Document:

Form of First Restated Visa U.S.A. bylaws

 Exhibit 10.16 
 EXHIBIT F TO GLOBAL 
 RESTRUCTURING AGREEMENT 
  

 First Amended and Restated Bylaws
of 
 Visa U.S.A. Inc. 
 Amended
and Restated as of [Ÿ], 2007 
  

  

 Table of Contents 
  

							
	  	  	Page
	 ARTICLE I Offices
	  	1
				
		 	Section 1.01.	  	 Registered Office
	  	1
		 	Section 1.02.	  	 Other Offices
	  	1
		
	 ARTICLE II Membership
	  	1
				
		 	Section 2.01.	  	 Eligibility
	  	1
		 	Section 2.02.	  	 Application for Membership
	  	2
		 	Section 2.03.	  	 General Obligations of Membership
	  	3
		 	Section 2.04.	  	 Categories of Certain Memberships
	  	7
		 	Section 2.05.	  	 Indemnification
	  	17
		 	Section 2.06.	  	 Acceptance of Members
	  	21
		 	Section 2.07.	  	 Consolidation, Merger, or Acquisition of Members
	  	21
		 	Section 2.08.	  	 Transferability of Membership
	  	22
		 	Section 2.09.	  	 Voluntary Termination of Membership
	  	22
		 	Section 2.10.	  	 Involuntary Termination of Membership and Cessation of Cheque and TravelMoney Issuance
	  	23
		 	Section 2.11.	  	 Automatic Termination of Membership
	  	24
		 	Section 2.12.	  	 Liabilities of Members on Termination
	  	24
		 	Section 2.13.	  	 Confidentiality
	  	24
		 	Section 2.14.	  	 Compliance Information
	  	24
		 	Section 2.15.	  	 Visa International Membership Rights
	  	25
		
	 ARTICLE III Fees and Certificates
	  	25
				
		 	Section 3.01.	  	 Initial Service Fee
	  	25
		 	Section 3.02.	  	 Quarterly Service Fees
	  	25
		 	Section 3.03.	  	 Sales Volume and Accounts Defined
	  	26
		 	Section 3.04.	  	 Other Fees
	  	26
		 	Section 3.05.	  	 Operating Certificate
	  	26
		 	Section 3.06.	  	 Records
	  	27
		 	Section 3.07.	  	 Late Payment of Service Fee
	  	27
		 	Section 3.08.	  	 Financial Reports
	  	28
		 	Section 3.09.	  	 Fraud Activity Reports
	  	28
		 	Section 3.10.	  	 Holding Companies
	  	28
		 	Section 3.11.	  	 Remittance of Payments Due from Members
	  	28
		 	Section 3.12.	  	 Settlement Service Fee
	  	29
		
	 ARTICLE IV Voting and Meetings
	  	30
				
		 	Section 4.01.	  	 General
	  	30
		 	Section 4.02.	  	 Annual Meetings
	  	30

  

 (i) 

							
		 	Section 4.03.	  	 Allocation of Votes
	  	30
		 	Section 4.04.	  	 Notice of Annual Meetings
	  	30
		 	Section 4.05.	  	 Voting List
	  	31
		 	Section 4.06.	  	 Special Meetings
	  	31
		 	Section 4.07.	  	 Notice of Special Meetings
	  	31
		 	Section 4.08.	  	 Quorum of Members
	  	31
		 	Section 4.09.	  	 Voting
	  	31
		 	Section 4.10.	  	 Amendment of Bylaws
	  	31
		 	Section 4.11	  	 Proxies
	  	32
		 	Section 4.12	  	 Action Without Meeting
	  	32
			
		 	ARTICLE V Directors	  	33
				
		 	Section 5.01.	  	 Number of Directors; Eligibility
	  	33
		 	Section 5.02.	  	 Appointment or Election of Directors.
	  	34
		 	Section 5.03.	  	 Nomination of Directors
	  	34
		 	Section 5.04.	  	 Qualification
	  	35
		 	Section 5.05.	  	 Removal
	  	36
		 	Section 5.06.	  	 Vacancies
	  	36
		 	Section 5.07.	  	 Powers
	  	36
		 	Section 5.08.	  	 Enforcement of Payment of Fees, Penalties and Other Obligations
	  	36
		 	Section 5.09.	  	 Admission or Expulsion of Members
	  	36
		 	Section 5.10.	  	 Adoption or Amendment of Bylaws
	  	36
		 	Section 5.11.	  	 Location
	  	36
		 	Section 5.12.	  	 Annual Meeting
	  	37
		 	Section 5.13.	  	 Regular Meetings
	  	37
		 	Section 5.14.	  	 Special Meetings
	  	37
		 	Section 5.15.	  	 Quorum; Voting; Approval of Corporate Actions
	  	37
		 	Section 5.16.	  	 Action Without Meeting
	  	38
		 	Section 5.17.	  	 Meeting by Telephone
	  	38
		 	Section 5.18.	  	 Committees of Directors
	  	38
		 	Section 5.19.	  	 Independent Directors Committee
	  	39
		 	Section 5.20.	  	 Committee Minutes
	  	40
		 	Section 5.21.	  	 Compensation of Directors
	  	40
			
		 	ARTICLE VI Notices	  	40
				
		 	Section 6.01.	  	 Means of Notice
	  	40
		 	Section 6.02.	  	 Waiver of Notice
	  	41
			
		 	ARTICLE VII Officers	  	41
				
		 	Section 7.01.	  	 General
	  	41
		 	Section 7.02.	  	 Election of Officers
	  	41

  

 (ii) 

							
		 	Section 7.03.	  	 Other Officers
	  	41
		 	Section 7.04.	  	 Compensation
	  	41
		 	Section 7.05.	  	 Tenure in Office
	  	41
		 	Section 7.06.	  	 Bond
	  	41
		 	Section 7.07.	  	 Chief Executive Officer
	  	42
		 	Section 7.08.	  	 Execution of Documents
	  	42
		 	Section 7.09.	  	 Powers
	  	42
		 	Section 7.10.	  	 Duties
	  	42
		 	Section 7.11.	  	 Assistant Secretary
	  	43
		 	Section 7.12.	  	 Duties
	  	43
		 	Section 7.13.	  	 Disbursement of Funds
	  	43
		 	Section 7.14.	  	 Assistant Treasurer
	  	43
			
		 	ARTICLE VIII Indemnification of Directors, Officers and Employees	  	43
				
		 	Section 8.01.	  	 Right to Indemnification of Directors and Officers
	  	43
		 	Section 8.02.	  	 Prepayment of Expenses of Directors and Officers
	  	44
		 	Section 8.03.	  	 Claims by Directors and Officers
	  	44
		 	Section 8.04.	  	 Indemnification of Employees and Agents
	  	44
		 	Section 8.05.	  	 Advancement of Expenses of Employees and Agents
	  	44
		 	Section 8.06.	  	 Non-Exclusivity of Rights
	  	45
		 	Section 8.07.	  	 Insurance
	  	45
		 	Section 8.08.	  	 Amendment or Repeal
	  	45
			
		 	ARTICLE IX Indemnification of Members and Guarantee of Cheques	  	45
				
		 	Section 9.01.	  	 Coverage
	  	45
		 	Section 9.02.	  	 Guarantee of Cheques
	  	46
			
		 	ARTICLE X Violations of The Bylaws or Operating Regulations	  	46
				
		 	Section 10.01.	  	 Determination of Violations
	  	46
		 	Section 10.02.	  	 Penalties
	  	46
		 	Section 10.03.	  	 Appeal to Board of Directors
	  	46
			
		 	ARTICLE XI Dividends and Dissolution	  	46
				
		 	Section 11.01.	  	 Dividends
	  	46
		 	Section 11.02.	  	 Reserves
	  	47
		 	Section 11.03.	  	 Distribution of Assets Upon Dissolution
	  	47
			
		 	ARTICLE XII Documents and Audits	  	47
				
		 	Section 12.01.	  	 Annual Statement
	  	47

  

 (iii) 

							
		 	Section 12.02.	  	 Checks
	  	47
		 	Section 12.03.	  	 Fiscal Year
	  	47
		 	Section 12.04.	  	 Seal
	  	47
		 	Section 12.05.	  	 Annual Audit
	  	47
		 	Section 12.06.	  	 Method of Accounting
	  	47

  

 (iv) 

 ARTICLE I 
 Offices 
 Section 1.01. Registered Office. The registered office of Visa U.S.A. Inc. (the
“Corporation”) shall be in the City of Wilmington, County of New Castle, State of Delaware. 
 Section 1.02. Other
Offices. The Corporation may also have offices at such other places, both within and without the State of Delaware, as the Board of Directors may from time to time determine. 
 ARTICLE II 
 Membership 
 Section 2.01. Eligibility. Application for membership in the Corporation may be made by any organization which desires to participate in the
Corporation’s Payment Services (as defined below); is empowered to perform all of the functions for which it applies pursuant to the Bylaws and to otherwise comply with these Bylaws and Operating Regulations (as defined below); and is:

 (a) Organized under the laws of the United States, or any state or territory thereof, as a financial institution eligible
for federal deposit or share insurance; or 
 (b) Wholly owned by one or more organizations described in
Section 2.01(a), at least one of which is a member, and solely engaged in activities which its parents are authorized to perform and primarily engaged in the bank card, TravelMoney and/or travelers cheque business; or 
 (c) A holding company having at least 66-2/3% of its assets consisting of the voting stock of organizations described in
Section 2.01(a) of these Bylaws and Section 2.01(a) of the Bylaws of Visa International Service Association, a Delaware corporation (“Visa International”) as in effect on January 1, 2006 (the
“Visa International Bylaws”); or 
 (d) An organization wholly owned by one or more holding companies
described in Section 2.01(c) above and is solely engaged in the bank card and/or travelers cheque business and related activities; or 
 (e) Wholly owned by (i) one or more organizations described in Section 2.01(b) or 2.01(d) and is solely engaged in the bank card and/or travelers cheque business, (ii) a trade association,
the entire membership of which is comprised of organizations described in Section 2.0l(a) and is solely engaged in the processing of bank card and/or travelers cheque transactions, or (iii) a holding company which is a wholly-owned
subsidiary of a trade association described in (ii) above, provided the activities of such holding company are limited to the ownership of organizations which are engaged exclusively in activities in which the members of such trade
association, themselves, are authorized to participate, and is solely engaged in the bank card and/or travelers cheque business; or 

 (f) A member of Visa International (or its owners or members) which operates a Visa Card,
TravelMoney and/or travelers cheque program within the United States; provided that the rights of such member in the Corporation shall be limited to the right of Visa International to have its Chief Executive Officer serve as an ex
officio non-voting member of the Board of Directors pursuant to Section 5; or 
 (g) An organization which
operates a debit Card interchange system and which is wholly owned by more than one organization described in Sections 2.01(a), 2.01(b), 2.01(c), 2.01(d) or 2.01(e). The restrictions on activities contained in
Sections 2.01(b) and 2.01(d) above and the requirement in Section 2.01(b) that one owner organization be a member shall not apply to subsidiaries which are separately incorporated pursuant to regulatory limitations or for
tax purposes and are solely engaged in activities related to banking; or 
 (h) An organization of which not less than eight
percent (80%) of the voting power is owned by one organization described in Section 2.01(a), and solely engaged in activities which its parents are authorized to perform and primarily engaged in the bank card, TravelMoney and/or
travelers cheque business; or 
 (i) A Foreign Banking Organization that is (i) a branch or wholly owned agency of a
Principal Member of Visa International or of an equivalent member of a Regional or National Group Member that qualifies for membership pursuant to Section 2.01(a) of the Visa International Bylaws and (ii) is wholly owned by an
organization whose business, including all affiliates, is primarily outside the U.S. Region. 
 (j) Only organizations
described in Sections 2.01(a), 2.01(c) and 2.01(f) of the Bylaws or organizations wholly owned by one member described in such sections may participate as a TravelMoney Issuer. 
 The terms of this Section 2.01 shall not be amended, altered or repealed, including by merger, consolidation or otherwise, without the
affirmative consent of members holding two-thirds of the outstanding votes of the Specified Voting Members (as defined in the Certificate of Incorporation). 
 Section 2.02. Application for Membership. Application shall (unless otherwise provided for herein) be made to the Corporation which shall pass upon and accept or reject all applications for membership in
its sole discretion. Application for membership shall be submitted in such form as shall be approved from time to time by the president or any vice president of the Corporation, and shall be executed on behalf of the applicant by one of its officers
that is duly authorized to make such application and having the equivalent rank of at least senior vice president. Application for and acceptance of membership in the Corporation shall bind the applicant to abide by the provisions of the Certificate
of Incorporation, these Bylaws and the Operating Regulations in effect from time to time, and to perform in a sound and safe manner applicable activities required or permitted thereunder as a condition of membership in the Corporation. Equity
Members (as defined herein) need not make application to the Corporation. 
  

 -2- 

 Section 2.03. General Obligations of Membership. Every member shall participate in the
Corporation’s Payment Services in one or more categories of membership. Section 2.04 of the Bylaws specifies the functions authorized and the attendant obligations for each category of membership. A member shall have the rights and
obligations of all categories in which it participates with the consent of the Corporation. 
 (a) As used in the Bylaws: 
 (1) To “acquire” means for a member to enter into direct contractual relationships with merchants, acting either for
itself or on behalf of another member, for the honoring of Cards, and maintaining and servicing such relationships; 
 (2)
“Affiliate” shall have the meaning set forth in the Federal Bank Holding Company Act of 1956, as amended, 12 USC 1841(a)(2) and (k) as in effect on the date hereof; 
 (3) An “agent” means any contractor, including Processors, and any subcontractors, whether a member or non-member,
engaged by a member to provide services or to act on behalf of the member in connection with the Corporation’s Payment Services; 
 (4) “ATM” means automated teller machine; 
 (5) “Biller”
means a person or entity that is the intended recipient of bill payments processed by the Corporation’s Electronic Exchange Service; 
 (6) “Biller Member” means the member financial institution that has contracted directly with a Biller for the receipt of bill payments on behalf of Billers through the Corporation’s Electronic
Exchange Service and for maintaining and servicing such relationship; 
 (7) “BIN” means a bank
identification number designated by the Corporation to identify a financial institution; 
 (8) “BIN
Licensee” means the member, or a non-member that is designated as a Processor by a member, which is allocated responsibility by the Corporation for a specific BIN in accordance with the Bylaws and Operating Regulations; 
 (9) “Bylaws” means these Bylaws of the Corporation, as amended from time to time, unless otherwise specified; 

(10) “Card” means cards or other payment services regardless of the means of delivery and bearing one or more service
marks adopted by the Corporation; 
 (11) “Certificate of Incorporation” means the Certificate of
Incorporation of the Corporation, as in effect on the date hereof; 
  

 -3- 

 (12) “Cheques” means travelers cheques bearing one or more service marks
adopted by the Corporation; 
 (13) “Control” shall have the meaning set forth in the Federal Bank Holding
Company Act of 1956, as amended, 12 USC 1841(a)(2) and (k) as in effect on the date hereof; 
 (14)
“Corporation’s Payment Services” means the business, products, systems and services provided by the Corporation and its members to their customers in connection with the Corporation’s service marks; and the
Corporation’s electronic banking service; 
 (15) “Customer” means a person or entity that uses the
Corporation’s electronic banking service pursuant to an agreement with a Customer Member; 
 (16) “Customer
Member” means a member financial institution that contracts directly with Customers to provide them the use of the Corporation’s electronic banking service; 
 (17) “Electronic banking service” means the Corporation’s processing of remote banking and bill payment transactions
and ancillary services; 
 (18) “Electronic Exchange Service” means the Corporation’s electronic system
for authorization, clearing and settlement of bill payment transactions and related electronic data interchange; 
 (19)
“Equity Member” shall mean each Equity Principal Member, Equity Acquirer Member, Equity Administrative Member, Equity Cheque Issuer Member, Equity Group Member and Equity Associate Member; 
 (20) “Equity Membership Interest” shall mean the equity membership interest of each Equity Member in the Corporation;

 (21) To “issue” 
  

	 	(i)	Cards means to enter into direct contractual relationships as the principal party with holders of Cards, to maintain and service such relationships, and either (i) extend
credit to and collect credit from such holders of Cards, (ii) purchase accounts receivable due from and collect balances of such accounts from holders of Cards, (iii) debit deposit accounts of such holders of Cards in connection with
transactions arising out of the use of such Cards, or (iv) guarantee the payment of checks or similar instruments through the use of such Cards; 

  

	 	(ii)	TravelMoney means to enter into direct contractual relationships as the principal party with holders of TravelMoney cards and to maintain and service such relationships, including
by cashing out and replacing TravelMoney cards directly or through designated members and non-members; 

  

 -4- 

 (22) “Non-Equity Member” shall mean each member of the Corporation other
than an Equity Member; 
 (23) “Non-Equity Membership Interest” shall mean the rights and interests of each
Non-Equity Member in the Corporation as provided in the Certificate of Incorporation and these By-Laws; 
 (24)
“Operating Regulations” means the Operating Regulations of the Corporation U.S.A. Inc. (including Operating Regulations relating to the electronic banking service) as they may be amended from time to time, unless otherwise
specified; 
 (25) To “Process” or “Processing” means having a direct connection to VisaNet
or any other data processing systems that the Corporation may designate, interchanging evidence of transactions and/or providing authorization service with respect to transactions arising out of the use of Cards or the Corporation’s electronic
banking service; 
 (26) A “Processor” is an entity, either member or non-member, performing Processing
functions as designated by a member; 
 (27) To “sponsor” a member means to assume responsibility for that
member’s performance or non-performance in accordance with the Certificate of Incorporation, Bylaws and Operating Regulations, including without limitation all financial obligations which such sponsored member incurs pursuant thereto, except as
limited in accordance with the express provisions of the Bylaws and Operating Regulations; 
 (28) A “sponsored
member” is any member whose right to participate in the Corporation’s Payment Services is pursuant to the sponsorship of another member in accordance with the Bylaws and Operating Regulations; and 
 (29) “TravelMoney” means a card, bearing one or more service marks designated by the Corporation for such use, that is to
be used solely to obtain cash disbursements. 
 (b) In addition to the specific requirements for each category of membership stated in
Section 2.04 of the Bylaws, every member, as conditions of membership: 
 (1) Shall comply with the Certificate of
Incorporation, the Bylaws and the Operating Regulations, and all amendments to any of them, and have the rights and privileges and duties, responsibilities and obligations stated therein; 
 (2) Shall actively promote the Corporation’s Payment Services consistently with each category of membership elected; 
  

 -5- 

 (3) Shall be responsible for compliance with all federal, state and local laws which
apply to the member’s participation in the business, products and services of the Corporation; 
 (4) Shall act in good
faith and in a sound and safe manner in discharging its duties, obligations and responsibilities under, and performing any act authorized or required by, the Certificate of Incorporation, the Bylaws and the Operating Regulations; 
 (5) Shall, in accordance with Operating Regulations, notify the Corporation of any member it sponsors and of any Processors and other
agents which it engages or which its sponsored members are authorized to engage to provide services in connection with their participation in the Corporation’s Payment Services; 
 (6) Shall have responsibility to the Corporation in accordance with the Certificate of Incorporation, Bylaws and Operating Regulations for
the proper performance of membership functions by its sponsored members and by agents, including Processors, which the member or its sponsored members engage in connection with the Corporation’s Payment Services; 
 (7) Shall be responsible for the proper performance pursuant to the Bylaws and Operating Regulations of each of its merchants; and

 (8) Shall not, if the member participates in another card, travelers cheque, electronic banking or bill-payment system,
injure the Corporation’s Payment Services, appropriate any proprietary or confidential information of the Corporation’s Payment Services for the benefit of the other system, intentionally provide inferior service with respect to, or
otherwise discriminate against the Corporation’s Payment Services. 
 (c) A member described in Section 2.01(g) is not
empowered to perform or authorize its members or owners to perform any functions with respect to Cards, except that with respect to Cards and/or marks associated with the Electron card program, such a member and its owners or members may participate
in the Corporation’s Payment Services only as a Debit Interchange Member as defined in Section 2.04(g) of the Bylaws. 
 (d)
Notwithstanding Section 4.03 of the Bylaws, a member (including for this purpose its Affiliates) that issues and/or sponsors another non-Affiliate institution for issuance of point-of-sale debit cards in the MasterCard International
program may not cast votes arising from issuance of the Corporation’s point-of-sale debit cards if it exercises voting rights in MasterCard arising from such issuance of the corresponding MasterCard point-of-sale debit cards. 
 (e) A trade association described in Section 2.01(e)(ii) or a holding company subsidiary described in Section 2.01(e)(iii) may
perform functions only in the Administrative Member category as defined in Section 2.04(c) or Group Member category as defined in Section 2.04(k) of the Bylaws. 
 (f) The Corporation may reclassify members into one or more categories of membership as defined in Section 2.04 of the Bylaws to reflect the
members’ eligibility and 

  

 -6- 

 
activities. The Corporation shall give each member written notice of such reclassification, in accordance with procedures adopted by the Board of Directors.
Upon such notification, a member shall participate in the Corporation’s Payment Services in accordance with such categories, unless and until its election of alternate categories has been accepted by the Corporation in accordance with the
Bylaws. 
 (g) A member not eligible under Sections 2.01(a) or 2.01(c) which primarily functions as a debit interchange network
shall participate only in the Debit Interchange Member or Cash Disbursement Participant categories of membership. 
 (h) Only organizations
described in Sections 2.01(a) or 2.01(c) of the Bylaws or organizations wholly owned by one member described in such sections may participate in the categories of Principal Member, Acquirer Member, Associate and Acquiring Associate.

 (i) A member eligible only under Section 2.01(h) may participate only in the Acquirer and Acquiring Associate categories of
membership. 
 (j) A member eligible only under Section 2.01(i) may participate only in the Foreign Banking Organization category
of membership. 
 From and after the date hereof, the terms of this Section 2.03 shall not be amended, altered or repealed,
including by merger, consolidation or otherwise, without the approval of seventy-five percent (75%) of the voting members of the Board of Directors. 
 Section 2.04. Categories of Certain Memberships. In its application to the Corporation (if one is required hereunder), or upon prior written notice to the Corporation, a member shall elect to participate
in one or more of the categories described in this Section. Members shall engage in (or appoint agents to engage in) only those functions which are expressly designated for the categories for which its application or election has been accepted by
the Corporation. A member may change its elected categories in accordance with procedures adopted by the Corporation. A member may not simultaneously participate as a: 
 Principal and Acquirer; 
 Associate and Acquiring Associate; 
 Acquirer and Acquiring Associate; or 
 Debit Interchange and Cash Disbursement Participant. 
 (a) Principal Member. As conditions of membership, a Principal Member: 
 (1) Shall
comply with the obligations of all members as stated in Section 2.03 of the Bylaws; 
 (2) Shall issue Cards
bearing the Visa service mark or other marks adopted by the Corporation, which requirement may be satisfied by the issuance of Cards by its Affiliates which are members; 
 (3) May acquire transactions on Cards and display at merchants’ locations the service marks designated by the Corporation to indicate
Card acceptance; 
  

 -7- 

 (4) Shall provide cash disbursement services to holders of Cards; 
 (5) May solicit holders of Cards and/or acquiring relationships on behalf of other members authorized by the Bylaws to perform such
functions, but shall not solicit credit cardholder relationships on behalf of another member except through participation also as a Credit Participant Member; 
 (6) May act as a Customer Member entering into agreements directly with, and providing services directly or through agents appointed in
accordance with the Operating Regulations, to Customers in connection with the Corporation’s electronic banking service; 
 (7) May act as a Biller Member entering into agreements directly with, and providing services directly or through agents appointed in accordance with the Operating Regulations, to Billers in connection with the Corporation’s electronic
banking service; 
 (8) May sponsor members in the Associate, Acquiring Associate, Credit Participant, Debit Participant and
Cash Disbursement Participant categories; 
 (9) Shall submit operating certificates and other information and pay all fees
and penalties as the Corporation may require in accordance with the Bylaws and the Operating Regulations; 
 (10) May act as
or designate a Processor in accordance with the Operating Regulations and other requirements established by the Corporation for itself and for other members; and 
 (11) Except with respect to any Specified Settlements, as provided in the Certificate of Incorporation, may not vote on any matter
submitted to the vote of the members pursuant to the Certificate of Incorporation and the Bylaws. 
 (b) Acquirer Member. As
conditions of membership, an Acquirer Member: 
 (1) Shall comply with the obligations of all members as stated in
Section 2.03 of the Bylaws; 
 (2) Shall, or shall sponsor members which, acquire transactions on Cards, and
display at merchants’ locations the service marks designated by the Corporation to indicate Card acceptance in accordance with the Operating Regulations; 
 (3) May solicit acquiring relationships with merchants on behalf of other members; 
 (4) Shall not issue Cards or solicit cardholder relationships on behalf of other members; 
 (5) Shall provide cash disbursement services to holders of Cards; 
  

 -8- 

 (6) May act as a Biller Member entering into agreements directly with, and providing
services directly or through agents appointed in accordance with the Operating Regulations, to Billers in connection with the Corporation’s electronic banking service; 
 (7) May sponsor, in accordance with the Operating Regulations, (i) Acquiring Associate Members, (ii) Credit Participant Members,
but may authorize such members only to enter into acquiring relationships and to provide cash disbursement services to holders of Cards, and (iii) Cash Disbursement Participant Members; 
 (8) Shall submit operating certificates and other information and timely pay all fees as the Corporation may require in accordance with
the Bylaws and Operating Regulations; 
 (9) May act as or designate a Processor in accordance with the requirements
established by the Corporation pursuant to the Operating Regulations for itself and for other members; and 
 (10) Except with
respect to any Specified Settlements, as provided in the Certificate of Incorporation, may not vote on any matter submitted to the members pursuant to the Certificate of Incorporation and Bylaws. 
 (c) Administrative Member. As conditions of membership, an Administrative Member: 
 (1) Shall comply with the obligations of all members as stated in Section 2.03 of the Bylaws; 
 (2) Shall not issue Cards or act as a Customer Member, unless it is a member in another category which is authorized to do so pursuant to
the Bylaws; 
 (3) Shall not (i) acquire transactions on Cards or (ii) act as a Biller Member unless it is a member
in another category authorized to do so pursuant to the Bylaws; 
 (4) May solicit holders of Cards and/or acquiring
relationships only on behalf of members which it sponsors; 
 (5) Shall provide cash disbursement services to cardholders
through its facilities which are open to retail customers, unless prohibited by law; 
 (6) May sponsor members only in the
Associate and Acquiring Associate categories, in accordance with the Operating Regulations; 
 (7) Shall submit operating
certificates and other information and pay all fees and penalties as the Corporation may require in accordance with the Bylaws and Operating Regulations; 
  

 -9- 

 (8) May act as or designate a Processor for any other members of the Corporation in
accordance with the Operating Regulations and other requirements established by the Corporation; and 
 (9) Except with
respect to any Specified Settlements, as provided in the Certificate of Incorporation, may not vote on any matter submitted to the vote of the members pursuant to the Certificate of Incorporation and the Bylaws. 
 (d) Associate Member. As conditions of membership, an Associate Member: 
 (1) Shall comply with the obligations of all members as stated in Section 2.03 of the Bylaws; 
 (2) Shall issue Cards bearing the Visa service mark; 
 (3) May acquire transactions on Cards and display at merchants’ locations the service marks designated by the Corporation to indicate
Card acceptance; 
 (4) May solicit holders of Cards and/or acquiring relationships on behalf of other members authorized by
the Bylaws to perform those functions, but shall not solicit credit cardholder relationships on behalf of another member except through participation also as a Credit Participant Member; 
 (5) Shall provide cash disbursement services to holders of Cards; 
 (6) May, with the prior approval of its sponsor, act as a Customer Member entering into agreements directly with, and providing services
directly or through agents appointed in accordance with the Operating Regulations, to Customers in connection with the Corporation’s electronic banking service; 
 (7) May, with the prior approval of its sponsor, act as a Biller Member entering into agreements directly with, and providing services
directly or through agents appointed in accordance with the Operating Regulations, to Billers in connection with the Corporation’s electronic banking service; 
 (8) Shall at all times be sponsored for membership in this category by a Principal, Administrative, or Debit Interchange Member;

 (9) Shall not sponsor any member; 
 (10) Shall not have sales volume as defined in Section 3.03 of the Bylaws of more than $7 million in the first calendar
quarter of any year; 
 (11) May act as or designate a Processor for its own transactions, in accordance with the requirements
established by the Corporation pursuant to the Operating Regulations, but shall not act as a Processor for any other member; and 
  

 -10- 

 (12) Except with respect to any Specified Settlements, as provided in the Certificate of
Incorporation, shall have no right to vote on any matter submitted to the members. 
 (e) Acquiring Associate Member. As conditions of
membership, an Acquiring Associate Member: 
 (1) Shall comply with the obligations of all members as stated in
Section 2.03 of the Bylaws; 
 (2) Shall not issue Cards or solicit cardholder relationships on behalf of other
members; 
 (3) Shall acquire transactions on Cards and display at merchants’ locations the service marks designated by
the Corporation to indicate such acceptance in accordance with the Operating Regulations; 
 (4) May solicit acquiring
relationships with merchants on behalf of its sponsor, but not on behalf of other members; 
 (5) Shall provide cash
disbursement services to holders of Cards; 
 (6) May, with the prior approval of its sponsor, act as a Biller Member entering
into agreements directly with, and providing services directly or through agents appointed in accordance with the Operating Regulations, to Billers in connection with the Corporation’s electronic banking service; 
 (7) Shall at all times be sponsored by a Principal, Acquirer, Administrative, or Debit Interchange Member; 
 (8) Shall not sponsor other members; 
 (9) May act as or designate a Processor, in accordance with the requirements established by the Corporation pursuant to the Operating Regulations, solely for itself; 
 (10) Shall not have sales volume as defined in Section 3.03 of the Bylaws of more than $7 million in the first calendar
quarter of any year; and 
 (11) Shall have no right to vote on any matters submitted to the membership. 
 (f) Cheque Issuer; TravelMoney Issuer Member. As conditions of membership, a Cheque Issuer Member: 
 (1) Shall comply with the obligations of all members as stated in Section 2.03 of the Bylaws; 
  

 -11- 

 (2) Shall with respect to Cheques, comply with the Visa International Travelers Cheque
Operating Regulations which, as amended from time to time, shall be considered Operating Regulations; 
 (3) Shall
(i) issue Cheques bearing the service marks designated for use in connection with travelers cheques and sell, cash and refund Cheques; or (ii) with the prior approval of the Corporation and of Visa International, issue TravelMoney bearing
the service marks designated for use in connection with TravelMoney and sell, cash out and replace TravelMoney; 
 (4) May
designate, in accordance with the Operating Regulations, other members and non-members to sell, cash and refund Cheques; and/or to sell, cash out and replace TravelMoney; 
 (5) May provide cash disbursement services to holders of Cards in accordance with the Operating Regulations; 
 (6) Shall not engage in any activities in connection with Cards (other than travelers cheques and cash disbursements) or sponsor another
member for any purpose unless it is a member in another category authorized to engage in such functions pursuant to the Bylaws; 
 (7) Shall submit operating certificates and other information and pay all fees and penalties as the Corporation may require in accordance with the Bylaws and Operating Regulations; and 
 (8) Except with respect to any Specified Settlement, as provided in the Certificate of Incorporation, may not vote on any matter submitted
to the vote of the members pursuant to the Certificate of Incorporation and the Bylaws. 
 (g) Debit Interchange Member. As conditions
of membership, a Debit Interchange Member: 
 (1) Shall comply with the obligations of all members as stated in
Section 2.03 of the Bylaws; 
 (2) May provide cash disbursements to holders of Cards through its ATMs which are
open to retail customers; 
 (3) May authorize its members or owners to provide cash disbursements on Cards through ATMs which
they own or operate, whether or not such owners or members are members of the Corporation; 
 (4) Shall not provide cash
disbursements manually; 
 (5) Shall not issue Cards; 
 (6) Shall not acquire transactions on Cards; 
  

 -12- 

 (7) May solicit holders of Cards/acquirer relationships only on behalf of other members
which it sponsors; 
 (8) May sponsor, in accordance with the Operating Regulations, only (i) Cash Disbursement
Participant Members and may authorize such members to provide cash disbursements on Cards through ATMs, but may not authorize such members to provide manual cash disbursements on Cards; and (ii) Associate Members and Acquirer Associate Members;

 (9) Shall submit operating certificates and other information and pay all fees and penalties as the Corporation may require
in accordance with the Bylaws and Operating Regulations; 
 (10) May act as or designate a Processor for any other members of
the Corporation, in accordance with the Operating Regulations and other requirements of the Corporation; and 
 (11) Shall not
have rights to vote on any matter submitted to the members. 
 (h) Credit Participant Member. As conditions of membership, a Credit
Participant Member: 
 (1) Shall comply with the obligations of all members as stated in Section 2.03 of these
Bylaws; 
 (2) May, with the prior approval of a sponsor in the Principal or Group Member categories, issue Cards bearing the
Visa service marks and/or with such prior approval act as a Customer Member entering into agreements directly with, and providing services directly or through agents appointed in accordance with the Operating Regulations, to Customers in connection
with the Corporation’s electronic banking service; 
 (3) May solicit cardholder relationships on behalf of its
sponsor(s) which are Principal Members and have designated the member to engage in such functions on their behalf in accordance with the Bylaws, Operating Regulations and procedures established by the Corporation; 
 (4) May, with the prior approval of its sponsor(s), (i) acquire transactions on Cards and display at merchants’ locations the
service marks designated by the Corporation to indicate Card acceptance, (ii) solicit acquiring relationships on behalf of its sponsor(s), in accordance with the Bylaws, Operating Regulations and procedures established by the Corporation and
may act as a Biller Member entering into agreements directly with, and providing services directly or through agents appointed in accordance with the Operating Regulations, to Billers in connection with the Corporation’s electronic banking
service; 
 (5) Shall provide cash disbursement services to holders of Cards; 
  

 -13- 

 (6) Shall at all times be sponsored for membership in this category by one or more
Principal, Group Member, and/or for the purpose only of acquiring transactions, acting as a Biller Member and/or providing cash disbursements on Cards, Acquirer Members; 
 (7) Shall not sponsor any other member; 
 (8) Shall not have sales volume as defined in Section 3.03 of the Bylaws of more than $7 million in the first calendar quarter of any year except that Credit Participant Members sponsored by Principal
Members may exclude sales volume on Cards bearing the marks of their Affiliates that meet the requirements for participation in affinity Card programs pursuant to Operating Regulations; 
 (9) Shall not act as a Processor, but shall have its transactions processed only in accordance with the designation of its sponsor(s);

 (10) May appoint agents for the solicitation of holders of Cards and/or acquiring relationships on its behalf only with the
prior written authorization of its sponsor; and 
 (11) Shall not have any right to vote on any matter submitted to the
members. 
 (i) Debit Participant Member. As conditions of membership, a Debit Participant Member: 
 (1) Shall comply with the obligations of all members as stated in Section 2.03 of the Bylaws; 
 (2) Shall issue debit Cards bearing the Visa service mark and/or with the prior approval of its sponsor(s) act as a Customer Member
entering into agreements directly with, and providing services directly or through agents appointed in accordance with the Operating Regulations, to Customers in connection with the Corporation’s electronic banking service; 
 (3) Shall not issue credit Cards or solicit cardholder relationships on behalf of other members; 
 (4) May, with the prior approval of its sponsor(s), (i) acquire transactions on Cards and display at merchants’ locations the
service marks designated by the Corporation to indicate Card acceptance, (ii) solicit acquiring relationships on behalf of its sponsor(s), and (iii) act as a Biller Member entering into agreements directly with, and providing services
directly or through agents appointed in accordance with the Operating Regulations, to Billers in connection with the Corporation’s electronic banking service, in accordance with the Bylaws, Operating Regulations and procedures established by
the Corporation; 
 (5) Shall provide cash disbursement services to holders of Cards; 
  

 -14- 

 (6) Shall at all times be sponsored for membership in this category by one or more
Principal and/or Group Members, and may also be sponsored by Acquirer Member(s) for the acquiring, cash disbursement and Biller Member functions; 
 (7) Shall not sponsor any other member; 
 (8) Shall not have sales volume as defined in
Section 3.03 of the Bylaws of more than $7 million in the first quarter of any year unless sponsored by an Affiliate; 
 (9) Shall not act as a Processor, but shall have its transactions processed only in accordance with the designation of its sponsor; 
 (10) Shall appoint agents for the solicitation of acquiring relationships on its behalf only with the prior written authorization of its sponsor; and 
 (11) Shall not have rights to vote on any matter submitted to the members. 
 (j) Cash Disbursement Participant Member. As conditions of membership, a Cash Disbursement Participant Member: 
 (1) Shall comply with the obligations of all members as stated in Section 2.03 of the Bylaws; 
 (2) Shall provide cash disbursement services to holders of Cards either manually or through ATMs or both, only with the approval for each
mode of service of its sponsor and the Corporation, in accordance with the Bylaws, Operating Regulations and procedures established by the Corporation; 
 (3) Shall not issue Cards or solicit cardholder relationships or participate in the Corporation’s electronic banking service; 
 (4) Shall not acquire transactions on Cards or solicit acquiring relationships on behalf of other members; 
 (5) Shall be sponsored at all times for membership in this category by a Principal, Group or Acquirer Member, except that if the member
provides cash disbursements only through ATMs, it may be sponsored by a Debit Interchange Member; 
 (6) Shall not sponsor any
other member; 
 (7) May act as or designate a Processor in accordance with the requirements established by the Corporation
pursuant to the Operating Regulations solely in connection with its own cash disbursement services; 
 (8) Shall appoint
Processors only with the prior written authorization of its sponsor; and 
 (9) Shall not have rights to vote on any matter
submitted to the members. 
  

 -15- 

 (k) Group Member. As conditions of membership, a Group Member: 
 (1) Shall comply with the obligations of all members as stated in Section 2.03 of the Bylaws; 
 (2) Shall not issue Cards; 
 (3) Shall not acquire transactions on Cards; 
 (4) May solicit cardholder, acquiring Customer
Member and/or Biller Member relationships only on behalf of members which it sponsors; 
 (5) May sponsor members only in the
Credit Participant, Debit Participant and Cash Disbursement Participant categories, in accordance with the Operating Regulations; 
 (6) Shall submit operating certificates and other information and pay all fees and penalties as the Corporation may require in accordance with the Bylaws and Operating Regulations; 
 (7) May act as or designate a Processor for any other members of the Corporation in accordance with the Operating Regulations and other
requirements established by the Corporation; and 
 (8) Except with respect to any Specified Settlement, as provided in the
Certificate of Incorporation, may not vote on any matter submitted to the vote of the members pursuant to the Certificate of Incorporation and the Bylaws. 
 (l) Foreign Banking Organization Member. As conditions of membership, a Foreign Banking Organization Member: 
 (1) Shall comply with the obligations of all members as stated in Section 2.03 of the Bylaws; 
 (2) Shall be sponsored at all times for membership in this category by the Visa International Region in which it or its owner is a Principal Member and if it is a subsidiary agency, shall also be sponsored by its
Principal Member owner; 
 (3) Shall issue Cards bearing the Visa service marks, to the extent that members of the Corporation
are permitted to issue Cards of similar type in the Foreign Banking Organization’s home country pursuant to applicable local operating regulations, policies, laws and regulations; 
 (4) May acquire transactions on Cards and display at merchant’s locations the service marks designated by the Corporation to indicate
Card acceptance; 
 (5) Shall not sponsor any other member; 
 (6) May act as or designate a Processor solely for Cards that it issues. 
  

 -16- 

 (7) Shall submit operating certificates and other information and pay all fees and
penalties as the Corporation may require in accordance with the Bylaws and the Operating Regulations; and 
 (8) Shall have no
right to vote on any matter submitted to the members. 
 (m) Equity Members. Each Equity Member shall be entitled to the rights of its
applicable category of Equity Membership as set forth in the Certificate of Incorporation. For the avoidance of doubt, except with respect to any Specified Settlements, the Equity Members shall be the sole members of the Corporation entitled to vote
on any matter submitted to a vote of the members pursuant to the Certificate of Incorporation or these Bylaws, and the Equity Members shall be the sole members entitled to participate in any dividends or distributions to members in respect of their
membership interest in the Corporation, or to receive any assets of the corporation upon a dissolution or other winding up of the Corporation. 
 From and after the date hereof, the terms of this Section 2.04 shall not be amended, altered or repealed, including by merger, consolidation or otherwise, without the approval of seventy-five percent (75%) of the voting
members of the Board of Directors. 
 Section 2.05. Indemnification. (a) Each member shall indemnify and hold harmless the
Corporation and its directors, including Ex-Officio Directors, officers, employees and agents for any and all costs, damages, liabilities, fees and expenses they incur on account of any settlement or other losses attributable to any performance or
non-performance under the Certificate of Incorporation, the Bylaws, the Operating Regulations or other agreement with the Corporation, as they may be amended from time to time: 
 (1) of such member; 
 (2) of other members, that are sponsored by such member or members, in which case such liability shall be joint and several, except to the extent such indemnity is limited by Section 2.05(b) of the Bylaws; 
 (3) arising from any transactions, drafts or other instruments using the BIN for which the member is the BIN Licensee; and 
 (4) of agents, including Processors, which the member or its sponsored members engage in connection with the Corporation’s Payment
Services. 
 (b) The liabilities of members stated in Section 2.05(a) of the Bylaws are limited as stated below in this
Section 2.05(b). 
 (1) A member may limit its liability arising under Section 2.05(a)(2) for its
sponsored members (including for such sponsored members’ agents) in accordance with procedures stated in the Operating Regulations, provided the member exercises diligence to ensure that its sponsored members operate within such limits.

 (2) A BIN Licensee may limit its liability arising under Section 2.05(a)(3) for unauthorized uses of its
licensed BIN(s) pursuant to procedures in the Operating Regulations, provided the BIN Licensee exercises diligence to restrict use of its licensed BIN accordingly. 
  

 -17- 

 (3) A member’s liability for performance or non-performance of its sponsored
Associate and Acquiring Associate Members shall be limited to submission of reports and payment of service fees and other fees and for penalties with respect to such reports and fees. This provision does not limit a member’s responsibility as a
BIN Licensee. 
 (c) Notwithstanding the limitations stated in Sections 2.05(b)(1) and 2.05(b)(2) above: 
 (1) All members that use a BIN shall be jointly and severally liable pursuant to Section 2.05(a) of the Bylaws with respect to
all transactions processed using such BIN if the BIN Licensee fails to meet its responsibilities under Section 2.05(a)(3) of the Bylaws. For purposes of this Section 2.05(c)(1), except for Associate and Acquiring Associate
Members, (i) a sponsoring member shall have liability for its sponsored members’ use of BINs designated for such use by that sponsoring member; and (ii) a sponsored member shall not have liability as a user of a BIN licensed to its
sponsor and which is designated by such sponsor for such sponsored member’s use in accordance with the Operating Regulations. 
 (2) All members that have appointed a Processor shall be jointly and severally liable for the failure of such Processor to meet its responsibilities for Unauthorized Use pursuant to Section 2.05(d)(2) of the Bylaws except
members that have terminated their appointments of such Processor, pursuant to the Operating Regulations, effective prior to the date when such failure occurs. 
 (3) For purposes of this Section 2.05, Visa Interactive Inc. shall be considered a Processor appointed by those Members that
engage Visa Interactive in accordance with the Operating Regulations. 
 (d) Members and Processors shall be liable for payment of
indemnities owed to the Corporation as follows: 
 (1) When a member fails at any time to meet any obligation or duty to the
Corporation pursuant to the Certificate of Incorporation, Bylaws, Operating Regulations or other agreement with the Corporation, such member and other members shall be liable to the Corporation in the following order of precedence: 
 (i) The member from whose performance or non-performance (including by its Processors or other agents) the loss arose; then 
 (ii) The member, if any, which sponsored the member above in item (i), subject to the limitations stated in
Section 2.05(b); then 
 (iii) The BIN Licensee(s) of the BIN(s) used in transactions from which the liability for
indemnity arose, subject to the limitations stated in Section 2.05(b); then 
  

 -18- 

 (iv) Other users, jointly and severally, of the BIN out of which the liability for
indemnity arose, as defined in Section 2.05(c)(1) of the Bylaws, in the order determined by the Corporation. 
 (2) Losses arising from Unauthorized Uses shall be payable first by the member, if any, engaging in such Unauthorized Use. A Processor shall be liable to the Corporation for such losses which are not paid by such member promptly in
accordance with the Operating Regulations, or for losses arising from Unauthorized Uses by non-members. If such losses are not paid by such Processor, then members shall be liable pursuant to Section 2.05(c)(2). As used in this
Section 2.05(d)(2), “Unauthorized Use” means a transaction which: 
 (i) is not processed on behalf of a
member which has designated the Processor in accordance with the Operating Regulations; or 
 (ii) is processed on behalf of a
member but not within the scope of the member’s category of membership pursuant to Section 2.04 of the Bylaws; or 
 (iii) is not within the scope of activities which have been approved by the member, the member’s sponsor and by the Corporation, as applicable, in accordance with the Operating Regulations; or 
 (iv) is processed using a BIN which has not been designated by the BIN Licensee for such member’s use. 
 (3) Members (and Processors) shall remit, without setoff or deduction, amounts owed pursuant to this Section 2.05 in
compliance with the Operating Regulations. The Corporation shall not be required to exhaust its remedies in collecting from one member (or Processor) before proceeding to collect from another member. In the event a member (or Processor) fails or
refuses to remit such amounts, the member shall also be liable for the Corporation’s expenses incurred in collecting such amounts, including, without limitation, costs and expenses of legal action including attorneys’ fees and expenses.

 (4) A member from which a collection is made pursuant to this Section 2.05(d) shall have a right of subrogation
against all other members (or Processors) higher in the order of precedence pertinent to the obligations from which the collection arises, the sum of: 
 (i) the amount collected hereunder; 
 (ii) interest at the prime rate from the date of the
collection; 
 (iii) all other direct damages caused by such member’s failure to pay such amounts as requested by the
Corporation; and 
  

 -19- 

 (iv) all reasonable costs of collecting such amounts from such other members, including
attorneys’ fees and expenses. Such reimbursement shall not be such member’s exclusive remedy against such other members. 
 (e)
When a member is required by the Bylaws to be sponsored by another member, such sponsorship shall be in such form as shall be approved from time to time by the Corporation and such sponsor shall accept full responsibility for the proper performance
by such sponsored member of all applicable requirements of the Certificate of Incorporation, these Bylaws and the Operating Regulations. A member may withdraw its sponsorship of another member by delivering written notice thereof to the principal
office of the Corporation at least one hundred twenty (120) days prior to the effective date thereof. Such withdrawal of sponsorship shall not in any way limit the responsibility of the sponsoring member for proper performance of the sponsored
member prior to the effective date thereof. 
 (f) The Corporation reserves the right to require any applicant for membership or member which
is an organization described in Sections 2.01(b), 2.01(d), 2.01(e), 2.01(g), or 2.01(h) to deliver to the Corporation an indemnification, in such form as shall be approved from time to time by the Corporation, from
one or more of its owners or members, as the case may be, whereby the owner(s) or member(s) agree to accept full responsibility for the proper performance by such applicant or member of all requirements of the Certificate of Incorporation, these
Bylaws and the Operating Regulations. 
 (g) A sponsor shall provide to each of its sponsored members from time to time, as requested by the
Corporation, designated information regarding the activities performed by sponsored members and the obligations and liabilities in connection therewith. 
 (h) Any member performing the function described in the Cheque Issuer; TravelMoney Issuer category of membership and which appoints respectively, an organization to sell its Cheques and/or cash and refund Cheques or
sell, cash out and/or replace its TravelMoney cards shall thereby accept full responsibility for the proper performance of such activities in accordance with the Certificate of Incorporation, these Bylaws and the Operating Regulations. 

(i) A Debit Interchange Member shall be fully responsible for the proper performance by its members or owners, except by Associate Members of the
Corporation that it sponsors, of any functions described in Section 2.04 through participation in such organization in accordance with the Certificate of Incorporation, these Bylaws and the Operating Regulations. 
 (j) Each member shall be liable for and indemnify and hold harmless the Corporation from and against all claims for personal injury, property damage or
other liabilities and losses asserted by any person or entity in connection with the member’s participation in the Corporation’s Payment Services, or any other products or services obtained by the member from or through the Corporation or
in connection with the performance of any services by the Corporation for such member, including claims of the member’s agents, holders of Cards, merchants and customers. 
 (k) Each member’s responsibility to the Corporation for its own performance or for its sponsored member’s performance shall include
responsibility for the proper performance by any agents or contractors, including Processors, engaged by the member or by members which it sponsors, including subagents or subcontractors. 
  

 -20- 

 Section 2.06. Acceptance of Members. The Corporation shall accept for membership any
applicant which is prepared to and deemed by the Corporation, in its sole discretion, to be able to perform the obligations and functions of membership which it shall elect to perform pursuant to Section 2.04. The Corporation may
consider whether projections of an applicant’s Card, TravelMoney and/or Cheque Programs indicate a reasonable expectation of a profitable level of operations and, therefore, continued participation as a member. The Board of Directors or the
Human Resources and Executive Committee of the Board, by a majority vote of their respective voting membership, or an Executive Vice President or above or any two Senior Vice Presidents of the Corporation, may impose conditions of membership to
insure that such applicant meets its obligations under the Corporation’s Certificate of Incorporation, these Bylaws, and the operating regulations of Visa International (the “Visa International Operating Regulations”). Such
conditions may include, to the extent deemed prudent by the Board or such officer(s), but are not limited to, requiring the applicant to pledge collateral to the Corporation in such form and amount as determined by the Board of Directors or such
officer(s) or restricting the scope and types of activities of the applicant’s operations. Membership shall begin on the date an applicant is accepted for membership and, if such applicant ceases to be an organization described in
Section 2.01, shall terminate sixty (60) days after the date of a written notice to such effect given by the Board of Directors or the President. Notwithstanding Section 2.01(a) of these Bylaws, if permitted by
applicable law, the Corporation shall not afford new or continuing membership to any entity which Controls or is controlled by, directly or indirectly, any substantial competing general purpose card network in the United States including Morgan
Stanley/Discover Financial Services, American Express Company or MasterCard International Incorporated; an applicant or existing member shall be deemed to Control, or be controlled by, such other network if its parent, subsidiary, or Affiliate
Controls or is controlled by such network. 
 Section 2.07. Consolidation, Merger, or Acquisition of Members. (a) In the
event of the consolidation or merger of two or more members, the surviving organization shall continue to be a member, with the rights and obligations set forth below, provided the surviving organization is prepared to and deemed by the Board
of Directors to be able to perform the functions and obligations required of members and is an organization described in Section 2.01. 
 (b) In the event the consolidation or merger is of two or more members of the Corporation (i) whose applications were accepted on or before February 10, 1992, and/or (ii) that are “Affiliates,” of members described
in clause (i), the applications of which were accepted after February 10, 1992, the surviving organization shall continue to retain the rights and obligations of a member described in clause (i) or (ii), including the total voting rights,
rights to receive dividends, distributions upon dissolution of the Corporation or rights to receive distributions of equity interests, in each case of the former separate members. 
 (c) In the event the consolidation or merger includes one or more entities that are not described in Section 2.07(b)(i) or 2.07(b)(ii), the
surviving organization’s rights and obligations shall be determined by whether the organization whose directors or management directly or indirectly Controls the management or policies of the surviving organization would have been a member
described in Section 2.07(b)(i) or 2.07(b)(ii), prior to the consolidation or merger. 
  

 -21- 

 (d) Other than acquisition or Control by a member described in Section 2.07(b)(i) or
2.07(b)(ii) or an Affiliate of such a member, in the event of the acquisition directly or indirectly, of Control of a member described in Section 2.07(b)(i) or 2.07(b)(ii), or in the event any organization other than a
member described in Section 2.07(b)(i) or 2.07(b)(ii) exercises, directly or indirectly, a controlling influence over the Visa program of a member described in Section 2.07(b)(i) or Section 2.07(b)(ii), the
member will immediately cease to have the rights and obligations associated with a member described in Section 2.07(b)(i) and 2.07(b)(ii) as though it were a newly admitted member as of such date. 
 (e) Notwithstanding the above, a member described in Section 2.07(b)(i) or 2.07(b)(ii) shall not lose any of its rights or obligations
if the consolidation, merger, or acquisition is done solely as part of a corporate reorganization. 
 (f) In the event of the acquisition,
directly or indirectly, of Control of a member other than one described in Section 2.07(b)(i) or Section 2.07(b)(ii) (the “Acquired Member”) by a member described in Section 2.07(b)(i) or
Section 2.07(b)(ii), the Acquired Member shall be deemed to be a member described in Section 2.07(b)(i) or Section 2.07(b)(ii), with the attendant rights and obligations of a member described in
Section 2.07(b)(i) and/or Section 2.07(b)(ii). 
 (g) In the event of any consolidation, merger, acquisition, or
exercise of Control or controlling influence as described in this Section that involves a member described in Section 2.07(b)(i) or Section 2.07(b)(ii) and any other organization that is not a member described in
Section 2.07(b)(i) or Section 2.07(b)(ii) or its Affiliate, the member or members shall provide notice to the Corporation within thirty (30) days of the date of the first executed controlling agreement of the
transaction, such as agreement of merger, sale, purchase, or consolidation. Such members shall also provide notice to the Corporation within thirty days of the consummation of the transaction. The notice shall contain such information as the
Corporation might reasonably request. In accordance with guidelines established by the Board of Directors, the Corporation shall determine the identity of the controlling or surviving organization, which decision is subject to final determination by
the Board of Directors. 
 Section 2.08. Transferability of Membership. Membership in the Corporation shall not be transferable
or assignable, whether by sale, consolidation, merger or otherwise, except as expressly provided in these Bylaws. If membership is transferred by operation of law or governmental action, the transferee organization shall nevertheless comply with the
requirements applicable to applicants for membership. 
 Section 2.09. Voluntary Termination of Membership. Any member may
terminate its membership in the Corporation by written notice to the Board of Directors delivered to the principal office of the Corporation at least one hundred twenty (120) days prior to its effective date. Such resignation shall constitute a
relinquishment to the Corporation of all the resigning member’s rights and privileges in the Corporation. 
  

 -22- 

 Section 2.10. Involuntary Termination of Membership and Cessation of Cheque and TravelMoney
Issuance. (a) The membership of any member which is sponsored pursuant to Section 2.04 shall automatically terminate in the event its sponsorship is terminated pursuant to Section 2.05. 
 (b) For good cause only, a member may be expelled from the Corporation by an affirmative vote of two-thirds (2/3) of the total membership of the
Board of Directors. Good cause shall include, by way of example but not by way of limiting the discretion vested in the Board of Directors: 
 (1) Repeated or willful violation of the provisions of the Certificate of Incorporation, these Bylaws, the Operating Regulations, or conditions of membership imposed by the Board of Directors; 
 (2) Any other act, event or condition which reasonably leads the Board of Directors to believe that a member is or is about to become
insolvent or unable to meet its obligations under the Certificate of Incorporation, these Bylaws or the Operating Regulations, or is operating in an unsound and unsafe manner; 
 (3) The commencement of proceedings by or before any regulatory body to terminate deposit insurance with respect to a member, or to cause
it or any of its officers or directors to cease and desist from any alleged unsound or unsafe practice; 
 (4) Willful failure
to pay at the time or in the manner specified in these Bylaws or the Operating Regulations any fees, charges or other obligations owed by a member to the Corporation; or 
 (5) Refusal on the part of any member to comply with the provisions of these Bylaws or the Operating Regulations to maintain and make
available to the Corporation such records as will permit an accurate determination and verification of the matter contained in the operating certificate. 
 (c) The Board of Directors, by a majority vote of its total membership, or an Executive Vice President or above of the Corporation, may impose conditions on any or all members if, in their respective opinion(s), an
emergency is deemed to exist affecting the integrity of the Visa payment system, or if a member’s Card, TravelMoney and/or Cheque Program (i) is not being operated in a sound and safe manner, or (ii) exposes the Corporation or its
members to financial loss. Such conditions may include, to the extent deemed prudent by the Board of Directors or such officer(s), but are not limited to, requiring the member to pledge collateral to the Corporation in such form and amounts
determined by the Corporation, restricting the scope and types of activities of a member’s operations, or requiring the member to take or desist from certain actions as the Board of Directors or such officer(s) deem appropriate for a particular
member. The Board of Directors or the Human Resources and Executive Committee of the Board shall be advised of any action taken by officers of the Corporation pursuant to the foregoing provision at the first meeting thereof following the taking of
such action. 
 (d) Upon voting to expel any member from the Corporation the Board of Directors shall promptly give written notice thereof to
the expelled member setting forth the date on which the expelled member’s membership shall terminate and the reason(s) for such termination. 
  

 -23- 

 Section 2.11. Automatic Termination of Membership. Membership in the Corporation shall
automatically terminate in the event that a member suspends payments within the meaning of Delaware Uniform Commercial Code Section 4-104(1)(k), whether or not such member is a “bank” within the meaning of Section 1-201(4).

 Section 2.12. Liabilities of Members on Termination. Except as provided in Section 3.02(b), any member whose
membership is terminated shall not be entitled to the refund of any fees theretofore paid to the Corporation; shall continue to be responsible for any financial or other obligations arising from its membership prior to the termination date; and
shall on and after the termination date remain liable to fulfill all obligations of a terminated member under the Certificate of Incorporation, these Bylaws and the Operating Regulations. Any member whose membership is terminated shall thereupon
relinquish to the Corporation all of its rights and privileges in the Corporation and shall immediately discontinue use of, and destroy all printed materials and supplies bearing any service marks adopted by the Corporation. An organization
described in Section 2.01(g) shall cause its owners or members which are not members of the Corporation immediately to discontinue use of and destroy all printed materials and supplies bearing any service marks of the Corporation.

 Section 2.13. Confidentiality. No member shall publish, disclose, convey or distribute to any person or organization,
including, but not limited to, any parents, subsidiaries or affiliates, any confidential or proprietary matters of the Corporation, including, but not limited to, documents, ideas, products and data, without the prior written consent of the
Corporation, except (a) to a person or organization which (i) is rendering services to such member with respect to its Card, TravelMoney, Cheque or electronic banking program and to the extent that such disclosure is necessary to properly
perform such services, (ii) does not compete with the Corporation or its members with respect to the systems, and (iii) agrees to hold such matters in confidence; and (b) such matters that have been publicly released by the
Corporation. 
 Section 2.14. Compliance Information. (a) The members shall provide such information and certification as
the Corporation may reasonably require from time to time to determine (i) compliance with Article II of these Bylaws, (ii) whether members are operating in a safe and sound manner, or (iii) whether members’ operations are
likely to endanger the Corporation or its members. The Corporation shall have the right to require any member to produce such written evidence as it deems necessary to determine compliance with (i) the requirements of the Certificate of
Incorporation, (ii) these Bylaws, (iii) the Operating Regulations, and (iv) conditions of membership imposed by the Board of Directors. 
 (b) Members shall notify the President of the Corporation immediately upon the occurrence of any event or condition which imminently imperils the member’s capability to meet its obligations of membership. Such
notice shall describe such event or condition except that the member shall not be required to provide information the disclosure of which is prohibited by law. 
  

 -24- 

 (c) Any member who is or becomes subject to (i) an informal or formal administrative action entered
or issued by any federal or state banking or consumer protection agency, including but not limited to, a Memorandum of Understanding, any “condition imposed in writing” by any agency, a Written Agreement, an Order to Cease and Desist, a
Temporary Order to Cease and Desist, a Capital Directive, and/or a Prompt Corrective Action Directive or (ii) any communication from any such agency which materially restricts the operations of the member (collectively, “Supervisory
Actions”) shall provide to the Corporation, within 14 calendar days of the effective date of the Supervisory Action, a copy thereof. 
 (d) Any member who is or becomes subject to any administrative, civil or criminal order or other form of relief imposed by a federal or state court, or by a federal or state agency having jurisdiction over the member, which materially
restricts the operations of the member or its Visa Card business (collectively, “Orders”) shall provide to the Corporation, within fourteen (14) calendar days of the effective date of the Order, a copy thereof. 
 Section 2.15. Visa International Membership Rights. With the prior approval of the Corporation and subject to the terms and conditions
established by the Corporation, any member may exercise any of the rights of the Corporation derived by virtue of its membership in Visa International and upon the exercise of such rights such member shall thereby indemnify the Corporation for all
costs, damages and expenses incurred by the Corporation as a result thereof. 
 ARTICLE III 
 Fees and Certificates 
 Section 3.01. Initial Service Fee. From and after May 1, 2006, any organization described in Section 2.01 accepted as a member, other than organizations which will only participate in the Cash Disbursement
Participant category, shall pay the Corporation an initial service fee which shall be a percentage of the total assets of such organization in accordance with a schedule to be fixed by the Corporation from time to time. Members which only
participate in the Cash Disbursement Participant category shall pay to the Corporation an initial service fee as fixed, from time to time, by the Corporation, but such fee shall be appropriately increased in the event such organization elects to
perform other functions specified in Section 2.04. 
 Section 3.02. Quarterly Service Fees. Within the first fifteen
(15) calendar days of each calendar quarter (or if said fifteenth (15th) day is not a working day, not later than the first working day thereafter), each member except members performing functions solely in the Associate, Acquiring
Associate, Credit Participant or Debit Participant categories of membership pursuant to Section 2.04 having sales volume as defined in Section 3.03(a) or accounts as defined in Section 3.03(c) or having bill
payment transactions as defined in Section 3.03(d), and each Administrative Member and Debit Interchange Member shall file an operating certificate as provided in Section 3.05 and pay a service fee for the current quarter
based upon its sales volume for the previous quarter, the number of its accounts for the previous quarter: and/or its bill payment transactions for the previous quarter, excluding sales volume, accounts and/or bill payment transactions attributable
to Associate or Acquiring Associate Members which it sponsored, but including sales volume and bill payment transactions of Credit Participant and Debit Participant Members which it sponsored, as so certified, which fee may be established by 

  

 -25- 

 
the Corporation from time to time. The service fee rate which shall be applied to sales volume to determine the amount of quarterly service fees payable by a
member shall be established from time to time by the Corporation. 
 Section 3.03. Sales Volume and Accounts Defined.
(a) Sales volume is defined as: 
 (1) on Cards, the total of all dollar amounts of Visa transactions debited by a member
issuing Cards and by members it has sponsored to accounts of holders of Cards issued from within the United States, but does not include (i) cash advances made directly to a person authorized to use such accounts, (ii) debits which arise
out of the payment of checks, or (iii) the initial debit arising from the bulk purchase from a creditor of all or substantially all of its consumer accounts receivable. 
 (2) on Merchants, the total of all dollar amounts of sales volume on Visa Cards acquired by the Principal, Acquirer, Associate or
Acquiring Associate Member with respect to Cards bearing the service marks Visa and/or Bands Design and such sales volume acquired by members it has sponsored, except its sponsored Associates and Acquiring Members. 
 (3) on Cheques, the total face amount of Cheques sold within the United States by a member (including sales by its designees). 

(4) on TravelMoney, the total amount of all TravelMoney cards sold within the United States by a member (including by its designees).

 (b) The exchange rate applied to non-U.S. dollar amounts to arrive at U.S. dollar amounts shall be determined in accordance with the
provisions of the International Operating Regulations. 
 (c) Accounts are defined as check guarantee accounts and premier Visa Card
accounts, which are accounts on which one or more Cards have been issued which bear any service mark adopted by the Corporation to identify its check guarantee service or premier Visa Card service respectively. 
 (d) For purposes of this Article III, bill payment transactions are defined as transactions arising from a members’ participation in the
Corporation’s electronic banking service which are processed for authorization and/or clearing and settlement through the Electronic Exchange Service. 
 Section 3.04. Other Fees. In addition to the fees established pursuant to Sections 3.01 and 3.02, the Corporation may require the payment by members of such other fees and penalties as
it deems appropriate based upon (i) administrative procedures and (ii) equipment and services furnished by the Corporation to such members. 
 Section 3.05. Operating Certificate. (a) Each payment of service fees for any calendar quarter shall be accompanied by an operating certificate for the preceding calendar quarter in such form as may
be approved from time to time by the President or any Vice 

  

 -26- 

 
President of the Corporation, shall be executed by an authorized officer of the member, and shall set forth such information as will establish sales volume,
the number of check guarantee, premier Visa Card and the number and dollar volume of bill payment transactions as defined in these Bylaws. 
 (b) An organization described in Section 2.01(g) shall include in its operating certificate information with respect to the Electron card functions performed by its owners or members which are not members of the Corporation and
performed by its other owners or members electing to report through the organization. A member which is also a member or owner of an organization described in Section 2.01(g) shall elect to include the number of Electron card accounts
either (i) on its operating certificate or, if a sponsored member , on its sponsor’s operating certificate or (ii) on the operating certificate submitted by such group organization, but such accounts shall not be included on both
certificates. Such election must be made on the operating certificate which first reports such Electron card accounts and may be changed thereafter only on the operating certificate filed with respect to a subsequent calendar quarter ending
December 31. In the event of a conflict between an individual member’s operating certificate and the operating certificate filed by such organization, such individual member’s operating certificate shall be controlling, and the
Corporation shall make appropriate adjustments to its records, giving notice thereof to the members affected. 
 (c) A member which sponsors
Associate or Acquiring Associate Members shall file an operating certificate, separate from any other operating certificate which such sponsoring member files, which shall set forth such information as will establish the sales volume, the number and
dollar volume of bill payment transactions and the number of check guarantee separately for each such sponsored member and the totals thereof. Sponsored members which are only performing functions in the Associate or Acquiring Associate categories
of membership shall not file operating certificates. 
 (d) A Debit Interchange Member shall file an operating certificate setting forth such
information as the Corporation may require regarding cash disbursement statistics for itself, its members or owners and its sponsored Cash Disbursement Participant Members. 
 Section 3.06. Records. Each member shall maintain such records as will permit an accurate determination and verification of (a) its
membership participation activities and those of its sponsored members and agents and (b) the information contained in the operating certificates. The Corporation, or its agent selected for this purpose, shall have the right to audit and
examine the books and records of any member to verify such information as it appears in the Corporation’s records. In the event that the Board of Directors finds an operating certificate inaccurate, it shall have the power to adjust the related
service fee either by causing a refund to be made to or by assessing additional fees against such member, as the case may require. Findings of inaccuracy in an operating certificate shall not affect the validity of any voting by members prior to
such findings and such voting shall continue to have full force and effect notwithstanding such findings of inaccuracy. 
 Section 3.07.
Late Payment of Service Fee. Should any member fail to file an operating certificate and pay the required quarterly service fee within the time specified in these Bylaws, or fail to pay initial service fees or adjustments within thirty
(30) days after notice is given to the member, without prior extension by the Corporation, such member shall pay any penalties provided in the Operating Regulations. 
  

 -27- 

 Section 3.08. Financial Reports. Within thirty (30) days after the close of each
calendar quarter each member having sales volume or check guarantee accounts as defined in Section 3.03 shall complete and remit to the Corporation an Income and Expense Report covering the Member’s Card, TravelMoney and/or Cheque
Program for that calendar quarter in such form and with such exceptions as may be approved from time to time by the President or any Vice President of the Corporation. 
 Section 3.09. Fraud Activity Reports. Each member having sales volume, bill payment transactions or check guarantee accounts as defined in Section 3.03 shall complete and submit to the
Corporation Fraud Activity Reports covering the fraudulent use of Cards, TravelMoney and/or Cheques at such times and in such form as may be approved from time to time by the President or any Vice President. 
 Section 3.10. Holding Companies. A holding company which is a member may, under procedures prescribed by the Corporation, comply with
Sections 3.06(a) and 3.06(b) by filing a single operating certificate on behalf of itself and all of its Affiliate members having sales volume, bill payment transactions and/or check guarantee accounts, except Affiliates participating
in the Associate or Acquiring Associate categories of membership. Such certificate shall report aggregate totals of sales volume, bill payment transactions and/or check guarantee accounts for each region in which the holding company and/or its
Affiliate members maintain their head offices. Upon the filing of such certificate, the holding company and all of its Affiliate members shall thereafter be treated as a single member, with the principal place of business of the holding company
being the principal place of business of such member, for the purposes of Articles III, IV, V, VI and XI of the Bylaws, except that in determining whether a Director meets the senior officer requirement of
Section 5, the Director may be such a senior officer of the holding company or any of its Affiliate members having sales volume. A holding company participating in the Credit Participant or Debit Participant categories of membership may
not submit certificates pursuant to this Section unless it has elected and has been accepted for participation in the Principal Member category. A holding company participating in the Acquirer category which has Affiliates participating as Acquirers
or Acquiring Associate Members may submit certificates pursuant to this Section including sales volume of its Affiliates, providing that no Affiliate of the holding company issues Cards as to which it is required to submit an operating certificate
pursuant to Section 3.02. 
 Section 3.11. Remittance of Payments Due from Members. Members shall remit payments of
fees, penalties and indemnities to the Corporation in accordance with the Operating Regulations. With respect to payments which may be payable from time to time under Section 3.12 of the Bylaws, the Board of Directors, or the Executive
Committee of the Board, by a majority vote of their respective voting membership, may, to ensure that the Corporation is able to collect pursuant to the Operating Regulations any Settlement Service Fee that the member may incur, impose conditions on
any member that has announced its intention to or has commenced to convert its Visa branded debit Card portfolio or a portion thereof to Other Debit Brands (as defined in Section 3.12). Such conditions may include, to the extent deemed
prudent by the Board or such Committee, in their respective opinions, but are not limited to, requiring the 

  

 -28- 

 
member to pledge collateral to the Corporation in such form and amounts determined by the Corporation, and/or, notwithstanding anything to the contrary in
Section 3.12, requiring monthly or quarterly reporting of numbers of converted Visa branded debit Cards and payment of the Settlement Service Fee applicable thereto on the fifteenth (15th) day following the end of each such
reporting period. 
 Section 3.12. Settlement Service Fee. A member having sales volume on Debit Cards for the year ending
September 30, 2002, that was among the highest one hundred of members having such sales volume during that year shall notify the Corporation in writing not less than thirty (30) days prior to commencing to convert its Visa branded debit
Card portfolio or a portion thereof to Other Debit Brands or within thirty (30) days after completing a transfer of such portfolio or portion thereof (“Conversion Notice”). For each year or partial year ending September 30
after a Conversion Notice is due from a member (“Conversion Year”), the member shall pay to the Corporation on October 15 an amount calculated in accordance with the following formula: Settlement Service Fee equals the member’s
Debit Card Percentage times the Settlement Portion, where 
 (a) Debit Card Percentage is a percentage determined by dividing the
member’s Base Period Volume on its Converted Card Percentage by the total of all members’ sales volume (or average annual sales volume) on Debit Cards for the period; 
 (b) Converted Card Percentage equals (i) in the first Conversion Year, the percentage of the member’s sales volume on Debit Cards in the year
ending September 30 prior to the date of the member’s Conversion Notice that has been converted to Other Debit Brands as of the end of the first Conversion Year and (ii) in subsequent Conversion Years, the incremental percentage of
the member’s sales volume on Debit Cards as of the end of that Conversion year over the member’s Converted Card Percentage for the previous Conversion Year; 
 (c) Base Period Volume for a member equals the lower of (i) the member’s sales volume on Debit Cards for the one-year period ending September 30, 2002 or (ii) the member’s average annual sales
volume on Debit Cards for the five-year period ending September 30, 2002; 
 (d) For purposes of calculations under this
Section 3.12, sales volume on Debit Cards includes sales volume on acquired portfolios, but does not include sales volume on Cards converted by the member’s sponsored members; 
 (e) Settlement Portion equals the remaining unpaid balance of the Settlement Amount as of December 1 of the year in which the member’s payment
is due pursuant to this Section; 
 (f) Settlement Amount equals the total amount of all payments payable by the Corporation in respect of
the settlement of in re Visa Check MasterMoney Antitrust Litigation and other similar claims asserted by merchants; 
 (g) Debit Card
means consumer debit Cards branded Visa, defined to include any offline consumer payment device that directly accesses demand deposits or asset accounts, including Check Cards, stored value Cards, electronic benefits transfer Cards, prepaid Cards
and 

  

 -29- 

 
payroll Cards, but does not include (i) deferred debit Cards where the debit to the account occurs at least 2 weeks after the date of the transaction or
(ii) online debit transactions conducted pursuant to marks associated with online debit networks; and 
 (h) Other Debit Brand means
MasterCard or any other general purpose offline debit card brand; 
 A Settlement Service Fee shall not be payable by a member pursuant to the foregoing
provisions of the Section 3.12 (i) with respect to the portion of a member’s decrease in sales volume on Debit Cards as to which the member has previously incurred a Settlement Service Fee; (ii) to the extent that the
member’s decrease in sales volume on Debit Cards results solely from conversions made by the member’s sponsored members; (iii) to the extent that the member’s portfolio is transferred to a member that maintains Visa branding such
that the transferring member would not have incurred a Settlement Service Fee under this Section 3.12; (iv) in any case until a member’s sales volume on Debit Cards decreases ten (10) percent below the member’s sales
volume on Debit Cards in the year ending September 30, 2002; or (v) to the extent that the member’s decrease in sales volume on Debit Cards results from conversions made to American Express or Discover. 
 ARTICLE IV 
 Voting and Meetings

 Section 4.01. General. All meetings of the members for the election of directors shall be held in the City and County of
San Francisco, State of California, at such place as may be fixed from time to time by the Board of Directors or at such other place, if any, either within or without the State of Delaware as shall be designated from time to time by the Board of
Directors and stated in the notice of the meeting. Meetings of members for any other purpose may be held at such time and place, if any, within or without the State of Delaware, as shall be stated in the notice of the meeting or in a duly executed
waiver of notice thereof. 
 Section 4.02. Annual Meetings. Annual meetings of members shall be held on the first Tuesday of
October, if not a legal holiday, and if a legal holiday, then on the next business day following, or at such other date as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting, at which the members
entitled to vote thereon shall elect, by the procedures set forth in these Bylaws, directors (other than the two (2) Ex Officio Directors (as defined in the Certificate of Incorporation)) and transact such other business as may be
properly brought before the meeting. 
 Section 4.03. Allocation of Votes. As to all matters on which members of the Corporation
are entitled to vote, members shall have that number of votes, if any, as they are then entitled to pursuant to the Certificate of Incorporation. 
 Section 4.04. Notice of Annual Meetings. Written notice of each annual meeting stating the place (if any), date and hour of the meeting and the means of remote communications, if any, shall be given to each member entitled to
vote at such meeting not less than ten (10) nor more than sixty (60) days before the date of the meeting. 
  

 -30- 

 Section 4.05. Voting List. The officer who has custody of the membership ledger of the
Corporation shall prepare and make, at least ten (10) days before every meeting of members, a complete list of the members entitled to vote at the meeting, arranged in alphabetical order and showing the address of each member and the number of
votes registered in the name of each member. Such list shall be open to the examination of any member, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10) days prior to the meeting, on a
reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting or at the principal place of business of the Corporation during ordinary business hours.
The list of members must also be open to examination at the meeting as required by applicable law. 
 Section 4.06. Special
Meetings. Special meetings of the members, for any purpose or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the President and shall be called by the President or Secretary at the
request in writing of a majority of the Board of Directors or at the request in writing of not fewer than five (5) members possessing not less than twenty (20) percent of the outstanding votes of members on such date. Such request shall
state the purpose or purposes of the proposed meeting. 
 Section 4.07. Notice of Special Meetings. Notice of each special
meeting stating the place (if any), date and hour of the meeting and the means of remote communications, if any, the purpose or purposes for which the meeting is called shall be given not fewer than ten (10) or more than sixty (60) days
before the date of the meeting to each member entitled to vote at such meeting. 
 Section 4.08. Quorum of Members. A number of
members holding a majority of the votes outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the members for the transaction of business except as otherwise provided by
statute, the Certificate of Incorporation or these Bylaws. If, however, such quorum shall not be present or represented at any meeting of the members, the members entitled to vote thereat, present in person or represented by proxy, shall have power
to adjourn the meeting from time to time without notice other than announcement at the meeting until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted
which might have been transacted at the meeting as originally noticed. If the adjournment or adjournments is for more than thirty (30) days in the aggregate, a notice of the adjourned meeting shall be given to each member of record entitled to
vote at the meeting. 
 Section 4.09. Voting. When a quorum is present at any meeting, any matter appropriately submitted to a
vote of members at such meeting shall, unless the matter is one upon which by express provision of the General Corporation Law of the State of Delaware (the “DGCL”), the Certificate of Incorporation or these Bylaws, a different vote
is required, in which case such express provision shall govern and control the decision of such matter, be decided by a majority of votes cast. 
 Section 4.10. Amendment of Bylaws. Except as otherwise set forth herein or in the Certificate of Incorporation, these Bylaws may be amended, altered or repealed at any meeting of the members by the affirmative vote of members
representing two-thirds of the total votes outstanding. 
  

 -31- 

 Section 4.11 Proxies. Each member entitled to vote at a meeting of the members or to express
consent or dissent to corporate action in writing without a meeting may authorize another person or persons to act for such member as proxy, but no such proxy shall be voted or acted upon after three years from its date, unless such proxy provides
for a longer period. Without limiting the manner in which a member may authorize another person or persons to act for such member as proxy pursuant to this Section 4.11, the following shall constitute a valid means by which a member may grant
such authority: 
 (a) A member may execute a writing authorizing another person or persons to act for such member as proxy.
Execution may be accomplished by the member’s authorized officer, director, employee or agent signing such writing or causing such person’s signature to be affixed to such writing by any reasonable means, including, but not limited to, by
facsimile signature. 
 (b) A member may authorize another person or persons to act for such member as proxy by transmitting
or authorizing the transmission of a telegram, cablegram or other means of electronic transmission to the person who will be the holder of the proxy or to a proxy solicitation firm, proxy support service organization or like agent duly authorized by
the person who will be the holder of the proxy to receive such transmission, provided that any such telegram, cablegram or other means of electronic transmission must either set forth or be submitted with information from which it can be
determined that the telegram, cablegram or other electronic transmission was authorized by the member. If it is determined that such telegrams, cablegrams or other electronic transmissions are valid, the inspectors or, if there are no inspectors,
such other persons making that determination shall specify the information on which they relied. 
 Any copy, facsimile telecommunication or
other reliable reproduction of the writing or transmission authorizing another person or persons to act as proxy for a member may be substituted or used in lieu of the original writing or transmission for any and all purposes for which
the original writing or transmission could be used; provided, however, that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original writing or transmission. 
 Section 4.12 Action Without Meeting. Unless otherwise provided in the Certificate of Incorporation, any action required or permitted to be
taken at any annual or special meeting of members of the Corporation may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by members having
not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all members entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its
registered office in the State of Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of the members are recorded. Delivery made to the Corporation’s
registered office shall be by hand or by certified or registered mail, return receipt requested. Every written consent shall bear the date of signature of each 

  

 -32- 

 
member who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within sixty (60) days
of the earliest dated consent delivered in the manner required by this Section 4.12 to the Corporation, written consents signed by a sufficient number of members to take action are delivered to the Corporation by delivery to its
registered office in the State of Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of the members are recorded. Any copy, facsimile or other reliable
reproduction of a consent in writing may be substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used, provided that such copy, facsimile or other reproduction
shall be a complete reproduction of the entire original writing. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those members who have not consented in writing and who,
if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of members to take the action were delivered to
the Corporation as provided above in this Section 4.12. 
 ARTICLE V 
 Directors 
 Section 5.01. Number of Directors; Eligibility.
(a) From and after the date hereof, the Board of Directors shall consist of not less than one (1) nor more than seventeen (17) members, the exact number of which shall initially be fixed at seventeen and shall thereafter from time to
time be fixed by resolution or resolutions adopted by the Board of Directors. The directors shall consist of Independent Directors (as defined in the Certificate of Incorporation), Member Directors (as defined in the Certificate of Incorporation)
and two (2) Ex-Officio Directors. The number of Independent Directors and Member Directors shall be as from time to time fixed by the Board of Directors, except that the aggregate number of Independent Directors and Member Directors shall not
exceed fifteen (15). From and after the date hereof, the “Ex-Officio Directors” shall be the then-current chief executive officer of the Corporation and the then-current chief executive officer of Visa International, which shall serve as
the ex officio members of the Board of Directors. The Independent Directors, and the Member Directors shall be voting members of the Board of Directors and the Ex-Officio Directors shall be non-voting members of the Board of
Directors. The directors shall be elected or appointed in accordance with the Certificate of Incorporation and these Bylaws. 
 (b) From and
after May 1, 2006, Member Directors must (i) be senior officers of members (other than Acquiring Associate Members, Cash Disbursement Participant Member, Cheque Issuer; TravelMoney Issuer Member, Credit Participant Members, Debit
Interchange Member, Debit Participant Members or Foreign Banking Organization Members) having sales volume or check guarantee accounts as defined in Section 3.03, (ii) have at least the equivalent rank of Chief Executive Officer or
Chief Administrative Officer, or, if such organization’s total assets exceed 15 billion dollars, adjusted for the equivalent value of U.S. dollars as of January 1, 1981, a person who in the performance of his regular duties reports to such
an officer, or be a senior officer of such member with operational responsibility over such member’s Card program if such member’s assets exceed fifty (50) billion dollars, adjusted for the equivalent value of U.S. dollars as of
January 1, 2006 and (ii) not be employed by any entity that is designated by the Board of Directors as a competitor of the Corporation. 
  

 -33- 

 Section 5.02. Appointment or Election of Directors. 
 (a) Proportional Representation. From and after the date hereof, the composition of the Member Directors comprising the Board of Directors shall
include Member Directors employed by (1) members of the Corporation with less than $1 billion of Card sales volume (during the four quarters immediately preceding the previous Reference Date) and/or (2) Group Members and/or Administrative
Members, in a number that is at least proportional to the collective Card sales volume (during the four quarters immediately preceding the previous Reference Date) of members of the Corporation with less than $1 billion of Card sales volume (during
the four quarters immediately preceding the previous Reference Date) and the Board of Directors shall seek to maintain similar proportional representation on each committee of the Board of Directors, other than the Independent Directors Committee.
From and after the date hereof, the terms of this Section 5.02(c) shall not be amended, altered or repealed, including by merger, consolidation or otherwise, without the approval of seventy-five percent (75%) of the voting members
of the Board of Directors. 
 (b) Chair. The Board of Directors, annually at its first meeting following the annual meeting of
members, shall designate by a majority vote of the voting members thereof a voting director as the Chair of the Board to serve as such while he or she remains on the Board of Directors as a voting director and until his/her successor’s election
as Chair; provided that no person may serve as Chair more than three consecutive annual terms; provided, further, that no person may serve as Chair if they are then employed by the Corporation or by Visa International.

 Section 5.03. Nomination of Directors. (a) From and after the date hereof, only persons who are nominated in accordance
with the following procedures shall be eligible for election as directors of the Corporation, except as may be otherwise provided in the Certificate of Incorporation and these Bylaws with respect to Ex-Officio Directors. Nominations of persons for
election to the Board of Directors may be made at any Annual Meeting of members, or at any Special Meeting of members called for the purpose of electing directors, (1) by the Nominating Committee, as described in this Section 5.03
or (2) by any member of the Corporation (A) who is a member of record on the date of the giving of the notice provided for in this Section 5.03 and on the record date for the determination of members entitled to notice of and
to vote at such meeting and (B) who complies with the notice procedures set forth in this Section 5.03. 
 (b) To be timely,
a member’s notice pursuant to Section 5.03(a)(2) shall be addressed to the Secretary and must be delivered to or mailed and received at the principal executive offices of the Corporation (a) in the case of an annual meeting,
not fewer than ninety (90) days nor more than one hundred twenty (120) days prior to the anniversary date of the immediately preceding annual meeting of members; provided, however, that in the event that the annual meeting is
called for a date that is not within thirty (30) days before or after such anniversary date, notice by the member in order to be timely must be so received not later than the close of business on the tenth (10th) day following the day on
which such notice of the date of the annual meeting was mailed or such public disclosure of the date of the annual meeting was made by the Corporation, whichever first occurs; and (b) in the case of a special meeting of 

  

 -34- 

 
members called for the purpose of electing directors, not later than the close of business on the tenth (10th) day following the day on which notice of
the date of the special meeting was mailed or public disclosure of the date of the special meeting was made by the Corporation, whichever first occurs. In no event shall the public announcement of an adjournment or postponement of any such annual or
special meeting commence on new period (or extend any time period) for the giving of a member’s notice as described in this Section 5.03(b). 
 (c) To be in proper written form, a member’s notice to the Secretary must set forth (a) as to each person whom the member proposes to nominate for election as a director (i) the name, age, business
address and residence address of the person, (ii) the principal occupation and employer of the person, (iii) the office and title held by such person with such person’s employer, (iv) any other information relating to the person
that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and the rules and regulations promulgated thereunder and (v) such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected; and (b) as
to the member giving the notice (i) the name and record address of such member, (ii) the category of membership of the Corporation of such member, (iii) a description of all arrangements or understandings between such member and each
proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made by such member, (iv) a representation that such member intends to appear in person or by proxy at the meeting to
nominate the persons named in its notice and (v) any other information relating to such member that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for
election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder. The Corporation may require any proposed nominee to furnish such other information as it may reasonably require to determine
the eligibility of such proposed nominee to serve as a director of the Corporation. 
 A Nominating Committee, comprised of voting directors
of the Corporation, shall be appointed by the Board of Directors each calendar year; and it shall nominate for election in the following year candidates who meet the qualifications as set forth in these Bylaws. The names of the persons so nominated
shall be submitted in writing no later than thirty (30) days preceding the Annual Meeting or Special Meeting to all members entitled to vote. 
 (d) No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the procedures set forth in this Section 5.03. If the Chairperson of the meeting determines, in his or her sole
discretion, that a nomination was not made in accordance with the foregoing procedures, the Chairperson shall declare to the meeting that the nomination was defective and such defective nomination shall be disregarded. 
 Section 5.04. Qualification. The Board of Directors shall determine the qualifications of every director whether appointed or elected with
respect to the standards set forth in Sections 3.07, 5.01, 5.02 and 5.03. Any person found not qualified by the Board shall immediately cease being a director and the resulting vacancy shall be filled in accordance with
Section 5.06. No member which has an employee sitting on the Board of Directors of any substantial competing general purpose Card network in the United States including Morgan 

  

 -35- 

 
Stanley/Discover Financial Services, American Express Company or MasterCard International Incorporated, or any parent, subsidiary, or Affiliate of such
network shall have an employee serve as director of the Corporation. 
 Section 5.05. Removal. A director will not serve a
successive term if he or she is not re-nominated by the Nominating Committee or not re-elected by the members. A director can be removed from office prior to the expiration of such directors’ term only for cause. 
 Section 5.06. Vacancies. Any vacancy or newly created directorship resulting from an increase in the number of authorized directors occurring
on the Board of Directors among the directors to be elected by the membership shall be filled by the Board of Directors within one hundred eighty (180) days of the occurrence of the vacancy, except that by action taken within such period, the
Board may designate vacant positions to remain vacant until a time not later than the annual meeting following the next annual meeting. Any person appointed pursuant to this Section shall meet the qualifications as set forth in these Bylaws for the
vacant director position. All persons appointed pursuant to this Section 5.06 shall hold office until the next meeting of members to be held for the purpose of electing directors and until his successor is duly elected and qualified.

 Section 5.07. Powers. (a) Except as set forth in the Certificate of Incorporation, the business and affairs of the
Corporation shall be managed by or under the direction of the voting members of its Board of Directors, which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute, the Certificate of
Incorporation or these Bylaws directed or required to be exercised or done by the members. From and after the date hereof, the Independent Directors comprising the Independent Directors Committee shall have exclusive power and authority with regard
to matters within the purview of the Independent Directors Committee as described in Section 5.19(b). 
 Section 5.08.
Enforcement of Payment of Fees, Penalties and Other Obligations. The Board of Directors may apply toward payment of any fees, penalties or other obligations owed by any member to the Corporation any sums due such member from the Corporation.

 Section 5.09. Admission or Expulsion of Members. Members may be admitted to or expelled from the Corporation by the Board of
Directors. Applicants shall be admitted to membership in such manner as the Board may from time to time determine by an affirmative vote of a majority of the total voting membership of the Board of Directors. An affirmative vote of two-thirds
(2/3) of the total voting membership of the Board shall be required for expulsion and/or revocation of membership of any member. 
 Section 5.10. Adoption or Amendment of Bylaws. The Board of Directors may, except as otherwise provided in the Certificate of Incorporation or these Bylaws, by affirmative vote of a majority of the voting members of the Board of
Directors adopt, amend, alter or repeal these Bylaws. 
 Section 5.11. Location. The Board of Directors may hold meetings, both
regular and special, either within or without the State of Delaware. 
  

 -36- 

 Section 5.12. Annual Meeting. The first meeting of each newly elected Board of Directors
shall be held immediately after and at the same location as the annual meeting of members and no notice of such meeting to the newly elected directors shall be necessary in order legally to constitute the meeting, provided a quorum shall be present.
In the event such meeting cannot be held at the time and place so fixed by these Bylaws, the meeting shall be held as soon thereafter as possible at such time and place as shall be specified in a notice given as provided in these Bylaws for special
meetings of the Board of Directors, or as shall be specified in a waiver given by all of the directors. 
 Section 5.13. Regular
Meetings. Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the Board. 
 Section 5.14. Special Meetings. Special meetings of the Board of Directors may be called by the Chairperson, if there be one, by the President or Secretary or, from and after the date hereof, by any three
directors, on two (2) days notice to each director, either personally or by over-night mail, telephone, electronic mail or other. Such meeting shall be held at such times and places as specified in the notice of such special meeting.

 Section 5.15. Quorum; Voting; Approval of Corporate Actions. At all meetings of the Board of Directors a majority of the total
voting members of the Board shall constitute a quorum for the transaction of business, and the act of a majority of the voting directors present at any meeting at which there is a quorum shall be the act of the Board of Directors, except as may be
otherwise specifically provided by statute, the Certificate of Incorporation or these Bylaws. If a quorum shall not be present at any meeting of the Board of Directors, the voting directors present thereat may adjourn the meeting from time to time
without notice, other than announcement at the meeting, until a quorum shall be present. 
 Notwithstanding the foregoing, from and after the
date hereof, the approval of seventy-five percent (75%) of the voting members of the Board of Directors, shall be required to authorize the following actions: 
 (a) approving an agreement of merger or consolidation; 
 (b) recommending to the members the sale, lease or
exchange of all or substantially all of the Corporation’s property and assets; 
 (c) the, winding up, dissolution or liquidation of the
Corporation’s affairs or the affairs of any Major Subsidiary (as defined below); 
 (d) licensing the Brands or other intellectual
property of the Corporation (other than to members by virtue of their membership, their designated Processors and agents engaged by members limited to use in their participation in the Corporation’s Payment Services); 
 (e) the consolidation or merger of the Corporation, or any subsidiary of the Corporation with assets or earning power aggregating more than twenty
percent (20%) of the Corporation’s consolidated assets or income from continuing operations (a “Major Subsidiary”), with or into any other Person or the consolidation or merger of any other Person with or into the
Corporation or any of its Major Subsidiaries; 
  

 -37- 

 (f) the sale, conveyance, transfer or other disposition, in one transaction or a series of related
transactions, by the Corporation or any Major Subsidiary; 
 (g) the adoption of any material change to the Corporation’s overall
strategic direction or business plan, including entering into any new line of business or any material expansion of the business activities of the Corporation; 
 (h) the commencement by the Corporation or any Major Subsidiary of any proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of
any jurisdiction relating to the Corporation or a Major Subsidiary, or the determination to forbear any such proceeding commenced by any Person other than the Corporation or a subsidiary of the Corporation; 
 (i) the raising of additional capital or the issuance of any securities of the Corporation; 
 (j) adopting any proposed amendment to Article 10 of the Corporation’s Certificate of Incorporation; and 
 (k) delegating power and authority with respect to any of the actions described in the previous clauses (a) through (j) to a committee of the
Board of Directors (to the extent such power and authority can be delegated to a committee of the Board of Directors pursuant to these Bylaws, the Certificate of Incorporation and the DGCL. 
 From and after the date hereof, the terms of this Section 5.15 shall not be amended, altered or repealed, including by merger, consolidation
or otherwise, without the approval of seventy-five percent (75%) of the voting members of the Board of Directors. 
 Section 5.16.
Action Without Meeting. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a
meeting if all voting members of the Board or committee thereof, as the case may be, consent thereto in writing or by electronic transmissions and the writing or writings or electronic transmission or transmissions are filed with the minutes of
proceedings of the Board or committee. 
 Section 5.17. Meeting by Telephone. Unless otherwise restricted by the Certificate of
Incorporation or these Bylaws, members of the Board of Directors of the Corporation, or any committee thereof, may participate in a meeting of the Board of Directors or such committee by means of a conference telephone or other communications
equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 5.17 shall constitute presence in person at such meeting. 
 Section 5.18. Committees of Directors. The Board of Directors may, by resolution passed by a majority of the total voting members of the
Board, designate one (1) or more committees. The Board of Directors may designate one (1) or more directors as alternate 

  

 -38- 

 
members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in
the resolution, shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it;
provided, however, that in the absence or disqualification of any member of such committee or committees, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a
quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Such committee or committees shall have such name or names as may be determined from time to time
by resolution adopted by the Board of Directors. 
 Any committee, to the extent provided by the resolution of the Board of Directors, and
subject to Sections 5.07 and 5.19 of these Bylaws, will have and may exercise all the power and authority of the Board of Directors in the management of the business and affairs of the Corporation. However, a committee will not have
the power and authority to approve or adopt or recommend to members any action or matter (other than the election of directors) required by the DGCL or the Certificate of Incorporation to be submitted to the Voting Members for approval or adopting,
amending or repealing any bylaw of the Corporation. 
 The Board of Directors may designate one (1) or more directors as alternate
members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the resolution, may have and may exercise the powers of the Board of Directors in the
management of the business and affairs of the Corporation, and may authorize the use of seal of the Corporation. 
 The chairperson of any
committee shall not be an Ex-Officio Director. 
 Section 5.19. Independent Directors Committee. (a) From and after the date
hereof, there shall be established a committee of the Board of Directors consisting solely of Independent Directors (the “Independent Directors Committee”). The Independent Directors Committee shall initially consist of four
members, but the number of Independent Directors comprising the Independent Directors Committee may be increased from time to time by the Board of Directors. 
 (b) From and after the date hereof, decisions with respect to interchange reimbursement fees, service fees, processing fees and other fees and fines to be levied upon the members, and incentive fee rates and payments
and matters relating to other fees shall be made by or under the direction of the Independent Directors Committee, including by the Corporation’s management under guidelines established by the Independent Directors Committee, if the Independent
Directors Committee so determines. Notwithstanding the foregoing, the Independent Directors Committee shall have no power or authority to approve or authorize any Specified Settlement. Such power and authority shall be vested exclusively in the
Board of Directors, subject to the approval of any such Specified Settlement by the Specified Settlement Voting Members (as defined in the Certificate of Incorporation). Unless otherwise provided by the Independent Directors Committee, the act of a
majority of the members of the Independent Directors Committee shall be the act of the Independent Directors Committee. 
  

 -39- 

 (c) So long as the Independent Directors Committee consists of three or more Member Directors, the power
and authority of the Independent Directors comprising the Independent Directors Committee shall be exclusive over matters with which the Independent Directors Committee has been vested and the Member Directors shall have no power and authority over
such matters. The Independent Directors Committee shall be able to delegate such powers and authority to the officers of the Corporation as they deem advisable. 
 (d) The power and authority of the Independent Directors Committee shall not be expanded without the approval of seventy-five percent (75%) of the voting members of the Board of Directors, which must include the
affirmative approval of a majority of the Independent Directors. Unless otherwise expressly set forth in the resolution of the Board of Directors expanding the power and authority of the Independent Directors Committee, any grant of additional power
and authority with respect to any matter or subject shall be limited solely to the specific matter or subject set forth in such resolution and shall expire one year from the date when the resolution was so adopted. 
 (e) Prior to May 1, 2008, the Independent Directors Committee cannot be eliminated and the scope of its power and authority shall not be modified or
reduced without the affirmative approval of a majority of the members of the Independent Directors Committee and the affirmative approval of two-thirds (2/3) of the outstanding votes of the members. On and after May 1, 2008, the
Independent Directors Committee cannot be eliminated and the scope of its power and authority shall not be modified or reduced without the affirmative approval of two-thirds of the outstanding votes of the members. 
 Section 5.20. Committee Minutes. Each committee shall keep regular minutes of its meetings and each committee shall report such minutes to
the Board of Directors within a reasonable period, which, in the case of any committee other than the Independent Directors Committee, shall not be later than the next meeting of the Board of Directors. 
 Section 5.21. Compensation of Directors. As determined from time to time by the Board of Directors, the directors may be paid compensation
and expenses of attending meetings of the Board and committees thereof. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. 
 ARTICLE VI 
 Notices 
 Section 6.01. Means of Notice. Whenever, under the provisions of the statutes, the Certificate of Incorporation or these Bylaws, notice is
required to be given to any director or member, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail or personal delivery, addressed to such director or member at the address as it appears on the
records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to (i) directors may also be given by facsimile transmission,
telephone or other electronic means and shall be effective upon transmission and (ii) members may also be given by any method authorized by law. 
  

 -40- 

 Section 6.02. Waiver of Notice. Whenever any notice is required to be given under the
provisions of the statutes, the Certificate of Incorporation or these Bylaws, a waiver thereof given by the person or persons entitled to said notice, or by electronic transmission to the person or persons entitled to such notice, whether before or
after the time stated therein, shall be deemed equivalent thereto. 
 ARTICLE VII 
 Officers 
 Section 7.01. General. The officers of the Corporation
shall be chosen by the Board of Directors and shall be a president, an executive vice president, a senior vice president, a vice president, a secretary and a treasurer. The Board of Directors may also choose additional executive vice presidents,
senior vice presidents, and vice presidents and one or more assistant secretaries and assistant treasurers. Such officers subordinated to the level of executive vice president may also be appointed by the president. The president shall file with the
Secretary a memorandum of such appointments to be kept with the corporate records. Any number of offices may be held by the same person, except that the office of treasurer and secretary may not be held by the same person. 
 Section 7.02. Election of Officers. The Board of Directors at its first meeting after each annual meeting of members shall choose a
president, one (1) or more vice presidents, a secretary and a treasurer. 
 Section 7.03. Other Officers. The Board of
Directors may appoint such other officers and agents as it shall deem necessary who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board. 
 Section 7.04. Compensation. The salaries and other benefits of all officers, employees and agents of the Corporation shall be fixed by the
Board of Directors. 
 Section 7.05. Tenure in Office. The officers of the Corporation shall hold office until their successors
are chosen and qualify. Any officer elected or appointed by the Board of Directors or by the president may be removed at any time by majority vote of a quorum of the Board of Directors. Any officer at a level which may be appointed by the president
may be removed at any time by the president, whether such officer was appointed by the Board of Directors or by the president. Any vacancy occurring in any office of the Corporation shall be filled by the Board of Directors, or, if below the level
of executive vice president, may be filled by the president and reported to the Board of Directors. The president shall file with the Secretary a memorandum of such removals and appointments to be kept with the corporate records. 
 Section 7.06. Bond. If required by the Board of Directors, an officer shall give the Corporation a bond in such sum and with such surety or
sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of his office and for the restoration to the Corporation, in case of his death, resignation, retirement or removal from office, of all 

  

 -41- 

 
books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the Corporation, the fees for such
bonding to be at the Corporation’s expense. 
 THE PRESIDENT 
 Section 7.07. Chief Executive Officer. The President shall be the chief executive officer of the Corporation, shall preside at all meetings
of the members, shall have general and active management of the business of the Corporation and shall see that all orders and resolutions of the Board of Directors are carried into effect. 
 Section 7.08. Execution of Documents. The President shall execute bonds, mortgages and other contracts requiring a seal, under the seal of
the Corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent of the
Corporation. 
 THE VICE PRESIDENTS 
 Section 7.09. Powers. (a) The Vice Presidents shall, under the direction of the President, be responsible for general and active management of the business of the Corporation and shall see that all
orders and directions of the Board of Directors are carried into effect. 
 (b) In the absence of or upon designation by the President, or in
the event of his inability or refusal to act, the duties and powers of the President shall devolve upon the vice presidents in the following order: 
 (1) the executive vice president, 
 (2) the senior vice president, 
 (3) the vice president. In the event there be more than one (1) such officer in any of the foregoing categories the powers and duties
shall devolve upon the officers within a category in the order designated by the Board of Directors, or in the absence of any designation, then in the order of their election. When acting in place of the President, the vice presidents shall be
subject to all the restrictions upon the President. The vice presidents shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe. 
 THE SECRETARY AND ASSISTANT SECRETARY 
 Section 7.10. Duties. The
Secretary (or any other individual designated to act as secretary by the Chair of the Board) shall attend all meetings of the Board of Directors and all meetings of the members and record all the proceedings of the meetings of the Corporation and of
the Board of Directors in a book to be kept for that purpose and shall perform like duties for the standing committees when required. The Secretary shall give, or cause to be given, notice of all meetings of the members and special meetings of the
Board of Directors and shall perform such other duties as may be prescribed by the Board of Directors or President, under whose 

  

 -42- 

 
supervision he shall be. The Secretary shall have custody of the corporate seal of the Corporation and he, or an assistant secretary, shall have authority to
affix the same to any instrument requiring it, and when so affixed it may be attested by his signature or by the signature of such assistant secretary. The Board of Directors may give general authority to any other officer to affix the seal of the
Corporation and to attest the affixing by his signature. 
 Section 7.11. Assistant Secretary. The assistant secretary, or if
there be more than one, the assistant secretaries in the order determined by the Board of Directors (or if there be no such determination, then in the order of their election), shall, in the absence of the Secretary or in the event of his inability
or refusal to act, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe. 
 THE TREASURER AND ASSISTANT TREASURERS 
 Section 7.12. Duties. If appointed, the Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and
shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. 
 Section 7.13. Disbursement of Funds. The Treasurer shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render
to the President and the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his transactions as Treasurer and of the financial condition of the Corporation. 
 Section 7.14. Assistant Treasurer. The assistant treasurer, or if there shall be more than one, the assistant treasurers in the order
determined by the Board of Directors (or if there be no such determination, then in the order of their election), shall, in the absence of the Treasurer or in the event of his inability or refusal to act, perform the duties and exercise the powers
of the Treasurer and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe. 
 ARTICLE VIII 
 Indemnification of Directors, Officers and Employees 
 Section 8.01. Right to Indemnification of Directors and Officers. The Corporation shall indemnify and hold harmless, to the fullest extent
permitted by applicable law as it presently exists or may hereafter be amended, any person (a “Covered Person”) who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding,
whether civil, criminal, administrative or investigative (a “proceeding”), by reason of the fact that such person, or a person for whom such person is the legal representative, is or was a director or officer of the Corporation or,
while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity or limited

  

 -43- 

 
liability company, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys’
fees) reasonably incurred by such Covered Person in such proceeding. Notwithstanding the preceding sentence, except as otherwise provided in Section 8.03, the Corporation shall be required to indemnify a Covered Person in connection with
a proceeding (or part thereof) commenced by such Covered Person only if the commencement of such proceeding (or part thereof) by the Covered Person was authorized in advance by the Board of Directors. 
 Section 8.02. Prepayment of Expenses of Directors and Officers. To the fullest extent not prohibited by law, the Corporation shall pay the
expenses (including attorneys’ fees) incurred by a Covered Person in defending any proceeding in advance of its final disposition, provided, however, that, to the extent required by law, such payment of expenses in advance of the
final disposition of the proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be ultimately determined that the Covered Person is not entitled to be indemnified under this
Article VIII or otherwise. 
 Section 8.03. Claims by Directors and Officers. If a claim for indemnification (following
the final disposition of such action or proceeding) or advancement of expenses under this Article VIII is not paid in full within thirty days after a written claim therefor by the Covered Person has been received by the Corporation, the
Covered Person may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Corporation shall have the burden of proving
that the Covered Person is not entitled to the requested indemnification or advancement of expenses under applicable law. 
 Section 8.04. Indemnification of Employees and Agents. The Corporation may indemnify and advance expenses to any person who was or is made or is threatened to be made or is otherwise involved in any proceeding by reason of the
fact that such person, or a person for whom such person is the legal representative, is or was an employee or agent of the Corporation or, while an employee or agent of the Corporation, is or was serving at the request of the Corporation as
director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity or limited liability company, including service with respect to employee benefit plans, against all liability and
loss suffered and expenses (including attorney’s fees) reasonably incurred by such person in connection with such proceeding. The ultimate determination of entitlement to indemnification of persons who are not a director or officer shall be
made in such manner as is determined by the Board of Directors in its sole discretion. Notwithstanding the foregoing sentence, the Corporation shall not be required to indemnify a person in connection with a proceeding initiated by such person if
the proceeding was not authorized in advance by the Board of Directors. 
 Section 8.05. Advancement of Expenses of Employees and
Agents. To the fullest extent not prohibited by law, the Corporation may pay the expenses (including attorney’s fees) incurred by an employee or agent (who is not a director or officer) defending any proceeding in advance of its final
disposition on such terms and conditions as may be determined by the Board of Directors. 
  

 -44- 

 Section 8.06. Non-Exclusivity of Rights. The rights conferred on any person by this
Article VIII shall not be exclusive of any other rights which such person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, these Bylaws, agreement, vote of members or disinterested directors or
otherwise (both as to action in an official capacity and as to action in another capacity while holding such office), and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the
heirs, executors and administrators of such a person. 
 Section 8.07. Insurance. The Board of Directors may, to the full extent
permitted by applicable law as it presently exists, or may hereafter be amended from time to time, authorize an appropriate officer or officers to purchase and maintain at the Corporation’s expense insurance: 
 (a) to indemnify the Corporation for any obligation which it incurs as a result of the indemnification of directors, officers and employees under the
provisions of this Article VIII; and 
 (b) to indemnify or insure directors, officers and employees against liability in instances in
which they may not otherwise be indemnified by the Corporation under the provisions of this Article VIII. 
 Section 8.08.
Amendment or Repeal. Any repeal or modification of the foregoing provisions of this Article VIII shall not adversely affect any right or protection hereunder of any person in respect of any act or omission occurring prior to the time
of such repeal or modification. The rights provided hereunder shall inure to the benefit of any Covered Person and such person’s heirs, executors and administrators. 
 ARTICLE IX 
 Indemnification of Members and Guarantee of Cheques 
 Section 9.01. Coverage. (a) Any issuing or acquiring member of the Corporation shall be indemnified and reimbursed by the Corporation
for settlement loss suffered by it by reason of the failure of any other member or any bank or other entity licensed to use either or both of the service marks Visa and Bands Design properly to honor any transaction on Cards or other payment
services under marks owned by the Corporation or by Visa International that is processed in accordance with the Operating Regulations. Any Biller Member or Customer Member of the Corporation shall be indemnified by the Corporation for settlement
loss suffered by it by reason of the failure of any other member properly to honor any bill payment transaction, as defined in Section 3.03, processed in interchange through the Corporation’s Visa ePay Service in accordance with the
Operating Regulations. The Board of Directors may extend the Corporation’s guarantee to additional settlement transactions through amendments to the Corporation’s Operating Regulations, by affirmative vote of two-thirds (2/3) of the
total voting membership of the Board of Directors. In the case of any payment by the Corporation to any member pursuant to this Section the Corporation shall be subrogated to the full extent of the amount paid plus costs against such member, bank,
or other entity failing to honor any such draft or other instrument. 
  

 -45- 

 (b) In order to repay funds borrowed in connection with settlement losses, the Board of Directors may, by
resolution, establish a special fee schedule to repay such borrowed funds with interest at market rates within no more than eighteen months, or within such other time frame as may be established by Visa International. For such losses incurred by the
Corporation arising from issuing or acquiring activities on Cards, such special fee shall be collected equally from Issuers and Acquirers in proportion to their sales volume as defined in Section 3.03. For losses incurred by the
Corporation arising from members’ failures to meet settlement obligations with respect to bill payment transactions, the special fee shall be collected equally from Biller Members and Customer Members in proportion to the dollar volume of bill
payment transactions as defined in Section 3.03. The special fee will be offset by any sums due to the Corporation as a result of Visa International’s By-Law provisions regarding allocation of losses. 
 Section 9.02. Guarantee of Cheques. The Corporation shall guarantee the payment of any validly issued Visa Travelers Cheque which has been
negotiated in good faith and properly presented for payment in the event the Cheque Issuer thereof fails to honor such Cheque in accordance with the Travelers Cheque Operating Regulations solely as a result of (i) such Issuer’s financial
condition or (ii) circumstances beyond the control of such Cheque Issuer. 
 ARTICLE X 
 Violations of The Bylaws or Operating Regulations 
 Section 10.01. Determination of Violations. The Board of Directors may designate a committee pursuant to Section 5.18, comprising three (3) or more directors, one of whom shall be the
President, which shall have the power and authority to determine and specify violations by any member of these Bylaws and the Operating Regulations. The Secretary shall notify the member involved in writing of the details of the violation.

 Section 10.02. Penalties. Fines or other penalties, including suspension of the right to vote, for violations shall be imposed
in accordance with a schedule prescribed by the Board of Directors in the Operating Regulations. 
 Section 10.03. Appeal to Board of
Directors. Any member feeling itself aggrieved by the determination of a violation may appeal to the Board of Directors at its next regular meeting. An affirmative vote of a majority of the total voting membership of the Board of Directors shall
be required to reverse the determination of the committee of the Board of Directors. 
 ARTICLE XI 
 Dividends and Dissolution 
 Section 11.01. Dividends. Dividends payable in cash or in property to Equity Members entitled to such dividends may be declared by the Board of Directors at any regular or special meeting out of lawfully available funds.
Dividends shall be payable only to those Equity Members who are entitled to receive such dividends in accordance with the Certificate of Incorporation and the amount of dividends to be paid to any Equity Member entitled to receive such dividends
shall be determined in accordance with the Certificate of Incorporation. 
  

 -46- 

 Section 11.02. Reserves. Before payment of any dividend, there may be set aside out of the
funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, thinks proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or
maintaining any property of the Corporation or for such other purpose as the Board of Directors shall think conducive to the interest of the Corporation, and the Board of Directors may modify or abolish any such reserve in the manner in which it was
created. 
 Section 11.03. Distribution of Assets Upon Dissolution. In the event of the dissolution of the Corporation, any
assets remaining after all liabilities have been satisfied shall be distributed to its then Equity Members entitled to receive such distributions, if any, in accordance with the Certificate of Incorporation. 
 ARTICLE XII 
 Documents and Audits

 Section 12.01. Annual Statement. The Board of Directors shall present at each annual meeting, and at any special meeting
of the members when called for by vote of the members, a full and clear statement of the business and condition of the Corporation. 
 Section 12.02. Checks. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other person or persons as the Board of Directors may from time to time designate.

 Section 12.03. Fiscal Year. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

 Section 12.04. Seal. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization
and the words “Corporate Seal, Delaware”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise. 
 Section 12.05. Annual Audit. The Board of Directors (or an authorized committee thereof) shall engage the services of an independent certified public accountant to conduct an annual audit of the financial
affairs of the Corporation. The results of such annual audit and the certified financial statements prepared pursuant thereto shall be made available upon request to any member having voting rights. 
 Section 12.06. Method of Accounting. The Corporation’s accounting records shall be maintained on the accrual basis beginning with the
fiscal year commencing October 1, 1973. 
  

 -47-Composite Amedisys, Inc. 1998 Stock Option Plan

 Exhibit 4.2 
 COMPOSITE AMEDISYS, INC. 
 1998 STOCK OPTION PLAN 
 ARTICLE I—PLAN 
 (Inclusive of
Plan amendments dated June 10, 2004, June 8, 2006 
 and June 22, 2006 and the full text of the Amedisys, Inc. 1998
Stock Option Plan) 
 1.1 Purpose. This Plan is a plan for key Employees (including officers and employee directors) and
Consultants of the Company and its Affiliates and is intended to advance the best interests of the Company, its Affiliates, and its stockholders by providing those persons who have substantial responsibility for the management and growth of the
Company and its Affiliates with additional incentives and an opportunity to obtain or increase their proprietary interest in the Company, thereby encouraging them to continue in the employ of the Company or any of its Affiliates. 
 1.2 Rule 16b-3 Plan. The Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the
“1934 Act”), and therefore the Plan is intended to comply with all applicable conditions of Rule 16b-3 (and all subsequent revisions thereof) promulgated under the 1934 Act. To the extent any provision of the Plan or action by the Board of
Directors or Committee fails to so comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Committee. In addition, the Board of Directors may amend the Plan from time to time as it deems necessary in
order to meet the requirements of any amendments to Rule 16b-3 without the consent of the shareholders of the Company. 
 1.3 Effective
Date Of Plan. The Plan shall be effective January 1998 (the “Effective Date”), provided that within one year of the Effective Date, the Plan shall have been approved by at least a majority vote of stockholders voting in person or
by proxy at a duly held stockholders’ meeting, or if the provisions of the corporate charter, by-laws or applicable state law prescribes a greater degree of stockholder approval for this action, the approval by the holders of that percentage,
at a duly held meeting of stockholders. No Incentive Option, Nonqualified Option, Stock Appreciation Right, Restricted Stock Award or Performance Stock Award shall be granted pursuant to the Plan ten years after the Effective Date. 
 ARTICLE II—DEFINITIONS 
 The
words and phrases defined in this Article shall have the meaning set out in these definitions throughout this Plan, unless the context in which any such word or phrase appears reasonably requires a broader, narrower, or different meaning.

 2.1 “Affiliate” means any parent corporation and any subsidiary corporation. The term “parent corporation”
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company if, at the time of the action or transaction, each of the corporations other than the Company owns stock possessing 50% or more of the total
combined voting power of all classes of stock in one of the other corporations in the chain. The term “subsidiary corporation” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company
if, at the time of the action or transaction, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other
corporations in the chain. 
 2.2 “Award” means each of the following granted under this Plan: Incentive Option,
Nonqualified Option, Stock Appreciation Right, Restricted Stock Award or Performance Stock Award. 

 2.3 “Board Of Directors” means the board of directors of the Company. 
 2.4 “Change In Control” shall mean and include the following transactions or situations: (a) A sale, transfer, or other disposition
by the Company through a single transaction or a series of transactions of securities of the Company representing thirty (30%) percent or more of the combined voting power of the Company’s then outstanding securities to any “Unrelated
Person” or “Unrelated Persons” acting in concert with one another. For purposes of this definition, the term “Person” shall mean and include any individual, partnership, joint venture, association, trust corporation, or
other entity (including a “group” as referred to in Section 13(d)(3) of the 1934 Act). For purposes of this definition, the term “Unrelated Person” shall mean and include any Person other than the Company, a wholly-owned
subsidiary of the Company, or an employee benefit plan of the Company; provided however, a sale to underwriters in connection with a public offering of the Company’s securities pursuant to a firm commitment shall not be a Change of Control.
(b) A sale, transfer, or other disposition through a single transaction or a series of transactions of all or substantially all of the assets of the Company to an Unrelated Person or Unrelated Persons acting in concern with one another.
(c) A change in the ownership of the Company through a single transaction or a series of transactions such that any Unrelated Person or Unrelated Persons acting in concert with one another become the “Beneficial Owner,” directly or
indirectly, of securities of the Company representing at least thirty (30%) percent of the combined voting power of the Company’s then outstanding securities. For purposes of this definition, the term “Beneficial Owner” shall
have the same meaning as given to that term in Rule 13d-3 promulgated under the 1934 Act, provided that any pledgee of voting securities is not deemed to be the Beneficial Owner thereof prior to its acquisition of voting rights with respect to such
securities. (d) Any consolidation or merger of the Company with or into an Unrelated Person, unless immediately after the consolidation or merger the holders of the common stock of the Company immediately prior to the consolidation or merger
are the beneficial owners of securities of the surviving corporation representing at least fifty (50%) percent of the combined voting power of the surviving corporation’s then outstanding securities. (e) During any period of two
years, individuals who, at the beginning of such period, constituted the Board of Directors of the Company cease, for any reason, to constitute at least a majority thereof, unless the election or nomination for election of each new director was
approved by the vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period. (f) A change in control of the Company of a nature that would be required to be reported in response to
Item 6(e) of Schedule 14A of Regulation 14A promulgated under the 1934 Act, or any successor regulation of similar importance, regardless of whether the Company is subject to such reporting requirement. 
 2.5 “Code” means the Internal Revenue Code of 1986, as amended. 
 2.6 “Committee” means the Compensation Committee of the Board of Directors or such other committee designated by the Board of Directors.
The Committee shall be comprised solely of at least two members who are both Disinterested Persons and Outside Directors. 
 2.7
“Company” means AMEDISYS, INC. 
 2.8 “Consultant” means any person, including an advisor, engaged by the
Company or Affiliate to render services and who is compensated for such services. 
 2.9 “Disinterested Person” means a
“disinterested person” as that term is defined in Rule 16b-3 under the 1934 Act. 
 2.10 “Eligible Persons” shall
mean, with respect to the Plan, those persons who, at the time that an Award is granted, are (i) key personnel (including officers and directors) of the Company or 

 
Affiliate, or (ii) Consultants or independent contractors who provide valuable services to the Company or Affiliate as determined by the Committee.

 2.11 “Employee” means a person employed by the Company or any Affiliate to whom an Award is granted. 
 2.12 “Fair Market Value” of the Stock as of any date means (a) the average of the high and low sale prices of the Stock on that
date on the principal securities exchange on which the Stock is listed; or (b) if the Stock is not listed on a securities exchange, the average of the high and low sale prices of the Stock on that date as reported on the Nasdaq National Market
System; or (c) if the Stock is not listed on the Nasdaq National Market System, the average of the high and low bid quotations for the Stock on that date as reported by the National Quotation Bureau Incorporated; or (d) if none of the
foregoing is applicable, an amount at the election of the Committee equal to (x), the average between the closing bid and ask prices per share of Stock on the last preceding date on which those prices were reported or (y) that amount as
determined by the Committee in good faith. 
 2.13 “Incentive Option” means an option to purchase Stock granted under this
Plan which is designated as an “Incentive Option” and satisfies the requirements of Section 422 of the Code. 
 2.14
“Nonqualified Option” means an option to purchase Stock granted under this Plan other than an Incentive Option. 
 2.15
“Option” means both an Incentive Option and a Nonqualified Option granted under this Plan to purchase shares of Stock. 
 2.16 “Option Agreement” means the written agreement by and between the Company and an Eligible Person which sets out the terms of an Option. 
 2.17 “Outside Director” means a member of the Board of Directors serving on the Committee who satisfies Section 162(m) of the Code. 
 2.18 “Plan” means the Amedisys, Inc. 1998 Stock Option Plan, as set out in this document and as it may be amended from time to time.

 2.19 “Plan Year” means the Company’s fiscal year. 
 2.20 “Performance Stock Award” means an award of shares of Stock to be issued to an Eligible Person if specified predetermined
performance goals are satisfied as described in Article VI. 
 2.21 “Restricted Stock” means Stock awarded or purchased
under a Restricted Stock Agreement entered into pursuant to this Plan, together with (i) all rights, warranties or similar items attached or accruing thereto or represented by the certificate representing the stock and (ii) any stock or
securities into which or for which the stock is thereafter converted or exchanged. The terms and conditions of the Restricted Stock Agreement shall be determined by the Committee consistent with the terms of the Plan. 
 2.22 “Restricted Stock Agreement” means an agreement between the Company or any Affiliate and the Eligible Person pursuant to which the
Eligible Person receives a Restricted Stock Award subject to Article VI. 
 2.23 “Restricted Stock Award” means an Award of
Restricted Stock. 

 2.24 “Restricted Stock Purchase Price” means the purchase price, if any, per share of
Restricted Stock subject to an Award. The Restricted Stock Purchase Price shall be determined by the Committee. It may be greater than or less than the Fair Market Value of the Stock on the date of the Stock Award. 
 2.25 “Stock” means the common stock of the Company, $.001 par value or, in the event that the outstanding shares of common stock are
later changed into or exchanged for a different class of stock or securities of the Company or another corporation, that other stock or security. 
 2.26 “Stock Appreciation Right” and “SAR” means the right to receive the difference between the Fair Market Value of a share of Stock on the grant date and the Fair Market Value of the share of Stock on the
exercise date. 
 2.27 “10% Stockholder” means an individual who, at the time the Option is granted, owns Stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of any Affiliate. An individual shall be considered as owning the Stock owned, directly or indirectly, by or for his brothers and sisters (whether by the
whole or half blood), spouse, ancestors, and lineal descendants; and Stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust, shall be considered as being owned proportionately by or for its stockholders,
partners, or beneficiaries. 
 ARTICLE III—ELIGIBILITY 
 The individuals who shall be eligible to receive Awards shall be those Eligible Persons of the Company or any of its Affiliates as the Committee shall
determine from time to time. However, no member of the Committee shall be eligible to receive any Award or to receive Stock, Options, Stock Appreciation Rights or any Performance Stock Award under any other plan of the Company or any of its
Affiliates, if to do so would cause the individual not to be a Disinterested Person or Outside Director. The Board of Directors of Directors may designate one or more individuals who shall not be eligible to receive any Award under this Plan or
under other similar plans of the Company. 
 ARTICLE IV—GENERAL PROVISIONS RELATING TO AWARDS 
 4.1 Authority To Grant Awards. The Committee may grant to those Eligible Persons of the Company or any of its Affiliates as it shall from
time to time determine, Awards under the terms and conditions of this Plan. Subject only to any applicable limitations set out in this Plan, the number of shares of Stock to be covered by any Award to be granted to an Eligible Person shall be
determined by the Committee. 
 4.2 Dedicated Shares. The total number
of shares of Stock with respect to which Awards may be granted under the Plan shall be 4,166,666 shares.1 The shares
may be treasury shares or authorized but unissued shares. The maximum number of shares subject to options or stock appreciation rights which may be issued to any eligible person under the plan during each plan year shall be determined by the
Compensation Committee. The maximum number of shares subject to restricted stock awards which may be granted to any eligible person under the plan during each plan year shall be determined by the Compensation Committee. The maximum number of shares
subject to performance stock awards which may be granted to any eligible person during each plan year shall be determined by the Compensation Committee. The number of shares stated in this Section 4.2 shall be subject to adjustment in
accordance with the provisions of Section 4.5. In the event that any outstanding Award shall expire or terminate for any reason or any Award is surrendered, the shares of Stock allocable to the unexercised portion of that Award may again be
subject to an Award under the Plan. 

	 1
	 As adjusted to reflect the Company’s December 6, 2006 four-for-three stock split.

 4.3 Non-Transferability. Awards shall not be transferable by the Eligible Person otherwise
than by will or under the laws of descent and distribution, and shall be exercisable, during the Eligible Person’s lifetime, only by him. Restricted Stock shall be purchased by and/or become vested under a Restricted Stock Agreement during the
Eligible Person’s lifetime, only by him. Any attempt to transfer an Award other than under the terms of the Plan and the Agreement shall terminate the Award and all rights of the Eligible Person to that Award. 
 4.4 Requirements Of Law. The Company shall not be required to sell or issue any Stock under any Award if issuing that Stock would
constitute or result in a violation by the Eligible Person or the Company of any provision of any law, statute, or regulation of any governmental authority. Specifically, in connection with any applicable statute or regulation relating to the
registration of securities, upon exercise of any Option or pursuant to any Award, the Company shall not be required to issue any Stock unless the Committee has received evidence satisfactory to it to the effect that the holder of that Option or
Award will not transfer the Stock except in accordance with applicable law, including receipt of an opinion of counsel satisfactory to the Company to the effect that any proposed transfer complies with applicable law. The determination by the
Committee on this matter shall be final, binding and conclusive. The Company may, but shall in no event be obligated to, register any Stock covered by this Plan pursuant to applicable securities laws of any country or any political subdivision. In
the event the Stock issuable on exercise of an Option or pursuant to an Award is not registered, the Company may imprint on the certificate evidencing the Stock any legend that counsel for the Company considers necessary or advisable to comply with
applicable law. The Company shall not be obligated to take any other affirmative action in order to cause the exercise of an Option or vesting under an Award, or the issuance of shares pursuant thereto, to comply with any law or regulation of any
governmental authority. 
 4.5 Changes In The Company’s Capital Structure. (a) The existence of outstanding Options
or Awards shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or
any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Stock or its rights, or the dissolution or liquidation of the Company, or any sale or transfer of all or any
part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. If the Company shall effect a subdivision or consolidation of shares or other capital readjustment, the payment of a Stock
dividend, or other increase or reduction of the number of shares of the Stock outstanding, without receiving compensation for it in money, services or property, then (a) the number, class, and per share price of shares of Stock subject to
outstanding Options under this Plan shall be appropriately adjusted in such a manner as to entitle an Eligible Person to receive upon exercise of an Option, for the same aggregate cash consideration, the equivalent total number and class of shares
he would have received had he exercised his Option in full immediately prior to the event requiring the adjustment; and (b) the number and class of shares of Stock then reserved to be issued under the Plan shall be adjusted by substituting for
the total number and class of shares of Stock then reserved, that number and class of shares of Stock that would have been received by the owner of an equal number of outstanding shares of each class of Stock as the result of the event requiring the
adjustment. (b) If the Company is merged or consolidated with another corporation and the Company is not the surviving corporation, or if the Company is liquidated or sells or otherwise disposes of substantially all its assets while unexercised
Options remain outstanding under this Plan: (i) subject to the provisions of clause (c) below, after the effective date of the merger, consolidation, liquidation, sale or other disposition, as the case may be, each holder of an outstanding
Option shall be entitled, upon exercise of the Option, to receive, in lieu of shares of Stock, the number and class or classes of shares of stock or other securities or property to which the 

 
holder would have be entitled if, immediately prior to the merger, consolidation, liquidation, sale or other disposition, the holder had been the holder of
record of a number of shares of Stock equal to the number of shares as to which the Option shall be so exercised; (ii) the Board of Directors may waive any limitations set out in or imposed under this Plan so that all Options, from and after a
date prior to the effective date of the merger, consolidation, liquidation, sale or other disposition, as the case may be, specified by the Board of Directors, shall be exercisable in full; and (iii) all outstanding Options may be canceled by
the Board of Directors as of the effective date of any merger, consolidation, liquidation, sale or other disposition, if (i) notice of cancellation shall be given to each holder of an Option and (ii) each holder of an Option shall have the
right to exercise that Option in full (without regard to any limitations set out in or imposed under this Plan or the Option Agreement granting that Option) during a period set by the Board of Directors preceding the effective date of the merger,
consolidation, liquidation, sale or other disposition and, if in the event all outstanding Options may not be exercised in full under applicable securities laws without registration of the shares of Stock issuable on exercise of the Options, the
Board of Directors may limit the exercise of the Options to the number of shares of Stock, if any, as may be issued without registration. The method of choosing which Options may be exercised, and the number of shares of Stock for which Options may
be exercised, shall be solely within the discretion of the Board of Directors. (c) After a merger of one or more corporations into the Company or after a consolidation of the Company and one or more corporations in which the Company shall be
the surviving corporation, each Eligible Person shall be entitled to have his Restricted Stock and shares earned under a Performance Stock Award appropriately adjusted based on the manner the Stock was adjusted under the terms of the agreement of
merger or consolidation. (d) In each situation described in this Section 4.5, the Committee will make similar adjustments, as appropriate, in outstanding Stock Appreciation Rights. (e) The issuance by the Company of shares of stock of
any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services either upon direct sale or upon the exercise of rights or warrants to subscribe for them, or upon conversion of shares or
obligations of the Company convertible into shares or other securities, shall not affect, and no adjustment by reason of such issuance shall be made with respect to, the number, class, or price of shares of Stock then subject to outstanding Awards.

 4.6 Election Under Section 83(B) Of The Code. No Employee shall exercise the election permitted under
Section 83(b) of the Code without written approval of the Committee. Any Employee doing so shall forfeit all Awards issued to him under this Plan. 
 ARTICLE V—OPTIONS AND STOCK APPRECIATION RIGHTS 
 5.1 Type Of Option. The
Committee shall specify at the time of grant whether a given Option shall constitute an Incentive Option or a Nonqualified Option. Incentive Stock Options may only be granted to Employees. 
 5.2 Option Price. The price at which Stock may be purchased under an Incentive Option shall not be less than the greater of: (a) 100%
of the Fair Market Value of the shares of Stock on the date the Option is granted or (b) the aggregate par value of the shares of Stock on the date the Option is granted. The Committee in its discretion may provide that the price at which
shares of Stock may be purchased under an Incentive Option shall be more than 100% of Fair Market Value. In the case of any 10% Stockholder, the price at which shares of Stock may be purchased under an Incentive Option shall not be less than 110% of
the Fair Market Value of the Stock on the date the Incentive Option is granted. The price at which shares of Stock may be purchased under a Nonqualified Option shall be such price as shall be determined by the Committee in its sole discretion but in
no event lower than the par value of the shares of Stock on the date the Option is granted. 

 5.3 Duration Of Options And Sars. No Option or SAR shall be exercisable after the
expiration of ten (10) years from the date the Option or SAR is granted. In the case of a 10% Stockholder, no Incentive Option shall be exercisable after the expiration of five years from the date the Incentive Option is granted. 
 5.4 Amount Exercisable — Incentive Options. Each Option may be exercised from time to time, in whole or in part, in the manner and
subject to the conditions the Committee, in its sole discretion, may provide in the Option Agreement, as long as the Option is valid and outstanding, and further provided that no Option may be exercisable within six (6) months of the date of
grant. To the extent that the aggregate Fair Market Value (determined as of the time an Incentive Option is granted) of the Stock with respect to which Incentive Options first become exercisable by the optionee during any calendar year (under this
Plan and any other incentive stock option plan(s) of the Company or any Affiliate) exceeds $100,000, the portion in excess of $100,000 of the Incentive Option shall be treated as a Nonqualified Option. In making this determination, Incentive Options
shall be taken into account in the order in which they were granted. 
 5.5 Exercise Of Options. Each Option shall be exercised
by the delivery of written notice to the Committee setting forth the number of shares of Stock with respect to which the Option is to be exercised, together with: (a) cash, certified check, bank draft, or postal or express money order payable
to the order of the Company for an amount equal to the option price of the shares, (b) Stock at its Fair Market Value on the date of exercise, (c) an election to make a cashless exercise through a registered broker-dealer (if approved in
advance by the Committee), (d) an election to have shares of Stock, which otherwise would be issued on exercise, withheld in payment of the exercise price (if approved in advance by the Committee), and/or (e) any other form of payment
which is acceptable to the Committee, including without limitation, payment in the form of a promissory note, and specifying the address to which the certificates for the shares are to be mailed. As promptly as practicable after receipt of written
notification and payment, the Company shall deliver to the Eligible Person certificates for the number of shares with respect to which the Option has been exercised, issued in the Eligible Person’s name. If shares of Stock are used in payment,
the aggregate Fair Market Value of the shares of Stock tendered must be equal to or less than the aggregate exercise price of the shares being purchased upon exercise of the Option, and any difference must be paid by cash, certified check, bank
draft, or postal or express money order payable to the order of the Company. Delivery of the shares shall be deemed effected for all purposes when a stock transfer agent of the Company shall have deposited the certificates in the United States mail,
addressed to the Eligible Person, at the address specified by the Eligible Person. Whenever an Option is exercised by exchanging shares of Stock owned by the Eligible Person, the Eligible Person shall deliver to the Company certificates registered
in the name of the Eligible Person representing a number of shares of Stock legally and beneficially owned by the Eligible Person, free of all liens, claims, and encumbrances of every kind, accompanied by stock powers duly endorsed in blank by the
record holder of the shares represented by the certificates (with signature guaranteed by a commercial bank or trust company or by a brokerage firm having a membership on a registered national stock exchange). The delivery of certificates upon the
exercise of Options is subject to the condition that the person exercising the Option provide the Company with the information the Company might reasonably request pertaining to exercise, sale or other disposition. 
 5.6 Stock Appreciation Rights. All Eligible Persons shall be eligible to receive Stock Appreciation Rights. The Committee shall determine
the SAR to be awarded from time to time to any Eligible Person. The grant of an SAR to be awarded from time to time shall neither entitle such person to, nor disqualify such person, from participation in any other grant of awards by the Company,
whether under this Plan or any other plan of the Company. If granted as a stand-alone SAR Award, the terms of the Award shall be provided in a Stock Appreciation Rights Agreement. 

 5.7 Stock Appreciation Rights In Tandem With Options. Stock Appreciation Rights may, at the
discretion of the Committee, be included in each Option granted under the Plan to permit the holder of an Option to surrender that Option, or a portion of the part which is then exercisable, and receive in exchange, upon the conditions and
limitations set by the Committee, an amount equal to the excess of the Fair Market Value of the Stock covered by the Option, or the portion of it that was surrendered, determined as of the date of surrender, over the aggregate exercise price of the
Stock. The payment may be made in shares of Stock valued at Fair Market Value, in cash, or partly in cash and partly in shares of Stock, as the Committee shall decide in its sole discretion. Stock Appreciation Rights may be exercised only when the
Fair Market Value of the Stock covered by the Option surrendered exceeds the exercise price of the Stock. In the event of the surrender of an Option, or a portion of it, to exercise the Stock Appreciation Rights, the shares represented by the Option
or that part of it which is surrendered, shall not be available for reissuance under the Plan. Each Stock Appreciation Right issued in tandem with an Option (a) will expire not later than the expiration of the underlying Option, (b) may be
for no more than 100% of the difference between the exercise price of the underlying Option and the Fair Market Value of a share of Stock at the time the Stock Appreciation Right is exercised, (c) is transferable only when the underlying Option
is transferable, and under the same conditions, and (d) may be exercised only when the underlying Option is eligible to be exercised. 
 5.8 Conditions Of Stock Appreciation Rights. All Stock Appreciation Rights shall be subject to such terms, conditions, restrictions or limitations as the Committee deems appropriate, including by way of illustration but not by
way of limitation, restrictions on transferability, requirement of continued employment, individual performance, financial performance of the Company or payment of any applicable employment or withholding taxes. 
 5.9 Payment Of Stock Appreciation Rights. The amount of payment to which the Eligible Person who reserves an SAR shall be entitled upon the
exercise of each SAR shall be equal to the amount, if any by which the Fair Market Value of the specified shares of Stock on the exercise date exceeds the Fair Market Value of the specified shares of Stock on the date of grant of the SAR. The SAR
shall be paid in either cash or Stock, as determined in the discretion of the Committee as set forth in the SAR agreement. If the payment is in Stock, the number of shares to be paid shall be determined by dividing the amount of such payment by the
Fair Market Value of Stock on the exercise date of such SAR. 
 5.10 Exercise On Termination Of Employment. Unless it is
expressly provided otherwise in the Option or SAR agreement, Options and SAR granted to Employees shall terminate one day less than three months after severance of employment of the Employee from the Company and all Affiliates for any reason, with
or without cause, other than death, retirement under the then established rules of the Company, or severance for disability. Whether authorized leave of absence or absence on military or government service shall constitute severance of the
employment of the Employee shall be determined by the Committee at that time. 
 5.11 Death. If, before the expiration of an
Option or SAR, the Eligible Person, whether in the employ of the Company or after he has retired or was severed for disability, or otherwise dies, the Option or SAR shall continue until the earlier of the Option’s or SAR’s expiration date
or one year following the date of his death, unless it is expressly provided otherwise in the Option or SAR agreement. After the death of the Eligible Person, his executors, administrators or any persons to whom his Option or SAR may be transferred
by will or by the laws of descent and distribution shall have the right, at any time prior to the Option’s or SAR’s expiration or termination, whichever is earlier, to exercise it, to the extent to which he was entitled to exercise it
immediately prior to his death, unless it is expressly provided otherwise in the Option or SAR’s agreement. 

 5.12 Retirement. Unless it is expressly provided otherwise in the Option Agreement, before
the expiration of an Incentive Option, the Employee shall be retired in good standing from the employ of the Company under the then established rules of the Company, the Incentive Option shall terminate on the earlier of the Option’s expiration
date or one day less than one year after his retirement; provided, if an Incentive Option is not exercised within specified time limits prescribed by the Code, it will become a Nonqualified Option by operation of law. Unless it is expressly provided
otherwise in the Option Agreement, if before the expiration of a Nonqualified Option, the Employee shall be retired in good standing from the employ of the Company under the then established rules of the Company, the Nonqualified Option shall
terminate on the earlier of the Nonqualified Option’s expiration date or one day less than one year after his retirement. In the event of retirement, the Employee shall have the right prior to the termination of the Nonqualified Option to
exercise the Nonqualified Option, to the extent to which he was entitled to exercise it immediately prior to his retirement, unless it is expressly provided otherwise in the Option Agreement. Upon retirement, an SAR shall continue to be exercisable
for the remainder of the term of the SAR agreement. 
 5.13 Disability. If, before the expiration of an Option or SAR, the
Employee shall be severed from the employ of the Company for disability, the Option or SAR shall terminate on the earlier of the Option’s or SAR’s expiration date or one day less than one year after the date he was severed because of
disability, unless it is expressly provided otherwise in the Option or SAR agreement. In the event that the Employee shall be severed from the employ of the Company for disability, the Employee shall have the right prior to the termination of the
Option or SAR to exercise the Option, to the extent to which he was entitled to exercise it immediately prior to his retirement or severance of employment for disability, unless it is expressly provided otherwise in the Option Agreement. 

5.14 Substitution Options. Options may be granted under this Plan from time to time in substitution for stock options held by employees
of other corporations who are about to become employees of or affiliated with the Company or any Affiliate as the result of a merger or consolidation of the employing corporation with the Company or any Affiliate, or the acquisition by the Company
or any Affiliate of the assets of the employing corporation, or the acquisition by the Company or any Affiliate of stock of the employing corporation as the result of which it becomes an Affiliate of the Company. The terms and conditions of the
substitute Options granted may vary from the terms and conditions set out in this Plan to the extent the Committee, at the time of grant, may deem appropriate to conform, in whole or in part, to the provisions of the stock options in substitution
for which they are granted. 
 5.15 Reload Options. Without in any way limiting the authority of the Board of Directors or
Committee to make or not to make grants of Options hereunder, the Board of Directors or Committee shall have the authority (but not an obligation) to include as part of any Option Agreement a provision entitling the Eligible Person to a further
Option (a “Reload Option”) in the event the Eligible Person exercises the Option evidenced by the Option Agreement, in whole or in part, by surrendering other shares of Stock in accordance with this Plan and the terms and conditions of the
Option Agreement. Any such Reload Option (a) shall be for a number of shares equal to the number of shares surrendered as part or all of the exercise price of such Option; (b) shall have an expiration date which is the greater of
(i) the same expiration date of the Option the exercise of which gave rise to such Reload Option or (ii) one year from the date of grant of the Reload Option; and (c) shall have an exercise price which is equal to one hundred percent
(100%) of the Fair Market Value of the Stock subject to the Reload Option on the date of exercise of the original Option. Notwithstanding the foregoing, a Reload Option which is an Incentive Option and which is granted to a 10% Stockholder,
shall have an exercise price which is equal to one hundred ten percent (110%) of the Fair Market Value of the Stock subject to the Reload Option on the date of exercise of the original Option and shall have a term which is no longer than five
(5) years. Any such Reload Option may be an Incentive Option or a Nonqualified Option, as the Board of Directors or Committee may designate at the time of the grant of the original Option; provided, however, that the 

 
designation of any Reload Option as an Incentive Option shall be subject to the one hundred thousand dollar ($100,000) annual limitation on exercisability of
Incentive Stock Options described in the Plan and in Section 422(d) of the Code. There shall be no Reload Options on a Reload Option. Any such Reload Option shall be subject to the availability of sufficient shares under Section 4.2 herein
and shall be subject to such other terms and conditions as the Board of Directors or Committee may determine which are not inconsistent with the express provisions of the Plan regarding the terms of Options. 
 5.16 No Rights As Stockholder. No Eligible Person shall have any rights as a stockholder with respect to Stock covered by his Option until
the date a stock certificate is issued for the Stock. 
 ARTICLE VI—RESTRICTED STOCK AWARDS 
 6.1 Restricted Stock Awards. The Committee may issue shares of Stock to an Eligible Person subject to the terms of a Restricted Stock
Agreement. The Restricted Stock may be issued for no payment by the Eligible Person or for a payment below the Fair Market Value on the date of grant. Restricted Stock shall be subject to restrictions as to sale, transfer, alienation, pledge or
other encumbrance and generally will be subject to vesting over a period of time specified in the Restricted Stock Agreement. The Committee shall determine the period of vesting, the number of shares, the price, if any, of Stock included in a
Restricted Stock Award, and the other terms and provisions which are included in a Restricted Stock Agreement. 
 6.2
Restrictions. Restricted Stock shall be subject to the terms and conditions as determined by the Committee, including without limitation, any or all of the following: (a) a prohibition against the sale, transfer, alienation,
pledge or other encumbrance of the shares of Restricted Stock, such prohibition to lapse (i) at such time or times as the Committee shall determine (whether in annual or more frequent installments, at the time of the death, disability or
retirement of the holder of such shares, or otherwise); (b) a requirement that the holder of shares of Restricted Stock forfeit, or in the case of shares sold to an Eligible Person, resell back to the Company at his cost, all or a part of such
shares in the event of termination of the Eligible Person’s employment during any period in which the shares remain subject to restrictions; (c) a prohibition against employment of the holder of Restricted Stock by any competitor of the
Company or its Affiliates, or against such holder’s dissemination of any secret or confidential information belonging to the Company or an Affiliate; (d) unless stated otherwise in the Restricted Stock Agreement, (i) if restrictions
remain at the time of severance of employment with the Company and all Affiliates, other than for reason of disability or death, the Restricted Stock shall be forfeited; and (ii) if severance of employment is by reason of disability or death,
the restrictions on the shares shall lapse and the Eligible Person or his heirs or estate shall be 100% vested in the shares subject to the Restricted Stock Agreement. 
 6.3 Stock Certificate. Shares of Restricted Stock shall be registered in the name of the Eligible Person receiving the Restricted Stock Award and deposited, together with a stock power endorsed in blank,
with the Company. Each such certificate shall bear a legend in substantially the following form: The transferability of this certificate and the shares of Stock represented by it is restricted by and subject to the terms and conditions (including
conditions of forfeiture) contained in the AMEDISYS 1998 Stock Option Plan, and an agreement entered into between the registered owner and the Company. A copy of the Plan and agreement is on file in the office of the Secretary of the Company.

 6.4 Rights As Stockholder. Subject to the terms and conditions of the Plan, each Eligible Person receiving a certificate for
Restricted Stock shall have all the rights of a stockholder with respect to the shares of Stock included in the Restricted Stock Award during any period in which such shares are subject to forfeiture and restrictions on transfer, including without
limitation, the right to vote such shares. Dividends paid with respect to shares of Restricted Stock in cash or property other than Stock in the 

 
Company or rights to acquire stock in the Company shall be paid to the Eligible Person currently. Dividends paid in Stock in the Company or rights to acquire
Stock in the Company shall be added to and become a part of the Restricted Stock. 
 6.5 Lapse Of Restrictions. At the end of
the time period during which any shares of Restricted Stock are subject to forfeiture and restrictions on sale, transfer, alienation, pledge, or other encumbrance, such shares shall vest and will be delivered in a certificate, free of all
restrictions, to the Eligible Person or to the Eligible Person’s legal representative, beneficiary or heir; provided the certificate shall bear such legend, if any, as the Committee determines is reasonably required by applicable law. By
accepting a Stock Award and executing a Restricted Stock Agreement, the Eligible Person agrees to remit when due any federal and state income and employment taxes required to be withheld. 
 6.6 Restriction Period. No Restricted Stock Award may provide for restrictions continuing beyond ten (10) years from the date of
grant. 
 ARTICLE VII—PERFORMANCE STOCK AWARDS 
 7.1 Award Of Performance Stock. The Committee may award shares of Stock, without any payment for such shares, to designated Eligible Persons if specified performance goals established by the Committee
are satisfied. The terms and provisions herein relating to these performance based awards are intended to satisfy Section 162(m) of the Code and regulations issued thereunder. The designation of an employee eligible for a specific Performance
Stock Award shall be made by the Committee in writing prior to the beginning of the period for which the performance is measured (or within such period as permitted by IRS regulations). The Committee shall establish the maximum number of shares of
Stock to be issued to a designated Employee if the performance goal or goals are met. The Committee reserves the right to make downward adjustments in the maximum amount of an Award if in its discretion unforeseen events make such adjustment
appropriate. 
 7.2 Performance Goals. Performance goals determined by the Committee may be based on specified increases in
cash flow, net profits, Stock price, Company, segment or Affiliate sales, market share, earnings per share, return on assets, and/or return on stockholders’ equity. 
 7.3 Eligibility. The employees eligible for Performance Stock Awards are the senior officers (i.e., chief executive officer, president, vice presidents, secretary, treasurer, and similar positions) of
the Company and its Affiliates, and such other employees of the Company and its Affiliates as may be designated by the Committee. 
 7.4
Certificate Of Performance. The Committee must certify in writing that a performance goal has been attained prior to issuance of any certificate for a Performance Stock Award to any Employee. If the Committee certifies the entitlement
of an Employee to the Performance Stock Award, the certificate will be issued to the Employee as soon as administratively practicable, and subject to other applicable provisions of the Plan, including but not limited to, all legal requirements and
tax withholding. However, payment may be made in shares of Stock, in cash, or partly in cash and partly in shares of Stock, as the Committee shall decide in its sole discretion. If a cash payment is made in lieu of shares of Stock, the number of
shares represented by such payment shall not be available for subsequent issuance under this Plan. 

 ARTICLE VIII—ADMINISTRATION 
 The Plan shall be administered by the Committee. All questions of interpretation and application of the Plan and Awards shall be subject to the
determination of the Committee. A majority of the members of the Committee shall constitute a quorum. All determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing and signed by a
majority of the members shall be as effective as if it had been made by a majority vote at a meeting properly called and held. This Plan shall be administered in such a manner as to permit the Options which are designated to be Incentive Options to
qualify as Incentive Options. In carrying out its authority under this Plan, the Committee shall have full and final authority and discretion, including but not limited to the following rights, powers and authorities, to: (a) determine the
Eligible Persons to whom and the time or times at which Options or Awards will be made, (b) determine the number of shares and the purchase price of Stock covered in each Option or Award, subject to the terms of the Plan, (c) determine the
terms, provisions and conditions of each Option and Award, which need not be identical, (d) accelerate the time at which any outstanding Option or SAR may be exercised, or Restricted Stock Award will vest, (e) define the effect, if any, on
an Option or Award of the death, disability, retirement, or termination of employment of the Employee, (f) prescribe, amend and rescind rules and regulations relating to administration of the Plan, and (g) make all other determinations and
take all other actions deemed necessary, appropriate, or advisable for the proper administration of this Plan. The actions of the Committee in exercising all of the rights, powers, and authorities set out in this Article and all other Articles of
this Plan, when performed in good faith and in its sole judgment, shall be final, conclusive and binding on all parties. 
 ARTICLE
IX—AMENDMENT OR TERMINATION OF PLAN 
 The Board of Directors of the Company may amend, terminate or suspend this Plan at any time,
in its sole and absolute discretion; provided, however, that to the extent required to qualify this Plan under Rule 16b-3 promulgated under Section 16 of the Securities Exchange Act of 1934, as amended, no amendment that would
(a) materially increase the number of shares of Stock that may be issued under this Plan, (b) materially modify the requirements as to eligibility for participation in this Plan, or (c) otherwise materially increase the benefits
accruing to participants under this Plan, shall be made without the approval of the Company’s stockholders; provided further, however, that to the extent required to maintain the status of any Incentive Option under the Code, no amendment that
would (a) change the aggregate number of shares of Stock which may be issued under Incentive Options, (b) change the class of employees eligible to receive Incentive Options, or (c) decrease the Option price for Incentive Options
below the Fair Market Value of the Stock at the time it is granted, shall be made without the approval of the Company’s stockholders. Subject to the preceding sentence, the Board of Directors shall have the power to make any changes in the Plan
and in the regulations and administrative provisions under it or in any outstanding Incentive Option as in the opinion of counsel for the Company may be necessary or appropriate from time to time to enable any Incentive Option granted under this
Plan to continue to qualify as an incentive stock option or such other stock option as may be defined under the Code so as to receive preferential federal income tax treatment. 
 ARTICLE X—MISCELLANEOUS 
 10.1 No Establishment Of A Trust
Fund. No property shall be set aside nor shall a trust fund of any kind be established to secure the rights of any Eligible Person under this Plan. All Eligible Persons shall at all times rely solely upon the general credit of the Company
for the payment of any benefit which becomes payable under this Plan. 

 10.2 No Employment Obligation. The granting of any Option or Award shall not constitute an
employment contract, express or implied, nor impose upon the Company or any Affiliate any obligation to employ or continue to employ any Eligible Person. The right of the Company or any Affiliate to terminate the employment of any person shall not
be diminished or affected by reason of the fact that an Option or Award has been granted to him. 
 10.3 Forfeiture.
Notwithstanding any other provisions of this Plan, if the Committee finds by a majority vote after full consideration of the facts that an Eligible Person, before or after termination of his employment with the Company or an Affiliate for any reason
(a) committed or engaged in fraud, embezzlement, theft, commission of a felony, or proven dishonesty in the course of his employment by the Company or an Affiliate, which conduct damaged the Company or Affiliate, or disclosed trade secrets of
the Company or an Affiliate, or (b) participated, engaged in or had a material, financial or other interest, whether as an employee, officer, director, consultant, contractor, stockholder, owner, or otherwise, in any commercial endeavor in the
United States which is competitive with the business of the Company or an Affiliate without the written consent of the Company or Affiliate, the Eligible Person shall forfeit all outstanding Options and all outstanding Awards including all exercised
Options and other situations pursuant to which the Company has not yet delivered a stock certificate. Clause (b) shall not be deemed to have been violated solely by reason of the Eligible Person’s ownership of stock or securities of any
publicly owned corporation, if that ownership does not result in effective control of the corporation. The decision of the Committee as to the cause of an Employee’s discharge, the damage done to the Company or an Affiliate, and the extent of
an Eligible Person’s competitive activity shall be final. No decision of the Committee, however, shall affect the finality of the discharge of the Employee by the Company or an Affiliate in any manner. 
 10.4 Tax Withholding. 
 10.4.1 At any time that an Eligible Person is required to pay to the Company or an Affiliate an amount required to meet the minimum statutory tax withholding requirements for federal, state and local tax purposes, including payroll taxes,
in connection with the grant or exercise of an Option or SAR, the lapse of restrictions on Restricted Stock or an award of Performance Stock, the Eligible Person may, subject to the Committee’s right of disapproval, satisfy this obligation in
whole or in part by electing (the “Election”) to have the Company withhold shares of Stock from such issuance, distribution, or award or upon such lapse of restrictions, which shares of Stock shall have a value equal to the Dollar amount
required to be withheld or paid to satisfy such tax obligations. For purposes of this Section 10.4.1, the minimum statutory tax withholding rate coincides with the rates applicable to supplemental taxable income in all relevant taxing
jurisdictions (e.g., for federal, state and local tax purposes, including payroll taxes). No shares may be withheld to pay tax obligations in excess of the minimum statutory tax withholding requirements. The value of the shares of Stock
withheld shall be based on the Fair Market Value of the Stock on the date that the amount of tax to be withheld or paid shall be determined (the “Tax Date”). Each Election must be made prior to the Tax Date. The Committee may suspend or
terminate the right to make Elections. If an Eligible Person makes an election under Section 83(b) of the Code with respect to shares of Restricted Stock, an Election is not permitted to be made. 
 10.4.2 If an Election is not made prior to the Tax Date, the Eligible Person shall be required to pay to the Company or any Affiliate any
federal, state or local taxes required by law to be paid or withheld with respect to the applicable Option or SAR grant or exercise, lapse of restrictions on Restricted Stock or award of Performance Stock. The Eligible Person (or other person
exercising the Option or SAR or receiving the Stock) shall pay the sum directly to the Company or Affiliate; payment in cash or by check of such sums for taxes shall be delivered to 

 
the Company or Affiliate within two business days after the grant, exercise, lapse of restrictions or award. 
 10.4.3 If an Election is not made prior to the Tax Date, the Company shall have no obligation to actually issue or distribute shares to
the Eligible Person upon such exercise, grant, lapse of restrictions or award until sufficient payment is received to cover all sums for taxes due with respect to the exercise, grant, lapse of restrictions or award. The Company and its Affiliates
shall not be obligated to advise an Eligible Person of the existence of any required tax payments or any amount which the employer company will be required to withhold in compliance with applicable federal, state or local tax purposes, including
payroll taxes. 
 10.5 Written Agreement. Each Option and Award shall be embodied in a written agreement which shall be subject
to the terms and conditions of this Plan and shall be signed by the Eligible Person and by a member of the Committee on behalf of the Committee and the Company or an executive officer of the Company, other than the Eligible Person, on behalf of the
Company. The agreement may contain any other provisions that the Committee in its discretion shall deem advisable which are not inconsistent with the terms of this Plan. 
 10.6 Indemnification Of The Committee And The Board Of Directors. With respect to administration of this Plan, the Company shall indemnify each present and future member of the Committee and the Board of
Directors against, and each member of the Committee and the Board of Directors shall be entitled without further action on his part to indemnity from the Company for, all expenses (including attorney’s fees, the amount of judgments and the
amount of approved settlements made with a view to the curtailment of costs of litigation, other than amounts paid to the Company itself) reasonably incurred by him in connection with or arising out of any action, suit, or proceeding in which he may
be involved by reason of his being or having been a member of the Committee and/or the Board of Directors, whether or not he continues to be a member of the Committee and/or the Board of Directors at the time of incurring the expenses, including,
without limitation, matters as to which he shall be finally adjudged in any action, suit or proceeding to have been found to have been negligent in the performance of his duty as a member of the Committee or the Board of Directors. However, this
indemnity shall not include any expenses incurred by any member of the Committee and/or the Board of Directors in respect of matters as to which he shall be finally adjudged in any action, suit or proceeding to have been guilty of gross negligence
or willful misconduct in the performance of his duty as a member of the Committee and the Board of Directors. In addition, no right of indemnification under this Plan shall be available to or enforceable by any member of the Committee and the Board
of Directors unless, within 60 days after institution of any action, suit or proceeding, he shall have offered the Company, in writing, the opportunity to handle and defend same at its own expense. This right of indemnification shall inure to the
benefit of the heirs, executors or administrators of each member of the Committee and the Board of Directors and shall be in addition to all other rights to which a member of the Committee and the Board of Directors may be entitled as a matter of
law, contract, or otherwise. 
 10.7 Gender. If the context requires, words of one gender when used in this Plan shall include
the others and words used in the singular or plural shall include the other. 
 10.8 Headings. Headings of Articles and
Sections are included for convenience of reference only and do not constitute part of the Plan and shall not be used in construing the terms of the Plan. 
 10.9 Other Compensation Plans. The adoption of this Plan shall not affect any other stock option, incentive or other compensation or benefit plans in effect for the Company or any Affiliate, nor shall
the Plan preclude the Company from establishing any other forms of incentive or other compensation for employees of the Company or any Affiliate. 

 10.10 Other Options Or Awards. The grant of an Option or Award shall not confer upon the
Eligible Person the right to receive any future or other Options or Awards under this Plan, whether or not Options or Awards may be granted to similarly situated Eligible Persons, or the right to receive future Options or Awards upon the same terms
or conditions as previously granted. 
 10.11 Governing Law. The provisions of this Plan shall be construed, administered, and
governed under the laws of the State of Delaware.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]