are delivered in respect of the corresponding Performance Shares and cash is payable with respect to the Performance Units. There will be no reinvestment option or earned interest credits on any Dividend Equivalent. 

  
 17 

 PART E: Terms and conditions applicable to the Book Value Units under the Book Value
Performance Program, a sub-program of the Long-Term Incentive Program 
  

	1.	Book Value Units 

 Each Participant in the
Book Value Performance Program will be granted a number of Book Value Units. 
  

	2.	Vesting Period 

 One-third of each
Participant’s Book Value Units will vest on each of the first three anniversaries of the Grant Date. 
  

	3.	Settlement of Book Value Units 

 Subject
to the terms and conditions of the Plan and subject to the Participant’s continued Employment through the applicable BVU Payment Date, as soon as administratively practicable after the date any Book Value Units vest (but not later than the end
of the calendar year in which the Book Value Units vest), a Participant will be paid an amount in cash equal to the product of (a) the number of Book Value Units that have become vested and (b) the Book Value Per Share as of the fiscal
quarter ended on or immediately before the applicable BVU Payment Date, less any taxes or other deductions required by Applicable Law. 
  

	4.	Vesting or forfeiture of Book Value Units following termination of Employment in specific circumstances 

A Participant’s outstanding Book Value Units will automatically be forfeited and cancelled on the termination of the Participant’s Employment
and no amount may thereafter be payable with respect to the Book Value Units, except in the specific circumstances set out in the table below: 
  

			
	 	  	 Book Value Units

	 Type of Termination of Employment
	  	 Vesting Status

	Voluntary Resignation	  	All outstanding Book Value Units are immediately forfeited.

  
 18 

			
	 	  	 Book Value Units

	 Type of Termination of Employment
	  	 Vesting Status

	Approved Retirement	  	 If the Participant retires in 2012 with less than 3 months of active service in such year, all Book Value Units will immediately be
forfeited.
  
 If the Participant retires in 2012 in circumstances qualifying
for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), the Participant will receive, as soon as administratively practicable following each successive BVU Payment Date
(but in all events not later than the end of the calendar year in which the applicable BVU Payment Date occurs), a cash payment equal to the product of (I) one third (1/3) of the pro-rated(1) number of the Book Value Units outstanding at the time of the Participant’s termination of Employment and (II)
the Book Value Per Share as of the fiscal quarter ended on or immediately before the applicable BVU Payment Date. The remainder of the Participant’s outstanding Book Value Units will be forfeited. If the Participant does not execute a Release,
all Book Value Units will be forfeited on the last date of Employment.
  
 If
the Participant retires after 2012 in circumstances qualifying for Approved Retirement and executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), the Participant will receive payment in respect of
his or her remaining Book Value Units at the same time and in the same amounts that would have been payable had the Participant remained in Employment. If the Participant does not execute a Release, all Book Value Units will be forfeited on the last
date of Employment.

		
	Termination for Cause	  	 All outstanding Book Value Units are immediately forfeited.

 
 The Compensation Committee may require the Participant to repay any payment, profit,
gain or other benefit in respect of the Book Value Units or any prior book value units or Awards received within a period of twelve (12) months before the Participant’s termination of Employment for Cause. If a Participant’s Employment is
terminated by any member of the Company Group for Cause, the provisions in these Terms relating to termination for Cause will apply notwithstanding any assertion (by the Participant or otherwise) that the Participant’s Employment was terminated
for any other reason.

  
 19 

			
	 	  	 Book Value Units

	 Type of Termination of Employment
	  	 Vesting Status

	Death (while an active employee)	  	All outstanding Book Value Units become fully vested and the Participant’s estate will receive a cash payment equal to the product of (I) the number of such outstanding Book
Value Units and (II) the Book Value Per Share as of the fiscal quarter ended on or immediately before the date of the Participant’s death. This cash payment will be made as soon as administratively practicable (but not later than 74 days) after
the date of the Participant’s death.
		
	Disability	  	All outstanding Book Value Units become fully vested and the Participant will receive a cash payment equal to the product of (I) the number of such outstanding Book Value Units and
(II) the Book Value Per Share as of the fiscal quarter ended on or immediately before the Participant’s termination of Employment. This cash payment will be made as soon as administratively practicable (but not later than 74 days) after the
Participant’s termination of Employment.
		
	Involuntary Termination for any other reason	  	If a Participant executes and submits a Release by the date specified by Prudential (and does not later revoke the Release), a pro-rated(2) number of such Participant’s then outstanding Book Value Units
will vest and the Participant will receive a cash payment equal to the product of (I) such pro-rated number of such outstanding Book Value Units and (II) the Book Value Per Share as of the fiscal quarter ended on or immediately prior to the
Participant’s termination of Employment. This cash payment will be made as soon as administratively practicable (but not later than 74 days) after the Participant’s termination of Employment. The remainder of the Participant’s
outstanding Book Value Units will be forfeited. If the Participant does not execute a Release, all Book Value Units will be forfeited on the last date of Employment.
		
	Change of Control	  	All Book Value Units will become vested and the Participant will normally receive a payment in cash based on the Book Value Per Share on the fiscal quarter ended on or immediately
prior to the Change of Control; unless the entity that acquires control honors, assumes, or substitutes new rights for the Book Value Units with substantially equivalent or better rights, terms, conditions and values as determined by the
Compensation Committee.

  

	(1) 	 Pro-ration is based on the number of months of active service during that year divided by 12. The remaining balance will be forfeited as of the date of
retirement. 

	(2) 	 Pro-ration is based on the number of months of active service since the Grant Date (or, if less, since the last BVU Payment Date) divided by the
remainder of (i) 36 minus (ii) the product of (A) 12 and (B) the number of anniversaries of the Grant Date that have occurred prior to the date of termination of Employment. 

  
 20 

 The Compensation Committee, in its sole discretion, shall determine the Book Value Units, the Book Value Per
Share, and any amount of payments thereof. 
  

	5.	Forfeiture 

 Notwithstanding any
provisions in these Terms to the contrary, the Compensation Committee may, in its sole discretion, reduce (but not below zero) the account balance of any Participant under the Book Value Performance Program if, in the opinion of the Compensation
Committee, the Participant has engaged in conduct, or omitted taking appropriate action, which is a contributing factor in the material restatement of any annual Prudential consolidated income statement, as filed with the Securities and Exchange
Commission and as discussed with Prudential’s Audit Committee, with such restatement being filed primarily to correct an error in the consolidated income statement. Any determination by the Compensation Committee regarding such a reduction
shall be final, conclusive and binding on all parties. 
  

	6.	Section 409A 

 Notwithstanding any
other provisions of the Plan to the contrary, to the extent necessary to comply with the requirements of Code Section 409A and any regulations issued under Section 409A with respect to any individual who is a “specified employee”
within the meaning of Section 409A and any regulations, on termination of the Participant’s employment with any member of the Company Group, payment of any cash amount due may not be made before the date that is six (6) months after
the date of such termination of Employment (or, if earlier, the date of the Participant’s death). In addition, to the extent necessary to comply with the requirements of Section 409A and any regulations issued under Section 409A, if
an award of Book Value Units is treated as deferred compensation subject to Section 409A, no distribution will be made (although vesting will accelerate to extent otherwise provided above) in respect of such award upon the occurrence of a
Change of Control unless such event qualifies as a change in the ownership of a corporation, change in the effective control of a corporation or a change in the ownership of a substantial portion of the assets of a corporation within the meaning of
Section 409A and any regulations issued thereunder. 
  

	7.	No Dividend Equivalents 

 A Participant
granted Book Value Units will not be eligible to receive Dividend Equivalents on the Book Value Units. 

  
 21 

 SCHEDULE 1 
 DEFINITIONS 
 For the purposes of the Terms, the following words and expressions have the
meanings ascribed to them. 
 Applicable Laws – applicable laws, rules and regulations relating to any Awards made under the Plan or
otherwise relating to the Plan; 
 Approved Retirement – termination of a Participant’s Employment: 

 

	(i)	on or after the Participant’s normal retirement date or any early retirement date established under any defined benefit pension plan maintained by a member of the
Company Group in which the Participant participates; or 

  

	(ii)	when the Participant has reached age fifty-five (55) with a minimum of five years’ service. 

Approved Retirement does not apply to any Participant who has an Agent Emeritus contract with any of Prudential’s insurance affiliates or to a
Participant whose Employment is terminated for Cause, even if, in either case, the Participant is receiving retirement benefits or is otherwise eligible for retirement or has satisfied the conditions in (ii) above. 

Award – the grant of an Option, a Restricted Stock Unit, a Performance Share, or a Performance Unit (including a Book Value Unit), or a
combination thereof. 
 Board – the board of directors of Prudential. 
 Book Value Per Share – the equity attributed to Prudential’s Financial Services businesses, excluding total accumulated other comprehensive income, as determined based on
Prudential’s financial statements for the relevant period. 
 Book Value Unit – an award of Performance Units, payable in cash
and valued based on the Book Value Per Share. 
 BVU Payment Dates – the dates on which the continuing service requirement
applicable to one-third of the Book Value Units are scheduled to lapse, as specified by the Compensation Committee at the Grant Date, which occur on the first three anniversaries of the Grant Date. 

Cause – includes but is not restricted to any of the following (as determined by the Compensation Committee): (i) dishonesty, fraud or
misrepresentation; (ii) inability to obtain or retain appropriate licenses; (iii) violation of any rule or regulation of any regulatory agency or self-regulatory agency; (iv) violation of any policy or rule of Prudential or any
subsidiary; (v) commission of a crime; (vi) breach by a Participant of any covenant or agreement with any member of the Company Group not to disclose or misuse any information pertaining to, or misuse any property of, any member of the
Company Group; or (vii) any act or omission detrimental to the conduct of the business of any member of the Company Group. 
 Change of
Control – occurs, in general, when (i) any person or entity outside of Prudential acquires, directly or indirectly, twenty-five percent (25%) or more of the combined voting power of Prudential or of the combined assets of
Prudential (and its subsidiaries); (ii) the composition of the Board changes over a 24-month period such that the Incumbent Directors no longer constitute a majority of the Board; (iii) a Corporate Event completes and immediately following
completion the shareholders of Prudential immediately before the Corporate Event do not hold, directly or indirectly, a majority of the voting power of, in the case of (a) a merger or consolidation, the surviving or resulting corporation;
(b) a share exchange, the acquiring corporation; or (c) a division or a sale or other disposition of assets, each surviving, resulting or 

  
 22 

 
acquiring corporation which, immediately following the relevant Corporate Event, holds more than twenty-five percent (25%) of the consolidated assets of Prudential immediately before the
Corporate Event; or (iv) any other event that the Board declares to be a Change of Control. 
 No change of control occurs on an
underwritten offering of the equity securities of Prudential when no person or entity acquires more than twenty-five percent (25%) ownership in such securities. The Plan document details how a Change of Control will be determined in various
types of acquisitions and corporate reorganization events (including sales of assets), and the document’s terms govern any determination that a Change of Control has occurred. 
 Code – the United States Internal Revenue Code of 1986, as amended. 
 Common Stock
– a share of Common Stock in Prudential. 
 Company Group – Prudential and/or its subsidiaries. 

Compensation Committee – the Compensation Committee of the Board, which administers the Plan. 

Corporate Event – a merger, consolidation, recapitalisation or reorganisation, share exchange, division, sale, plan of complete liquidation
or dissolution, or other disposition of all or substantially all of the assets of Prudential which has been approved by the shareholders of Prudential. 
 Disability – means, with respect to any Participant, long-term disability as defined under the welfare benefit plan maintained by the member of the Company Group in which the Participant
participates and from which the Participant is receiving a long-term disability benefit. In jurisdictions outside the United States where long-term disability is covered by a mandatory or universal program sponsored by the government or an
industrial association, receipt of long-term disability benefit from such a program is considered to have met the disability definition of the Plan. 
 Dividend Equivalent – an amount paid in lieu of dividends declared on Common Stock during a period that an applicable Award is outstanding. 

Employment – means employment with any member of the Company Group. 
 Exercise Date – the date on which an Option is validly exercised. 
 Expiration Date
– the tenth anniversary of the Grant Date and the last date on which an Option can be exercised, unless the Participant’s Employment ends before the Expiration Date or a Change of Control occurs. 

Grant Date – with respect to an Award, the date on which it is granted under the Plan. 

Grant Price – the price set at the Grant Date at which a share of Common Stock can be acquired on exercise of an Option. 

Incumbent Directors – with respect to any period of time specified under the Plan for the purposes of determining a Change of Control, the
persons who were members of the Board at the beginning of the period, as well as any director elected to the Board or nominated for election to the Board by a majority of the Incumbent Directors. 

Market Value – means, on any date, the price at which shares of Common Stock were last traded on that date on the New York Stock Exchange or,
if there are no transactions on that date, the closing price on the immediately preceding date on which there was a transaction. For the purposes of determining the taxable income from Options and/or Restricted Stock Units, it should be noted that
in some countries there are specific rules that set out how Market Value is determined. Where applicable, any particular rules should be noted in the country specific Q&A’s. 

  
 23 

 Option – a conditional right granted under the Plan to purchase one share of Common Stock in the
future at a set price within a set time period specified by the Compensation Committee at the Grant Date. 
 Participant – any
employee of a member of the Company Group who holds an outstanding Award granted under the Plan. 
 Plan – the Prudential Financial,
Inc. Omnibus Incentive Plan, a stock-based compensation plan adopted by the Board and ratified by the shareholders of Prudential in June 2003. 

Performance Share – a right to receive a share of Common Stock, conditioned and subject to adjustment upon the achievement of specified
performance goals during the applicable performance period, and further subject to satisfaction of the applicable continued service requirements. 
 Performance Unit – a right to receive cash valued by reference to a share of Common Stock, conditioned and subject to adjustment upon the achievement of specified performance goals during the
applicable performance period, and further subject to satisfaction of the applicable continued service requirements. 
 PS/PU Payment
Date – the date on which the continuing service requirement applicable to a Performance Share or a Performance Unit is scheduled to lapse, as specified by the Compensation Committee at the Grant Date, which is in the month of February
immediately following the end of the applicable Performance Cycle. 
 Prudential – Prudential Financial, Inc., a New Jersey
corporation, and any successor to Prudential Financial, Inc. 
 Release – a Separation Agreement and General Release (in connection
with an involuntary termination of employment for any reason other than Cause) or a General Release of Claims (in connection with a voluntary termination of employment), whichever is appropriate, in a form and with terms and conditions (including
but not limited to, non-solicitation of employees and business of any member of the Company Group) satisfactory to Prudential. 
 Restricted
Stock Unit – a conditional right (which is subject to forfeiture and transfer restrictions) granted under the Plan to receive one share of Common Stock at the end of a period of time specified by the Compensation Committee at the Grant
Date. 
 RSU Payment Date – the date on which the continuing service requirement applicable to a Restricted Stock Unit is scheduled
to lapse, as specified by the Compensation Committee at the Grant Date, which is the third anniversary of the Grant Date. 
 Vest –
when an Option can be exercised, or a Participant is entitled to receive (i) Common Stock under a Restricted Stock Unit, (ii) Common Stock under a Performance Share, (iii) cash under a Performance Unit, or (iv) cash under a Book
Value Unit, as appropriate, and “Vested” and “Vesting” will be construed accordingly. 

  
 24 

 SCHEDULE 2 
 COUNTRY SPECIFIC VARIATIONS 
 DATA PROTECTION (Applicable to all countries other than
the United States) 
 A Participant agrees by accepting an Award to permit Prudential to process personal data and sensitive personal data
about the Participant in connection with the Plan. Such data includes, but is not limited to, the information provided in the Participant’s grant documents and any changes thereto, other appropriate personal and financial data, and information
about the Participant’s participation in the Plan and shares granted under the Plan from time to time (collectively, Personal Data). A Participant consents to Prudential processing and transferring any Personal Data outside the country
in which the Participant works or is employed to the United States and any other third countries. The legal persons for whom Personal Data is intended include Prudential and any of its subsidiaries, any plan administrator selected by Prudential from
time to time, and any other person or entity that Prudential involves in the administration of the Plan. Prudential will take all reasonable measures to keep Personal Data, confidential and accurate. A Participant can access and correct their
Personal Data by contacting their human resources representative. A Participant understands and agrees that the transfer of information is important to the administration of the Plan and failure to consent to the transmission of that information may
limit their ability to participate in the Plan. 
 JAPAN 
 The following term will also apply: 
 If a Participant is an executive officer subject to the
reporting requirements under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended (Executive Officers), or has otherwise been identified as a senior officer subject to the Share Ownership Guidelines as amended by the
Board from time to time (Guidelines), then the Participant agrees to retain ownership of 50% of the net shares of Common Stock (after payment of the Grant Price, if any, and applicable fees and taxes) acquired on exercise of an Option or the
vesting of an Award until the first anniversary of the acquisition of that Common Stock. For senior officers who are not Executive Officers; these guidelines will cease to apply once the Participant has satisfied the Guidelines or, if earlier, upon
termination of the senior officer’s employment. Once the Participant has satisfied this holding period, the Participant may dispense of any shares of Common Stock held in excess of the Guidelines, subject to the Personal Securities Trading
Policy, including the “Reporting Responsibilities and Procedures for Section 16 Officers and Directors and Control Persons of Prudential” as then in effect. 
 UNITED STATES 
 Stock Options – for executives subject to the reporting requirements
under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended, section 2 of Part C will not apply to executives but the following will apply. 
 “An Option may be exercised by the Participant: 
  

	 	(i)	paying in cash the Grant Price and any applicable taxes and fees (Cash Exercise); or 

 

	 	(ii)	directing the immediate sale of sufficient shares of Common Stock acquired on exercise necessary to pay the Grant Price and any applicable taxes and fees and receive
the remaining shares of Common Stock (Sell to Cover).” 

  
 25 

 The following term will also apply: 
 If a Participant is an executive officer subject to the reporting requirements under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended (Executive Officers), or has
otherwise been identified as a senior officer subject to the Share Ownership Guidelines as amended by the Board from time to time (Guidelines), then the Participant agrees to retain ownership of 50% of the net shares of Common Stock (after
payment of the Grant Price, if any, and applicable fees and taxes) acquired on exercise of an Option or the vesting of an Award until the first anniversary of the acquisition of that Common Stock. For senior officers who are not Executive Officers,
these guidelines will cease to apply once the Participant has satisfied the Guidelines or, if earlier, upon termination of the senior officer’s employment. Once the Participant has satisfied this holding period, the Participant may dispense of
any shares of Common Stock held in excess of the Guidelines, subject to the Personal Securities Trading Policy, including the “Reporting Responsibilities and Procedures for Section 16 Officers and Directors and Control Persons of
Prudential” as then in effect. 
 All Restricted Stock Units, Book Value Units, Performance Shares or Performance Units granted under the
2012 Long-Term Program to a Participant who is a covered employee under Code Section 162(m) are subject to the additional requirement that the maximum aggregate amount payable to such a Participant in respect of such Awards may not exceed
six-tenths of one percent (0.6%) of Adjusted Operating Income (as defined in the Plan) for the most recently reported year ending December 31st before the year payment is made in respect of such Awards. Notwithstanding any provision in these
Terms to the contrary, if a Participant is a “covered employee” within the meaning of Code Section 162(m), any pro-rated payment the Participant would otherwise be entitled to receive under and subject to the otherwise applicable
conditions set forth herein in connection with (i) an Approved Retirement or (ii) an Involuntary Termination other than for Cause, Approved Retirement, death or Disability, will nonetheless be subject to the satisfaction of the condition
set forth in the immediately preceding sentence, and in addition payment in respect of any Award on account of any Involuntary Termination described in subclause (ii) will not be made until after the close of the calendar year in which such
Involuntary Termination of Employment occurs (but not later than March 15 of such subsequent calendar year). 

  
 26 

 SCHEDULE 3 
 FORM FOR DECLINING AN AWARD 
 If you wish to decline the grant of the Restricted Stock
Units, the Options, the Performance Shares, the Performance Units, or the Book Value Units, as applicable, granted to you pursuant to the 2012 Long-Term Incentive Program under the Prudential Financial, Inc. Omnibus Incentive Plan you should
complete and return this form by facsimile on or before the date three weeks after the Grant Date to Stock Plan Administration c/o Carol Hesse at (973)367-8251 or by certified mail with return receipt, postmarked on or before the date three weeks
after the Grant Date to Stock Plan Administration c/o Carol Hesse, 751 Broad Street, 18th Floor, Newark, New Jersey 07102. Please note that if you decline the grant of an Award, that Award (including, but not limited to, any rights, payments,
interests or benefits you have or may have under, related to or associated with, that Award) will be cancelled and terminated immediately. 
 I,
                                         
                   , hereby decline the grant of: 
  

					
	 	  	 	  	Check as appropriate
			
	 (i)
	  	 all of the Restricted Stock Units;
	  	 ̈
			
	 (ii)
	  	 all of the Options:
	  	 ̈
			
	 (iii)
	  	 all of the Performance Shares;
	  	 ̈
			
	 (iv)
	  	 all of the Performance Units: and/or
	  	 ̈
			
	 (iii)
	  	 all of the Book Value Units
	  	 ̈

 granted to me in
                     2012 under the terms of the Prudential Financial, Inc. Omnibus Incentive Plan. 

 

			
	Signed	 	  

  

			
	Dated	 	  

  
 27Form of Registration Rights Agreement

 Exhibit 10.5 
  

 
 FORM OF REGISTRATION RIGHTS AGREEMENT 

by and among 
 NDS GROUP HOLDINGS LIMITED 
 NUCLOBEL LUX 1 S.ÀR.L.,

 NUCLOBEL LUX 2 S.ÀR.L., 
 NEWS CORPORATION, 
 NDS HOLDCO INC., 

and 

THE MANAGEMENT SHAREHOLDERS 
 Dated as of                    , 2012 

 TABLE OF CONTENTS 

ARTICLE I 

DEFINITIONS 
  

					
	 Section 1.1
	  	Definitions	  	2

 ARTICLE II 
 DEMAND REGISTRATIONS 
  

					
	 Section 2.1
	  	Limits on Secondary Offerings	  	6
	 Section 2.2
	  	Requests for Registration	  	7
	 Section 2.3
	  	Postponement of Registration	  	8
	 Section 2.4
	  	Underwritten Registrations	  	9

 ARTICLE III 
 PIGGYBACK REGISTRATION RIGHTS 
  

					
	 Section 3.1
	  	Piggyback Registration Rights on Company Registrations	  	10
	 Section 3.2
	  	Priority in Piggyback Registrations on Company Registrations	  	12

 ARTICLE IV 
 EXPENSES 
  

					
	 Section 4.1
	  	Expenses	  	12

 ARTICLE V 
 RESTRICTIONS ON TRANSFERS 
  

					
	 Section 5.1
	  	Hold Back	  	13

 ARTICLE VI 
 INDEMNIFICATION 
  

					
	 Section 6.1
	  	Indemnification by the Company	  	14
	 Section 6.2
	  	Indemnification by the Shareholders	  	15
	 Section 6.3
	  	Notices of Claims, Etc	  	15
	 Section 6.4
	  	Contribution	  	16
	 Section 6.5
	  	Conflict of Provisions	  	17

  
 i 

 ARTICLE VII 
 REGISTRATION PROCEDURES 
  

							
	 Section 7.1
	  	Procedures	  	 	17	  

 ARTICLE VIII 
 RULE 144 

 

							
	 Section 8.1
	  	Rule 144	  	 	21	  

 ARTICLE IX 
 LIMITATION ON SUBSEQUENT REGISTRATION RIGHTS 

 

							
	 Section 9.1
	  	Limitation on Subsequent Registration Rights	  	 	21	  

 ARTICLE X 
 MISCELLANEOUS 

 

							
	 Section 10.1
	  	Amendments and Waivers	  	 	22	  
	 Section 10.2
	  	Withdrawal from Agreement	  	 	22	  
	 Section 10.3
	  	Notices	  	 	22	  
	 Section 10.4
	  	Successors and Assigns; Shareholder Status	  	 	23	  
	 Section 10.5
	  	Counterparts	  	 	23	  
	 Section 10.6
	  	Headings	  	 	23	  
	 Section 10.7
	  	Governing Law	  	 	23	  
	 Section 10.8
	  	Severability	  	 	23	  
	 Section 10.9
	  	Entire Agreement; Satisfaction of Original Stockholders Agreement	  	 	23	  
	 Section 10.10
	  	Securities Held by the Company or its Subsidiaries	  	 	24	  
	 Section 10.11
	  	Specific Performance	  	 	24	  
	 Section 10.12
	  	Consent to Jurisdiction	  	 	24	  
	 Section 10.13
	  	WAIVER OF JURY TRIAL	  	 	24	  

  
 ii 

 REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT dated as of             , 2012 (the
“Agreement”), by and among NDS Group Holdings Limited, a company organized under the laws of Bermuda (the “Company”), Nuclobel Lux 1 S.àr.l. (“Nuclobel 1”), a private limited company
(société à responsabilité limitée) incorporated in Luxembourg, Nuclobel Lux 2 S.àr.l. (“Nuclobel 2” and each of Nuclobel 1 and Nuclobel 2, a “Nuclobel Investor” and
together, the “Nuclobel Investors” and together with their Permitted Transferees (as defined herein), being referred to collectively as the “Nuclobel Group”), a private limited company (société
à responsabilité limitée) incorporated in Luxembourg, News Corporation, a Delaware corporation (“News Corporation”), NDS Holdco Inc. (“NDS Holdco,” and together with News Corporation and their
Permitted Transferees, the “News Group”), and the persons listed in the Schedule of Management Shareholders attached hereto (such persons, together with their Permitted Transferees, are referred to herein, collectively, as the
“Management Shareholders” and each, individually, a “Management Shareholder”). 
 WHEREAS, the
Nuclobel Investors, News Corporation, NDS Holdco and certain of the Management Shareholders were all party to that Stockholders Agreement, dated as of February 6, 2009, with NDS Group Limited and the other stockholders listed therein (the
“Original Stockholders Agreement”); 
 WHEREAS, the Company has filed a registration statement on Form F-1 with
respect to an underwritten public offering of its common shares, par value $             per share (“Shares”) (the “Initial Public Offering”); 

WHEREAS, the Initial Public Offering will constitute a “Qualifying IPO” pursuant to the Original Stockholders Agreement;
and 
 WHEREAS, pursuant to Section 11.2(b) of the Original Stockholders Agreement, the Nuclobel Investors, News
Corporation, NDS Holdco and the Management Shareholders desire that the Company hereby provide the Nuclobel Investors, News Corporation, NDS Holdco and the Management Shareholders with the registration rights with respect to the Registrable
Securities (as defined below) commensurate with the rights contained in Exhibit B to the Original Stockholders Agreement, as modified hereby. 
 NOW, THEREFORE, for and in consideration of the mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto, intending to be legally bound hereby, agree as follows: 

  
 1 

 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions. For purposes
hereof, the following capitalized terms shall have the respective meanings set forth in this Article I: 

“Action” shall mean any judicial action, suit, or claim or legal, administrative or arbitration proceeding,
investigation or review, including any settlement or compromise thereof or judgment or award therein. 

“Affiliate,” shall mean, (a) with respect to any Nuclobel Investor, any other Person Controlled directly or
indirectly by such Nuclobel Investor, Controlling directly or indirectly such Nuclobel Investor or directly or indirectly under the same Control as such Nuclobel Investor, or, in each case, a successor entity to such Nuclobel Investor; provided,
however, that Affiliate shall not include any portfolio companies of the relevant Nuclobel Investor or its Affiliates; and provided further, for the avoidance of doubt, that all of the funds included in the definition of any Nuclobel Investor shall
in any event be considered Affiliates of each other fund of such Nuclobel Investor; and (b) with respect to any Person who is not a Nuclobel Investor, another Person Controlled directly or indirectly by such first Person, Controlling directly
or indirectly such first Person or directly or indirectly under the same Control as such first person (for the purposes of this definition, “Control” (including, with correlative meanings, the terms “Controlling,”
“Controlled by” and “under common Control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise). 
 “Board” shall mean the board
of directors of the Company. 
 “Demand Notice” shall have the meaning set forth in Section 2.1
hereof. 
 “Demand Registration” shall have the meaning set forth in Section 2.1 hereof.

 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, or any similar federal
statute then in effect, and a reference to a particular section thereof shall be deemed to include a reference to the comparable section, if any, of any such similar federal statute. 

“Investor Shareholders” shall mean, collectively, the Nuclobel Group and the News Group, and each individually shall be
referred to as an “Investor Shareholder” 

  
 2 

 “Investor Shareholders’ Agreement” shall mean the Shareholders’
Agreement of the Company, dated as of the date hereof, by and among the Company, Nuclobel 1, Nuclobel 2, News Corporation and NDS Holdco. 
 “Management Shareholders’ Agreement” shall mean the Management Shareholders’ Agreement, dated as of the date hereof, by and among the Company, the Management Shareholders listed
therein, NDS Group Limited, a company organized under the laws of England and Wales, the Nuclobel Investors and the News Group. 

“Permitted Transferee” shall mean, in respect of any Person, (i) any Affiliate of such Person, or (ii) any
successor entity or with respect to a Person organized as a trust, any successor trustee or co-trustee of such trust. In addition, (i) any Person shall be a Permitted Transferee of the Permitted Transferees of itself and any member of an
Investor Shareholder shall be a Permitted Transferee of any other member of such Investor Shareholder, and (ii) with respect to any Management Shareholder, a Permitted Transferee shall include (A) any beneficiary or estate of such
Management Shareholder upon the death of such Management Shareholder (by will, by the laws of descent and distribution or otherwise) or (B) such Management Shareholder’s immediate family members or any trust or custodianship created by the
Management Shareholder for estate planning purposes, the beneficiaries of which may include only the Management Shareholder or his or her family members (as defined in Form S–8 of the Securities Act). 

“Person” shall mean any natural person, corporation, limited partnership, general partnership, limited liability
company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in
a representative capacity and any government or agency or political subdivision thereof. 
 “Piggyback
Registration” shall have the meaning set forth in Section 3.1 hereof. 
 “Prospectus”
shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule
430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement or any issuer free writing prospectus (as defined in Rule 433 under the Securities Act), with respect to the terms of the offering of any portion of
the Registrable Securities covered by such Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such prospectus. 
 “Registration Expenses” shall mean all expenses of the Company incident to the
Company’s performance of or compliance with this Agreement, including, without limitation, all 

  
 3 

 
registration, filing and listing fees and expenses, fees and expenses of compliance with securities laws (whether promulgated in the United States or otherwise) or blue sky laws (including,
without limitation, reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), rating agency fees, all fees and expenses of the transfer agent and registrar for the
Shares, printing expenses, messenger and delivery expenses, the reasonable fees and expenses incurred in connection with the listing of the securities to be registered on each securities exchange or national market system on which Registrable
Securities are to be listed or on which similar securities issued by the Company are to be listed in connection with such transaction, reasonable fees and disbursements of counsel for the Company and all independent certified public accountants for
the Company (including the expenses of any annual audit, special audit and “comfort” letters required in connection therewith or incident thereto), securities laws liability insurance (if the Company so desires or if the underwriters so
desire), the reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities, all fees and expenses of any qualified independent underwriter or any Person acting in a similar capacity, the reasonable fees and
disbursements of one counsel retained in connection with each such registration by each of (i) the Nuclobel Investors, (ii) the News Group and (iii) the other holders of Registrable Securities being registered, the reasonable fees and
expenses of any special experts retained by the Company in connection with such registration, and fees and expenses of other Persons retained by the Company (but not including any underwriting discounts or commissions or transfer taxes, if any,
attributable to the sale of Registrable Securities by the holders of such Registrable Securities). 
 “Registrable
Securities” shall mean Shares (including, without limitation, Shares issued pursuant to the 2009 Share Option Plan of NDS Group Limited, the 2011 Share Option Plan of NDS Group Holdings or any other stock option plan or employee benefit or
other incentive plan presently existing or which may be adopted by the Company after the date hereof, Shares issued upon exercise of any warrants or options or upon exercise of preemptive rights granted by the Company) held by the Shareholders, any
other equity securities of the Company or any successor corporation issued in exchange for or in respect of such Shares and any shares in the capital of the Company that are issued in connection with a reorganization or redenomination of the
Company’s share capital in respect of such Shares. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) such securities shall have been registered under the Securities Act, the
Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of pursuant to such effective Registration Statement, (ii) such securities
shall have been distributed pursuant to Rule 144, (iii) such securities shall have been otherwise transferred, if new certificates or other evidences of ownership for them not bearing a legend restricting further transfer and not subject to any
stop transfer order or other restrictions on transfer shall have been delivered by the Company and subsequent disposition of such securities, other than by Affiliates that acquire such Shares, shall not require registration or qualification of such
securities under the Securities Act or any state securities laws then in force or (iv) such securities shall cease to be outstanding. 
 “Registration Statement” shall mean any registration statement of the Company under the Securities Act which permits the public offering of any of the Registrable Securities

  
 4 

 
pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all
materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement. 

“Representatives” shall mean, with respect to a particular Person, any financial advisor, director, officer, partner,
employee or consultant, general partner, co-owner, member, nominee, managing director or Controlling Person of such Person. 

“Rule 144” shall mean Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC. 
 “S-3 Eligible” shall have the meaning set forth in
Section 2.2(c) hereof. 
 “SEC” shall mean the Securities and Exchange Commission. 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended, or any similar federal statute then in effect,
and a reference to a particular section thereof shall be deemed to include a reference to the comparable section, if any, of any such similar federal statute. 
 “Shareholders” shall mean each of (i) News Corporation, (ii) NDS Holdco, (iii) Nuclobel 1, (iv) Nuclobel 2, (v) the Management Shareholders, (vi) Persons who
have acquired Shares from, and are Permitted Transferees of, any of them, and any combination of them, and (vii) such other Persons who become parties to this Agreement pursuant to the terms and conditions of this Agreement. 

“Shares” shall have the meaning set forth in the recitals. 

“Shelf Registration Statement” or “Shelf Registration” shall mean a “shelf” Registration
Statement of the Company on any form providing for offerings from time to time in accordance with Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC. 

“Short Form Registration Statement” shall mean a Registration Statement on Form F-3 or Form S-3 or any similar successor
short-form Registration Statement. 

  
 5 

 ARTICLE II 
 DEMAND REGISTRATIONS 
 Section 2.1 Limits on Secondary
Offerings. 
 (a) Notwithstanding anything herein to the contrary and subject to the terms of the Investor
Shareholders’ Agreement, from the date hereof until the earlier of (i) February 6, 2014 or (ii) the date on which the Nuclobel Group ceases to own at least 15% of the issued and outstanding Shares of the Company (such date, the
“Lapse Date”), the Nuclobel Investors shall, subject to the terms of this Agreement, have the sole right to determine the form, timing and size (including the number and dollar amount of Registrable Securities, provided that the
sale of Registrable Securities requested to be registered, in each such offering, is reasonably expected to result in aggregate gross cash proceeds of at least $100,000,000) of all offerings of Registrable Securities pursuant hereto (each, a
“Secondary Offering”). The Nuclobel Group shall provide prompt written notice of its desire to effect a Secondary Offering to the Company, which notice shall include proposed form, timing and size of such Secondary Offering. Upon
receipt of such notice, the Company shall promptly provide a copy of such written notice to the News Group and the Management Shareholders, but in no event later than five (5) business days prior to the commencement of any marketing efforts for
any Secondary Offering that is an underwritten offering (or in the case of a Secondary Offering that is not a Shelf Registration, not later than five (5) business days following the initial filing of the applicable Registration Statement).
Subject to the following provisos and paragraph (b) below, each of the News Group and the Management Shareholders shall have the right to include in such Secondary Offering the number of Registrable Securities as each may request; provided that
each such holder must notify the Company and the Nuclobel Group of the number of Registrable Securities it requests to include in such Secondary Offering as soon as practicable, but in no event later than 5:00 pm on the second business day prior to
the commencement of any marketing efforts for the Secondary Offering (or in the case of a Secondary Offering that is not a Shelf Registration, not later than the second business day following the delivery of the copy of the notice); and provided
further that (x) the Nuclobel Group and the News Group shall have the right to include in such Secondary Offering, in the aggregate, a number of Registrable Securities equal to the total number of Registrable Securities to be included in such
Secondary Offering as determined by the Nuclobel Group less the aggregate number of Registrable Securities to be included therein by the Management Shareholders, as determined under clause (y) below, such amount to be allocated equally among
the Nuclobel Group and the News Group, but if either the Nuclobel Group or the News Group elects not to sell its full allocation of Registrable Securities in such Secondary Offering (such amount not being sold by the News Group or the Nuclobel
Group, as the case may be, is hereinafter referred to as the “Declined Amount”), then the other party, as the case may be, shall be entitled to increase the number of Registrable Securities it includes by an amount not to exceed the
Declined Amount, and (y) the Management Shareholders shall have the right to include in such Secondary Offering, in the aggregate, a number of Registrable Securities, determined as a percentage of the total number of Registrable Securities to
be 

  
 6 

 
included in such Secondary Offering, equal to the percentage of the total outstanding Shares then owned by the Management Shareholders requesting inclusion in such Secondary Offering, such amount
to be allocated pro rata among such requesting Management Shareholders based on the percentage of the total outstanding Shares then owned by each such requesting Management Shareholder, but if any such requesting Management Shareholders elects not
to sell his or her full allocation of Registrable Securities in such Secondary Offering (such amount not being sold by all such Management Shareholders in the aggregate is hereinafter referred to as the “Management Declined
Amount”), then the other requesting Management Shareholders who elect to sell their full allocation shall be entitled to increase the number of Registrable Securities they include in such Secondary Offering by an amount not to exceed the
Management Declined Amount in the aggregate, such amount to be allocated pro rata among such other requesting Management Shareholders who notify the Company of their desire to sell additional Shares in such Secondary Offering, based on the
percentage of the total outstanding Shares then owned by each such other requesting Management Shareholder. Prior to the Lapse Date, the Nuclobel Group shall, in its sole discretion, decide whether or not to pursue, consummate, postpone or abandon
any proposed Secondary Offering. 
 (b) If the managing underwriter or underwriters of any Secondary Offering
that is an underwritten offering advise the holders of the relevant Registrable Securities in writing that in its view the total number or dollar amount of Shares proposed to be sold in such offering is such as to adversely affect the success of
such offering (including, without limitation, securities proposed to be included by other holders of securities entitled to include securities in such Registration Statement pursuant to incidental or piggyback registration rights), then there shall
be included in such underwritten offering the number or dollar amount of Shares that in the opinion of such managing underwriter can be sold without adversely affecting such offering, and such number of Registrable Securities to be included in any
such Secondary Offering shall be allocated as follows: (i) first, equally among the Nuclobel Group and the News Group (subject to adjustment as provided in clause (a) above), and (ii) second, among the requesting Management
Shareholders, pro rata among such requesting Management Shareholders based on the number of Registrable Securities then owned by each such requesting Management Shareholder. 
 Section 2.2 Requests for Registration Subject to Section 2.1, each of the Nuclobel Group and, after the Lapse Date, the News Group shall have the right by delivering a written notice to
the Company (a “Demand Notice”) to require the Company to register, pursuant to the terms of this Agreement under and in accordance with the provisions of the Securities Act, the resale of all or part of their Registrable Securities
(a “Demand Registration”); provided, however, that a Demand Notice may only be made if the sale of the Registrable Securities requested to be registered is reasonably expected to result in aggregate gross cash proceeds of at least
$100,000,000. Following receipt of a Demand Notice for a Demand Registration, the Company shall use its reasonable best efforts to file a Registration Statement on the appropriate form as promptly as practicable, but not later than thirty
(30) days after such Demand Notice, and shall use its reasonable best efforts to cause such Registration Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof. 

  
 7 

 (a) Each of the Nuclobel Group and the News Group shall be entitled to an
unlimited number of Demand Registrations. Each Investor Shareholder shall have the right to include Registrable Securities held by it in a Demand Registration requested by another Investor Shareholder. 

(b) Following the Lapse Date, each Investor Shareholder shall consult with each other Investor Shareholder in advance of
delivering a Demand Notice to the Company. Prior to the commencement of the marketing period related thereto (or to the filing of the applicable Registration Statement if not then filed), the parties shall keep all discussions, communications and
correspondence regarding underwritten offerings by the Company confidential unless (1) disclosure of such information is required by court or administrative order, (2) disclosure of such information, in the opinion of counsel to such
Person, is required by law, or (3) such information becomes generally available to the public other than as a result of disclosure or failure to safeguard by such Person. 

(c) The Company shall use its commercially reasonable efforts to become and remain eligible to use a Short-Form
Registration Statement (“S-3 Eligible”). After such time as the Company is S-3 Eligible, any Demand Registration may be for a Shelf Registration. Any Demand Registration may be for an underwritten offering and shall include a demand
for an underwritten offering pursuant to an existing Shelf Registration Statement. 
 (d) (1) The Company
shall be required to maintain the effectiveness of the Registration Statement (other than a Shelf Registration Statement) with respect to any Demand Registration for a period of at least one hundred and eighty (180) days after the effective
date thereof or such shorter period in which all Registrable Securities included in such Registration Statement have actually been sold; provided, however, that such period shall be extended for a period of time equal to the period the
holder of Registrable Securities is restricted from selling any securities included in such Registration Statement pursuant to Section 2.3 or 7.1(b) hereof. 

(2) Subject to Sections 2.3 and 7.1(b), the Company shall be required to maintain the continuous effectiveness of a Shelf
Registration Statement (including by filing supplements and amendments) in order to permit the Prospectus forming part thereof to be usable by the News Group and the Nuclobel Group for such period that will terminate upon the date that all of the
Registrable Securities covered thereby cease to be Registrable Securities. 
 Section 2.3 Postponement of
Registration. The Company shall be entitled to postpone the filing of or suspend the use of a Registration Statement (but not more than once in any twelve (12)-month period), for a reasonable period of time not in excess of sixty (60) days,
if the Company delivers to the holders requesting registration or whose Registrable Securities are covered by such Registration Statement a certificate signed by both the chief executive officer and chief financial officer of the Company certifying
that, in the good faith judgment of the 

  
 8 

 
Board, such registration and/or offering would reasonably be expected to materially adversely affect or materially interfere with any bona fide material financing of the Company or any material
transaction under consideration by the Company or would require disclosure of information that has not been disclosed to the public, the premature disclosure of which would materially adversely affect the Company. Such certificate shall contain a
statement of the reasons for such postponement and an approximation of the anticipated delay. The holders receiving such certificate shall keep the information contained in such certificate confidential subject to the same confidentiality terms set
forth in the Investor Shareholders’ Agreement or Management Shareholders’ Agreement, as applicable. Each such holder shall, upon receipt of such certificate from the Company, forthwith discontinue disposition of any Registrable Securities
pursuant to any Registration Statement covering Registrable Securities held by it until such holder’s receipt of notice from the Company that such sales may resume. 
 Section 2.4 Underwritten Registrations. 
 (a) If any
Demand Registration is an underwritten offering, the Investor Shareholder(s) who deliver(s) the Demand Notice shall have the right to select the investment banker or investment bankers and managers to administer the offering, subject to approval by
the Company, not to be unreasonably withheld. 
 (b) Notwithstanding any contrary provision herein, no
Shareholder may participate in any underwritten registration hereunder unless such Shareholder (i) agrees to sell the Registrable Securities it desires to have covered by the Demand Registration on the basis provided in any underwriting
arrangements in customary form and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements, provided that
such Shareholder shall not be required to make any representations or warranties other than representations and warranties substantially the same as the representation and warranties of the selling shareholders set forth in the underwriting
agreement, dated __, 2012 relating to the Initial Public Offering. 
 (c) If the Company receives a Demand Notice
from either the Nuclobel Group or the News Group for any Demand Registration that is an underwritten offering, the Company shall provide prompt written notice to the other Investor Shareholders and the Management Shareholders of the Demand
Registration (such notice to include the proposed form and timing of such offering and the number of Registrable Securities subject to such Demand Notice) no later than five (5) business days prior to the commencement of any marketing efforts
for the underwritten offering (or in the case of a Demand Registration that is not a Shelf Registration, not later than five (5) business days following the initial filing of the applicable Registration Statement). Subject to paragraph
(d) below, the Company, such other Investor Shareholders and the Management Shareholders shall have the opportunity to include in such Registration Statement the number of Registrable Securities as each such Person may request;

  
 9 

 
provided such holders must notify the Company and the Investor Shareholder who delivered the Demand Notice of the number of Registrable Securities it requests to include in the Demand
Registration as soon as practicable, but in no event later than 5:00 pm on the second business day prior to the commencement of any marketing efforts for the underwritten offering (or in the case of a Demand Registration that is not a Shelf
Registration, not later than the second business day following the delivery of the Company’s notice). 
 (d)
If the managing underwriter or underwriters of such underwritten offering advise the holders including Registrable Securities in such offering in writing that in its view the total number or dollar amount of Shares proposed to be sold in such
offering is such as to adversely affect the success of such offering (including, without limitation, securities proposed to be included by other holders of securities entitled to include securities in such Registration Statement pursuant to
incidental or piggyback registration rights), then there shall be included in such underwritten offering the number or dollar amount of Shares that in the opinion of such managing underwriter can be sold without adversely affecting such offering,
and such number of Registrable Securities shall be allocated as follows: (a) first, pro rata among the Nuclobel Group and the members of the News Group, in each case, on the basis of the percentage of the Registrable Securities requested
to be included in such underwritten offering by such holders; (b) second, the securities for which inclusion in such underwritten offering was requested by the Company; and (c) third, the securities for which inclusion in such underwritten
offering was requested by the Management Shareholders, pro rata among such requesting Management Shareholders based on the percentage of the total outstanding Shares then owned by each such requesting Management Shareholder; provided,
however, that if such underwritten offering is prior to the Lapse Date, the number of Registrable Securities to be included therein shall be determined as provided in Section 2.1. 

ARTICLE III 
 PIGGYBACK REGISTRATION RIGHTS 
 Section 3.1 Piggyback
Registration Rights on Company Registrations. If the Company proposes to effect a registration of securities for sale for its own account in a manner which would permit registration of Registrable Securities for sale to the public, it will at
such time, give written notice (the “Piggyback Notice”) to each of News Corporation, NDS Holdco, the Nuclobel Investors and the Management Shareholders of its intention to do so and of the rights of the News Group, the Nuclobel
Group and the Management Shareholders under this Agreement, not later than five (5) business days following the filing date of the Registration Statement relating to such registration; provided that if such registration is for an underwritten
offering by the Company, the Company will give such Piggyback Notice not later than five (5) business days prior to the commencement of any marketing efforts for the offering (or, in the case of a registration that is not on a
Shelf-Registration Statement, not later than five (5) business days following the initial filing of such Registration Statement). Upon receipt of the Piggyback Notice, the News Group, the Nuclobel Group and the Management Shareholders shall
have the 

  
 10 

 
opportunity to include in such Registration Statement such number of Registrable Securities as each of News Corporation, on behalf of itself and the News Group, the Nuclobel Investors, on behalf
of themselves and the Nuclobel Group, and the Management Shareholders, on behalf of themselves, may request (a “Piggyback Registration”). Subject to Section 3.2, the Company shall include in each such Piggyback Registration all
Registrable Securities with respect to which the Company has received written requests from the News Corporation, on its own behalf and on behalf of the News Group, the Nuclobel Investors, on their own behalf or on behalf of the Nuclobel Group, and
the Management Shareholders, on behalf of themselves, for inclusion therein within five (5) days after delivery of the Company’s notice (which request shall specify the number of Registrable Securities intended to be disposed of by each of
the News Group, the Nuclobel Group and the Management Shareholders and the intended method of disposition thereof); provided, that if the Piggyback Registration is for an underwritten offering, such notice must be received by the Company no later
than 5:00 pm on the second business day prior to the commencement of any marketing efforts for the offering (or in the case of a registration that is not on a Shelf-Registration Statement, the third business day following delivery of the
Company’s notice). The Company shall use its best efforts to effect the Piggyback Registration under any applicable United States federal securities laws and the qualification under any applicable state securities or blue sky laws of all
Registrable Securities which the Company has been so requested to register by the News Group, the Nuclobel Group and the Management Shareholders, to the extent required to permit the disposition (in accordance with such intended methods thereof) of
the Registrable Securities so requested to be registered; provided that: 
 (a) if such Piggyback Registration
involves an underwritten public offering, the Company shall have the right to select the investment banker or investment bankers and managers to administer any Piggyback Registration and all Shareholders requesting that their Registrable Securities
be included in the Company’s registration must, upon request by the underwriter(s), sell their Registrable Securities to such underwriter(s) selected by the Company on the same terms and conditions as apply to the Company or any selling
securityholder (or on equivalent terms and conditions, in the event that such requesting Shareholders hold different securities from those being sold by the Company or such selling securityholder), including, without limitation, executing and
delivering such underwriting agreements or other related agreements to which the Company or any such selling securityholder has agreed to execute and deliver; provided that such Shareholder shall not be required to make any representations or
warranties other than representations and warrantes substantially the same as the representation and warranties of the selling shareholders set forth in the underwriting agreement relating to the Initial Public Offering; 

(b) if a Piggyback Registration pursuant to this Section 3.1 involves an underwritten public offering, any
Shareholder requesting to be included in such Piggyback Registration may elect, in writing at any time prior to the commencement of any marketing efforts for the offering in connection with such Piggyback Registration (or, in connection with an
underwritten takedown off a Shelf Registration Statement, the effective date of the Prospectus supplement filed in connection with such takedown), not to include such securities in connection with such Piggyback Registration; 

  
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 (c) the Company shall not be required to effect any registration of
Registrable Securities under this Section 3.1 as a result of the registration of any of its securities in connection with mergers, acquisitions, exchange offers, subscription offers, dividend reinvestment plans or stock option or other
executive or employee benefit or compensation plans (including, without limitation, any registration of securities on a Form S-4 or S-8 registration statement or any successor or similar forms); 

(d) if a Piggyback Registration pursuant to this Section 3.1 involves a Shelf Registration Statement, the plan
of distribution set forth in the Shelf Registration Statement and applicable to any underwritten takedown off of a Shelf Registration Statement (to the extent either of the News Group or the Nuclobel Group are participating in such offering) shall
be reasonably acceptable to the News Group and the Nuclobel Group. 
 Section 3.2 Priority in Piggyback Registrations on
Company Registrations. The Company shall use reasonable efforts to cause the managing underwriter(s) of a proposed underwritten offering to permit holders of Registrable Securities requested to be included in the registration for such offering
to include all such Registrable Securities on the same terms and conditions as any other shares of capital stock, if any, of the Company included therein. Notwithstanding the foregoing, if, at any time the Company proposes to effect a Piggyback
Registration in connection with an underwritten offering for the Company’s account, and the managing underwriter(s) advise the Company in writing (a copy of which shall be provided to the Nuclobel Investors and News Corporation) that, in its or
their good faith judgment, the number of Registrable Securities which the Company, the Shareholders and any other Persons intend to sell in such registration exceeds the largest number of securities which can be sold without materially adversely
affecting the price at which such securities can be sold, the Company shall include in such registration: (a) first, all securities the Company proposes to sell for its own account (the “Company Securities”), (b) second,
all Registrable Securities requested to be sold by each of the News Group and the Nuclobel Group (provided that if the number of the Company Securities and such Registrable Securities exceeds the number of Shares which the Company has been advised
can be sold in such offering without having the effect referred to above, the number of such Registrable Securities to be included in such offering shall be allocated pro rata among the Nuclobel Group and the members of the News Group, in
each case, on the basis of the percentage of the Registrable Securities requested to be included in such Registration Statement by such holders) and (c) third, the Registrable Securities requested to be sold for the account of the Management
Shareholders, pro rata among such requesting Management Shareholders based on the percentage of the total outstanding Shares then owned by each such Management Shareholder. 

ARTICLE IV 

EXPENSES 
 Section 4.1 Expenses. The Company will pay all Registration Expenses in connection with each registration of Registrable Securities requested pursuant to this Agreement and any

  
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other actions that may be taken in connection with any such registration as contemplated by this Agreement; provided that the Company will not be obligated to pay any underwriting discounts or
commissions or transfer taxes, if any, relating to the sale or disposition of Shares sold by Persons other than the Company pursuant to any such registration. 
 ARTICLE V 
 RESTRICTIONS ON TRANSFERS 

Section 5.1 Hold Back. 
 (a) Each Shareholder hereby agrees that it shall not, directly or indirectly sell, offer to sell (including without limitation any short sale), pledge, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of or otherwise dispose of or transfer any Registrable Securities or other Shares or any securities convertible into or exchangeable or exercisable
for Shares then owned by such Shareholder (other than to Permitted Transferees of the Shareholders who agree to be similarly bound) for a period not exceeding 90 days following the date of an underwriting agreement with respect to an underwritten
public offering of the Company’s securities as requested by the managing underwriter of such underwritten offering; provided, however, that: 
 (i) the restrictions above shall not apply to Registrable Securities sold on the Shareholder’s behalf to the public in an underwritten offering pursuant to a Registration Statement; 

(ii) all officers and directors of the Company then holding Shares or securities convertible into or exchangeable or
exercisable for Shares enter into similar agreements for not less than the entire time period required of the Shareholders; and 
 (iii) the Shareholders shall be allowed any concession or proportionate release allowed to any (i) officer, (ii) director, or (iii) other holder of Shares that entered into similar
agreements (with such proportion being determined by dividing the number of Shares being released with respect to such officer, director or other holder by the total number of issued and outstanding Shares held by such officer, director or holder).

 In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates
representing the securities subject to this Section 5.1 and to impose stop transfer instructions with respect to the Registrable Securities and such other securities of each Shareholder (and the securities of every other Person subject
to the foregoing restriction) or to assign a different CUSIP number therefor until the end of such period. 

  
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 (b) If any registration of Registrable Securities pursuant to this Agreement
shall be in connection with an underwritten public offering, the Company agrees, if requested by the underwriter(s) or placement or other selling agent(s), (i) not to effect any sale or distribution of any of its equity securities or of any
security convertible into or exchangeable or exercisable for any equity security of the Company (other than any such sale or distribution of such securities in connection with any merger or consolidation by the Company or a subsidiary of the Company
or in connection with the purchase of all or substantially all the assets of any other Person or in connection with an employee stock option or other benefit plan or the NDS Employee Stock Purchase Plan) during the thirty (30) days prior to,
and during the ninety (90) day period beginning on, the pricing date of such underwritten offering unless the underwriter managing the offering otherwise agrees to a shorter period and (ii) that any agreement entered into after the date of
this Agreement pursuant to which the Company issues or agrees to issue any privately placed equity securities shall contain a provision under which holders of such securities agree not to effect any sale or distribution of any such securities during
the periods referred to in Section 5.1(a) above, including any sale pursuant to Rule 144 (except as part of such Registration, if permitted). 
 (c) Other than any restrictions under applicable law, contained in this Section 5.1 or as may be agreed between the Company and such Management Shareholder from time to time, this Agreement
does not provide for any additional restrictions on transfer with respect to any securities of the Company held by the Management Shareholders. 
 ARTICLE VI 
 INDEMNIFICATION 

Section 6.1 Indemnification by the Company. In the event of any registration of any securities of the Company pursuant to
this Agreement, the Company will, and it hereby does, indemnify and hold harmless, to the fullest extent permitted by law, each of the Shareholders holding any Registrable Securities covered by such Registration Statement, its Representatives, each
other Person who participates as an underwriter in the offering or sale of such securities and each other Person, if any, who Controls, is Controlled by or is under common Control with such Shareholder or any such underwriter, against any and all
losses, claims, damages or liabilities, joint or several, and expenses (including any amounts paid in any settlement effected with the Company’s consent, which consent shall not be unreasonably withheld) (“Losses”) to which
such Shareholder, any such Representative or any such underwriter or Controlling Person may become subject under United States federal, or state securities laws or blue sky laws, common law or otherwise, insofar as such Losses (or Actions in respect
thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary, final or summary Prospectus contained therein, or any amendment or
supplement thereto, or (b) any omission or alleged omission to state therein a 

  
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material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in light of the circumstances under which they were made) not misleading, and
the Company will reimburse such Shareholder and each such Representative or underwriter and Controlling Person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending such Loss (or Action in
respect thereof); provided that the Company shall not be liable in any such case to the extent that any such Loss (or Action in respect thereof) arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged
omission made in such Registration Statement or amendment or supplement thereto or in any such preliminary, final or summary Prospectus in reliance upon and in conformity with written information furnished to the Company through an instrument duly
executed by such Shareholder or any such Representative or underwriter expressly for use in the preparation thereof. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Shareholder or any
such Representative or underwriter and shall survive the transfer of such securities by such Shareholder. 
 Section 6.2
Indemnification by the Shareholders. The Company may require, as a condition to including any Registrable Securities in any Registration Statement filed in accordance with this Agreement, that the Company shall have received an undertaking
reasonably satisfactory to it from the holders of such Registrable Securities to indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 6.1) severally and not jointly the Company and its
Representatives and all other prospective sellers and their respective Representatives, and their respective controlling Persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the
underwriters, if any, with respect to any statement or alleged statement in or omission or alleged omission from such Registration Statement, any preliminary, final or summary Prospectus contained therein, or any amendment or supplement thereto, if
such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company or its representatives through an instrument duly executed by or on behalf of such
Shareholder, as the case may be, specifically stating that it is for use in the preparation of such Registration Statement, preliminary, final or summary Prospectus or amendment or supplement thereto, or a document incorporated by reference into any
of the foregoing. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any of the Shareholders, or any of their respective Representatives or controlling Persons (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and shall survive the transfer of such securities by such Shareholder; provided that no such Shareholder shall be liable under this Section 6.2 for
any amounts exceeding the product of the purchase price per Registrable Security and the number of Registrable Securities sold in the applicable offering pursuant to such Registration Statement or Prospectus by such Shareholder (net of any
underwriters’ or placement agents’ fees, discounts or commissions related thereto). 
 Section 6.3 Notices of
Claims, Etc. Promptly after receipt by an indemnified party hereunder of written notice of the commencement of any Action with respect to which a claim for indemnification may be made pursuant to this Agreement, such indemnified party will, if a
claim in respect thereof is to be made against an indemnifying party, promptly give written notice to the latter of the commencement of such Action; provided, however, that the failure of any indemnified party to give notice as provided herein shall
not relieve the indemnifying party of its obligations under the preceding subsections of this Agreement, except to the extent that the 

  
 15 

 
indemnifying party is actually materially prejudiced by such failure to give notice. In case any such Action is brought against an indemnified party, unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party will be entitled to participate in and, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party of its election so to assume the defense thereof, the indemnifying
party will not be liable to such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof, unless in such indemnified party’s reasonable judgment a conflict of interest between
such indemnified and indemnifying parties arises in respect of such claim after the assumption of the defense thereof, and the indemnifying party will not be subject to any liability for any settlement made without its consent (which consent shall
not be unreasonably withheld). No indemnifying party will consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party a
release from all liability in respect to such claim or litigation. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel (together
with appropriate local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any
other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the fees and expenses of such additional counsel or counsels. 

Section 6.4 Contribution. 
 (a) If the indemnification provided for in this Article VI is unavailable to an indemnified party in respect of any Losses (other than in accordance with its terms), then each applicable
indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the
indemnifying party or parties on the one hand and of the indemnified party or parties on the other hand in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The
relative fault of such indemnifying party, on the one hand, and indemnified party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact, has been taken by, or relates to information supplied by, such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent any such action, statement or omission. 
 (b) The parties hereto agree
that it would not be just and equitable if contribution pursuant to this Section 6.4 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
Section 6.4(a). Notwithstanding the provisions of this Section 6.4, an 

  
 16 

 
indemnifying party that is a selling holder of Registrable Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds from the sale of the
Registrable Securities sold by such indemnifying party exceeds the amount of any damages that such indemnifying party has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

Section 6.5 Conflict of Provisions. Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

ARTICLE VII 
 REGISTRATION PROCEDURES 
 Section 7.1 Procedures.

 (a) If and whenever the Company is required to effect or cause the registration of any Registrable Securities
pursuant to this Agreement, the Company will effect such registration to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition thereof by the Shareholders, and pursuant thereto the Company
shall cooperate in the sale of the securities and shall, as expeditiously as possible, at its expense: 
 (i)
Prepare in cooperation with the sellers (and, in the event of an underwritten public offering, with the underwriter(s)), and file with the SEC or other appropriate governmental authority, in a manner consistent with the provisions of this Agreement,
a Registration Statement with respect to such Registrable Securities on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate as the case may be; provided, however, that at any time when
the Company is eligible to utilize a Short-Form Registration, any Registration Statement shall be a Short-Form Registration, and which form shall be available for the sale of the Registrable Securities in accordance with the intended methods of
distribution thereof by the Shareholders, and use its best efforts to cause such Registration Statement to become and remain effective and valid; provided further that before filing with any governmental authority a Registration Statement or
Prospectus or any amendments or supplements thereto (including documents that would be incorporated or deemed to be incorporated therein by reference), the Company will (A) furnish to one counsel retained in connection with each such
registration by each of (i) the Nuclobel Investors, (ii) the News Group and (iii) the other holders of Registrable Securities to be included in such registration, copies of all 

  
 17 

 
such documents proposed to be filed, which documents will be subject to the timely review of such counsel and, if requested by such counsel, provide such counsel reasonable opportunity to
participate in the preparation of such Registration Statement and each Prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act, including reasonable access to the
Company’s books and records, officers, directors, accountants and other employees and advisors, and (B) notify each holder of Registrable Securities covered by such Registration Statement (1) of any stop order or similar prohibition
issued or threatened by any governmental authority or the initiation of any proceedings for that purpose and take all reasonable actions required to prevent the entry of such stop order or other prohibition or to remove it if entered, (2) of
any request by the SEC or any other applicable governmental authority for amendments or supplements to a Registration Statement or related Prospectus or for additional information, (3) if at any time the representations and warranties of the
Company contained in any agreement (including any underwriting agreement) contemplated by Section 7.1(a)(ix) below cease to be true and correct, or (4) of the receipt by the Company of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose. 

(ii) Prepare and file with the appropriate governmental authorities such amendments and supplements to such Registration
Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective and valid during the applicable periods provided herein (but, in the case of any registration under the
Securities Act, not before the expiration of the ninety (90) day period referred to in Section 4(3) of the Securities Act and Rule 174 promulgated thereunder, if applicable) and comply with the provisions of applicable laws with respect to
the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration Statement. 

(iii) Furnish to each holder of Registrable Securities covered by the Registration Statement and to each underwriter, if
any, of such Registrable Securities, such number of copies of such Registration Statement, each amendment and supplement thereto applicable to the sale of Registrable Securities (in each case including all exhibits thereto), and the Prospectus
included in such Registration Statement and each amendment and supplement thereto, and such other documents, as such Person may reasonably request in connection with the distribution of such Registrable Securities. 

  
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 (iv) Use its best efforts to (A) register or qualify such Registrable
Securities covered by such Registration Statement under such other securities laws or blue sky laws of such jurisdictions as any holder, and underwriter, if any, of Registrable Securities covered by such Registration Statement shall reasonably
request, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller; provided that the
Company shall not for any such purpose, be required to qualify to do business as a foreign corporation in any jurisdiction where, but for the requirements of this Section 7.1, it is not then so qualified or take any action which would
subject it to consent to general or unlimited service or process not then so subject and (B) obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the lifting of any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction at the reasonably earliest practical date. 
 (v) Immediately notify each seller of Registrable Securities covered by such Registration Statement, at any time when a Prospectus relating thereto is required to be delivered under applicable laws, of
the happening of any event which comes to the Company’s attention if as a result of such event the Prospectus included in such Registration Statement, as then in effect, includes any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading and at the request of any such seller, deliver a reasonable number of copies of an amended or
supplemental Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not include any untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 
 (vi) Otherwise use its best efforts to comply with all applicable rules and regulations of the SEC or other applicable governmental authority and any other governmental authority of competent jurisdiction
and make available to its security holders, in the case of any registration under the Securities Act, as soon as practicable, an earnings statement covering a period of at least twelve (12) months, beginning with the first month after the
effective date of the Registration Statement (as the term “effective date” is defined in Rule 158(c) promulgated under the Securities Act), which earnings statement shall satisfy the provisions of section 11(a) of the Securities Act
including, at the option of the Company, Rule 158 promulgated thereunder. 
 (vii) Cause all such Registrable
Securities to be listed on a national securities exchange in the United States, and enter into such customary agreements including a listing application and indemnification agreement in customary form, provided that the applicable listing
requirements are satisfied, 

  
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and to provide a transfer agent and registrar for such Registrable Securities covered by such Registration Statement no later than the effective date of such Registration Statement. 

(viii) If such offering is underwritten, use its best efforts to obtain a “comfort” letter from the independent
public accountants for the Company in form and substance customarily given by independent certified public accountants in an underwritten public offering, addressed to the underwriters. 

(ix) If such offering is underwritten, execute and deliver all instruments and documents (including an underwriting
agreement in customary form) and take such other actions and obtain such certificates and opinions as sellers of the Registrable Securities being sold reasonably request in order to effect an underwritten public offering of such Registrable
Securities and in such connection, (A) make such representations and warranties to the holders of such Registrable Securities and the underwriters, if any, with respect to the business of the Company and its subsidiaries, and the Registration
Statement and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings, and, if true, confirm the same
if and when requested, and (B) use its reasonable best efforts to furnish to the underwriters of such Registrable Securities opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall
be reasonably satisfactory to the managing underwriters, if any), covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such counsel and underwriters. The
Company may require each holder of Registrable Securities as to which any registration is being effected to furnish to the Company such information regarding such holder and the distribution of such Registrable Securities as the Company may from
time to time reasonably request in writing in connection with effecting such offering. 
 (x) If requested by the
managing underwriters, if any, or the holders of a majority of the then outstanding Registrable Securities being sold in connection with an underwritten offering, promptly include in a Prospectus supplement or post-effective amendment such
information as the managing underwriters, if any, and such holders may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective
amendment as soon as practicable after the Company has received such request; provided, however, that the Company shall not be required to take any actions under this Section 7.1(a)(x) that are not, in the opinion of counsel for the
Company, in compliance with applicable law. 

  
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 (b) Each holder of Registrable Securities will, upon receipt of any notice
from the Company of the happening of any event of the kind described in Section 7.1(a)(i)(B) or (v), forthwith discontinue disposition of the Registrable Securities pursuant to the Registration Statement covering such Registrable
Securities until such holder’s receipt of notice from the Company that such dispositions may resume and, if applicable, such holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 7.1(a)(v), and, if so directed by the Company, such holder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such holder’s possession, of the Prospectus
covering such Registrable Securities at the time of receipt of such notice. 
 ARTICLE VIII 

RULE 144 
 Section 8.1 Rule 144. The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the
SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of any holder of Registrable Securities, make publicly available other information) in a timely manner, and it will take such further action as any
holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell shares of Registrable Securities without registration under the Securities Act within the limitation of the exemption
provided by (i) Rule 144 or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to whether it has
complied with such requirements. 
 ARTICLE IX 
 LIMITATION ON SUBSEQUENT REGISTRATION RIGHTS 

Section 9.1 Limitation on Subsequent Registration Rights. From and after the date of this Agreement the
Company shall not, without the prior written consent of each of the Nuclobel Investors, News Corporation and NDS Holdco, enter into any agreement with any holder or prospective holder of any securities of the Company, as the case may be, giving such
holder or prospective holder any registration rights the terms of which are more favorable than the registration rights granted to holders of Registrable Securities hereunder, or which would reduce the amount of Registrable Securities the holders
can include in any Registration Statement filed pursuant to Section 2 or Section 3 hereof. 

  
 21 

 ARTICLE X 
 MISCELLANEOUS 
 Section 10.1 Amendments and Waivers. The
provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of News Corporation,
NDS Holdco, the Nuclobel Investors and the Company; provided, however, that in no event shall the obligations of any holder of Registrable Securities be materially increased or the rights of any such holder be adversely affected (without similarly
adversely affecting the rights of all holders), except upon the written consent of such holder. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights
of holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other holders of Registrable Securities may be given by holders of at least a
majority of the Registrable Securities being registered by such holders pursuant to such Registration Statement. 

Section 10.2 Withdrawal from Agreement. On and after the first date on which any Shareholder, together with its Affiliates,
owns, directly or indirectly, less than one percent (1%) of the then outstanding Shares may elect (on behalf of itself and all of its Affiliates that own Shares), by written notice to the Board and the other Shareholders, to (a) withdraw
all Shares owned, directly or indirectly, by such owner and all of its Affiliates from this Agreement (Shares withdrawn pursuant to this clause (a), the “Withdrawn Securities”) and (b) terminate this Agreement with respect to
such owner and its Affiliates (owners and Affiliates withdrawing pursuant to this clause (b), the “Withdrawing Holders”). From the date of delivery of such withdrawal notice, the Withdrawn Securities shall cease to be Registrable
Securities subject to this Agreement and, if applicable, the Withdrawing Holders shall cease to be parties to this Agreement and shall no longer be subject to the obligations of this Agreement or have rights under this Agreement; provided, however,
that the Withdrawing Holders shall nonetheless be obligated under Section 5.1 with respect to any pending underwritten offering to which such holder has received notice to the same extent that they would have been obligated if they had
not withdrawn, and the Company shall be obligated to amend the Registration Statement to remove such Withdrawing Holders. 

Section 10.3 Notices. All notices required to be given hereunder shall be in writing and shall be deemed to be duly given if
Personally delivered, telecopied and confirmed, or mailed by certified mail, return receipt requested, or overnight delivery service with proof of receipt maintained, at the following address (or any other address that any such party may designate
by written notice to the other parties): if to the Company, to the address of its principal executive offices; if to any other Shareholder, at such Shareholder’s address as set forth on the records of the Company. Any such notice shall, if
delivered personally, be deemed received upon delivery; shall, if delivered by telecopy, be deemed received on the first business day following confirmation; shall, if delivered by overnight delivery service, be deemed received the first business
day after being sent; and shall, if delivered by mail, be deemed received upon the earlier of actual receipt thereof or five business days after the date of deposit in the United States mail. 

  
 22 

 Section 10.4 Successors and Assigns; Shareholder Status. This Agreement shall
inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including subsequent holders of Registrable Securities acquired, directly or indirectly, from a Shareholder as permitted herein; provided,
however, that such successor or assign shall not be entitled to such rights unless the successor or assign, unless already a Shareholder hereunder, shall have executed and delivered to the Company an Addendum Agreement substantially in the form of
Exhibit A hereto (which shall also be executed by the Company) promptly following the acquisition of such Registrable Securities, in which event such successor or assign shall be deemed a Shareholder for purposes of this Agreement. Except
with respect to Article VI, nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto and their respective successors and permitted assigns any legal or equitable
right, remedy or claim under, in or in respect of this Agreement or any provision herein contained. 
 Section 10.5
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

Section 10.6 Headings. The section and paragraph headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. 
 Section 10.7 Governing Law. This
Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect to any
choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 
 Section 10.8 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an
alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 Section 10.9 Entire Agreement; Satisfaction of Original Stockholders Agreement. This Agreement, the Investor Shareholders’ Agreement and the Management Shareholders’ Agreement are
intended by the parties as a final expression of their agreement, and are intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There
are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein, with respect to the registration rights granted by the Company with respect to Registrable Securities. This Agreement, the
Investor Shareholders’ Agreement and the Management Shareholders’ Agreement supersede all prior agreements and understandings between the parties 

  
 23 

 
with respect to such subject matter, including all obligations pursuant to Section 11.2(b) and Exhibit B of the Original Stockholders Agreement. The Parties are released from any and all
obligations and liabilities under the Original Stockholders Agreement and shall have no obligation or liability thereunder, except to the extent of any rights or obligations thereunder up to the date hereof. 

Section 10.10 Securities Held by the Company or its Subsidiaries. Whenever the consent or approval of holders of a specified
percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company or its subsidiaries shall not be counted in determining whether such consent or approval was given by the holders of such required percentage.

 Section 10.11 Specific Performance. The parties hereto recognize and agree that money damages may be insufficient
to compensate the holders of any Registrable Securities for breaches by the Company of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available in the event of any such breach.

 Section 10.12 Consent to Jurisdiction. All actions arising out of or relating to this Agreement shall be heard
and determined exclusively in any New York state or federal court sitting in the Borough of Manhattan in The City of New York. The parties hereto hereby (a) submit to the exclusive jurisdiction of any state or federal court sitting in the
Borough of Manhattan of The City of New York for the purpose of any Action arising out of or relating to this Agreement brought by any party hereto, and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in
any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune of from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of
the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any of the above-named courts. 
 Section 10.13 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS
PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS
AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY
THE OTHER PARTIES HERETO THAT THIS SECTION 10.13 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION 10.13 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

  
 24 

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

			
	NDS GROUP HOLDINGS LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	
	NUCLOBEL LUX 1 S.ÀR.L.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NUCLOBEL LUX 2 S.ÀR.L.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NEWS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	NDS HOLDCO INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	MANAGEMENT SHAREHOLDERS:
	
	  

	Name: Michael Dick
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Yorai Feldman
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Alexander Gersh
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Dave Habiger
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Jonathan Hashkes
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Raffi Kesten
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Pyrros Koussios
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Ismat Levin
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: David Nabozny
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Derek Nottingham
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Gorm Nielsen
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Abraham Peled
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	 Name: Alban Salaman, as trustee for the
 Peled 2009 Irrevocable Trust

	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Nigel Smith
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Susan Taylor
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Nicholas Thexton
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

	
	  

	Name: Andrew Woodward
	Title:

  
 [REGISTRATION
RIGHTS AGREEMENT] 

  

			
	Chizen Family Investment Partnership, L.P.
	 By:
	 	 Chizen Trust Agreement,

Dated May 16, 1997,
 As Amended and
Restated,
 Its Series A General Partner

		 	
		
	By:	 	  

		 	Bruce R. Chizen, Trustee
		
	By:	 	  

		 	Gail Bush Chizen, Trustee

  
 [REGISTRATION
RIGHTS AGREEMENT] 

 Exhibit A 
 ADDENDUM AGREEMENT 
 This Addendum Agreement is made this
             day of             
                    , 20        , by and
between                                      (the
“New Shareholder”) and NDS Group Holdings Limited (the “Company”), pursuant to a Registration Rights Agreement dated as
of                     , 2012 (the “Agreement”), between and among the Company and the Shareholders. Capitalized terms used
herein but not otherwise defined herein shall have the meanings ascribed to them in the Agreement. 
 WITNESSETH: 

WHEREAS, the Company has agreed to provide registration rights with respect to the Registrable Securities as set forth in the Agreement.

 WHEREAS, the New Shareholder has acquired Registrable Securities directly or indirectly from a Shareholder. 

WHEREAS, the Company and the Shareholders have required in the Agreement that all persons desiring registration rights must enter into an
Addendum Agreement binding the New Shareholder to the Agreement to the same extent as if it were an original party thereto. 

NOW, THEREFORE, in consideration of the mutual promises of the parties, the New Shareholder acknowledges that it has received and read
the Agreement and that the New Shareholder shall be bound by, and shall have the benefit of, all of the terms and conditions set out in the Agreement to the same extent as if it were an original party to the Agreement and shall be deemed to be a
Shareholder thereunder. 
  

	
	  

	New Shareholder

  

	
	Address:

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