Document:

Form of Amended and Restated Shareholders' Agreement

 Exhibit 10.1 

 

			
	

	  	CLIFFORD CHANCE LLP

ALPINVEST 

BLACKSTONE 

CARLYLE 

CENTERVIEW 

HELLMAN & FRIEDMAN 
 KKR 
 THOMAS H. LEE PARTNERS 

VALCON ACQUISITION HOLDING (LUXEMBOURG) S.À R.L. 
 NIELSEN HOLDINGS N.V. 
 VALCON ACQUISITION B.V. 

THE NIELSEN COMPANY B.V. 
  

 
 AMENDED AND
RESTATED SHAREHOLDERS’ 
 AGREEMENT 
 REGARDING 
 NIELSEN HOLDINGS N.V. 

 
  

[•] [•], 2010 
 Clifford Chance LLP 
 Droogbak 1A 

1013 GE Amsterdam 

The Netherlands 

 CONTENTS 

 

									
	 Article
	 	  	  	 	  	Page	 
	 1.
	 	Definitions and Interpretation	  	 	2	  
				
		 	1.1	  	 Definitions
	  	 	2	  
				
		 	1.2	  	 Interpretation
	  	 	10	  
			
	 2.
	 	Closing; Implementation Matters	  	 	11	  
				
		 	2.1	  	 Closing
	  	 	11	  
				
		 	2.2	  	 Organizational Documents
	  	 	11	  
				
		 	2.3	  	 Conflicts or Inconsistencies
	  	 	11	  
				
		 	2.4	  	 Effectuating the Intent of the Parties
	  	 	11	  
				
		 	2.5	  	 Applicable Law
	  	 	12	  
			
	 3.
	 	Nielsen Holdings Board	  	 	12	  
				
		 	3.1	  	 Composition of the Nielsen Holdings Board
	  	 	12	  
				
		 	3.2	  	 Obligation to Recommend Appointments
	  	 	14	  
				
		 	3.3	  	 Related Party Transactions
	  	 	15	  
				
		 	3.4	  	 Observers
	  	 	16	  
				
		 	3.5	  	 Nielsen Holdings Articles and Board Rules
	  	 	16	  
				
		 	3.6	  	 Executive Officers
	  	 	17	  
				
		 	3.7	  	 Formalities
	  	 	17	  
			
	 4.
	 	 Sponsor Committee
	  	 	17	  
				
		 	4.1	  	 Composition of the Sponsor Committee
	  	 	17	  
				
		 	4.2	  	 Rights of the Sponsor Committee
	  	 	18	  
			
	 5.
	 	TNC Management Board and TNC Supervisory Board	  	 	18	  
				
		 	5.1	  	 Composition of the TNC Management Board
	  	 	18	  
				
		 	5.2	  	 Composition of the TNC Supervisory Board
	  	 	18	  
				
		 	5.3	  	 Related Party Transactions
	  	 	19	  
				
		 	5.4	  	 Meetings of the TNC Supervisory Board; Observers
	  	 	20	  
				
		 	5.5	  	 Decisions of the TNC Supervisory Board
	  	 	21	  
				
		 	5.6	  	 Formalities
	  	 	21	  
			
	 6.
	 	Board Committees	  	 	21	  
				
		 	6.1	  	 Nielsen Holdings Board Committees
	  	 	21	  
			
	 7.
	 	Indemnification	  	 	22	  
				
		 	7.1	  	 Indemnification
	  	 	22	  
			
	 8.
	 	Issues of Securities	  	 	23	  
				
		 	8.1	  	 Equal Treatment of Investors
	  	 	23	  
			
	 9.
	 	Representations and Warranties	  	 	24	  

  

									
		 	9.1	  	 Representations and Warranties of the Investors
	  	 	24	  
			
	10.	 	Additional Covenants and Agreements	  	 	25	  
				
		 	10.1	  	 Directors’ Fees and Expenses
	  	 	25	  
				
		 	10.2	  	 Corporate Opportunities
	  	 	25	  
				
		 	10.3	  	 Non-Competition
	  	 	26	  
				
		 	10.4	  	 Non-Solicitation
	  	 	27	  
				
		 	10.5	  	 Access to Information, Financial Statements, Confidentiality and Public Announcements
	  	 	28	  
				
		 	10.6	  	 Offering Expenses
	  	 	29	  
				
		 	10.7	  	 VCOC Management Rights Agreements
	  	 	29	  
			
	11.	 	Miscellaneous	  	 	31	  
				
		 	11.1	  	 Waiver; Amendment
	  	 	31	  
				
		 	11.2	  	 Effectiveness; Termination
	  	 	31	  
				
		 	11.3	  	 Notices
	  	 	32	  
				
		 	11.4	  	 Applicable Law
	  	 	32	  
				
		 	11.5	  	 Nielsen Holdings not Party to Voting Arrangements
	  	 	32	  
				
		 	11.6	  	 Disputes
	  	 	32	  
				
		 	11.7	  	 Assignment
	  	 	33	  
				
		 	11.8	  	 Specific Performance
	  	 	33	  
				
		 	11.9	  	 Fiduciary Duties; Exculpation Clause
	  	 	33	  
				
		 	11.10	  	 No Recourse
	  	 	34	  
				
		 	11.11	  	 Further Assurances
	  	 	34	  
				
		 	11.12	  	 Several Obligations
	  	 	34	  
				
		 	11.13	  	 Third Parties
	  	 	34	  
				
		 	11.14	  	 Entire Agreement
	  	 	34	  
				
		 	11.15	  	 Titles and Headings
	  	 	34	  
				
		 	11.16	  	 Binding Effect
	  	 	34	  
				
		 	11.17	  	 Severability
	  	 	35	  
				
		 	11.18	  	 Counterparts
	  	 	35	  

  

					
	 Schedule 1 Investors
	  	 	37	  
		
	 Schedule 2 Initial Members of Boards and committees
	  	 	38	  
		
	 Part A Nielsen Holdings Non-Executive Directors
	  	 	38	  
		
	 Part B Sponsor Committee
	  	 	38	  
		
	 Part C TNC Managing Directors
	  	 	38	  
		
	 Part D TNC Supervisory Directors
	  	 	38	  
		
	 Part E AUDIT committee
	  	 	39	  
		
	 Part F compensation committee
	  	 	39	  

  

					
	 Part G Nomination and Corporate Governance Committee
	  	 	39	  
		
	 Schedule 3 Nielsen Holdings Articles
	  	 	40	  
		
	 Schedule 4 Nielsen Holdings Board Regulations
	  	 	41	  
		
	 Schedule 5 TNC Supervisory Board Rules
	  	 	42	  
		
	 Schedule 6 Policies
	  	 	43	  
		
	 Part A Insider Trading Policy
	  	 	43	  
		
	 Part B Related Party Transactions Policy
	  	 	43	  
		
	 Schedule 7 Nielsen Holdings Indemnity Agreement
	  	 	44	  
		
	 Schedule 8 Form of Accession Agreement
	  	 	45	  
		
	 Schedule 9 Addresses and Fax Numbers for Notices
	  	 	49	  
		
	 Schedule 10 Named Competitors
	  	 	52	  

 SHAREHOLDERS AGREEMENT 
 This Shareholders Agreement is amended and restated as of [•] [•], 2010 among: 
  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	(9)	NIELSEN HOLDINGS N.V., a public company with limited liability (naamloze vennootschap), incorporated under the laws of The Netherlands, having its
registered office at Diemerhof 2, 1112 XL Diemen, The Netherlands and registered with the Chamber of Commerce for Amsterdam under file number 3424 8449 (“Nielsen Holdings”); 

 

	(10)	VALCON ACQUISITION B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of
The Netherlands, having its registered office at Diemerhof 2, 1112 XL Diemen, The Netherlands and registered with the Chamber of Commerce for Amsterdam under file number 34241179 (“Bidco”); and 

 

	(11)	THE NIELSEN COMPANY B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of
The Netherlands, having its registered office at Diemerhof 2, 1112 XL Diemen, The Netherlands and registered with the Chamber of Commerce for Amsterdam under file number 34036267 (“TNC”). 

Each of the AlpInvest Funds, the Blackstone Funds, the Carlyle Funds, the Centerview Funds, the Hellman & Friedman Funds, the KKR Funds and the
Thomas H. Lee Partners Funds, and their respective permitted successors and assigns, are collectively referred to herein as the “Investors” and each of them is referred to as an “Investor”. The Investors, Luxco,
Nielsen Holdings, Bidco and TNC are collectively referred to herein as the “Parties”. 

  
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 WHEREAS: 
  

	(A)	Immediately after the Closing Date IPO, Luxco will hold [270,746,445] shares of Common Stock. The Investors hold securities in Luxco. 

 

	(B)	This Agreement was originally entered into by certain of the Parties (other than Centerview) on 21 December 2006, has been amended from time to time and was
last amended by an Amendment Agreement between certain of the Parties dated 4 September 2009. 

  

	(C)	In connection with the IPO, Centerview wishes to adhere to this Agreement as an Investor and the Parties wish to terminate the Centerview Investment Agreement and to
further amend and restate the shareholders agreement relating to The Nielsen Company B.V., which was originally entered into on 21 December 2006 and last amended on 4 September 2009 (the “Current Shareholders’
Agreement”) such that it reads as set out below. 

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

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 For purposes
of this Agreement, the following terms shall have the following meanings: 
 “Accession Agreement” shall mean an
agreement substantially in the form of Schedule 8; 
 “ADSs” shall mean American Depositary Shares; 

“Affiliate”, “Affiliated Fund” and “Affiliated Investor” shall mean (a) with
respect to any Investor, any other Person Controlled directly or indirectly by such Investor, Controlling directly or indirectly such Investor or directly or indirectly under the same Control as such Investor, or, in each case, a successor entity to
such Investor, provided, however, that (i) Affiliate or Affiliated Fund shall not include Luxco or any of its direct and indirect subsidiaries or any other portfolio companies of the relevant Investor or its Affiliates and (ii) with
respect to each of the AlpInvest Funds, Affiliate or Affiliated Fund shall not include Stichting Pensioenfonds ABP, Stichting Pensioenfonds voor de Gezondheid, Geestelijke en Maatschappelijke Belangen or any of their respective Affiliates; and
provided further, for the avoidance of doubt, that all of the funds mentioned underneath a single heading as a group of funds in Schedule 1 shall in any event be considered Affiliates and Affiliated Funds of each other; and (b) with respect to
any Person who is not an Investor, another Person Controlled directly or indirectly by such first Person, Controlling directly or indirectly such first Person or directly or indirectly under the same Control as such first Person; 

“Affiliated” shall have a meaning correlative to the foregoing; 

“AFM” shall mean the Netherlands Authority for the Financial Markets; 

  
 - 2 -

 “Agreement” shall mean this Agreement, including all Schedules to it, as
the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof; 

“AlpInvest” and “AlpInvest Funds” shall have the meaning specified in the preamble to this Agreement;

 “AlpInvest Nielsen Holdings Observer” shall have the meaning specified in Article 3.4.1; 

“AlpInvest Observer” shall have the meaning specified in Article 5.4.4; 

“AlpInvest TNC Observer” shall have the meaning specified in Article 5.4.4; 

“Applicable Regulatory Authority” shall mean in respect of a public offering under (i) the Dutch Financial
Supervision Act (Wet op het financieel toezicht) as amended from time to time in The Netherlands, the AFM, (ii) the Securities Act in the United States, the SEC, and (iii) the applicable securities laws in any other jurisdiction,
the appropriate governmental agency regulating the listing or public offering of securities, if any, in such jurisdiction; 

“Audit Committee” shall have the meaning specified in Article 6.1.1; 

“Authorized Recipients” shall have the meaning specified in Article 10.5.1(c); 

“Bidco” shall have the meaning specified in the preamble to this Agreement; 

“Bidco Board” shall mean the management board of Bidco; 

“Blackstone” and “Blackstone Funds” shall have the meaning specified in the preamble to this Agreement;

 “Board” shall mean any of the Nielsen Holdings Board, the Bidco Board and the TNC Supervisory Board;

 “Business Day” shall mean a day on which banks are open for business in Amsterdam, London, New York and
Luxembourg (which, for avoidance of doubt, shall not include Saturdays, Sundays and public holidays in any of these cities); 

“Carlyle” and “Carlyle Funds” shall have the meaning specified in the preamble to this Agreement;

 “Centerview” and “Centerview Funds” shall have the meaning specified in the preamble to this
Agreement; 
 “Centerview Investment Agreement” shall mean the Centerview investment agreement by and among
AlpInvest, Blackstone, Carlyle, Hellman & Friedman, KKR, Thomas H. Lee, Luxco and Centerview dated 6 November 2006; 
 “Centerview Vesting Date” shall mean the date that all options to purchase Common Stock issued by Nielsen Holdings to the Centerview Funds have vested; 

  
 - 3 -

 “Closing Date” shall mean the date of the closing of the sale of shares of
Common Stock to the underwriters in the IPO; 
 “Common Stock” shall mean the ordinary shares of Nielsen
Holdings; 
 “Compensation Committee” shall have the meaning specified in Article 6.1.1; 

“Competing Enterprise” shall have the meaning specified in Article 10.2.2; 

“Confidential Information” shall have the meaning specified in Article 10.5.1(c); 

“Control” shall mean with respect to a Person (other than an individual) (i) direct or indirect ownership of more
than 50% of the voting rights of such Person, or (ii) the right to appoint the majority of the members of the board of directors (or similar governing body) or to manage on a discretionary basis the assets of such Person and, for avoidance of
doubt, a general partner is deemed to control a limited partnership and, solely for the purposes of this Agreement, a fund advised or managed directly or indirectly by a Person shall also be deemed to be controlled by such Person (and save where
used as the term “Controlled Company”, the terms “Controlling” and “Controlled” shall have meanings correlative to the foregoing); 
 “Controlled Company” shall mean a company of which more than 50% of the voting power is held by Luxco, the Investors and their Affiliated Investors; 

“Corporate Opportunity” shall have the meaning specified in Article 10.2.1; 

“Current Shareholders’ Agreement” shall have the meaning given to it in the recitals to this Agreement; 

“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, or any similar federal statute then in
effect, and a reference to a particular section thereof shall be deemed to include a reference to the comparable section, if any, of any such similar federal statute; 
 “Group” shall mean Nielsen Holdings and its direct and indirect subsidiaries from time to time; 
 “Hellman & Friedman” and “Hellman & Friedman Funds” shall have the meaning specified in the preamble to this Agreement; 

“Incur” shall mean to issue, create, assume, guarantee, incur or otherwise become liable for and the terms
“Incurred” and “Incurrence” shall have meanings correlative to the foregoing; 

“Indemnitee” shall have the meaning specified in Article 7.1.2; 

“Information” shall mean the books and records of any member of the Group and information relating to such member of the
Group, its properties, operations, financial condition and affairs; 
 “Insider Trading Policy” shall mean the
insider trading policy in the agreed form, to be adopted by the Nielsen Holdings Board on behalf of the Group; 

  
 - 4 -

 “Intermediate Holdco” shall mean any of Nielsen Holdings, Bidco and TNC;

 “Investor” shall have the meaning specified in the preamble to this Agreement; 

“Investor Fund” shall mean, individually and collectively, any of the AlpInvest Funds, the Blackstone Funds, the Carlyle
Funds, the Centerview Funds, the Hellman & Friedman Funds, the KKR Funds and the Thomas H. Lee Partners Funds; 

“Investor Fund Manager” means (i) in respect of any AlpInvest Fund, AlpInvest Partners 2006 B.V. or AlpInvest
Partners Later Stage Co-Investments Custodian IIA B.V., in its capacity of custodian of AlpInvest Partners Later Stage Co-Investments IIA C.V., (ii) in respect of any Blackstone Fund, Blackstone Management Partners V L.L.C., (iii) in
respect of any Carlyle Fund, TC Group, L.L.C., (iv) in respect of any Centerview Fund, Centerview Capital Partners GP LLC, (v) in respect of any Hellman & Friedman Fund, Hellman & Friedman LLC, (vi) in respect of any
KKR Fund, Kohlberg Kravis Roberts & Co. L.P. or Kohlberg Kravis Roberts & Co. Ltd. and (vii) in respect of any Thomas H. Lee Partners Fund, THL Managers V, LLC or THL Managers VI, LLC; 

“Investors’ Counsel” shall mean for the IPO, one firm of legal counsel to represent all Investors for each Selected
Offering Jurisdiction in which shares are being sold in the IPO and, if different and to the extent necessary, one firm of legal counsel in the jurisdiction of incorporation of Nielsen Holdings; 

“IPO” shall mean the underwritten registered public offering of Common Stock pursuant to which the Common Stock is being
listed on the NYSE concurrently with the date of this Agreement; 
 “KKR” and “KKR Funds” shall
have the meaning specified in the preamble to this Agreement; 
 “Listed Shares” shall mean the shares of Common
Stock which, following the IPO, will be listed from time to time on the NYSE or any other internationally recognized stock exchange; 
 “Luxco” shall have the meaning specified in the preamble to this Agreement; 
 “Luxco Held Shares” shall mean any shares of Common Stock held directly by Luxco; 
 “Management” shall mean such senior members of management of Nielsen Holdings as shall be designated by the Nielsen Holdings Board; 

“Minority Shareholders” shall have the meaning specified in Article 10.5.2; 

“Named Competitor” shall have the meaning specified in Article 10.3; 

“New Securities” shall mean any shares (including without limitation ordinary and preference shares) or options, warrants
or other securities or rights convertible or exchangeable into or exercisable for shares of Nielsen Holdings or any other member of the Group; provided, however, that New Securities shall not include (i) securities to be issued by
Nielsen Holdings in connection with the IPO or any subsequent public 

  
 - 5 -

 
offering of securities; (ii) securities to be issued as consideration for, or in connection with, an acquisition of any business or all or substantially all of such business’s assets by
any member of the Group whether by merger or otherwise; and (iii) securities to be issued in connection with any employee equity incentive plan or similar benefit programs or agreements approved by the Nielsen Holdings Board where the principal
purpose is not to raise additional equity capital; 
 “Nielsen Holdings” shall have the meaning specified in the
preamble to this Agreement; 
 “Nielsen Holdings Articles” shall mean the articles of association
(statuten) of Nielsen Holdings in the form set out in Schedule 3, as same may be duly amended from time to time in accordance with the terms of this Agreement; 
 “Nielsen Holdings Board” shall mean the board of management (bestuur) of Nielsen Holdings; 
 “Nielsen Holdings Board Regulations” shall mean the board rules as set forth in Schedule 4; 
 “Nielsen Holdings CEO” shall have the meaning specified in Article 3.2.2; 
 “Nielsen Holdings Chairman” shall have the meaning specified in Article 3.2.3; 
 “Nielsen Holdings Directors” shall have the meaning specified in Article 3.1.2; 
 “Nielsen Holdings Executive Directors” shall have the meaning specified in Article 3.1.1(a)(iii); 
 “Nielsen Holdings Executive Officers” shall have the meaning specified in Article 3.6; 
 “Nielsen Holdings Independent Non-Executive Directors” shall have the meaning specified in Article 3.1.1(a); 
 “Nielsen Holdings Non-Executive Directors” shall have the meaning specified in Article 3.1.1(a); 
 “Nielsen Holdings Sponsor Non-Executive Directors” shall have the meaning specified in Article 3.1.1(a); 
 “Nielsen Indemnity Agreement” shall have the meaning specified in Article 7.1.1; 
 “Nomination and Corporate Governance Committee” shall have the meaning specified in Article 6.1.1; 
 “NYSE” shall mean the New York Stock Exchange; 
 “Offering
Expenses” shall mean any and all expenses incident to performance of or compliance with the provisions of Article 10 of the Current Shareholders Agreement in connection with the IPO or any underwriting agreement entered into in accordance
therewith, including, without limitation, (i) all listing, registration, qualification and 

  
 - 6 -

 
quotation fees of any Applicable Regulatory Authority or of any securities exchange or securities quotation system, (ii) all fees and expenses of complying with all applicable securities
laws, (iii) all road show, printing, messenger and delivery expenses, (iv) all rating agency fees, (v) the fees and disbursements of legal counsel in each relevant jurisdiction for the (proposed) Nielsen Holdings or its independent
public accountants, including the expenses of any special audits and/or comfort letters required by or incident to such performance and compliance, (vi) the reasonable fees and disbursements of Investors’ Counsel, (vii) all fees and
disbursements of underwriters customarily paid by the issuers or sellers of securities, including liability insurance if the (proposed) Nielsen Holdings so desires or if the underwriters so require, and the reasonable fees and expenses of any
special experts retained in connection with the requested registration, but excluding underwriting discounts and commissions and transfer taxes, if any, (viii) all fees and expenses incurred in connection with the creation of ADSs, including
the reasonable fees and disbursements of the depositary for such ADSs that the (proposed) Nielsen Holdings, and not the depositary, is required to pay, and (ix) other reasonable out-of-pocket expenses of the Investors in connection therewith;

 “Organizational Documents” shall have the organizational and/or constitutional documents of a legal Person,
including articles and/or memoranda of association, by-laws, board rules or regulations, policies adopted by the board and the like; 
 “Percentage Interest” shall mean, in relation to an Investor, the percentage of all Units of Luxco for the time being in issue that are held by that Investor; 

“Person” shall mean a natural person, partnership, corporation, limited liability company, business trust, joint stock
company, trust, unincorporated association, joint venture or other entity or organization; 
 “Plan Asset
Regulations” shall mean the regulations issued by the Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations; 

“Policies” shall mean the policies adopted from time to time by the Nielsen Holdings Board including the Insider Trading
Policy and the Related Party Transactions Policy each in the form set out in Schedule 6; 
 “Pre-emptive Right”
shall have the meaning specified in Article 8.1.1; 
 “Proportionate Percentage” shall have the meaning
specified in Article 8.1.1; 
 “Public Offering” shall mean, with respect to any securities of any member of the
Group: (i) any sale of such securities to the public in an offering under the laws, rules and regulations of any non-U.S. jurisdiction or (ii) any sale of such securities to the public in an offering pursuant to an effective registration
statement under the Securities Act (other than a registration on Form S-4, F-4 or S-8, or any successor or other forms promulgated for similar purposes); 
 “Related Party” shall mean the parties to a Related Party Transaction; 

  
 - 7 -

 “Related Party Transaction” shall mean any transaction between, on the one
hand, any member of the Group and, on the other hand, any Investor or any Affiliate of any Investor (excluding any member of the Group), provided, however, that the following will not be deemed to be Related Party Transactions: (i) the
directors’ fees and expenses contemplated by Article 10.1, (ii) any subscription of New Securities in accordance with a Pre-emptive Right and (iii) any VCOC Management Rights Agreements; 

“Sponsor Nominees” shall have the meaning specified in Article 4.1; 

“Sponsor Committee” shall have the meaning specified in Article 4.1; 

“Reorganization Transaction” shall mean any actions (a) to liquidate, dissolve, wind up or otherwise terminate Luxco
or any Intermediate Holdco or liquidate any class of securities issued by Luxco or any Intermediate Holdco or merge Luxco and one or more Intermediate Holdcos or merge Intermediate Holdcos (or do any of the foregoing with or involving TNC) and/or
(b) to reorganize the capital or recapitalize Luxco or any Intermediate Holdco or TNC or any other member of the Group; 

“Replacement Securities” shall mean the shares or other securities of any class issued by any member of the Group in
connection with a Reorganization Transaction so that each Investor is in the same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries by way of a dividend or distribution in kind in
exchange for or otherwise in replacement of Units; 
 “Representatives” shall mean, for any Investor and its
Affiliates, the relevant Investor Representative(s) nominated by that Investor, any individual appointed to a Board or committee of any member of the Group pursuant to a direct or indirect recommendation or nomination by that Investor, and such
Investor’s and each such Affiliate’s respective directors, managers, officers, partners, members, principals, employees, professional advisers and agents; 
 “SEC” shall mean the U.S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act or the Exchange Act; 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended, or any similar federal statute then in effect,
and a reference to a particular section thereof shall be deemed to include a reference to the comparable section, if any, of any such similar federal statute; 
 “Selected Offering Jurisdiction” shall mean (i) for a Public Offering in The Netherlands, the NYSE Euronext Amsterdam securities exchange, (ii) for a Public Offering in the
United States, the New York Stock Exchange or the National Association of Securities Dealers’ automated quotation system or (iii) for a Public Offering in any other jurisdiction, any regulated national securities exchange in such
jurisdiction 
 “shares” and “securities” when used in this Agreement shall be deemed to
include ordinary shares, preferred shares and any other class of equity securities, including partnership interests or equity interests in other non-corporate entities, as the context requires; 

  
 - 8 -

 “Third Party” shall mean any Person (or group of Persons) that is not an
Investor or an Affiliate of an Investor; 
 “Thomas H. Lee Partners” and “Thomas H. Lee Partners
Funds” shall have the meaning specified in the preamble to this Agreement; 
 “TNC Articles” shall mean
the articles of association (statuten) of TNC from time to time in effect; 
 “TNC Chairman” shall have
the meaning specified in Article 5.2.2; 
 “TNC Director” shall mean any member of the TNC Management Board or
any TNC Supervisory Director; 
 “TNC Management Board” shall mean the board of management (bestuur) of
TNC; 
 “TNC Supervisory Board” shall mean the supervisory board (raad van commissarissen) of TNC;

 “TNC Supervisory Board Rules” shall have the meaning specified in Article 5.2.5; 

“TNC Supervisory Director” shall have the meaning specified in Article 5.2.1; 

“Transfer” shall mean a transfer, sale, assignment, pledge, hypothecation or other disposition by a Person of a legal or
beneficial interest in another Person, whether directly or indirectly, including pursuant to the creation of a derivative security (other than phantom stock or similar incentive plans for employees), the grant of an option or other right, the
imposition of a restriction on disposition or voting or by operation of law; 
 “Undivided Common Stock
Interest” shall have the meaning specified in Article 10.7.2. 
 “Units” shall mean, individually and
collectively, the Shares, the YFCPECs and any New Securities and, following any Reorganization Transaction as a result of which all or any portion of the Shares and the YFCPECs are exchanged for or otherwise replaced by, any Replacement Securities;
Units shall also mean such Replacement Securities; 
 “Unpaid Indemnity Amounts” shall mean the amount that
Nielsen Holdings fails to indemnify or advance to an Indemnitee as required or contemplated by this Agreement or under any Nielsen Indemnification Agreement; 
 “VCOC Investment” shall mean a “venture capital investment” within the meaning of the Department of Labor Regulation published at 29 C.F.R. Section 2510.3-101; 

“VCOC Investor” means each Investor that intends its investment to qualify as a VCOC; 

“VCOC Management Rights Agreement” shall mean those certain management rights agreements by and among Luxco, Nielsen
Holdings, TNC and the Investors (or funds) party thereto granting such Investors (or funds) certain informational and other rights with respect to the Group; 

  
 - 9 -

 “Voting Interest” shall mean the aggregate from time to time of:

  

	 	(i)	the number of votes exercisable at a general meeting of shareholders of Nielsen Holdings attached to the shares of Nielsen Holdings (x) held directly or indirectly
by an Investor or group of Investors at a particular time or (y) with respect to which an Investor or group of Investors at that time has, directly or indirectly, the authority and power to vote, pursuant to a power of attorney, transfer of
voting rights or otherwise, in each case excluding the shares of Nielsen Holdings held by Luxco as referred to in part (ii) of this definition, and expressed as a percentage of the total number of votes exercisable at a general meeting of
shareholders of Nielsen Holdings; plus 

  

	 	(ii)	(A) the number of votes exercisable at a general meeting of shareholders of Nielsen Holdings attached to the shares of Nielsen Holdings held by Luxco, and expressed as
a percentage of the total number of votes exercisable at a general meeting of shareholders of Nielsen Holdings multiplied by (B) the aggregate number of votes exercisable at a general meeting of shareholders of Luxco attached to the shares in
Luxco comprised in the Units (i) held directly or indirectly by an Investor or group of Investors at a particular time or (ii) with respect to which an Investor or group of Investors at that time has directly or indirectly the authority
and power to vote, pursuant to a power of attorney, transfer of voting rights or otherwise, and expressed as a percentage of the total number of votes exercisable at a general meeting of shareholders of Luxco; 

“Wholly-Owned Subsidiary” shall mean, with respect to any Person, any other Person of which 100% of its securities are
owned at the time of determination, directly or indirectly, by such first Person (other than any shares required by any applicable law or regulation to be held by any other Person, such as directors’ qualifying shares); and 

“YFCPECs” shall mean each class and series of yield free convertible preferred equity certificates of Luxco. 

 

	1.2	Interpretation 

  

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

  

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

  
 - 10 -

  

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

  

	 	1.2.4  	Unless the context requires otherwise, the singular includes the plural and vice versa, and each gender includes the other gender. 

 

	 	1.2.5  	A reference to any Party or any party to any other agreement or document shall include such Party or party’s successors and permitted assigns.

  

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

  

	2.	CLOSING; IMPLEMENTATION MATTERS 

  

	2.1	Closing 

 This Agreement
shall take effect on the Closing Date. 
  

	2.2	Organizational Documents 

Each Investor shall, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on each Board and on any
committee thereof to, and each other Party shall, take any and all action within its power to procure that the Organizational Documents of each member of the Group (including any rules, regulations or policies of any governing body thereof) shall
reflect the terms of this Agreement to the extent recommended by United States and/or Dutch counsel to the Group, so as to effectuate and preserve the intent of the Parties as set out herein. Without limiting the generality of the foregoing, each
Investor shall take, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on each Board and on any committee thereof to take, and each other Party shall take, any and all action within its power to adopt any and
all amendments to the Nielsen Holdings Articles, the Nielsen Holdings Board Regulations, the TNC Articles, the TNC Supervisory Board Rules, the charters of any committee of any Board, the corporate governance guidelines and any policies adopted by
Nielsen Holdings from time to time which are necessary, appropriate or desirable and which are approved in accordance with the terms of this Agreement. 
  

	2.3	Conflicts or Inconsistencies 

 In all events this Agreement will govern and prevail as among the Parties in the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the Organizational
Documents any member of the Group. 
  

	2.4	Effectuating the Intent of the Parties 

 Each Investor and Luxco shall (i) vote its Shares, grant powers of attorney, execute documents and take all other action in its power and authority as a shareholder of Luxco or Nielsen Holdings, as
the case may be, and (ii) cause its representative(s), nominee(s) or designee(s), as the case may be, on each Board and on any committee 

  
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thereof to exercise their voting rights on each such body, in a manner consistent with the rights and obligations of the Parties under this Agreement so as to effectuate and preserve the intent
of the Parties as set out herein, unless doing so would result in a violation of the fiduciary duties of such representative(s), nominee(s) or designee(s), as the case may be, under Dutch law. Wherever this Agreement requires any of the Parties to
take all reasonable action necessary to procure anything or to procure or to cause anything that will in any event include compliance with the aforegoing. 
  

	2.5	Applicable Law 

 The
Parties acknowledge that in certain instances a provision of this Agreement may not be enforceable or that its enforceability may be limited by applicable law. Nevertheless, the Parties agree that they intend to be bound by the terms of this
Agreement and, if any provision is held to be unenforceable, the Parties agree to use their reasonable efforts to implement an alternative enforceable mechanism that would effect, as closely as possible, the intent of the Parties as reflected in or
provided by the unenforceable provision. Moreover, each Party agrees that, if any corporate formality or other procedure is not expressly mandated by law or the provisions of this Agreement to be taken by the Parties but the enforceability of any
provision of this Agreement would be enhanced if the Parties act in accordance with such corporate formality or other procedure, the Parties agree to act in accordance with such corporate formality or other procedure to the extent recommended by
counsel to the Group in the relevant jurisdiction. 
  

	3.	NIELSEN HOLDINGS BOARD 

  

	3.1	Composition of the Nielsen Holdings Board 

  

	 	3.1.1  	The Nielsen Holdings Board shall be composed as follows: 

  

	 	(a)	for so long as Nielsen Holdings is a Controlled Company and so controlled by Luxco and/or the Investors and/or their Affiliates, the Nielsen Holdings Board shall be
composed of 15 (fifteen) individuals as follows: 

  

	 	(i)	11 individuals shall be nominated by the Nielsen Holdings Board upon the direction of Luxco (the “Nielsen Holdings Sponsor Non-Executive Directors”),
of which two individuals shall be nominated at the direction of each of Blackstone, Carlyle, KKR and Thomas H. Lee Partners and of which one individual shall be nominated at the direction of each of AlpInvest, Centerview and Hellman &
Friedman; provided that such nominee from Centerview shall be Mr. James M. Kilts and if Mr. Kilts is unable or unwilling to serve as a director or the Centerview Vesting Date shall have occurred, Centerview shall lose its right
to nominate a director and such seat shall be filled by an individual nominated by the Nielsen Holdings Board acting upon the recommendations of the Nomination and Corporate Governance Committee; 

  
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	 	(ii)	three individuals each of whom shall be independent within the meaning of “independent director” under the NYSE listing rules and Rule 10A-3 of the Exchange
Act, shall be nominated by the Nielsen Holdings Board acting upon the recommendations of the Nomination and Corporate Governance Committee (the “Nielsen Holdings Independent Non-Executive Directors” and, together with the Nielsen
Holdings Sponsor Non-Executive Directors, the “Nielsen Holdings Non-Executive Directors”); and 

  

	 	(iii)	one individual shall be an executive director and shall be nominated by the Nielsen Holdings Board acting upon the recommendations of the Nomination and Corporate
Governance Committee (the “Nielsen Holdings Executive Director”); 

  

	 	(b)	for so long as (x) Nielsen Holdings is not a Controlled Company and is not so controlled by Luxco and/or the Investors and/or their Affiliates and (y) Luxco
and/or the Investors and/or their Affiliates hold in aggregate at least 25% of the Voting Interest of Nielsen Holdings, the Nielsen Holdings Board shall be composed of 15 (fifteen) individuals as follows: 

 

	 	(i)	11 Nielsen Holdings Sponsor Non-Executive Directors, of which one individual (who need not be independent within the meaning of “independent director”
under the NYSE listing rules and Rule 10A-3 of the Exchange Act) shall be nominated at the direction of each of Blackstone, Carlyle, Hellman & Friedman, KKR and Thomas H. Lee Partners and of which one individual (who shall be required to be
independent within the meaning of “independent director” under the NYSE listing rules) shall be nominated at the direction of each of AlpInvest and Centerview and each of the four Investors or groups of Affiliated Investors with the
largest Voting Interest at the time of designation; provided that such nominee from Centerview shall be Mr. Kilts and if Mr. Kilts is unable or unwilling to serve as a director or the Centerview Vesting Date shall have occurred,
such seat shall be filled by an individual nominated by the Nielsen Holdings Board acting upon the recommendations of the Nomination and Corporate Governance Committee; 

 

	 	(ii)	three Nielsen Holdings Independent Non-Executive Directors; and 

  

	 	(iii)	one Nielsen Holdings Executive Director; or 

  

	 	(c)	 if Luxco and/or the Investors and/or their Affiliates own in aggregate less than 25% of the Voting Interest of Nielsen Holdings, the Nielsen Holdings
Board shall be composed of (i) a number of Nielsen Holdings Sponsor Non-Executive Directors to take into account that each group 

  
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of Affiliated Investors that holds at least 3% of the Voting Interest of Nielsen Holdings, either directly or through Luxco, shall have the right to direct Luxco to nominate one director and
(ii) any remaining directors shall be nominated by the Nielsen Holdings Board acting upon the recommendations of the Nomination and Corporate Governance Committee (each of which may be a Nielsen Holdings Non-Executive Director or a Nielsen
Holdings Executive Director). 

  

	 	(d)	To the extent all shares of Common Stock held by Luxco are distributed to the Investors or their respective Affiliates, each group of Affiliated Investors with a right
to direct Luxco to nominate a director shall have the right to nominate such director directly. 

  

	 	3.1.2  	The Nielsen Holdings Executive Director and the Nielsen Holdings Non-Executive Directors are together referred to as the “Nielsen Holdings Directors”.
The Nielsen Holdings Directors at present in office are set forth in Part A of Schedule 2 to this Agreement. The right to nominate Nielsen Holdings Non-Executive Directors for appointment to the Nielsen Holdings Board is personal to Luxco (or an
Investor or group of Affiliated Investors, as applicable) and may not be assigned by Luxco as part of a Transfer or otherwise without the consent of the Nielsen Holdings Board (except as permitted pursuant to the proviso in the last sentence of
Article 11.7). 

  

	3.2	Obligation to Recommend Appointments 

  

	 	3.2.1  	Each of the Investors, Luxco and Nielsen Holdings shall exercise all rights and powers vested in them to procure, so far as they are able to do so, that a resolution be
tabled at each annual general meeting of Nielsen Holdings, recommending the appointment of the relevant individuals nominated in accordance with Article 3.1, and that such resolutions are duly passed. 

 

	 	3.2.2  	The Parties shall take all reasonable action necessary to procure that the Nielsen Holdings Executive Director designated by the Nielsen Holdings Board, acting on the
recommendations of the Nomination and Corporate Governance Committee, to serve as chief executive officer of the Nielsen Holdings Board (the “Nielsen Holdings CEO”) shall be so appointed by the Nielsen Holdings Board.

  

	 	3.2.3  	The Parties shall take all reasonable action necessary to procure that the Nielsen Holdings Non-Executive Director designated by the Nielsen Holdings Board, acting on
the recommendations of the Nomination and Corporate Governance Committee, to serve as chairman of the Nielsen Holdings Board (the “Nielsen Holdings Chairman”) shall be so appointed by the Nielsen Holdings Board.

  

	 	3.2.4  	Each Investor agrees to take (to the extent such action is within such Investor’s power or control in its capacity as an investor in Luxco or through its nominees,
designees or representatives on the Nielsen Holdings Board), and agrees to cause Nielsen Holdings to take (to the extent it is able to do so) any and all action necessary to approve the designation and appointment of the Nielsen Holdings
Non-Executive Directors designated by a group of Affiliated Investors (or the applicable fund of such group of Affiliated Investors) in accordance with this Article 3.1. 

  
 - 14 -

  

	 	3.2.5  	If Luxco (or an Investor or group of Affiliated Investors, as applicable) is entitled to nominate one or more Nielsen Holdings Non-Executive Directors for appointment,
it shall also be entitled by notice in writing to Nielsen Holdings at any time or from time to time to nominate for removal any Nielsen Holdings Non-Executive Director nominated by it and to nominate for appointment in place thereof another
individual to serve as its Nielsen Holdings Non-Executive Director in accordance with the provisions of this Article 3 (other than Centerview who shall not have such right of appointment). In such event, (i) Luxco or such Investor or group of
Affiliated Investors shall take all reasonable action necessary to procure that such Nielsen Holdings Non-Executive Director resigns from the Nielsen Holdings Board and (ii) if such Nielsen Holdings Non-Executive Director will not resign, Luxco
or such Investor or group of Affiliated Investors agrees that it shall take all reasonable action necessary to effect such removal and appointment as promptly as practicable on request. In addition, Luxco or such Investor or group of Affiliated
Investors shall, upon the death or resignation of such Nielsen Holdings Non-Executive Director, be entitled to nominate for appointment in place thereof another individual to serve as its Nielsen Holdings Non-Executive Director in accordance with
the provisions of this Article 3.2. If such resigning or deceased Nielsen Holdings Non-Executive Director had been required to satisfy the independence standards set forth in Article 3.1.1(b)(i), any such replacement Nielsen Holdings Non-Executive
Director shall also be subject to the independence standards set forth in Article 3.1.1(b)(i). Without limiting the preceding provisions, neither Luxco nor any Investor or group of Affiliated Investors shall be entitled to nominate for removal,
appointment or re-appointment any Nielsen Holdings Director except for the Nielsen Holdings Non-Executive Director(s) it is entitled to nominate for removal, appointment or re-appointment pursuant to the provisions of this Article 3.

  

	 	3.2.6  	None of the Nielsen Holdings Non-Executive Directors shall be entitled to receive any severance payments upon his removal, resignation or otherwise vacating his
position as a Nielsen Holdings Non-Executive Director, provided that this Article 3.2.6 shall be without prejudice to any entitlement versus Nielsen Holdings which any independent director appointed pursuant to Article 3.1.1(a)(ii), Article
3.1.1(b)(ii) or Article 3.1.1(c) may have. Luxco agrees, in respect of any Nielsen Holdings Non-Executive Director designated by it, to indemnify Nielsen Holdings from any claims and liabilities with respect to any severance payment that becomes
payable to any such Nielsen Holdings Non-Executive Director. 

  

	3.3	Related Party Transactions 

  

	 	3.3.1  	 A Nielsen Holdings Director who is an Investor’s Representative shall abstain from the vote of the Nielsen Holdings Board on any Related Party
Transaction in respect of which such Investor or any Affiliate thereof is a Related Party. Such Investor’s Nielsen Holdings Director(s) (and the AlpInvest Nielsen Holdings Observer) shall not be entitled to receive board materials relating to

  
 - 15 -

	 	 
a Related Party Transaction or to participate in board deliberations relating to such Related Party Transaction if such receipt or participation would create a conflict of interest for the
Related Party or any member of the Group, as determined by the Nielsen Holdings Board. 

  

	 	3.3.2  	If the Nielsen Holdings Board, having consulted U.S. and/or Dutch counsel, reasonably believes that a particular Related Party Transaction would require the approval of
the Nielsen Holdings Independent Non-Executive Directors, then on or following the Nielsen Holdings Board’s approval of the Related Party Transaction the Nielsen Holdings Board shall take all reasonable steps to obtain the approval of such
Nielsen Holdings Independent Non-Executive Directors of the same. 

  

	3.4	Observers 

  

	 	3.4.1  	Each group of Affiliated Investors whose Representative is appointed to the Nielsen Holdings Board shall have the right to designate (and remove) one observer to the
Nielsen Holdings Board, provided that such observer shall only be entitled to attend any meeting of the Nielsen Holdings Board at which one or more of the Nielsen Holdings Non-Executive Directors who are Representatives of the Affiliated Investors
does not attend (except with respect to Centerview, whose appointed observer (to the extent Centerview is entitled to appoint an observer) shall be entitled to attend any meeting of the Nielsen Holdings Board). To the extent the Nielsen Holdings
Board is composed of members pursuant to Article 3.1.1(b) and for so long as the AlpInvest Funds hold at least 1.8% of the Voting Interest of Nielsen Holdings, either directly or through Luxco, the AlpInvest Funds shall have the right to designate
(and remove) one observer to the Nielsen Holdings Board (the “AlpInvest Nielsen Holdings Observer”). An observer (or the AlpInvest Nielsen Holdings Observer) shall not be entitled to participate in or observe any Nielsen Holdings
Board deliberations in which the Nielsen Holdings Non-Executive Directors who are Representatives of the Affiliated Investors are not entitled to participate pursuant to the Related Party Transaction Policy of Nielsen Holdings. If an observer is
entitled to attend a Nielsen Holdings Board meeting and sufficient advance notice is provided to the Nielsen Holdings Chairman of such observer’s intention to attend such meeting, such observer shall be entitled to receive the same
documentation (including, without limitation, the agenda, minutes, committee reports and any other documentation) for such meeting as is given to the Nielsen Holdings Non-Executive Directors. An observer shall not have the right to vote on any
matter under consideration by the Nielsen Holdings Board. The observer rights granted pursuant to this Article 3.4.1 shall be in addition to, and not in limitation of, any rights granted to Investors (or funds) pursuant to the VCOC Management Rights
Agreements. 

  

	3.5	Nielsen Holdings Articles and Board Rules 

  

	 	3.5.1  	The Parties shall take all reasonable action necessary to procure that the Nielsen Holdings Articles be amended so that they read as set forth in Schedule 3 and, so
long as Nielsen Holdings is a Controlled Company, as may from time to time be approved by the Nielsen Holdings Board. The Parties agree that any amendments to the Nielsen Holdings Articles shall remain consistent with the terms of, and not be
adverse to the rights of the Investors promulgated under, this Agreement. 

  
 - 16 -

  

	 	3.5.2  	The Parties shall take all reasonable action necessary to procure that the Nielsen Holdings Directors shall adopt, observe and comply with the Nielsen Holdings Board
Regulations (which incorporates inter alia the various Committee Charters) and the Policies set out in Schedule 6, each as may from time to time be approved by the Nielsen Holdings Board, for so long as Nielsen Holdings is a Controlled
Company. The Parties agree that any amendments to the Nielsen Holdings Board Regulations and the Policies remain consistent with the terms of, and not be adverse to the rights of the Investors promulgated under, this Agreement.

  

	3.6	Executive Officers 

 The
Nielsen Holdings Board may appoint executive officers with full or limited authority to represent Nielsen Holdings, acting either individually or jointly with one or more other Persons, in accordance with Article 18.2 of the Nielsen Holdings
Articles (the “Nielsen Holdings Executive Officers”). The Parties shall take all reasonable action necessary to procure that the persons designated by the Nielsen Holdings Board to serve as Nielsen Holdings Executive Officers shall
be so appointed by the Nielsen Holdings Board. 
  

	3.7	Formalities 

 The
Investors acknowledge that, in accordance with applicable law, members of the Nielsen Holdings Board are elected by the general meeting (or written resolution) of the shareholders of Nielsen Holdings. Accordingly, to enhance the enforceability of
the rights and obligations of the Investors under this Article 3, the Investors agree to comply with all such formalities to the extent recommended by Dutch counsel to the Group. For avoidance of doubt, the Parties intend that their respective
rights and obligations shall be as set forth under this Article 3 and further intend that such rights and obligations shall not be, nor be deemed to be, adversely affected in any way by the additional requirements (if any) under this Article 3.7.

  

	4.	SPONSOR COMMITTEE 

  

	4.1	Composition of the Sponsor Committee 

  

	 	4.1.1  	For so long as Luxco (or an Investor, as applicable) is entitled to appoint Nielsen Non-Executive Directors under Article 3.1.1, Luxco or such Investor shall also be
entitled to nominate a number of directors of the Nielsen Holdings Board (such number not to exceed the lesser of the number of Nielsen Non-Executive Directors and five) (the “Sponsor Nominees”) who will constitute a
“Sponsor Committee”. The Sponsor Committee may, by vote or written consent of a majority of the Sponsor Nominees, adopt rules to govern the conduct and activities of the Sponsor Committee. 

 

	 	4.1.2  	The Sponsor Nominees at the Closing Date shall be as set forth in Part B of Schedule 2 to this Agreement. 

  
 - 17 -

  

	4.2	Rights of the Sponsor Committee 

  

	 	4.2.1  	Subject to compliance with all mandatory applicable laws, rules and regulations, including without limitation Regulation FD and any other applicable rules of the SEC or
the NYSE relating to selective disclosure and insider trading, the Insider Trading Policy and the obligation under Dutch law to provide all shareholders and other parties in the financial markets with equal and simultaneous information about
material, non-public matters that may influence the price of the Listed Shares and the requirement that Nielsen Holdings must treat all stockholders who are in the same circumstances in an equal manner, unless and to the extent that there is a
reasonable and objective justification to treat them differently, Nielsen Holdings shall engage with the members of the Sponsor Committee, in such a manner as to maintain an open and constructive dialogue with Luxco as one of the major shareholders
of Nielsen Holdings. These contacts may be initiated by Nielsen Holdings, by Luxco or by the members of the Sponsor Committee and shall be in addition to road shows and presentations to analysts and institutional investors and shall be conducted on
a bi-lateral basis (one-on-one) with the members of the Sponsor Committee. Members of the Sponsor Committee shall be entitled to request and receive from Nielsen Holdings whatever information they deem relevant. Luxco shall procure that the members
of the Sponsor Committee are bound by duties of confidentiality in form and substance to the reasonable satisfaction of Nielsen Holdings and acknowledges that it and the members of the Sponsor Committee shall be considered as insiders for the
purpose of the Insider Trading Policy as well as Regulation FD and any other applicable rules of the SEC and NYSE relating to selective disclosure and insider trading. 

 

	 	4.2.2  	The rights conferred by this Article 4.2 are enforceable by Luxco. 

  

	5.	TNC MANAGEMENT BOARD AND TNC SUPERVISORY BOARD 

  

	5.1	Composition of the TNC Management Board 

 The Parties shall cause such individuals to be appointed, removed and suspended from time to time as members of the board of management (raad van bestuur) of TNC as the Nielsen Holdings Board may
decide. Such individuals shall initially be as set forth in Part C of Schedule 2. 
  

	5.2	Composition of the TNC Supervisory Board 

  

	 	5.2.1  	The TNC Supervisory Board shall be composed of up to 14 (fourteen) members (each a “TNC Supervisory Director”) and each Party shall take all reasonable
action necessary to procure that on the Closing Date the individuals set forth in Part D of Schedule 2 shall be appointed to the TNC Supervisory Board, and thereafter that the Nielsen Holdings Non-Executive Directors nominated in accordance with
Article 3.1.1 are and remain appointed to the TNC Supervisory Board. 

  

	 	5.2.2  	The Parties shall take all reasonable action necessary to procure that the Nielsen Holdings Non-Executive Director nominated in accordance with Article 3.2.3 shall also
be appointed to serve as chairman of the TNC Supervisory Board (the “TNC Chairman”) and shall be so appointed by the TNC Supervisory Board. 

  
 - 18 -

  

	 	5.2.3  	If at any time or from time to time a Nielsen Holdings Non-Executive Director who is a Representative of a group of Affiliated Investors resigns or is required to
vacate his position as Nielsen Holdings Non-Executive Director, TNC shall be entitled, by notice in writing to Luxco, to request the removal of such individual from the TNC Supervisory Board. Luxco shall take all reasonable action necessary to
procure that such TNC Supervisory Director resigns from the TNC Supervisory Board and (ii) if such TNC Supervisory Director will not resign, TNC agrees that it shall take all reasonable action necessary to effect such removal and appointment as
promptly as practical upon request. As and when a replacement Nielsen Holdings Non-Executive Director is appointed to the Nielsen Board pursuant to Article 3.1, the Parties shall take all reasonable action necessary to procure that such individual
shall also be appointed to the TNC Supervisory Board. 

  

	 	5.2.4  	None of the TNC Supervisory Directors shall be entitled to receive any severance payments upon his removal, resignation or otherwise vacating his position as a TNC
Supervisory Director, provided that this Article 5.2.4 shall be without prejudice to any entitlement versus TNC which any independent TNC Supervisory Director may have. Each group of Affiliated Investors (or the applicable fund of such group of
Affiliated Investors) agrees, in respect of any TNC Supervisory Director who is a Representative of Affiliated Investors (or the applicable fund of such group of Affiliated Investors), to indemnify TNC and each other group of Affiliated Investors
(or the applicable fund of such group of Affiliated Investors) from any claims and liabilities with respect to any severance payment that becomes payable to any such TNC Supervisory Director. 

 

	 	5.2.5  	The Parties shall take all reasonable actions necessary to procure that the TNC Supervisory Directors shall adopt, observe and comply with the board regulations as set
forth in Schedule 4 (the “TNC Supervisory Board Rules”) and as may from time to time be approved by the Nielsen Holdings Board provided such changes remain consistent with the terms of this Agreement. 

 

	5.3	Related Party Transactions 

  

	 	5.3.1  	A TNC Director(s) who is an Investor’s Representative shall abstain from the vote of the TNC Supervisory Board on any Related Party Transaction in respect of which
such Investor or any Affiliate thereof is a Related Party. Such Investor’s TNC Director(s) (and the AlpInvest TNC Observer) shall not be entitled to receive board materials relating to a Related Party Transaction or to participate in board
deliberations relating to such Related Party Transaction if such receipt or participation would create a conflict of interest for the Related Party or any member of the Group, as determined by the Nielsen Holdings Board. 

 

	 	5.3.2  	 If the TNC Supervisory Board, having consulted U.S. and/or Dutch counsel, reasonably believes that a particular Related Party Transaction would require
the approval of the TNC Supervisory Directors who qualify as independent, 

  
 - 19 -

	 	 
then on or following the TNC Supervisory Board’s approval of the Related Party Transaction the TNC Supervisory Board shall take all reasonable steps to obtain the approval of such
independent directors sitting on the TNC Supervisory Board of the same. 

  

	5.4	Meetings of the TNC Supervisory Board; Observers 

  

	 	5.4.1  	The TNC Supervisory Board will meet as often as it deems necessary or appropriate or upon the request of the TNC Chairman. Any TNC Director may request that the TNC
Chairman call a meeting of the TNC Supervisory Board to discuss any matter requiring action or consideration by the TNC Supervisory Board and, upon receipt of any such request, together with a description of the matter(s) to be discussed at such
meeting and any supporting materials necessary or appropriate for the TNC Supervisory Directors to prepare for such meeting, the TNC Chairman, as the case may be, will call such meeting as soon as reasonably practicable, provided, however, that the
TNC Chairman will not be required to call any such meeting if a meeting of the TNC Supervisory Board was held within four weeks prior to such request and such matter was raised at such prior meeting or if a meeting is scheduled to be held within
four weeks after such request where such matter will be on the agenda. The TNC Supervisory Board may meet in person, by teleconference or by videoconference (or by any combination thereof). 

 

	 	5.4.2  	Quorum for any meeting of the TNC Supervisory Board shall require the presence (in person or by telephone or by proxy or power of attorney) of a majority of the TNC
Supervisory Directors. 

  

	 	5.4.3  	A TNC Supervisory Director may only give a proxy or power of attorney to attend and vote at a meeting of the TNC Supervisory Board to another TNC Supervisory Director.

  

	 	5.4.4  	 Each group of Affiliated Investors whose Representative is appointed to the TNC Supervisory Board shall have the right to designate (and remove) one
observer to the TNC Supervisory Board, provided that such observer shall only be entitled to attend any meeting of the TNC Supervisory Board at which one or more of the TNC Supervisory Directors who are the Representatives of such group of
Affiliated Investors does not attend. An observer shall not be entitled to participate in or observe any TNC Supervisory Board deliberations in which the TNC Supervisory Director(s) who is a Representative of such group of Affiliated Investors that
designated such observer are not entitled to participate pursuant to Article 5.3. To the extent the Nielsen Holdings Board is composed of members pursuant to Article 3.1.1(b) and for so long as the AlpInvest Funds hold at least 1.8% of the Voting
Interest of Nielsen Holdings, either directly or through Luxco, in addition to its rights pursuant to the first sentence of this Article 5.4.4, the AlpInvest Funds shall have the right to designate (and remove) one observer to the TNC Supervisory
Board (the “AlpInvest TNC Observer” and, together with the AlpInvest Nielsen Holdings Observer, the “AlpInvest Observers”). If an observer is entitled to attend a meeting of the TNC Supervisory Board and sufficient
advance notice is provided to the TNC Chairman of such observer’s intention to attend such meeting, such observer shall be entitled to receive the same documentation 

  
 - 20 -

	 	 
(including, without limitation, the agenda, minutes, committee reports and any other documentation) for such meeting as is given to the TNC Supervisory Directors. An observer shall not have the
right to vote on any matter under consideration by the TNC Supervisory Board. If a group of Affiliated Investors designates as an observer to the TNC Supervisory Board an individual who is not a director, manager, officer or employee of the Investor
Fund Manager to such Investor or to an Affiliated Fund of such Investor (as the case may be), or of a subsidiary of that Investor Fund Manager, then such individual shall be subject to the prior approval of a majority of the Nielsen Holdings
Non-Executive Directors on the Nielsen Holdings Board (excluding any Nielsen Holdings Non-Executive Directors designated by such Investor or its Affiliates). The observer rights granted pursuant to this Article 5.4.4 shall be in addition to, and not
in limitation of, any rights granted to Investors (or funds) pursuant to the VCOC Management Rights Agreements. 

  

	5.5	Decisions of the TNC Supervisory Board 

  

	 	5.5.1  	Decisions of the TNC Supervisory Board shall be taken by simple majority vote of the TNC Supervisory Directors present at a meeting of the TNC Supervisory Board for
which there is a quorum, and each TNC Supervisory Director shall have one vote (provided that, for avoidance of doubt, a TNC Supervisory Director representing one or more absent TNC Supervisory Director by proxy or power of attorney shall also be
entitled to cast the vote of each such absent TNC Supervisory Director). Decisions of the TNC Supervisory Board may also be taken or ratified by unanimous written consent. 

 

	5.6	Formalities 

 The
Investors agree to comply with any corporate formalities or other procedures necessary or appropriate as recommended by Dutch counsel to the Group to give full effect to the intent of the Parties under this Article 5. 

 

	6.	BOARD COMMITTEES 

  

	6.1	Nielsen Holdings Board Committees 

  

	 	6.1.1  	The Nielsen Holdings Board will have an audit committee (the “Audit Committee”), a compensation committee (the “Compensation
Committee”), a nomination and corporate governance committee (the “Nomination and Corporate Governance Committee”) and any other ad-hoc or standing committees that the Nielsen Holdings Board decides to establish. All of
these committees collectively are collectively referred to as the “Nielsen Holdings Board Committees”. 

  

	 	6.1.2  	 The members of the Nielsen Holdings Board Committees shall be designated by the Nielsen Holdings Board from among the Nielsen Holdings Non-Executive
Directors, provided that no Nielsen Holdings Board Committee shall be comprised of more than one Nielsen Holdings Sponsor Non-Executive Director who is the Representative of a particular Investor (or an Investor Affiliated with such Investor). Each
Investor who has at least one Representative on the Nielsen Holdings Board and who does not have a 

  
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Representative on a particular Nielsen Holdings Board Committee is entitled to designate an observer on such Nielsen Holdings Board Committee (provided that for the purposes of this provision
Affiliated Investors are considered collectively as one Investor). The initial members of and observers at the Nielsen Holdings Board Committees are set forth in Part E, Part F and Part G of Schedule 2. 

 

	 	6.1.3  	The Nielsen Holdings Board shall appoint a member of each Nielsen Holdings Board Committee as its chairman. 

 

	 	6.1.4  	The composition of the Audit Committee shall be in compliance with the rules and regulations of the SEC and the NYSE. 

 

	 	6.1.5  	The Compensation Committee shall be comprised of a number of members as determined by the Nielsen Holdings Board from time to time, (i) at least two of whom shall
be independent within the meaning of “independent director” under the NYSE listing rules and in compliance with other applicable laws, rules and regulations, (ii) a majority of whom shall be independent within that meaning within
ninety (90) days of Nielsen Holdings ceasing to be a Controlled Company, and (iii) each of whom shall be independent within that meaning within one year of Nielsen Holdings ceasing to be a Controlled Company. The members of the
Compensation Committee at present in office are set forth in Part E of Schedule 2 to this Agreement. 

  

	 	6.1.6  	The Nomination and Corporate Governance Committee shall be comprised of a number of members as determined by the Nielsen Holdings Board from time to time, (i) at
least one of whom shall be independent within the meaning of “independent director” under the NYSE listing rules and in compliance with other applicable laws, rules and regulations immediately after Nielsen Holdings ceases to be a
Controlled Company, (ii) a majority of whom shall be independent within that meaning within ninety (90) days of Nielsen Holdings ceasing to be a Controlled Company, and (iii) each of whom shall be independent within that meaning
within one year of Nielsen Holdings ceasing to be a Controlled Company. The members of the Compensation Committee at present in office are set forth in Part F of Schedule 2 to this Agreement. 

 

	 	6.1.7  	The powers and responsibilities of each of the Nielsen Holdings Board Committees shall be as set forth in the Nielsen Holdings Board Regulations.

  

	7.	INDEMNIFICATION 

  

	7.1	Indemnification 

  

	 	7.1.1  	Nielsen Holdings undertakes to enter into and maintain an indemnity agreement substantially in the form as set forth in Schedule 7 to this Agreement with each
Representative, under which it agrees to indemnify, pay, protect and hold harmless each Representative in respect of specified claims (each, a “Nielsen Indemnity Agreement”). 

  
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	 	7.1.2  	Nielsen Holdings acknowledges and agrees that the obligation of Nielsen Holdings under this Agreement or any Nielsen Indemnity Agreement to indemnify or advance
expenses to any Representative that is a party to any such Nielsen Indemnity Agreement (each, an “Indemnitee”) for the matters covered by such Nielsen Indemnity Agreement shall be the primary source of indemnification and
advancement of such Indemnitee in connection therewith and any obligation on the part of Luxco or any Investor under any indemnification arrangement between the Investor and any of its Representatives that are Indemnitees to indemnify or advance
expenses to such Indemnitee shall be secondary to the indemnification under the Nielsen Indemnity Agreements and shall be reduced by any amount that the Indemnitee may collect as indemnification or advancement from Nielsen Holdings. In the event
that Nielsen Holdings fails to indemnify or advance expenses to an Indemnitee as required or contemplated by this Agreement or any Nielsen Indemnity Agreement, and Luxco or any Investor makes any payment to such Indemnitee in respect of
indemnification or advancement of expenses under any agreement between the Indemnitee and Luxco or an Investor on account of such Unpaid Indemnity Amounts, Luxco or such Investor shall be subrogated to the rights of such Indemnitee under this
Agreement in respect of such Unpaid Indemnity Amounts. 

 Nielsen Holdings hereby agrees that, to the fullest
extent permitted by applicable law, its obligations to indemnify the Indemnitees under this Agreement and any Nielsen Indemnity Agreements shall include any amounts expended by Luxco or any Investor under any indemnification arrangement between
Luxco or such Investor and any Indemnitee in respect of indemnification or advancement of expenses to any Indemnitee in connection with litigation or other proceedings involving his or her services as a Representative of a member of the Group to the
extent such amounts expended by Luxco or such Investor are on account of any Unpaid Indemnity Amounts. 
  

	8.	ISSUES OF SECURITIES 

  

	8.1	Equal Treatment of Investors 

  

	 	8.1.1  	In the event that any New Securities are proposed to be issued, or any contracts, commitments, agreements, understandings or arrangements of any kind are proposed to be
entered into relating to the issuance of any New Securities to any Investor (other than Centerview) or any Affiliate of any such Investor (excluding, for the avoidance of doubt, any member of the Group), then each Investor (other than Centerview)
shall have the right (the “Pre-emptive Right”) to subscribe up to a number of New Securities, at the same price and on the same terms as each other Investor (other than Centerview), such that such Investor would, after the issuance
of all such New Securities (on an “as converted” basis), hold the same proportionate interest of the issued and then outstanding shares in Nielsen Holdings (including any New Securities on an “as converted” basis) as was held,
directly or indirectly, by such Investor immediately prior to the issuance of such New Securities (the “Proportionate Percentage”). The detailed terms of and the process applicable to the exercise by an Investor of its Pre-emptive
Right shall be determined by the Nielsen Holdings Board in its decision to authorise the proposed issue of New Securities or the proposed entering into of the contract, commitment, agreement, understanding or arrangement that gives rise to that
Pre-emptive Right. 

  
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	 	8.1.2  	For the avoidance of doubt, the Investors shall have no Pre-emptive Rights with respect to any issue of New Securities to any Person which is not an Investor or an
Affiliate of an Investor. 

  

	9.	REPRESENTATIONS AND WARRANTIES 

  

	9.1	Representations and Warranties of the Investors 

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

 

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

 

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

 

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

  

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

  

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

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

  

	 	(g)	No Other Representations. Except for the representations and warranties contained in this Article 9, neither such Investor, nor any other Person or entity acting
on behalf of such Investor, makes any representation or warranty, express or implied. 

  

	10.	ADDITIONAL COVENANTS AND AGREEMENTS 

  

	10.1	Directors’ Fees and Expenses 

  

	 	10.1.1  	No Nielsen Holdings Non-Executive Director shall receive any director’s or Board fee unless and to the extent the Nielsen Holdings Board determines otherwise, in
which case any such fees shall be within the framework of the directors’ compensation policy approved from time to time by the shareholders of Nielsen Holdings. 

 

	 	10.1.2  	Each Nielsen Holdings Non-Executive Director shall be entitled to reimbursement of all out-of-pocket travel and related expenses incurred by such representative in the
performance of his duties as a director of one or more members of the Group, including without limitation in connection with attendance at board and committee meetings by such representative. 

 

	10.2	Corporate Opportunities 

  

	 	10.2.1  	 Each Investor shall cause each Nielsen Holdings Non-Executive Director, each TNC Supervisory Director and each AlpInvest Observer designated by it or
its Affiliated Funds to recuse themselves from all deliberations of the Board, and neither Nielsen Holdings nor any other member of the Group shall have any obligation to provide to any such Nielsen Holdings Non-Executive Director, TNC Supervisory
Director or AlpInvest Observer any information, regarding any acquisition, disposition, investment or similar transaction that the member of the Group elects to pursue at any time after the date of this Agreement (as determined by the Nielsen
Holdings Board, a “Corporate Opportunity”) if such Investor or one of its Affiliates is competing with or is otherwise adverse to the Group with respect to such Corporate Opportunity. Each Nielsen Holdings Director or TNC
Supervisory Director who is aware that the Investor which has designated him as a Nielsen Holdings Non-Executive Director or a TNC Supervisory Director, or an Affiliated Fund of

  
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that Investor, is or is contemplating pursuing a Corporate Opportunity, shall himself withdraw from the deliberations of the Board in accordance with this Article 10.2.1, without however having
to disclose any information regarding that Corporate Opportunity or the plans which the relevant Investor or its Affiliated Fund has with respect to that Corporate Opportunity, if such information is not in the public domain or otherwise known to
the Board. 

  

	 	10.2.2  	If any Investor or its Affiliates consummates a transaction that at any time after the date of this Agreement constituted a Corporate Opportunity, such Investor shall
cause each Nielsen Holdings Non-Executive Director, each TNC Supervisory Director and each AlpInvest Observer designated by it or its Affiliated Funds to recuse themselves from all future deliberations of each Board relating to, and no member of the
Group shall have any obligation to provide to any such Nielsen Holdings Non-Executive Director, TNC Supervisory Director or AlpInvest Observer any information regarding, that portion of the Group’s business as competes or would reasonably be
expected to compete with the Corporate Opportunity concerned (a “Competing Enterprise”). The consent of the Nielsen Holdings Non-Executive Director(s) or TNC Supervisory Director(s) who are a Representative of such Investor or any
of its Affiliate Funds shall not be required for authorising, effecting or validating any transactions in connection with such Corporate Opportunity or Competing Enterprise. In addition, each Investor shall, and shall cause any Nielsen Holdings
Non-Executive Director, TNC Supervisory Director or AlpInvest Observer who is its Representative or a Representative of its or any of its Affiliated Funds to, keep confidential any information regarding any Corporate Opportunity, including the
existence of such potential acquisition, disposition, investment or similar transaction, that such Investor or Nielsen Holdings Non-Executive Director, TNC Supervisory Director or AlpInvest Observer learns about as a result of its participation in
any Board or in accordance with Article 10.5.1. 

  

	10.3	Non-Competition 

 For so
long as an Investor or its Affiliated Funds has a right to designate a Representative to the Nielsen Holdings Board, the TNC Supervisory Board or as an AlpInvest Observer, such Investor and its respective Affiliates, all Persons Controlled by that
Investor or by any of that Investor’s Affiliates and any “group” (as determined under Section 13(d)(3) of the Exchange Act) of which such Investor or any of its Affiliates is a member will be prohibited from owning, managing,
operating, controlling or participating in the ownership, management, operation or control of any Person listed in Schedule 10 hereto (as such Schedule may be amended from time to time by the Nielsen Holdings Board, a “Named
Competitor”), unless consented to by the Nielsen Holdings Board, provided that: 
  

	 	10.3.1  	 This Article 10.3 shall not prohibit any Person from acquiring or holding a passive investment in any Named Competitor, which (a) does not
represent more than 5% of the aggregate amount of equity invested in that Named Competitor, (b) does not entitle the holder to more than 5% of any pro rata distribution of profits or capital made by that Named Competitor, (c) does not
entitle the holder to exercise more than 5% of the votes exercisable at a general meeting of shareholders of that Named Competitor, (d) does not 

  
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include and is not otherwise combined with any entitlement to appoint any directors, officers, observers or other representatives to any body or committee of that Named Competitor or any
Affiliate of that Named Competitor (and no director, employee or other representative of the Investor concerned or any Affiliate of that Investor holds any position on any such body or committee as a matter of fact), and (e) is not in any way
subject to any agreement or arrangement made between the Investor concerned or any Affiliate of that Person and any other shareholder of or investor in that Named Competitor; 

 

	 	10.3.2  	This Article 10.3 shall not prohibit any Investor which is a fund of funds to make or hold a non-Controlling investment in a fund which in turn has an investment in a
Named Competitor or otherwise engages in an activity that would constitute a breach of this Article 10.3 if that fund was an Investor; and 

  

	 	10.3.3  	In the event that an Investor or an Affiliate of an Investor acts in breach of this Article 10.3: 

 

	 	(a)	Article 10.2.2 shall apply mutatis mutandis to the Investor concerned and to all other Investors which are Affiliated with that Investor (treating such Named
Competitor as a Competing Enterprise thereunder); and 

  

	 	(b)	To the extent that the occurrence of such breach is not reasonably within the control of the Investor concerned, any of its Affiliates or any person Controlled by that
Investor or by any of that Investor’s Affiliates, no other remedies shall be available to the other Parties. In all other circumstances, unless such breach is promptly (and in any event within three (3) Business Days following its
occurrence) and completely cured by the Investor or Investors concerned, the Investor or Investors concerned shall be considered in material breach of this Agreement and liable for all damages resulting therefrom, and the other Parties may seek
specific enforcement or injunctive relief against such Investor or Investors, in accordance with Article 11.8. 

  

	10.4	Non-Solicitation 

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

  
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	10.5	Access to Information, Financial Statements, Confidentiality and Public Announcements 

 

	 	10.5.1  	The following shall apply with respect to confidentiality: 

  

	 	(a)	Each of the Investors acknowledge that Nielsen Holdings is a publicly listed company and as such is bound by various laws as regards the provision of information
including the rules and regulations of the SEC and the NYSE as well as applicable Dutch laws. Nielsen Holdings has also adopted the Insider Trading Policy. Each Investor covenants that its Representatives and its Affiliated Funds will at all times
comply with such laws, rules and regulations and Nielsen Holdings’ Insider Trading Policy. The Parties agree that any amendments to the Nielsen Holdings’ Insider Trading Policy shall remain consistent with the terms of, and not be adverse
to the rights of the Investors promulgated under, this Agreement. 

  

	 	(b)	Subject to the aforegoing, each Investor is entitled to the same Information and Confidential Information (as defined below) as provided to its respective Nielsen
Holdings Director or TNC Supervisory Director who is its or its Affiliates’ Representative in the context of this Agreement, subject to the maintenance of adequate procedures to prevent such information from being used in connection with the
purchase or sale of securities of the entities in the Group in violation of applicable law, unless (and, in such case to the extent) the provision of such Information or Confidential Information has been specifically restricted by the Nielsen
Holdings Board. 

  

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

  
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	 	10.5.2  	The Parties are aware that, as long as Nielsen Holdings shall have shareholders other than Luxco and/or any other entity which is directly or indirectly a Wholly-Owned
Subsidiary of Luxco (“Minority Shareholders”), any material non-public information provided by Nielsen Holdings or any of its subsidiaries to Luxco or any Affiliate or direct or indirect shareholder of Luxco may also need to be
provided to those Minority Shareholders. The Parties shall seek to minimise such provision of non-public information to persons other than Nielsen Holdings Directors and shall take appropriate measures and agree appropriate arrangements to ensure
that the provision of non-public information to Nielsen Holdings Directors and the use of such information by Nielsen Holdings Directors shall not result in any requirement to provide such information also to any other Person, including any Minority
Shareholders. The Nielsen Holdings Board Regulations shall allow, to the maximum extent permitted by applicable law, the Nielsen Holdings Directors to share non-public information received by them with other Representatives of the Investor on whose
nomination they have been appointed. 

  

	 	10.5.3  	No public announcement or press release concerning the business of the Group or this Agreement or any of its provisions shall be made by any Party (or any Affiliate
thereof), without the prior consent of the Nielsen Holdings Board, which may also be given in general terms with respect to categories of announcements. This provision shall not prohibit any public announcement or press release required to be made
by any applicable laws or regulations, provided that such Party (or such Affiliate) that is making such announcement shall, to the extent practicable, consult with the other Parties concerning the timing and content of such announcement before such
announcement is made and shall give a copy thereof to the other Parties at the same time as, or as soon as reasonably practicable after, the making of such announcement. 

 

	10.6	Offering Expenses. 

Nielsen Holdings shall pay all Offering Expenses in connection with the IPO, including any Offering Expenses of the Investors. 

 

	10.7	VCOC Management Rights Agreements. 

  

	 	10.7.1  	Each of Luxco, TNC, Bidco and each Investor hereby agrees to amend such Investor’s VCOC Management Rights Agreement (if any) in the following manner:

  

	 	(a)	the term “Interests” as used in such VCOC Management Rights Agreement shall mean equity interests in Luxco and its subsidiaries; 

 

	 	(b)	the term “Shareholders’ Agreement” shall mean this Agreement and the shareholders’ agreement by and among the Investors and Luxco dated as of the
date hereof; 

  
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	 	(c)	all references to the term “VNU” used in such VCOC Management Rights Agreement shall be deemed to include a reference to Nielsen Holdings; and

  

	 	(d)	the following new paragraph shall be deemed to be added to the end of such VCOC Management Rights Agreement, prior to the signature pages: “The VCOC Investor may
be entitled to certain confidential information relating to the Companies as provided to directors of the Companies who are its or its affiliates’ direct or indirect designees to such boards of directors, subject to the maintenance of adequate
procedures to prevent such information from being used in connection with the purchase or sale of securities of the entities in the Companies in violation of applicable law, unless (and, in such case to the extent) the provision of such information
has been specifically restricted by the board of directors of Nielsen Holdings N.V. The VCOC Investor and the Companies agree to take appropriate measures to ensure that the provision of non-public information to the VCOC Investor and the use of
such information by the VCOC Investor shall not result in any requirement to provide such information also to any other person, including any minority shareholders of the Companies.”. 

By its execution of this Agreement, Nielsen Holdings agrees to be bound by the terms and obligations applicable to “VNU” in each
Investor’s VCOC Management Rights Agreement as if it were a party thereto. 
  

	 	10.7.2  	In the event Luxco ceases to qualify as an “operating company” (as defined in the first sentence of 2510.3-101(c)(1) of the Plan Asset Regulations) or the
investment in Luxco by a VCOC Investor otherwise ceases to qualify as a VCOC Investment, (i) each VCOC Investor may elect to require Luxco, to the extent permissible under applicable law, to distribute an undivided interest in a number of
shares of Common Stock equal to (A) the total number of Luxco Held Shares multiplied by (B) the Percentage Interest of such VCOC Investor (or a portion of such Percentage Interest as designated by such VCOC Investor) (each, an
“Undivided Common Stock Interest”) to such VCOC Investor (in exchange for a corresponding portion of Luxco shares held by such VCOC Investor) and (ii) each of Luxco, Nielsen Holdings, TNC and each Investor will cooperate in
good faith to take all reasonable actions necessary to facilitate any such election by a VCOC Investor. Following the exchange of such shares in Luxco for the Undivided Common Stock Interest, the VCOC Investor shall exchange such Undivided Common
Stock Interest for the number of shares of Common Stock represented by such Undivided Common Stock Interest. It is understood that such reasonable actions shall not require a VCOC Investor to purchase or sell any investments.

  

	 	10.7.3  	The provision of information under the VCOC Management Rights Agreements shall be subject to the provisions of Article 10.5. 

  
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	11.	MISCELLANEOUS 

  

	11.1	Waiver; Amendment 

 This
Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by Nielsen Holdings and each Investor together with its Affiliated Investors holding a direct or indirect interest in at least 1% of the then
outstanding Listed Shares provided that (x) the Parties agree to amend, supplement or otherwise modify this Agreement as may be necessary to comply with the laws, regulations and rules of any Selected Offering Jurisdiction and the rules of the
relevant Selected Securities Exchange in connection with the IPO, (y) any amendment that disproportionately affects any Investor shall require the consent of such Investor and (z) any amendment to the last sentence of Article 3.5.1, the
last sentence of Article 3.5.2 or Article 10.5.1 that affects any Investor shall require the consent of such Investor. No waiver by any Party of any of the provisions hereof will be effective unless explicitly set forth in writing and executed by
the Party so waiving. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including any investigation by or on behalf of any Party, will be deemed to constitute a waiver by the Party taking such action of
compliance with any covenants or agreements contained herein. The waiver by any Party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach. 

 

	11.2	Effectiveness; Termination 

  

	 	11.2.1  	This Agreement shall become effective on the Closing Date and, subject to Articles 11.2.2 and 11.2.3, shall terminate and be of no further force or effect upon the
earlier of: 

  

	 	(a)	the written agreement of all Parties hereto; 

  

	 	(b)	if and when Luxco ceases to hold any Listed Shares. 

  

	 	11.2.2  	Subject to Article 11.2.3, at the time an Investor and its Affiliates (aggregated) ceases to directly or indirectly through its ownership in Luxco hold any Listed
Shares, such Investor shall cease to be a Party and be bound by this Agreement. 

  

	 	11.2.3  	Notwithstanding any termination of this Agreement pursuant to Article 11.2.1 or any termination with respect to an Investor pursuant to Article 11.2.2, (i) the
provisions of Articles 10.2, 10.3, 10.4 and 10.5 shall survive and continue to bind each Party for a period of one year after such termination, and (ii) Articles 1 and 11, which shall survive for so long as Luxco or any Investor holds any
Listed Shares. 

  

	 	11.2.4  	This Agreement supersedes and replaces the Current Shareholders’ Agreement in its entirety. The Parties are released from any and all obligations and liabilities
under the Current Shareholders’ Agreement and shall have no obligation or liability thereunder, except to the extent of any rights or obligations accrued thereunder up to the date hereof. 

  
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	11.3	Notices 

 Any notices or
other communications required or permitted to be given to a Party hereunder shall be sufficiently given if in writing and either (i) personally delivered, (ii) sent by registered or certified mail, return receipt requested, postage
prepaid, (iii) sent by overnight delivery service such as DHL, (iv) sent by facsimile transmission or electronic mail, with verbal or electronic confirmation of receipt, and addressed (x) for the Investors, Luxco and the Intermediate
Holdcos, as set forth in Schedule 8 or (z) for any new Investor, as contained in the Accession Agreement or other written instrument pursuant to which such new Investor becomes a Party to this Agreement, or, in each case, to such other address
as the relevant Party shall have given notice of pursuant hereto. All such notices and other communications shall be deemed to have been given and received (i) if by personal delivery, on the day of such delivery; (ii) if by registered or
certified mail, on the seventh day after the mailing thereof, (iii) if by overnight delivery service such as DHL, on the next Business Day; and (iv) if by facsimile transmission or electronic mail, on the day that verbal or electronic
confirmation of receipt by the recipient is obtained from the recipient. 
  

	11.4	Applicable Law 

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

	11.5	Nielsen Holdings not Party to Voting Arrangements 

 If and to the extent any provisions in this Agreement constitutes a voting arrangement between the shareholders of Nielsen Holdings under Dutch law, Nielsen Holdings shall be considered not to be a Party
to this Agreement in respect of those provisions. 
  

	11.6	Disputes 

 All actions
arising out of or relating to this Agreement shall be heard and determined exclusively in any New York state or federal court sitting in the Borough of Manhattan of The City of New York (other than with respect to an appeal from such courts to a
higher court outside of the State of New York). The Parties hereby (a) submit to the exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan of The City of New York for the purpose of any action arising out of
or relating to this Agreement brought by any Party hereto and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, that the venue of the action is improper, or that this Agreement or the transactions contemplated hereby may
not be enforced in or by any of the above-named courts. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

  
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	11.7	Assignment 

 Except as
permitted in this Agreement, the rights and obligations under this Agreement may not be Transferred by any Party hereto, in whole or in part, to any Third Party, and any purported Transfer without such consent shall be void and unenforceable.
Without the prior approval of Nielsen Holdings and those Investors (or group of Affiliated Investors) each holding a direct or indirect interest in at least 1% of the outstanding Listed Shares, the rights and obligations under this Agreement of any
other Party hereto may not be Transferred, and any purported Transfer without such approval shall be void and unenforceable. The rights and obligations hereunder, including without limitation the right to nominate, designate or appoint any member of
any of the Boards or any committee thereof, or remove any such nominee, designee or appointee, are personal to each Investor or group of Affiliated Investors entitled to do so hereunder and may not be assigned to any Person except with the prior
approval of the Nielsen Holdings Board, provided that each Investor shall be permitted to assign any such right to one or more of its Affiliates. 
  

	11.8	Specific Performance 

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

	11.9	Fiduciary Duties; Exculpation Clause 

 To the maximum extent permitted by law, no Investor and no Representative shall have a fiduciary or similar duty to the other Investors, to any members of the Group or to any shareholder, creditor,
employee or other stakeholder of any member of the Group, and each Investor (on behalf of itself, its Representatives), Luxco and each Intermediate Holdco hereby waives any claim relating to a breach of fiduciary or similar duty it has or may have
in connection with any action or inaction by any Investor or any such Representative. Without limiting the foregoing, to the maximum extent permitted by law, none of the Investors and none of the representatives, nominees, designees or other
Representatives of any Investor on any Board or any committee of any member of the Group thereof shall have any liability for breach or alleged breach of fiduciary or similar duty to the Investors, to any member of the Group or to any shareholder,
creditor, employee or other stakeholder of any member of the Group and is and shall be fully exculpated from all such liability. Each of the Parties hereby waives any and all claims it has or may have relating to any such breach or alleged breach of
fiduciary or similar duty. The foregoing shall not be deemed to limit the obligations of the Investors under this Agreement. 

  
 - 33 -

  

	11.10  	No Recourse 

 Only the
Parties shall have any obligation or liability under this Agreement. Notwithstanding anything that may be expressed or implied in this Agreement, no recourse under this Agreement or any documents or instruments delivered in connection with this
Agreement shall be had against any current or future Representative of any Investor or any current or future direct or indirect shareholder, member, general or limited partner or other beneficial owner of any Investor or any of their respective
Representatives, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever
shall attach to, be imposed on or otherwise be incurred by any such Person for any obligation of any Investor under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or
by reason of such obligations or their creation. 
  

	11.11  	Further Assurances 

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

	11.12  	Several Obligations 

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

	11.13  	Third Parties 

 This
Agreement does not create any rights, claims or benefits inuring to any Person that is not a Party hereto nor create or establish any third party beneficiary hereto save that Article 6 shall inure to the benefit of, and shall be enforceable by, an
Investor’s Representatives. 
  

	11.14  	Entire Agreement 

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

 

	11.15  	Titles and Headings 

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

	11.16  	Binding Effect 

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

  
 - 34 -

  

	11.17  	Severability 

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

	11.18  	Counterparts 

 This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Any counterpart or other signature hereupon delivered by facsimile shall be deemed
for all purposes as constituting good and valid execution and delivery of this Agreement by such Party. 

  
 - 35 -

 IN WITNESS WHEREOF the Parties hereto have duly executed this Agreement as of the date first above
written. 
 [EXECUTION PAGES FOLLOW AT THE END OF THE DOCUMENT] 

  
 - 36 -Form of Registration Rights Agreement

 Exhibit 10.28 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement
(as amended from time to time, this “Agreement”) is dated as of [•] [•], 2010, and is between NIELSEN HOLDINGS N.V., a Dutch public company with limited liability (naamloze vennootschap) (the
“Company”), VALCON ACQUISITION HOLDING (LUXEMBOURG) S.A R.L. (“LuxCo”), ALPINVEST PARTNERS CS INVESTMENTS 2006 C.V. (“AlpInvest”), BLACKSTONE CAPITAL PARTNERS (CAYMAN) V LP
(“Blackstone”), CARLYLE PARTNERS IV CAYMAN, L.P. (“Carlyle”), CENTERVIEW CAPITAL GP LLC (“Centerview”), HELLMAN & FRIEDMAN CAPITAL PARTNERS V (CAYMAN), L.P.
(“H&F”), KKR VNU (MILLENIUM) LIMITED (“KKR”) and THL FUND VI (ALTERNATIVE) CORP. (“THL”, together with AlpInvest, Blackstone, Carlyle, Centerview, H&F and KKR, the
“Stockholders”, and individually a “Stockholder”). References to a Stockholder include all of its affiliated private equity funds, including co-invest and side-by-side entities, that hold shares of
Common Stock of the Company. References to Stockholders also include transferees to whom a Stockholder transfers shares and related rights under this Agreement in accordance with Section 6.1. 

WHEREAS, the Stockholders are the owners of LuxCo, which, in turn holds shares (defined below); and 

WHEREAS, concurrently herewith the Company is effectuating an initial public offering of shares of common stock of the Company (the
“Common Stock”), and has agreed to provide the Stockholders with the registration rights set forth in this Agreement with respect to shares held indirectly through LuxCo or any shares that the Stockholders may hold directly from
time to time. 
 NOW, THEREFORE, in consideration of the premises and of the mutual agreements, covenants and provisions herein
contained, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 In this Agreement: 
 Exchange Act means the Securities Exchange Act
of 1934, as amended. 
 Initial Capital Interest means the aggregate sums which remain invested by a Stockholder
in shares and yield free convertible preferred equity certificates of LuxCo immediately following the IPO. 
 IPO
means the underwritten registered public offering of the Company’s Common Stock pursuant to which the Common Stock is being listed on the New York Stock Exchange. 
 Securities Act means the Securities Act of 1933, as amended. 

 shares means shares of Common Stock of the Company. References to shares held
by a Stockholder shall be deemed to include both shares held directly by such Stockholder and indirectly through LuxCo. Shares held by a Stockholder the certificate for which does not bear a Securities Act restrictive legend, which shares may be
resold freely without registration under the Securities Act, will not be considered shares for purposes of this Agreement. 

WKSI means a well-known seasoned issuer, as defined in the SEC’s Rule 405. 

ARTICLE II 

DEMAND AND PIGGYBACK RIGHTS 
 2.1 Right to Demand a Non-Shelf Registered Offering. Upon the demand of at any time and from time to time after the expiration of the underwriter lock-up period applicable to the
Company’s IPO, the Company will facilitate in the manner described in this Agreement a non-shelf registered offering of the shares, held by LuxCo or otherwise, requested by the demanding Stockholders to be included in such offering. A demand by
Stockholders for a non-shelf registered offering that will result in the imposition of a lockup on the Company and the Stockholders may not be made unless the shares requested to be sold by the demanding Stockholders in such offering have an
aggregate market value (based on the most recent closing price of the Common Stock at the time of the demand) of at least $100 million. Subject to Section 3.5 below, any demanded non-shelf registered offering may, at the Company’s option,
include shares to be sold by the Company for its own account and will also include shares to be sold by Stockholders, and other holders of shares with similar rights, that exercise their related piggyback rights on a timely basis. 

2.2 Right to Piggyback on a Non-Shelf Registered Offering. In connection with any registered offering of Common Stock
covered by a non-shelf registration statement (whether pursuant to the exercise of demand rights or at the initiative of the Company), the Stockholders may exercise piggyback rights to have included in such offering shares held by them, either
directly or through LuxCo. The Company will facilitate in the manner described in this Agreement any such non-shelf registered offering. 
 2.3 Right to Demand and be Included in a Shelf Registration. Upon the demand of Stockholders holding a majority of the shares then collectively held by them, made at any time and from time
to time when the Company is eligible to utilize Form S-3 or a successor form to sell shares in a secondary offering on a delayed or continuous basis in accordance with Rule 415, the Company will facilitate in the manner described in this Agreement a
shelf registration of shares held by them, either directly or through LuxCo. Any shelf registration filed by the Company covering shares (whether pursuant to a Stockholder demand or at the initiative of the Company) will cover shares held by each of
the Stockholders (regardless of whether they demanded the filing of such shelf or not) up to an equivalent percentage of their original respective holdings as may be agreed upon by the demanding Stockholders. If at the time of such request the
Company is a WKSI, such shelf registration would, at the request of such majority Stockholders, cover an unspecified number of shares to be sold by the Company and the Stockholders. 

  
 2 

 2.4 Demand and Piggyback Rights for Shelf Takedowns. Upon the demand of
one or more Stockholders (other than Centerview) made at any time and from time to time, the Company will facilitate in the manner described in this Agreement a “takedown” of shares off of an effective shelf registration statement. In
connection with any underwritten shelf takedown (whether pursuant to the exercise of such demand rights or at the initiative of the Company), the Stockholders may exercise piggyback rights to have included in such takedown shares held by them that
are registered on such shelf. Notwithstanding the foregoing, Stockholders may not demand a shelf takedown for an offering that will result in the imposition of a lockup on the Company and the Stockholders or LuxCo unless the shares requested to be
sold by the demanding Stockholders in such takedown have an aggregate market value (based on the most recent closing price of the Common Stock at the time of the demand) of at least $100 million. 

2.5 Right to Reload a Shelf. Upon the written request of a Stockholder (other than Centerview), the Company will
file and seek the effectiveness of a post-effective amendment to an existing shelf in order to register up to the number of shares previously taken down off of such shelf and not yet “reloaded” onto such shelf. The Stockholders and the
Company will consult and coordinate with each other in order to accomplish such replenishments from time to time in a sensible manner. 
 2.6 Limitations on Demand and Piggyback Rights. 
 (a) Any demand for
the filing of a registration statement or for a registered offering or takedown will be subject to the constraints of any applicable lockup arrangements, and such demand must be deferred until such lockup arrangements no longer apply. If a demand
has been made for a non-shelf registered offering or for an underwritten takedown, no further demands may be made so long as the related offering is still being pursued. After an underwritten offering demanded by a Stockholder, such Stockholder may
not make another demand for an underwritten offering prior to 60 days after the expiration of the lockup applicable to its prior demanded offering unless another Stockholder not subject to a similar demand restriction joins in the demand.
Notwithstanding anything in this Agreement to the contrary, the Stockholders will not have piggyback or other registration rights with respect to registered primary offerings by the Company (i) covered by a Form S-8 registration statement or a
successor form applicable to employee benefit-related offers and sales, (ii) where the shares are not being sold for cash or (iii) where the offering is a bona fide offering of securities other than shares, even if such securities are
convertible into or exchangeable or exercisable for shares. 
 (b) The Company may postpone the filing of a demanded
registration statement or suspend the effectiveness of any shelf registration statement for a reasonable “blackout period” not in excess of 90 days if the board of directors of the Company determines that such registration or offering
could materially interfere with a bona fide business or financing transaction of the Company or is reasonably likely to require premature disclosure of information, the premature disclosure of which could materially and adversely affect the Company;
provided that the Company shall not postpone the filing of a demanded registration statement or suspend the effectiveness of any shelf registration statement pursuant to this Section 2.6(b) more than once in any 360 day period. The blackout
period will end upon the earlier to occur of, (i) in the case of a bona fide business or financing transaction, a date not later than 90 

  
 3 

 
days from the date such deferral commenced, and (ii) in the case of disclosure of other non-public information, the earlier to occur of (x) the filing by the Company of its next
succeeding Form 10-K or Form 10-Q, or (y) the date upon which such information is otherwise disclosed. 
 ARTICLE III

 NOTICES, CUTBACKS AND OTHER MATTERS 
 3.1 Notifications Regarding Registration Statement. Prior to exercising demand rights for a registration statement, the Stockholders will consult with each other in this regard. In
order for one or more Stockholders to exercise their right to demand that a registration statement be filed, they must so notify the Company in writing indicating the number of shares sought to be registered and the proposed plan of distribution.
The Company will keep the Stockholders contemporaneously apprised of all pertinent aspects of its pursuit of any registration, whether pursuant to a Stockholder demand or otherwise, with respect to which a piggyback opportunity is available. Pending
any required public disclosure and subject to applicable legal requirements, the parties will maintain the confidentiality of these discussions. 
 3.2 Notifications Regarding Registration Piggyback Rights. Any Stockholder wishing to exercise its piggyback rights with respect to a non-shelf registration statement must notify the
Company and the other Stockholders of the number of shares it seeks to have included in such registration statement. Such notice must be given as soon as practicable, but in no event later than 5:00 pm, New York City time, on the second trading day
prior to (i) if applicable, the date on which the preliminary prospectus intended to be used in connection with pre-effective marketing efforts for the relevant offering is expected to be finalized, and (ii) in any case, the date on which
the pricing of the relevant offering is expected to occur. No such notice is required in connection with a shelf registration statement, as shares held by all Stockholders will be included up to the applicable percentage. 

3.3 Notifications Regarding Demanded Underwritten Takedowns. 

(a) Prior to exercising their demand rights for an underwritten takedown of shares off of a shelf registration statement, the
Stockholders will consult with each other in this regard. The Company will keep the Stockholders contemporaneously apprised of all pertinent aspects of any underwritten shelf takedown in order that they may have a reasonable opportunity to exercise
their related piggyback rights. Without limiting the Company’s obligation as described in the preceding sentence, having a reasonable opportunity requires that the Stockholders be notified by the Company of an anticipated underwritten takedown
(whether pursuant to a demand made by other Stockholders or made at the Company’s own initiative) no later than 5:00 pm, New York City time, on (i) if applicable, the second trading day prior to the date on which the preliminary prospectus
or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for such takedown is finalized, and (ii) in all cases, the second trading day prior to the date on which the pricing of the relevant takedown occurs.

 (b) Any Stockholder wishing to exercise its piggyback rights with respect to an underwritten shelf takedown must notify the
Company and the other Stockholders of the number of shares it seeks to have included in such takedown. Such notice must be given as soon 

  
 4 

 
as practicable, but in no event later than 5:00 pm, New York City time, on (i) if applicable, the trading day prior to the date on which the preliminary prospectus or prospectus supplement
intended to be used in connection with marketing efforts for the relevant offering is expected to be finalized, and (ii) in all cases, the trading day prior to the date on which the pricing of the relevant takedown occurs. 

(c) Pending any required public disclosure and subject to applicable legal requirements, the parties will maintain appropriate
confidentiality of their discussions regarding a prospective underwritten takedown. 
 3.4 Plan of Distribution,
Underwriters and Counsel. If a majority of the shares proposed to be sold in an underwritten offering through a non-shelf registration statement or through a shelf takedown are being sold by the Company for its own account, the
Company will be entitled to determine the plan of distribution and select the managing underwriters for such offering. Otherwise, Stockholders holding a majority of the shares requested to be included in such offering will be entitled to determine
the plan of distribution and select the managing underwriters, and such majority will also be entitled to select counsel for the selling Stockholders (which may be the same as counsel for the Company). In the case of a shelf registration statement,
the plan of distribution will provide as much flexibility as is reasonably possible, including with respect or resales by transferee Stockholders. 
 3.5 Cutbacks. If the managing underwriters advise the Company and the selling Stockholders that, in their opinion, the number of shares requested to be included in an underwritten
offering exceeds the amount that can be sold in such offering without adversely affecting the distribution of the shares being offered, such offering will include only the number of shares that the underwriters advise can be sold in such offering.

 (a) In the case of a registered offering upon the demand of one or more Stockholders, the selling Stockholders (including
those Stockholders exercising piggyback rights pursuant to Section 2.2) collectively will have first priority and will be subject to cutback pro rata (i) first, based on the Initial Capital Interest of each such selling Stockholder (up to
the number of shares initially requested by them to be included in such offering) and (ii) second, to the extent of any remaining capacity, with respect to each selling Stockholder who has been cutback (each selling Stockholder so cutback
pursuant to clause (i) of Section 3.5(a) or Section 3.5(b), a “Cutback Stockholder”), a number of shares equal to (A) the remaining capacity of shares (up to the difference between the aggregate number of shares
initially requested by all Cutback Stockholders to be included in such offering and the aggregate number of shares allocated to such Cutback Stockholders (such difference, the “Remaining Demanded Shares”)), multiplied by (B) a
fraction equal to (x) the difference between the number of shares initially requested by such Cutback Stockholder to be included in such offering and the number of shares allocated to such Cutback Stockholder pursuant to clause (i) of this
Section 3.5(a), divided by (y) the Remaining Demanded Shares, without distinguishing between selling Stockholders based on who made the demand for such offering. To the extent of any remaining capacity, all other stockholders having
similar registration rights will have second priority and will be subject to cutback pro rata based on the number of shares initially requested by them to be included in such offering. To the extent of any remaining capacity, the Company will have
third priority. Except as contemplated by Section 6.1(b) and the immediately preceding three sentences, other selling stockholders (other than transferees to whom a Stockholder has assigned its rights under this Agreement) will be included in
an underwritten offering only with the consent of Stockholders holding a majority of the shares being sold in such offering. 

  
 5 

 (b) In the case of a registered offering upon the initiative of the Company, the Company
will have first priority. To the extent of any remaining capacity, the selling Stockholders as a group, on the one hand, and all other stockholders having similar registration rights as a group, on the other hand, will be subject to cutback pro rata
based on the number of shares initially requested by such group to be included in such offering. The selling Stockholders will be subject to cutback pro rata (i) first, based on the Initial Capital Interest of each such selling Stockholder (up
to the number of shares initially requested by them to be included in such offering) and (ii) second, to the extent any shares allocated to the selling Stockholders as a group remain, with respect to each Cutback Stockholder, a number of shares
equal to (A) the remaining number of shares allocated to the selling Stockholders as a group, multiplied by (B) a fraction equal to (x) the difference between the number of shares initially requested by such Cutback Stockholder to be
included in such offering and the number of shares allocated to such Cutback Stockholder pursuant to clause (i) of this Section 3.5(b), divided by (y) the Remaining Demanded Shares. Except as contemplated by Section 6.1(b) and
the immediately preceding sentence, other stockholders (other than transferees to whom a Stockholder has assigned its rights under this Agreement) will be included in an underwritten offering only with the consent of Stockholders holding a majority
of the shares being sold in such offering. 
 3.6 Withdrawals. Even if shares held by a Stockholder have
been part of a registered underwritten offering, such Stockholder may, no later than the time at which the public offering price and underwriters’ discount are determined with the managing underwriter, decline to sell all or any portion of the
shares being offered for its account. 
 3.7 Lockups. In connection with any underwritten offering of shares, the
Company, LuxCo and each Stockholder will agree (in the case of Stockholders and LuxCo, with respect to shares respectively held by them) to be bound by the underwriting agreement’s lockup restrictions (which must apply, and continue to apply,
in like manner to all of them) that are agreed to (a) by the Company, if a majority of the shares being sold in such offering are being sold for its account, or (b) by Stockholders holding a majority of shares being sold by all
Stockholders, if a majority of the shares being sold in such offering are being sold by Stockholders, as applicable. 
 3.8
Expenses. All expenses incurred in connection with any registration statement or registered offering covering shares held by Stockholders, including, without limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel (including the fees and disbursements of outside counsel for Stockholders) and of the independent certified public accountants, and the expense of qualifying such shares under state blue sky laws, will be borne by the
Company. However, underwriters’, brokers’ and dealers’ discounts and commissions applicable to shares sold for the account of a Stockholder will be borne by such Stockholder. 

  
 6 

 3.9 Holdback. 

(a) Stockholder Holdback. In the event of any public offering that is underwritten, LuxCo (and, if any Stockholder holds shares
directly, such Stockholder) agrees not to transfer any shares or effect or request any public offering of any shares directly held by such Stockholder (or held on its behalf by LuxCo) or any option, warrant or other right to acquire shares other
than (x) as part of such underwritten public offering or (y) pursuant to a tender of shares in any public tender or exchange offer for all of the shares (subject to the other provisions of this Agreement and Article 10 of the LuxCo
Shareholders’ Agreement), for a period commencing on the date that the underwritten public offering has been requested under Article II or resolved by the board of directors of the Company in the case of a primary offering and continuing for
such period of time as the managing underwriters shall require, which, in any event, shall not exceed 90 days after the date of the first sale of securities under the approved or effective applicable offering document, provided that, notwithstanding
the foregoing, 
 (1) in the event that the Company and the managing underwriters agree to release any shares of any Stockholder
from the foregoing restriction or from any similar restriction in another arrangement, the shares of the other Stockholders shall be released from the foregoing restriction on a pro rata basis (based upon the percentage equal to the number of
shares of such Stockholder that are released divided by the total number of shares then held by (or on behalf of) such Stockholder); 
 (2) the foregoing restriction shall not apply in respect of any public offering relating solely to shares held by (or on behalf of) management or other employees of the Company and its direct and indirect
subsidiaries from time to time including (i) an offering on a registration statement on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes and (ii) a registration statement with respect to corporate
reorganizations under Rule 145 of the Securities Act or any similar rule or successor rule promulgated for similar purposes; and 
 (3) the foregoing restriction shall not restrict any Stockholder or its affiliates from engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, merger advisory, financing,
asset management, trading, market making, arbitrage and other similar activities conducted in the ordinary course of its or such affiliate’s business. 
 (b) Any agreement entered into after the date of this Agreement pursuant to which LuxCo or the Company or its direct and indirect subsidiaries from time to time grants rights to any third party (other
than the underwriters of any public offering) similar to the rights contained in this Section 3.9 shall contain a provision under which such third party agrees to holdback restrictions no less restrictive than the foregoing holdback
restrictions applicable to the Stockholders. 
 ARTICLE IV 

FACILITATING REGISTRATIONS AND OFFERINGS 
 4.1 General. If the Company becomes obligated under this Agreement to facilitate a registration and offering of shares on behalf of Stockholders, the Company will do so with the same degree
of care and dispatch as would reasonably be expected in the case of a registration and offering by the Company of shares for its own account. Without limiting this general obligation, the Company will fulfill its specific obligations as described in
this Article IV. 

  
 7 

 4.2 Registration Statements. In connection with each registration statement
that is demanded by Stockholders or as to which piggyback rights otherwise apply, the Company will: 
 (a) prepare and file with
the SEC a registration statement covering the applicable shares, (ii) file amendments thereto as warranted, (iii) seek the effectiveness thereof, and (iv) file with the SEC prospectuses and prospectus supplements as may be required,
all in consultation with the Stockholders and as reasonably necessary in order to permit the offer and sale of the such shares in accordance with the applicable plan of distribution; 

(b) (1) within a reasonable time prior to the filing of any registration statement, any prospectus, any amendment to a registration
statement, amendment or supplement to a prospectus or any free writing prospectus, provide copies of such documents to the selling Stockholders and to the underwriter or underwriters of an underwritten offering, if applicable, and to their
respective counsel; fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to the Stockholders or the underwriter or the underwriters may request; and make such of the representatives of the
Company as shall be reasonably requested by the selling Stockholders or any underwriter available for discussion of such documents; 
 (2) within a reasonable time prior to the filing of any document which is to be incorporated by reference into a registration statement or a prospectus, provide copies of such document to counsel for the
Stockholders and underwriters; fairly consider such reasonable changes in such document prior to or after the filing thereof as counsel for such Stockholders or such underwriter shall request; and make such of the representatives of the Company as
shall be reasonably requested by such counsel available for discussion of such document; 
 (c) cause each registration
statement and the related prospectus and any amendment or supplement thereto, as of the effective date of such registration statement, amendment or supplement and during the distribution of the registered shares (x) to comply in all material
respects with the requirements of the Securities Act and the rules and regulations of the SEC and (y) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; 
 (d) notify each Stockholder promptly, and, if requested by such Stockholder, confirm such
advice in writing, (i) when a registration statement has become effective and when any post-effective amendments and supplements thereto become effective if such registration statement or post-effective amendment is not automatically effective
upon filing pursuant to Rule 462, (ii) of the issuance by the SEC or any state securities authority of any stop order, injunction or other order or requirement suspending the effectiveness of a registration statement or the initiation of any
proceedings for that purpose, (iii) if, between the effective date of a registration statement and the closing of any sale of securities covered thereby pursuant to any agreement to which the Company is a party, the representations and
warranties of the Company contained in 

  
 8 

 
such agreement cease to be true and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification of the shares for sale in any
jurisdiction or the initiation of any proceeding for such purpose, and (iv) of the happening of any event during the period a registration statement is effective as a result of which such registration statement or the related Prospectus
contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading; 
 (e) furnish counsel for each underwriter, if any, and for the Stockholders copies of any correspondence with the SEC or any state securities authority relating to the registration statement or prospectus;

 (f) otherwise comply with all applicable rules and regulations of the SEC, including making available to its security holders
an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar provision then in force); 

(g) use all reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement at the
earliest possible time; 
 4.3 Non-Shelf Registered Offerings and Shelf Takedowns. In connection with any
non-shelf registered offering or shelf takedown that is demanded by Stockholders or as to which piggyback rights otherwise apply, the Company will: 
 (a) cooperate with the selling Stockholders shares and the sole underwriter or managing underwriter of an underwritten offering shares, if any, to facilitate the timely preparation and delivery of
certificates representing the shares to be sold and not bearing any restrictive legends; and enable such shares to be in such denominations (consistent with the provisions of the governing documents thereof) and registered in such names as the
selling Stockholders or the sole underwriter or managing underwriter of an underwritten offering of shares, if any, may reasonably request at least five days prior to any sale of such shares; 

(b) furnish to each Stockholder and to each underwriter, if any, participating in the relevant offering, without charge, as many copies
of the applicable prospectus, including each preliminary prospectus, and any amendment or supplement thereto and such other documents as such Stockholder or underwriter may reasonably request in order to facilitate the public sale or other
disposition of the shares; the Company hereby consents to the use of the prospectus, including each preliminary prospectus, by each such Stockholder and underwriter in connection with the offering and sale of the shares covered by the prospectus or
the preliminary prospectus; 
 (c) (i) use all reasonable efforts to register or qualify the shares being offered and sold, no
later than the time the applicable registration statement becomes effective, under all applicable state securities or “blue sky” laws of such jurisdictions as each underwriter, if any, or any Stockholder holding shares covered by a
registration statement, shall reasonably request; (ii) use all reasonable efforts to keep each such registration or qualification effective during the period such registration statement is required to be kept effective; and (iii) do any
and all other 

  
 9 

 
acts and things which may be reasonably necessary or advisable to enable each such underwriter, if any, and Stockholder to consummate the disposition in each such jurisdiction of such shares
owned by such Stockholder; provided, however, that the Company shall not be obligated to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to consent to be subject to
general service of process (other than service of process in connection with such registration or qualification or any sale of shares in connection therewith) in any such jurisdiction; 

(d) cause all shares being sold to be qualified for inclusion in or listed on The New York Stock Exchange or any other U.S. securities
exchange on which shares issued by the Company are then so qualified or listed if so requested by the Stockholders, or if so requested by the underwriter or underwriters of an underwritten offering of shares, if any; 

(e) cooperate and assist in any filings required to be made with Financial Industry Regulatory Authority and in the performance of any
due diligence investigation by any underwriter in an underwritten offering; 
 (f) use all reasonable efforts to facilitate the
distribution and sale of any shares to be offered pursuant to this Agreement, including without limitation by making road show presentations, holding meetings with and making calls to potential investors and taking such other actions as shall be
requested by the Stockholders or the lead managing underwriter of an underwritten offering; and 
 (g) enter into customary
agreements (including, in the case of an underwritten offering, underwriting agreements in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to
indemnification and contribution contained herein) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such shares and in connection therewith: 

1. make such representations and warranties to the selling Stockholders and the underwriters, if any, in form, substance
and scope as are customarily made by issuers to underwriters in similar underwritten offerings; 
 2. obtain
opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the lead managing underwriter, if any) addressed to each selling Stockholder and the underwriters,
if any, covering the matters customarily covered in opinions requested in sales of securities or underwritten offerings and such other matters as may be reasonably requested by such Stockholders and underwriters; 

3. obtain “cold comfort” letters and updates thereof from the Company’s independent certified public
accountants addressed to the selling Stockholders, if permissible, and the underwriters, if any, which letters shall be customary in form and shall cover matters of the type customarily covered in “cold comfort” letters to underwriters in
connection with primary underwritten offerings; 

  
 10 

 4. to the extent requested and customary for the relevant transaction, enter
into a securities sales agreement with the Stockholders providing for, among other things, the appointment of such representative as agent for the selling Stockholders for the purpose of soliciting purchases of shares, which agreement shall be
customary in form, substance and scope and shall contain customary representations, warranties and covenants 
 The above shall be done at such
times as customarily occur in similar registered offerings or shelf takedowns. 
 4.4 Due Diligence. In connection
with each registration and offering of shares to be sold by Stockholders, the Company will, in accordance with customary practice, make available for inspection by representatives of the Stockholders and underwriters and any counsel or accountant
retained by such Stockholder or underwriters all relevant financial and other records, pertinent corporate documents and properties of the Company and cause appropriate officers, managers and employees of the Company to supply all information
reasonably requested by any such representative, underwriter, counsel or accountant in connection with their due diligence exercise. 
 4.5 Information from Stockholders. Each Stockholder that holds shares covered by any registration statement will furnish to the Company such information regarding itself as is required to be
included in the registration statement, the ownership of shares by such Stockholder and the proposed distribution by such Stockholder of such shares as the Company may from time to time reasonably request in writing. 

ARTICLE V 

INDEMNIFICATION 
 5.1 Indemnification by the Company. In the event of any registration under the Securities Act by any registration statement pursuant to rights granted in this Agreement of shares held by
Stockholders, the Company will hold harmless Stockholders and each underwriter of such securities and each other person, if any, who controls any Stockholder or such underwriter within the meaning of the Securities Act, against any losses, claims,
damages, or liabilities (including legal fees and costs of court), joint or several, to which Stockholders or such underwriter or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages,
or liabilities (or any actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (i) contained, on its effective date, in any registration statement under which such
securities were registered under the Securities Act or any amendment or supplement to any of the foregoing, or which arise out of or are based upon the omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading or (ii) contained in any preliminary prospectus, if used prior to the effective date of such registration statement, or in the final prospectus (as amended or supplemented if the Company shall have
filed with the SEC any amendment or supplement to the final prospectus), or which arise out of or are based upon the omission or alleged omission (if so used) to state a material fact required to be stated in such prospectus or necessary to make the
statements in such prospectus not 

  
 11 

 
misleading; and will reimburse Stockholders and each such underwriter and each such controlling person for any legal or any other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, or liability; provided, however, that the Company shall not be liable to any Stockholder or its underwriters or controlling persons in any such case to the extent that any such loss, claim,
damage, or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement or such amendment or supplement, in reliance upon and in conformity with
information furnished to the Company through a written instrument duly executed by Stockholders or such underwriter specifically for use in the preparation thereof. 
 5.2 Indemnification by Stockholders. Each Stockholder will indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 5.1) the Company, each director
of the Company, each officer of the Company who shall sign the registration statement, and any person who controls the Company within the meaning of the Securities Act, (i) with respect to any statement or omission from such registration
statement, or any amendment or supplement to it, if such statement or omission was made in reliance upon and in conformity with information furnished to the Company through a written instrument duly executed by such Stockholder specifically
regarding such Stockholder for use in the preparation of such registration statement or amendment or supplement, and (ii) with respect to compliance by Stockholders with applicable laws in effecting the sale or other disposition of the
securities covered by such registration statement. 
 5.3 Indemnification Procedures. Promptly after receipt by an
indemnified party of notice of the commencement of any action involving a claim referred to in the preceding Sections of this Article V, the indemnified party will, if a resulting claim is to be made or may be made against and indemnifying party,
give written notice to the indemnifying party of the commencement of the action. The failure of any indemnified party to give notice shall not relieve the indemnifying party of its obligations in this Article V, except to the extent that the
indemnifying party is actually prejudiced by the failure to give notice. If any such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense of the action with counsel
reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to such indemnified party of its election to assume defense of the action, the indemnifying party will not be liable to such indemnified party for any
legal or other expenses incurred by the latter in connection with the action’s defense. An indemnified party shall have the right to employ separate counsel in any action or proceeding and participate in the defense thereof, but the fees and
expenses of such counsel shall be at such indemnified party’s expense unless (a) the employment of such counsel has been specifically authorized in writing by the indemnifying party, which authorization shall not be unreasonably withheld,
(ii) the indemnifying party has not assumed the defense and employed counsel reasonably satisfactory to the indemnified party within 30 days after notice of any such action or proceeding, or (iii) the named parties to any such action or
proceeding (including any impleaded parties) include the indemnified party and the indemnifying party and the indemnified party shall have been advised by such counsel that there may be one or more legal defenses available to the indemnified party
that are different from or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume the defense of such action or proceeding on behalf of the indemnified party), it being
understood, however, that the indemnifying party shall not, in connection with any one such action or separate but 

  
 12 

 
substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (in addition to all local counsel which is necessary, in the good faith opinion of both counsel for the indemnifying party and counsel for the indemnified party in order to adequately represent the indemnified parties) for
the indemnified party and that all such fees and expenses shall be reimbursed as they are incurred upon written request and presentation of invoices. Whether or not a defense is assumed by the indemnifying party, the indemnifying party will not be
subject to any liability for any settlement made without its consent. No indemnifying party will consent to entry of any judgment or enter into any settlement which (i) does not include as an unconditional term the giving by the claimant or
plaintiff, to the indemnified party, of a release from all liability in respect of such claim or litigation or (ii) involves the imposition of equitable remedies or the imposition of any non-financial obligations on the indemnified party.

 5.4 Contribution. If the indemnification required by this Article V from the indemnifying party is unavailable
to or insufficient to hold harmless an indemnified party in respect of any indemnifiable losses, claims, damages, liabilities, or expenses, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a
result of such losses, claims, damages, liabilities, or expenses in such proportion as is appropriate to reflect (i) the relative benefit of the indemnifying and indemnified parties and (ii) if the allocation in clause (i) is not
permitted by applicable law, in such proportion as is appropriate to reflect the relative benefit referred to in clause (i) and also the relative fault of the indemnified and indemnifying parties, in connection with the actions which resulted
in such losses, claims, damages, liabilities, or expenses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and the indemnified party shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement of a material fact, has been made by, or relates to information supplied by, such indemnifying party or parties, and the parties’ relative intent, knowledge,
access to information, and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damage, liabilities, and expenses referred to above shall be deemed to include any legal or other fees
or expenses reasonably incurred by such party in connection with any investigation or proceeding. The Company and Stockholders agree that it would not be just and equitable if contribution pursuant to this Section 5.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the prior provisions of this Section 5.4. 
 Notwithstanding the provisions of this Section 5.4, no indemnifying party shall be required to contribute any amount in excess of the amount by which the total price at which the securities were
offered to the public by the indemnifying party exceeds the amount of any damages which the indemnifying party has otherwise been required to pay by reason of an untrue statement or omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such a fraudulent misrepresentation. 

  
 13 

 ARTICLE VI 
 OTHER AGREEMENTS 
 6.1 Transfer of Rights. 

(a) To the extent the shares are permitted to be transferred under the Shareholders Agreement among the Stockholders and LuxCo (the
“LuxCo Shareholders’ Agreement”), any Stockholder may transfer all or any portion of its rights under this Agreement to any transferee of shares held by such Stockholder, other than pursuant to a Brokered Exchange Transaction
(as such term is defined in the LuxCo Shareholders’ Agreement). Any such transfer of registration rights will be effective upon receipt by the Company of (i) written notice from such Stockholder stating the name and address of any
transferee and identifying the number of shares with respect to which rights under this Agreement are being transferred and the nature of the rights so transferred, and (ii) a written agreement from such Stockholder to be bound by the terms of
this Agreement. However, if such transferees are receiving shares through an in-kind distribution with an ability to resale shares off of a shelf registration statement, no such written agreement is required, and such in-kind transferees will, as
transferee Stockholders, be entitled as third party beneficiaries to the rights under this Agreement so transferred. In that regard, in-kind transferees will not be given demand or piggyback rights; rather, their means of registered resale will be
limited to sales off a shelf with respect to which no special actions are required by the Company or the other Stockholders. The Company and the transferring Stockholder will notify the other Stockholders as to who the transferees are and the nature
of the rights so transferred. 
 (b) In the event the Company engages in a merger or consolidation in which the shares are
converted into securities of another company, appropriate arrangements will be made so that the registration rights provided under this Agreement continue to be provided to Stockholders by the issuer of such securities. To the extent such new
issuer, or any other company acquired by the Company in a merger or consolidation, was bound by registration rights obligations that would conflict with the provisions of this Agreement, the Company will, unless Stockholders then holding a majority
of the shares otherwise agree, use its best efforts to modify any such “inherited” registration rights obligations so as not to interfere in any material respects with the rights provided under this Agreement. 

6.2 Limited Liability. Notwithstanding any other provision of this Agreement, neither the members, general partners,
limited partners or managing directors, or any directors or officers of any members, general or limited partner, advisory director, nor any future members, general partners, limited partners, advisory directors, or managing directors, if any, of any
Stockholder shall have any personal liability for performance of any obligation of such Stockholder under this Agreement in excess of the respective capital contributions of such members, general partners, limited partners, advisory directors or
managing directors to such Stockholder. 
 6.3 Rule 144. If the Company is subject to the requirements of
Section 13, 14 or 15(d) of the Exchange Act, the Company covenants that it will file any reports required to be filed by it under the Securities Act and the Exchange Act (or, if the Company is subject to the requirements of Section 13, 14
or 15(d) of the Exchange Act but is not required to file such 

  
 14 

 
reports, it will, upon the request of any Stockholder, make publicly available such information) and it will take such further action as any Stockholder may reasonably request, so as to enable
such Stockholder or LuxCo to sell shares without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or
(b) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Stockholder, the Company will deliver to such Stockholder a written statement as to whether it has complied with such requirements. 

6.4 In-Kind Distributions. If LuxCo or any Stockholder seeks to effectuate an in-kind distribution of all or part of its
shares to its direct or indirect equityholders in accordance with the terms of the LuxCo Shareholders’ Agreement, the Company will, subject to applicable lockups, work with such Stockholder and the Company’s transfer agent to facilitate
such in-kind distribution in the manner reasonably requested by such Stockholder. 
 ARTICLE VII 

MISCELLANEOUS 
 7.1 Notices. All notices, Requests, demands and other communications required or permitted hereunder shall be made in writing as described in the Amended and Restated Shareholders’
Agreement regarding the Company, among AlpInvest, Blackstone, Carlyle, Centerview, Hellman & Friedman, KKR, Thomas H. Lee Partners, LuxCo, the Company, Valcon Acquisition B.V. and The Nielsen Company B.V. dated [•] [•], 2010.

 7.2 Section Headings. The article and section headings in this Agreement are for reference purposes only and
shall not affect the meaning or interpretation of this Agreement. References in this Agreement to a designated “Article” or “Section” refer to an Article or Section of this Agreement unless otherwise specifically indicated.

 7.3 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
New York. 
 7.4 Consent to Jurisdiction and Service of Process. The parties to this Agreement hereby agree to
submit to the jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof in any action or proceeding arising out of or relating to this
Agreement. 
 7.5 Amendments; Termination. This Agreement may be amended only by an instrument in writing executed
by the Company and Stockholders holding a majority of the shares collectively held by them. Any such amendment will apply to all Stockholders equally, without distinguishing between them. This Agreement will terminate as to any Stockholder when it
no longer holds any shares. This Agreement will no longer be applicable to shares that are registered in a public offering on The New York Stock Exchange or any other U.S. securities exchange on which shares issued by the Company are then so
qualified or listed or are sold pursuant to a Brokered Exchange Transaction. 

  
 15 

 7.6 Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to the transactions contemplated hereby and thereby. The registration rights granted under this Agreement supersede any registration, qualification or similar rights with respect to any of the shares of
Common Stock granted under any other agreement, and any of such preexisting registration rights are hereby terminated. 
 7.7
Severability. The invalidity or unenforceability of any specific provision of this Agreement shall not invalidate or render unenforceable any of its other provisions. Any provision of this Agreement held invalid or unenforceable shall be
deemed reformed, if practicable, to the extent necessary to render it valid and enforceable and to the extent permitted by law and consistent with the intent of the parties to this Agreement. 

7.8 Counterparts. This Agreement may be executed in multiple counterparts, including by means of facsimile, each of which
shall be deemed an original, but all of which together shall constitute the same instrument. 

  
 16 

 So agreed: 

 

			
	NIELSEN HOLDINGS N.V.
		
	By:	 	 
		 	Name:
		 	Title:
	
	VALCON ACQUISITION HOLDING (LUXEMBOURG) S.A R.L.
		
	By:	 	 
		 	Name:
		 	Title:
	
	ALPINVEST PARTNERS CS INVESTMENTS 2006 C.V.
		
	By:	 	 
		 	Name:
		 	Title:
	
	BLACKSTONE CAPITAL PARTNERS (CAYMAN) V LP
		
	By:	 	 
		 	Name:
		 	Title:
	
	CARLYLE PARTNERS IV CAYMAN, L.P.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	CENTERVIEW CAPITAL GP LLC
		
	By:	 	 
		 	Name:
		 	Title:
	
	HELLMAN & FRIEDMAN CAPITAL PARTNERS V (CAYMAN), L.P.
		
	By:	 	 
		 	Name:
		 	Title:
	
	KKR VNU (MILLENIUM) LIMITED
		
	By:	 	 
		 	Name:
		 	Title:
	
	THL FUND VI (ALTERNATIVE) CORP.
		
	By:	 	 
		 	Name:
		 	Title:

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