Document:

Amended and Restated Principal Investors Agreement, dated November 7, 2012

			
	Confidential	  	Execution Version

 Exhibit 10.1 
  

 
 AMENDED AND RESTATED PRINCIPAL
INVESTOR AGREEMENT 
 by and among 
 SunGard Capital Corp. 
 SunGard Capital Corp. II 

SunGard Holding Corp. 
 SunGard Holdco LLC 
 SunGard Data Systems Inc. 

and 
 the
Principal Investors 
 Dated as of November 7, 2012 

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I EFFECTIVENESS; DEFINITIONS
	  	 	2	  
	 1.1
	 	 Effective Time
	  	 	2	  
	 1.2
	 	 Definitions
	  	 	2	  
	 ARTICLE II VOTING AGREEMENT
	  	 	2	  
	 2.1
	 	 Actions that Require Majority Principal Investor Approval
	  	 	2	  
	 2.2
	 	 Actions that Require Requisite Principal Investor Approval
	  	 	3	  
	 2.3
	 	 Actions that Require Board Approval
	  	 	5	  
	 2.4
	 	 Other Restricted Actions
	  	 	6	  
	 2.5
	 	 Chairman of the Board
	  	 	7	  
	 2.6
	 	 Committees
	  	 	7	  
	 2.7
	 	 Lowerco’s, Holding’s, LLC’s and SDS’s Directors and Managers
	  	 	8	  
	 2.8
	 	 Operating Committee
	  	 	8	  
	 2.9
	 	 The Company, LLC, Lowerco and Holdings
	  	 	8	  
	 2.10
	 	 Post-IPO Governance
	  	 	8	  
	 2.11
	 	 Recapitalization Transaction Drag Along
	  	 	8	  
	 2.12
	 	 Period
	  	 	9	  
	 2.13
	 	 Proxies
	  	 	9	  
	 ARTICLE III TRANSFER RESTRICTIONS
	  	 	9	  
	 3.1
	 	 Permitted Transferees
	  	 	9	  
	 3.2
	 	 Transfers Between Principal Investor Groups
	  	 	9	  
	 ARTICLE IV COVENANTS
	  	 	9	  
	 4.1
	 	 Annual Budget
	  	 	9	  
	 4.2
	 	 Directors’ and Officers’ Insurance
	  	 	9	  
	 4.3
	 	 Expenses
	  	 	10	  
	 4.4
	 	 Annual Valuation
	  	 	10	  
	 ARTICLE V REMEDIES
	  	 	10	  
	 5.1
	 	 Generally
	  	 	10	  
	 ARTICLE VI LEGENDS
	  	 	10	  
	 6.1
	 	 Restrictive Legend
	  	 	10	  
	 6.2
	 	 Stop Transfer Instruction
	  	 	10	  
	 6.3
	 	 Classes of Shares Separately Transferable
	  	 	10	  
	 ARTICLE VII AMENDMENT, TERMINATION, ETC.
	  	 	11	  
	 7.1
	 	 Oral Modifications
	  	 	11	  
	 7.2
	 	 Written Modifications
	  	 	11	  
	 7.3
	 	 Withdrawal from Agreement
	  	 	11	  
	 7.4
	 	 Termination; Effect of Termination
	  	 	11	  
	 ARTICLE VIII DEFINITIONS
	  	 	11	  
	 8.1
	 	 Certain Matters of Construction
	  	 	11	  
	 8.2
	 	 Definitions
	  	 	12	  
	 ARTICLE IX MISCELLANEOUS
	  	 	18	  
	 9.1
	 	 Authority: Effect
	  	 	18	  
	 9.2
	 	 Notices
	  	 	18	  
	 9.3
	 	 Binding Effect, Etc.
	  	 	21	  
	 9.4
	 	 Descriptive Heading
	  	 	21	  
	 9.5
	 	 Counterparts
	  	 	21	  
	 9.6
	 	 Severability
	  	 	21	  
	 9.7
	 	 No Recourse
	  	 	21	  
	 9.8
	 	 Obligations of Company, Lowerco, Holdings, LLC and SDS
	  	 	22	  
	 9.9
	 	 Indemnity and Liability; Reimbursement
	  	 	22	  
	 ARTICLE X GOVERNING LAW
	  	 	23	  
	 10.1
	 	 Governing Law
	  	 	23	  
	 10.2
	 	 Consent to Jurisdiction
	  	 	23	  
	 10.3
	 	 WAIVER OF JURY TRIAL
	  	 	24	  
	 10.4
	 	 Exercise of Rights and Remedies
	  	 	24	  

  
 -i-

 AMENDED AND RESTATED PRINCIPAL INVESTOR AGREEMENT 

This Amended and Restated Principal Investor Agreement (the “Agreement”) is made as of November 7, 2012 by and
among: 
  

	 	(i)	SunGard Capital Corp., a Delaware corporation (together with its successors and permitted assigns, the “Company”); 

 

	 	(ii)	SunGard Capital Corp. II, a Delaware corporation (together with its successors and permitted assigns, “Lowerco”); 

 

	 	(iii)	SunGard Holding Corp., a Delaware corporation (together with its successors and permitted assigns, “Holdings”); 

 

	 	(iv)	SunGard Holdco LLC (together with its successors and permitted assigns, “LLC”); 

 

	 	(v)	SunGard Data Systems Inc., a Delaware corporation (“SDS”); and 

 

	 	(vi)	each Person executing this Agreement and listed as a Principal Investor on the signature pages hereto (collectively with their Permitted Transferees and so long as they
are members of a Principal Investor Group, the “Principal Investors”). 

 RECITALS

 WHEREAS, the Company was formed by the Principal Investors for the purpose of the acquisition of SDS and functions
solely as a holding company, with its principal asset being an indirect investment in the common stock of SDS; 
 WHEREAS, on
August 11, 2005 (the “Closing Date”), Solar Capital Corp., a special purpose corporation created solely for the acquisition of SDS and an indirect wholly owned subsidiary of the Company, merged with and into SDS, with SDS being
the surviving corporation; 
 WHEREAS, in connection with the acquisition of SDS, the Company, Lowerco, Holdings, LLC, Solar
Capital Corp., a Delaware corporation, and the Principal Investors entered into a Principal Investor Agreement, dated as of August 10, 2005 (the “Principal Investor Agreement”); 

WHEREAS, the Board has determined that it is in the best interests of the Company and the holders of the Company’s common stock to
amend and restate the Company’s certificate of incorporation in the form attached hereto as Exhibit A (the “Substitution Charter Amendment”) to remove the specific class rights associated with Class A-1 through
Class A-7 of the Company’s common stock and make such other amendments as are incidental to the foregoing; 
 WHEREAS,
contemporaneously with entering into this Agreement, the parties are amending and restating that certain Participation, Registration Rights and Coordination Agreement, dated as of August 10, 2005, among the Company, Lowerco, Holdings, LLC, SDS
and certain stockholders of the Company and Lowerco and that certain Stockholders Agreement, dated as of August 10, 2005, among the Company, Lowerco, Holdings, LLC, SDS and certain stockholders of the Company and Lowerco; and 

WHEREAS, in connection with the Substitution Charter Amendment, the parties believe that it is in the best interests of the Company,
Lowerco, Holdings, LLC, SDS and the Principal Investors to amend and restate the Principal Investor Agreement as set forth in this Agreement. 
 AGREEMENT 
 Therefore, the parties hereto hereby agree as follows:

 ARTICLE I 

EFFECTIVENESS; DEFINITIONS 
 1.1 Effective Time. This Agreement shall become effective upon the effectiveness of the Substitution Charter Amendment (the “Effective Time”). 

1.2 Definitions. Certain terms are used in this Agreement as specifically defined herein. These definitions are set forth or
referred to in Article VIII hereof. 
 ARTICLE II 

VOTING AGREEMENT 
 2.1 Actions that Require Majority Principal Investor Approval. In addition to any other approval required by the certificate of incorporation or limited liability company agreement, as applicable,
of the Company, Lowerco, Holdings or SDS or by applicable law, the approval of the Majority Principal Investors shall be required for any of the Company, Lowerco, Holdings, LLC or SDS to take any of the following actions, and the Company, Lowerco,
Holdings, LLC and SDS shall not, and shall cause their respective subsidiaries not to, take any of the following actions without the written approval of the Majority Principal Investors: 

2.1.1 Charter; By-laws; LLC Agreement; Stockholders Agreements. Subject to Sections 2.2.1 and 2.4.2, amend or
waive any provisions of the certificate of incorporation or by-laws or limited liability company agreement, as applicable, of the Company, Lowerco, Holdings, LLC or SDS or amend or waive any provisions of the Stockholders Agreement or the
Participation, Registration Rights and Coordination Agreement. 
 2.1.2 Annual Budget. Approve the annual
operating budget of the Company and its subsidiaries, modify in any material respect any such budget or take any action that is or would be reasonably likely to result in a material variance therefrom. 

2.1.3 Joint Ventures and Alliances. Enter into any joint venture or strategic alliance other than in the ordinary
course of business which, together with all related transactions, has an aggregate value in excess of $50,000,000. 
 2.1.4 Executive Officers. Subject to Section 2.2.2, hire or remove, with or without cause, or enter into, renew, materially modify or terminate any employment contract with, any executive
officer of the Company, Lowerco, Holdings, LLC or SDS from time to time. 
 2.1.5 Management Incentive
Plan. Adopt or make a material amendment to any cash or equity based management incentive plan. 
 2.1.6
Management Equity Repurchases. Enter into or effect any transaction or series of related transactions involving the repurchase, redemption or other acquisition of securities, or options or rights to acquire any securities, of the Company or
any of its subsidiaries from any Person who is or was a Manager or Manager Designee other than any such repurchases (a) pursuant to Section 6.2 of the Stockholders Agreement (the put option) or (b) that do not exceed $500,000 per
Manager pursuant to Section 6.1 of the Stockholders Agreement (the call option). Any repurchase (other than a repurchase pursuant to Section 6.2 of the Stockholders Agreement) from a current or former Manager or Manager Designee shall
require (i) approval of the Board of Directors if the value of the equity repurchase is greater than $2,000,000, (ii) approval of the Equity Repurchase Committee if the value of the equity repurchase is between $1,000,000 and $2,000,000 or
(iii) if the value of the equity repurchase is less than $1,000,000, approval of any two of the following three Company officers: chief executive officer, chief financial officer and general counsel. 

 2.1.7 Prepayment or Modification of Debt. Voluntarily prepay debt of
the Company or any of its subsidiaries outside the ordinary course of business, or amend or waive any material provisions of any agreement, indenture or similar instrument governing the terms of any indebtedness or debt securities of the Company or
any of its subsidiaries with a principal amount in excess of $50,000,000. 
 2.1.8 Initial Public
Offering. At any time subsequent to August 10, 2011, register any equity securities under the Securities Act in connection with, or consummate, an Initial Public Offering, including an Initial Public Offering initiated pursuant to
Section 3.1 of the Participation, Registration Rights and Coordination Agreement, or register any equity securities of any subsidiary of the Company under the Securities Act; provided, however, that no such approval shall be
required for the inclusion of any Registrable Securities (as defined in the Participation, Registration Rights and Coordination Agreement) in any registration statement relating to an Initial Public Offering pursuant to the exercise by the holders
thereof of piggyback registration rights under Section 3.2 of the Participation, Registration Rights and Coordination Agreement, if applicable. 
 2.1.9 Agreements or Commitments. Enter into any agreement or otherwise obligate or commit the Company or any of its subsidiaries to do any of the foregoing. 

2.2 Actions that Require Requisite Principal Investor Approval. In addition to any other approval required by the certificate of
incorporation or limited liability company agreement, as applicable, of the Company, Lowerco, Holdings, LLC or SDS or by applicable law, the approval of the Requisite Principal Investors shall be required for any of the Company, Lowerco, Holdings,
LLC or SDS to take any of the following actions, and the Company, Lowerco, Holdings, LLC and SDS shall not, and shall cause their respective subsidiaries not to, take any of the following actions without the approval of the Requisite Principal
Investors: 
 2.2.1 Charter; By-laws; LLC Agreement; Stockholders Agreement. Amend or waive any provision
of the certificate of incorporation or by-laws or limited liability company agreement, as applicable, of the Company, Lowerco, Holdings, LLC or SDS that requires consent or approval of the Requisite Principal Investors, or amend or waive any
provision of the Stockholders Agreement or the Participation, Registration Rights and Coordination Agreement that requires consent or approval of the Requisite Principal Investors. 

2.2.2 Chief Executive Officer. Hire or remove, with or without cause, or enter into, renew, materially modify or
terminate any employment contract with, the chief executive officer of the Company or SDS from time to time. 

2.2.3 Change of Control. Effect a Change of Control. 

2.2.4 Repurchase of Securities, Payment of Dividends. Prior to the closing of the Initial Public Offering,
(a) enter into or effect any transaction or series of related transactions involving the repurchase, redemption or other acquisition of securities of the Company or any of its direct or indirect subsidiaries from any Investor or
(b) declare or pay any dividend by the Company or any of its subsidiaries (other than dividends payable to the Company or any of its wholly-owned subsidiaries). 

2.2.5 Recapitalization. Except as provided in the Company’s certificate of incorporation, enter into or effect
any transaction or series of related transactions that would effect a recapitalization or reclassification of the Company’s or Lowerco’s securities or any of their subsidiaries’ (other than wholly-owned subsidiaries) securities.

 2.2.6 Acquisition of Assets. Enter into or effect any transaction or series of related transactions
involving the purchase, rent, lease in, license in, exchange or other acquisition (whether by merger, consolidation or otherwise) by the Company or any of its direct or indirect subsidiaries of any assets (including equity interests in any Person)
for consideration (including assumed liabilities) having a fair market value (as reasonably determined by the Board) in excess of $50,000,000, other than (a) transactions between and among any of the Company and its direct or indirect
wholly-owned subsidiaries and (b) purchases, rentals, leases, licenses, exchanges or other acquisitions of inventory, equipment and supplies in the ordinary course of business. 

 2.2.7 Sale of Assets. Enter into or effect any transaction or series
of related transactions, involving the sale, lease out, license out, exchange or other disposal (including by merger, consolidation or otherwise) by the Company or any of its direct or indirect subsidiaries of any assets (including equity interests
in any Person) for consideration (including assumed liabilities) having a fair market value (as reasonably determined by the Board) in excess of $50,000,000, other than (a) transactions between and among any of the Company and its direct or
indirect wholly-owned subsidiaries and (b) sales, leases, licensing, exchanges or other disposition of products of the Company’s business in the ordinary course of business. 

2.2.8 Initial Public Offering. At any time on or prior to August 10, 2011, register any equity securities
under the Securities Act in connection with, or consummate, an Initial Public Offering, including an Initial Public Offering initiated pursuant to Section 3.1 of the Participation, Registration Rights and Coordination Agreement, or register any
equity securities of any subsidiary of the Company under the Securities Act; provided, however, that no such approval shall be required for the inclusion of any Registrable Securities (as defined in the Participation, Registration
Rights and Coordination Agreement) in any registration statement relating to an Initial Public Offering pursuant to the exercise by the holders thereof of piggyback registration rights under Section 3.2 of the Participation, Registration Rights
and Coordination Agreement, if applicable. 
 2.2.9 Indebtedness; Investments, etc. Other than borrowings
under the Existing Debt Documents or any other debt agreement which was previously approved by the Requisite Principal Investors, (a) incur any indebtedness, assume, guarantee, endorse or otherwise as an accommodation become responsible for the
indebtedness of any other Person (provided that the Company or any of its direct or indirect subsidiaries may provide cross-guarantees for any indebtedness that has been approved under this Section 2.2.9), issue any debt securities,
enter into any agreement under which it may incur indebtedness or issue debt securities in the future, in an aggregate amount in excess of $100,000,000 for all such matters or (b) make any loan, advance or capital contribution to any Person
(other than the Company or any of its subsidiaries), in each case outstanding at any time, in an aggregate amount in excess of $100,000,000 for all such matters. 

2.2.10 Equity Issuances. Authorize, create or issue any equity securities of the Company or any of its subsidiaries
(except as may be issued to the Company or any of its wholly-owned subsidiaries), issue any options or rights to acquire any equity securities of the Company or any of its subsidiaries or grant any registration rights in respect of any such
securities, options or rights, except for (a) equity securities issued in any Initial Public Offering approved pursuant to Section 2.1.8 or 2.2.8, (b) equity securities, options or rights to acquire equity securities and piggyback
registration rights issued or granted pursuant to management incentive plans approved pursuant to Section 2.1.5, (c) other issuances (other than to current or former employees, consultants or directors) of equity securities or options or
rights to acquire equity securities with value (as reasonably determined by the Board of Directors), not in excess of $50,000,000 in the aggregate and (d) issuances in connection with a recapitalization or reclassification transaction approved
pursuant to Section 2.2.5. 
 2.2.11 Bankruptcy, etc. Commence a voluntary case under the U.S.
bankruptcy code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect; consent to the entry of an order for relief in an involuntary case, or the conversion of an involuntary case to a voluntary case, under any
such law; consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; make a general assignment for the benefit of creditors; or adopt a plan of complete or partial
liquidation or dissolution. 
 2.2.12 Board of Directors; Committees. Prior to the closing of the Initial
Public Offering, (a) expand the number of members of the Board to more than the sum of (i) the then current number of Principal Investor Groups and (ii) three, (b) elect any director to the Board pursuant to Section 7.1.2 of
the Stockholders Agreement, provided that any director so elected (other than any director who is also serving 

 
as the Chief Executive Officer) will be Independent, (c) remove a director pursuant to Section 7.2 of the Stockholders Agreement who was elected pursuant to Section 7.1.2 of the
Stockholders Agreement, (d) fill any vacancy on the Board of Directors pursuant to Section 7.3(ii) of the Stockholders Agreement, (e) modify the composition of any Board Committee other than in accordance with the terms of this
Agreement, (f) create any new Board Committee to which the Board delegates authority (which, if approved by the Majority Principal Investors must be a delegation of authority not inconsistent with this Agreement and in accordance with
Section 2.6) or (g) amend Section 2.7 hereof. 
 2.2.13 Agreements or Commitments. Enter
into any agreement or otherwise obligate or commit the Company or any of its subsidiaries to do any of the foregoing. 
 2.3
Actions that Require Board Approval. In addition to any other approval required by this Agreement or the certificate of incorporation or limited liability company agreement, as applicable, of the Company, Lowerco, Holdings, LLC or SDS or by
applicable law, the approval of the Board (or a committee thereof to which it delegates authority with respect to such matter in accordance with this Agreement) shall be required for any of the Company, Lowerco, Holdings, LLC or SDS to take any of
the following actions, and the Company, Lowerco, Holdings, LLC and SDS shall not, and shall cause their respective subsidiaries not to, take any of the following actions without the approval of the Board (or a committee thereof to which it delegates
authority with respect to such matter in accordance with this Agreement): 
 2.3.1 Joint Ventures and
Alliances. Enter into any joint venture or strategic alliance which, together with all related transactions, has an aggregate value in excess of $25,000,000. 

2.3.2 Acquisition of Assets. Enter into or effect any transaction or series of related transactions involving the
purchase, rent, lease in, license in, exchange or other acquisition (whether by merger, consolidation or otherwise) by the Company or any of its direct or indirect subsidiaries of any assets (including equity interests in any Person) for
consideration (including assumed liabilities) having a fair market value (as reasonably determined by the Board) in excess of $25,000,000, other than (a) transactions between and among any of the Company and its direct or indirect wholly-owned
subsidiaries and (b) purchases, rentals, leases, licenses, exchanges or other acquisitions of inventory, equipment and supplies in the ordinary course of business. 

2.3.3 Sale of Assets. Enter into or effect any transaction or series of related transactions, involving the sale,
lease out, license out, exchange or other disposal (including by merger, consolidation or otherwise) by the Company or any of its direct or indirect subsidiaries of any assets (including equity interests in any Person) for consideration (including
assumed liabilities) having a fair market value (as reasonably determined by the Board) in excess of $25,000,000, other than (a) transactions between and among any of the Company and its direct or indirect wholly-owned subsidiaries and
(b) sales, leases, licensing, exchanges or other disposition of products of the Company’s business in the ordinary course of business. 
 2.3.4 Indebtedness; Investments, etc. Other than borrowings under the Existing Debt Documents or any other debt agreement which was previously approved by the Requisite Principal Investors,
(a) incur any indebtedness, assume, guarantee, endorse or otherwise as an accommodation become responsible for the indebtedness of any other Person (provided that the Company or any of its direct or indirect subsidiaries may provide
cross-guarantees for any indebtedness that has been approved under this Section 2.3.4), issue any debt securities, enter into any agreement under which it may incur indebtedness or issue debt securities in the future, in excess of $25,000,000
or (b) make any loan, advance or capital contribution to any Person (other than the Company or any of its subsidiaries), in each case outstanding at any time, in an amount in excess of $25,000,000. 

2.3.5 Agreements or Commitments. Enter into any agreement or otherwise obligate or commit the Company or any of its
subsidiaries to do any of the foregoing. 

 2.4 Other Restricted Actions. 

2.4.1 In addition to any approval required by Section 2.1, 2.2 or 2.3, any transaction or agreement between the
Company or one of its subsidiaries, on the one hand, and a member of a Principal Investor Group or one of its Affiliates, on the other, shall require the consent of the Principal Investor Majority unless such transaction (i) is entered into in
the ordinary course of business of (A) the Company or such subsidiary and (B) the applicable member of a Principal Investor Group or applicable Affiliate, (ii) is negotiated by employees of the Company or such subsidiary that are not
executive officers of the Company, or Affiliates of such Principal Investor Group, (iii) is on terms comparable to those that would be received on an arms’ length basis and (iv) does not involve the payment of funds to, or the
provision of services by, the Principal Investor Group, provided that this Section 2.4.1 shall not apply to any purchase of debt by an Affiliate of a Principal Investor or any transaction between such Affiliate and the Company or one of
its subsidiaries related to the ownership of such debt, provided such purchase or transaction is on terms (except with respect to relief from all or part of any underwriting or placement fee applicable to such purchase or transaction) comparable to
those offered to unaffiliated third parties with respect to such debt. 
 2.4.2 Each of the Principal Investor
Groups agrees that it will not amend, modify or waive any of the following, unless such amendment, modification or waiver is approved by each Principal Investor Group: 

(i) any provision of Article III (Transfer Restrictions), Article V (Holder Lock-Up) or Article IX (Legends) of the
Stockholders Agreement or Article IV (Transfer Restrictions) or Article IX (Legends) of the Participation, Registration Rights and Coordination Agreement, or any other provision of this Agreement or the Stockholders Agreement or the
Participation, Registration Rights and Coordination Agreement that imposes additional transfer restrictions on the Principal Investors or reduces the transfer restrictions imposed on any Principal Investor without a corresponding reduction in the
transfer restrictions imposed on all other Principal Investors; 
 (ii) any provision of Article IV of the
Stockholders Agreement (Tags and Drags) that (x) reduces the Principal Investors’ rights as a Participating Seller (or their right to become a Participating Seller) under Section 4.1 of the Stockholders Agreement or (y) increases
the Principal Investors’ obligations as a Participating Seller (or adversely modifies the circumstances under which they can be required to be a Participating Seller); 

(iii) any provision of the definition of Principal Investor Group in the certificate of incorporation of the Company, the
Stockholders Agreement, the Participation, Registration Rights and Coordination Agreement or this Agreement that narrows such definition so as to raise the threshold criteria to remain a Principal Investor Group; 

(iv) the Information Rights available to the Principal Investors under Section 7.1 of the Participation, Registration
Rights and Coordination Agreement in a manner that reduces such rights; 
 (v) the definitions of Participation
Shares or Participation Portion in the Participation, Registration Rights and Coordination Agreement that reduces the rights of a Principal Investor to participate in issuances of securities pursuant to Article II thereof; 

(vi) prior to the Initial Public Offering, the definition of Minimum Total Combined Investment in the certificate of
incorporation of the Company that increases the number of shares of Common Stock threshold set forth therein or any amendment to Section 4.10.3 of such certificate of incorporation; 

(vii) prior to the Initial Public Offering, Section 4.5 of the certificate of incorporation of the Company or
Section 2.1.4 or 7.1 of the Stockholders Agreement, in each case, in a manner that reduces the number of directors each Principal Investor Group is entitled to designate to the Board; 

 (viii) Section 12.7 or 12.8 of the Stockholders Agreement,
Section 11.7 or 11.8 of the Participation, Registration Rights and Coordination Agreement; 
 (ix)
Article III of the Participation, Registration Rights and Coordination Agreement that materially reduces or restricts the rights of a Principal Investor to initiate or participate in registered offerings of Common Stock; 

(x) Section 9.9 of this Agreement that materially reduces the indemnification rights set forth therein; 

(xi) Sections 2.4.1, 2.11, 2.12, 6.1 or 6.2 hereof or the definition of “VCOC Event” herein; 

(xii) Section 8.3 of the Participation, Registration Rights and Coordination Agreement and Section 10.3 of the
Stockholders Agreement that materially reduces or restricts the rights of a Principal Investor to withdraw from such agreements; or 
 (xiii) the certificate of incorporation of the Company to effect a reverse stock split in which any of the Stock held by any Principal Investor is converted into the right to receive cash in lieu of a
fractional share; 
 provided, that any amendment to the definitions used in such provisions (only to the extent any such
amendment would have an effect contrary to the intent set forth in any of clauses (i) through (xiii) immediately above) shall also require the consent of each Principal Investor Group; provided, further, that the consent
of any Principal Investor or Principal Investor Group, as applicable, shall be required for any amendment, modification or waiver to the Stockholders Agreement, the Participation, Registration Rights and Coordination Agreement, the certificate of
incorporation of the Company or Lowerco or this Agreement that Discriminates against the rights of such Principal Investor or Principal Investor Group, as applicable, as compared to the other Principal Investors or Principal Investor Groups, as
applicable; provided, however, that notwithstanding any provision to the contrary, the certificate of incorporation of the Company may be amended in any way in connection with the Initial Public Offering so long as the Requisite
Principal Investors consent to such amendment and such amendment does not Discriminate against any Principal Investor or Principal Investor Group that has not consented thereto. 

2.5 Chairman of the Board. The Company shall, and each Principal Investor shall use its reasonable best efforts to, cause the
Principal Investor Director designated by the Silver Lake Investors to serve at all times as the Chairman of the Board. 
 2.6
Committees. The Company shall, and each Principal Investor shall use its reasonable best efforts to, cause the Board to maintain the following committees: (a) an Executive Committee, (b) an Audit Committee, (c) a Compensation
Committee, (d) a Nominating and Corporate Governance Committee, (e) a Data Center Oversight Committee and (f) any other committee as the Board shall determine in its discretion, subject to Section 2.2.12; provided, that
the appointment of a committee and/or the delegation of board authority to a committee shall be accomplished in accordance with the by-laws of the Company, subject to Section 2.2.12. 

2.6.1 Executive Committee. The Executive Committee will be comprised of the directors designated by the Designated
Principal Investor Groups, except to the extent any Designated Principal Investor Group waives its right to have its designated director be a member of the Executive Committee. The Executive Committee will be chaired by the Chairman of the Board.
The role of the Executive Committee will be solely to call Board meetings, set the agenda for such meetings, identify issues to be considered by the Board and liaise with the Company’s, and its subsidiaries’, management. 

2.6.2 Modification Upon an IPO. In conjunction with the Initial Public Offering, the provisions of this
Section 2.6 shall be amended as necessary to comply with any applicable law or the standards required by any securities exchange on which stock of the Company will be listed or other market on which stock of the Company is authorized for
quotation. 

 2.7 Lowerco’s, Holding’s, LLC’s and SDS’s Directors and Managers.
The Company will cause the boards of directors or managers, as applicable, of Lowerco, Holdings, LLC and SDS to consist at all times of the same members as the Board of the Company at such time; provided, that a Principal Investor Group may,
by notice to the Company and the other Principal Investor Groups, have a different person serve as a director or manager, as applicable, of Lowerco, Holdings, LLC and/or SDS than such Principal Investor Group designated to serve on the Board of the
Company; provided, further, that the number of director designees of each Principal Investor Group with respect to any such other board composition shall be in proportion to the number of director designees of each Principal Investor
Group with respect to the Board of the Company and each Principal Investor Group with a director designee on the Board of the Company shall have the right to nominate at least one member to each such board of directors unless no Principal Investor
Group has any director designees on such board (and the Company shall cause, and, where applicable, shall cause its subsidiaries to cause, such nominee at be elected to such boards). SDS shall, and the Company shall use its best efforts to, cause
the board of directors of SDS to maintain at all times such committees as the Company at such time, with the same member composition; provided, that a Principal Investor Group may, by notice to the Company and the other Principal Investor
Groups, have a different person serve on a committee of SDS than serves on the corresponding committee for the Company. 
 2.8
Operating Committee. The Principal Investor Groups will create an operating committee (the “Operating Committee”) to work with management of the Company and provide advice to the Board, when requested to do so, with respect
to any matter, including acquisitions, dispositions, financings and operating performance. Each Principal Investor Group shall be permitted to designate one representative (who shall not be a director of the Company) to participate on the Operating
Committee, and shall be permitted to remove and replace such designee from time to time, provided that a Principal Investor Group’s designee shall be automatically removed (and not replaced) at such time as such Principal Investor Group
ceases to be a Principal Investor Group in accordance with the definition thereof. The Company shall present, and shall cause each of its direct and indirect subsidiaries to present to the Operating Committee for its review, any transaction of a
sort otherwise described in any of Section 2.3.1 through 2.3.4 but which has a transaction value of more than $10,000,000 but not more than $25,000,000 prior to entering into, or committing to enter into, such transaction. 

2.9 The Company, LLC, Lowerco and Holdings. The Company, LLC, Lowerco and Holdings will not give effect to any action by any
Principal Investor or any other Person which is in contravention of this Article II. 
 2.10 Post-IPO Governance.
Following the Initial Public Offering, this Article II shall be amended to reflect a governance structure approved by the Requisite Principal Investors and each Principal Investor Group shall continue to be able to designate one nominee to serve as
a member of the board of directors of the Company in accordance with Article VII of the Stockholders Agreement, except to the extent a Principal Investor Group waives such right with respect to itself. 

2.11 Recapitalization Transaction Drag Along. Following the occurrence, and during the continuance of, a VCOC Event, each
Principal Investor and the Company agree to use commercially reasonable efforts to cure such VCOC Event. In the event that the VCOC Event cannot be cured by such efforts, for so long as such VCOC Event is continuing, each Principal Investor agrees
that it shall exercise its power under Section 4.3 of the Stockholders Agreement to effect a Recapitalization Transaction (as defined in the Stockholders Agreement) as soon as reasonably practicable if it is requested to do so in writing by
either (a) the Majority VCOC Investors following their reasonable determination in good faith that a VCOC Event has occurred and is continuing or (b) any VCOC Investor who delivers to the Company and the other Principal Investors
(i) an opinion of outside counsel of national standing to the effect that if such VCOC Investor’s investment in the Shares issued by the Company ceases to qualify as a “venture capital investment”, then such VCOC Investor would
likely cease to qualify as a Venture Capital Operating Company at the end of its next “annual valuation period” (which opinion may assume that a VCOC Event has occurred and is continuing) and (ii) a certificate of an officer of such
VCOC Investor certifying that (A) such VCOC Investor has reasonably determined, in good faith, that a VCOC Event has occurred and is continuing and (B) such VCOC Investor has been unable to regain its qualification as a Venture Capital
Operating 

 
Company through other commercially reasonable efforts. For the avoidance of doubt, the requirement to use “commercially reasonable efforts” under this Section 2.11 shall not be
interpreted to require any VCOC Investor to acquire or dispose of any portfolio investment. The terms and conditions of any such recapitalization transaction shall be determined by the Requisite Principal Investors, but shall be intended to cure the
VCOC Event. 
 2.12 Period. Each of the foregoing provisions of this Article II shall expire on the earliest of
(a) a Change of Control, (b) to the extent so determined by the Requisite Principal Investors, in the case of Sections 2.1 and 2.2, the Initial Public Offering or at any time thereafter, (c) in the case of Sections 2.7 and
2.8, the Initial Public Offering and (d) with respect to any particular provision, the last date permitted by applicable law (including the rules of the Commission and any exchange upon which equity securities of the Company might be listed).

 2.13 Proxies. Each Principal Investor agrees that it shall not vote the Shares of any other Principal Investor
pursuant to the proxies granted under Sections 2.1 and 2.2 of the Stockholders Agreement in any manner inconsistent with this Agreement, the Participation, Registration Rights and Coordination Agreement or the Stockholders Agreement.

 ARTICLE III 
 TRANSFER RESTRICTIONS. 
 3.1 Permitted Transferees. Any Permitted
Transferee receiving Shares from a Principal Investor in a Transfer pursuant to Section 3.1.1, 3.1.4 (b) or (c) or 3.1.5 of the Stockholders Agreement shall be subject to the terms and conditions of, and be entitled to enforce, this
Agreement to the same extent, and in the same capacity, as the Principal Investor that Transfers the Shares to such Permitted Transferee as if such Permitted Transferee were such Principal Investor. Prior to the initial Transfer of any Shares to any
Permitted Transferee pursuant to Section 3.1.1, 3.1.4(b) or (c) or 3.1.5 of the Stockholders Agreement, and as a condition thereto, each holder of Shares effecting such Transfer shall (a) cause such Permitted Transferee to deliver to
the Company and each of the Principal Investors (other than the transferor) its written agreement, in form and substance reasonably satisfactory to the Company, to be bound by the terms and conditions of this Agreement to the extent described in the
preceding sentence and (b) remain directly liable for the performance by the Permitted Transferee of all obligations of such Permitted Transferee under this Agreement. Shares transferred to any Person (other than a Permitted Transferee
receiving Shares from a Principal Investor in a Transfer pursuant to Section 3.1.1, 3.1.4(b) or (c) or 3.1.5 of the Stockholders Agreement) shall cease to be Shares for all purposes of this Agreement. 

3.2 Transfers Between Principal Investor Groups. No Principal Investor shall Transfer Shares to another Principal Investor who is
not a Permitted Transferee without the consent of the Requisite Principal Investors, provided that, for purposes of calculating the Requisite Principal Investors for this Section 3.2 only, the Principal Investors Groups of which the
Principal Investors who are the prospective transferor and transferee shall be disregarded. 
 ARTICLE IV 

COVENANTS. 
 4.1 Annual Budget. In connection with the approval rights afforded to the Principal Investor Groups under Section 2.1.2, the Company will furnish each Principal Investor Group with a proposed
annual operating budget for the Company and its subsidiaries, as well as any proposed material modifications to such budget or notice of any proposed action that is or would be reasonably likely to result in material variance therefrom. 

4.2 Directors’ and Officers’ Insurance. The Company shall maintain for such periods as the Board shall in good faith
determine, at its expense, insurance in an amount determined in good faith by the Board to be appropriate (provided that such amount shall not be lower than $25,000,000 unless otherwise agreed by the Majority Principal Investors), on behalf
of any person who after the Closing Date is or was a director or officer of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, including any direct or indirect subsidiary of the Company, against any expense, liability or loss asserted against such Person and incurred by such Person in any such capacity, or arising out of such Person’s status as such,
subject to customary exclusions. The provisions of this Section 4.2 shall survive any termination of this Agreement. 

 4.3 Expenses. All reasonable costs and expenses incurred by any current or former
Principal Investor in exercising or enforcing any rights afforded to such current or former Principal Investor under this Agreement, the Participation, Registration Rights and Coordination Agreement, the Stockholders Agreement or the certificates of
incorporation or limited liability company agreement, as applicable, of any of the Company, Lowerco, Holdings, LLC or SDS, shall be paid or reimbursed by the Company. Costs and expenses subject to the preceding sentence shall include, without
limitation all attorneys’ fees and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions, to the extent applicable in a particular instance. Each Principal Investor shall be
entitled to payment or reimbursement under this Section 4.3 for so long as such Principal Investor owns securities issued by the Company or its direct or indirect subsidiaries, irrespective of whether such Principal Investor ceases to be a
Principal Investor in accordance with the definition thereof. 
 4.4 Annual Valuation. The Board shall, at least
annually, provide each Principal Investor with a good faith estimate of the then current fair market value of the shares of each class of Stock then outstanding. 
 ARTICLE V 
 REMEDIES. 

5.1 Generally. The parties shall have all remedies available at law, in equity or otherwise in the event of any breach or
violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies which may be available, each of the parties hereto shall be entitled to
specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances. 

ARTICLE VI 
 LEGENDS. 
 6.1 Restrictive Legend. Each certificate representing
Shares issued or transferred to a Principal Investor shall have the following legend endorsed conspicuously thereupon: 

“THE VOTING OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE, AND THE SALE, ENCUMBRANCE OR OTHER DISPOSITION THEREOF, ARE
SUBJECT TO THE PROVISIONS OF A PRINCIPAL INVESTOR AGREEMENT TO WHICH THE ISSUER AND CERTAIN OF ITS STOCKHOLDERS ARE PARTY. SUCH AGREEMENT INCLUDES RESTRICTIONS AND LIMITATIONS ON THE TRANSFER OF SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE. A
COPY OF SUCH AGREEMENT MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF THE ISSUER OR OBTAINED FROM THE ISSUER WITHOUT CHARGE UPON REQUEST.” 
 Any Person who acquires Shares which are not subject to all or part of the terms of this Agreement shall have the right to have such legend (or the applicable portion thereof) removed from certificates
representing such Shares. 
 6.2 Stop Transfer Instruction. The Company or Lowerco will instruct any transfer agent not
to register the Transfer of any Shares until the conditions specified in the foregoing legend, this Agreement, the Stockholders Agreement and the Participation, Registration Rights and Coordination Agreement are satisfied. 

6.3 Classes of Shares Separately Transferable. A Transfer that otherwise satisfies the requirements of this Agreement, the
Participation, Registration Rights and Coordination Agreement, the Stockholders Agreement and any other applicable agreements may include Shares of any one or more class(es). 

 ARTICLE VII 

AMENDMENT, TERMINATION, ETC. 
 7.1 Oral Modifications. This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. 

7.2 Written Modifications. Subject to Section 2.4.2, this Agreement may be amended, modified, extended or terminated, and the
provisions hereof may be waived, only by an agreement in writing signed by the Company and the Majority Principal Investors; provided, however, that: 

(a) the consent of the Requisite Principal Investors shall be required for any amendment, modification, extension,
termination or waiver (an “Amendment”) of (i) the provisions of Section 2.2 or 2.3, (ii) any provision requiring consent of the Requisite Principal Investors, or (iii) this clause (a) of Section 7.2;

 (b) the consent of each of the Principal Investor Groups shall be required for any Amendment of (i) the
provisions of Section 2.4.2, (ii) any provision requiring unanimous consent of the Principal Investor Groups, or (iii) this clause (b) of Section 7.2; 

(c) the consent of each Principal Investor or Principal Investor Group, as applicable, shall be required for any Amendment
that Discriminates against the rights of such Principal Investor or Principal Investor Group, as applicable, as such under this Agreement as compared to the other Principal Investors or Principal Investor Groups, as applicable. 

Each such Amendment shall be binding upon each party hereto and each holder of Shares subject hereto. In addition, each party hereto and each holder of
Shares subject hereto may waive any right of such holder hereunder by an instrument in writing signed by such party or holder. To the extent the Amendment of any Section of this Agreement would require a specific consent pursuant to this
Section 7.2, any Amendment to the definitions used in such Section as applied to such Section shall also require the same specified consent. 
 7.3 Withdrawal from Agreement. Any holder of Shares who ceases to be a member of a Principal Investor Group (each such holder, a “Withdrawing Holder”) shall cease to be a party to
this Agreement and shall no longer be subject to the obligations of this Agreement or have rights under this Agreement; provided, however, that any such Withdrawing Holder shall retain the indemnification rights pursuant to
Section 9.9 hereof with respect to any matter that (a) may be an Indemnified Liability and (b) occurred prior to such withdrawal. 
 7.4 Termination; Effect of Termination. This Agreement shall terminate and, except as provided herein, be of no further effect, at such time as there are no longer any Principal Investors. No
termination under this Agreement shall relieve any Person of liability for breach prior to termination. In the event this Agreement is terminated, each Principal Investor shall retain (a) the right to payment and reimbursement of certain
expenses in accordance with Section 4.3 and (b) the indemnification, contribution and reimbursement rights pursuant to Section 9.9 hereof with respect to any matter that (i) may be an Indemnified Liability and (ii) occurred
prior to such termination. 
 ARTICLE VIII 
 DEFINITIONS. For purposes of this Agreement: 
 8.1 Certain
Matters of Construction. In addition to the definitions referred to or set forth below in this Article VIII: 
 (i) The words “hereof”, “herein”, “hereunder” and words of similar import shall refer to this Agreement as a whole and not to any particular Section or provision of this
Agreement, and reference to a particular Section of this Agreement shall include all subsections thereof; 

 (ii) The word “including” shall mean including, without
limitation; 
 (iii) Definitions shall be equally applicable to both nouns and verbs and the singular and plural
forms of the terms defined; and 
 (iv) The masculine, feminine and neuter genders shall each include the other.

 8.2 Definitions. The following terms shall have the following meanings: 

“Affiliate” shall mean, with respect to any specified Person, (a) any other Person which directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its subsidiaries shall be deemed an Affiliate of any of the Stockholders
(and vice versa), (b) if such specified Person is an investment fund, any other investment fund the primary investment advisor to which is the primary investment advisor to such specified Person or an Affiliate thereof and (c) if such
specified Person is a natural Person, any Family Member of such natural Person. Notwithstanding the foregoing, for all purposes of this Agreement, Integral Capital Partners VII, L.P. and its Affiliates will be considered Affiliates of Silver Lake
Partners II, L.P. and Silver Lake Technology Investors II, L.L.C. and their respective Affiliates. 
 “Affiliated
Fund” shall mean, with respect to any specified Person, an investment fund that is an Affiliate of such Person or that is advised by the same investment adviser as such Person or by an Affiliate of such investment adviser or such person.

 “Agreement” shall have the meaning set forth in the Preamble. 

“Amendment” shall have the meaning set forth in Section 7.2. 

“Bain Investors” shall mean, as of any date, Bain Capital Integral Investors, LLC and BCIP TCV, LLC, and their
respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 

“Blackstone Investors” shall mean, as of any date, Blackstone Capital Partners IV L.P., Blackstone Capital Partners IV-A
L.P., Blackstone Family Investment Partnership IV-A L.P., Blackstone Participation Partnership IV L.P., Blackstone GT Communications Partners L.P. and Blackstone Family Communications Partnership L.P., and their respective Permitted Transferees, in
each case only if such Person is then a Stockholder and holds any Shares. 
 “Board” shall mean the board of
directors of the Company. 
 “Business” means SDS’s businesses which, as of the date hereof, consist of
four separate businesses: (a) the Availability Services business, (b) the Financial Systems business, (c) the K-12 Education business and (d) the Public Sector business. For purposes of this Agreement, any future business
acquired by SDS after the date hereof that is not included in the Availability Services business will automatically be considered part of the Financial Systems, K-12 Education or Public Sector business, as determined by the Board in its sole
discretion. 
 “business day” shall mean any day that is not a Saturday, a Sunday or other day on which banks
are required or authorized by law to be closed in the City of New York. 
 “Change of Control” shall mean the
occurrence of (a) any consolidation or merger of the Company with or into any other Person, or any other corporate reorganization, transaction or Transfer of securities of the Company by its stockholders, or series of related transactions
(including the acquisition of capital stock of the Company), whether or not the Company is a party thereto, in which the stockholders of the Company immediately prior to such consolidation, merger, reorganization or transaction, own, directly or
indirectly, capital stock either (i) representing directly, or indirectly through one or more entities, less than fifty percent (50%) of the equity economic interests in or voting power of the Company or other surviving entity immediately
after such consolidation, merger, 

 
reorganization or transaction or (ii) that does not directly, or indirectly through one or more entities, have the power to elect a majority of the entire board of directors or other similar
governing body of the Company or other surviving entity immediately after such consolidation, merger, reorganization or transaction; (b) any transaction or series of related transactions, whether or not the Company is a party thereto, after
giving effect to which in excess of fifty percent (50%) of the Company’s voting power is owned directly, or indirectly through one or more entities, by any Person and its “affiliates” or “associates” (as such terms are
defined in the Exchange Act Rules) or any “group” (as defined in the Exchange Act Rules), other than Qualified Institutional Investors (and in the case of a “group”, excluding a percentage of such “group” equal to
the percentage of the voting power of such group controlled by any Qualified Institutional Investors), excluding, in any case referred to in clause (a) or (b) any Initial Public Offering or any bona fide primary or secondary public
offering following the occurrence of an Initial Public Offering; or (c) a sale, lease or other disposition of all or substantially all of the consolidated assets of the Company. For the avoidance of doubt, none of the following shall, in and of
itself, constitute a “Change of Control”: (x) a spin-off of one of the Businesses, a sale of one of the Businesses or a comparable transaction or (y) a transaction in which, after giving effect thereto, the Principal Investors
and their Affiliates continue to own, directly or indirectly, more than fifty percent (50%) of the equity economic interests or voting power of (i) the Company or other surviving entity in the case of a transaction of the sort described in
clause (a) above, (ii) of the Company in the case of a transaction of the sort described in clause (b) above or (iii) of the acquiring entity in the case of a transaction of the sort described in clause (c) above.

 “Class A Stock” shall mean the Class A Common Stock, par value $0.001 per share, of the Company, which
is comprised of Class A-1 Common Stock, Class A-2 Common Stock, Class A-3 Common Stock, Class A-4 Common Stock, Class A-5 Common Stock, Class A-6 Common Stock, Class A-7 Common Stock and Class A-8 Common
Stock. 
 “Class L Stock” shall mean the Class L Common Stock, par value $0.001 per share, of the Company.

 “Closing Date” shall have the meaning set forth in the Recitals. 

“Commission” shall mean the Securities and Exchange Commission. 

“Common Stock” shall mean the common stock of the Company, including the Class A Stock and the Class L Stock.

 “Company” shall have the meaning set forth in the Preamble. 

“Convertible Securities” shall mean any evidence of indebtedness, shares of stock (other than Stock) or other securities
(other than Options and Warrants) which are directly or indirectly convertible into or exchangeable or exercisable for shares of Stock. 
 “Designated Principal Investor Groups” shall mean, as of any time of determination, (a) if at such time there are more than five Principal Investor Groups, the five (or more if
necessary to accommodate “ties”) Principal Investor Groups who then hold the greatest number of shares of Common Stock and (b) at any other time, all of the Principal Investor Groups. 

“Discriminate” means, with respect to a specified party, to discriminate against such specified party as compared to
other applicable parties. 
 “Effective Time” shall have the meaning set forth in Section 1.1. 

“Equivalent Shares” shall mean, at any date of determination, (a) as to any outstanding shares of Stock, such
number of shares of Stock and (b) as to any outstanding Options, Warrants or Convertible Securities which constitute Shares, the maximum number of shares of Stock for which or into which such Options, Warrants or Convertible Securities may at
the time be exercised, converted or exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance in connection with which the number of Equivalent Shares is to be
determined). 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 “Exchange Act Rules” shall mean the rules adopted by the Commission under
the Exchange Act. 
 “Existing Debt Documents” shall mean (a) the Amended and
Restated Credit Agreement dated as of August 11, 2005, as amended and restated as of June 9, 2009, as further amended by the First Refinancing Amendment dated as of January 31, 2011, as further amended by the Second Refinancing and
Incremental Amendment dated as of March 11, 2011, as further amended by the Third Amendment dated as of November 10, 2011, and as further amended and restated by the Fourth Amendment dated as of March 2, 2012, among SunGard Data
Systems Inc., SunGard Holdco LLC, the Lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders, Swing Line Lender and L/C Issuer, as it may be further amended, restated, refinanced or otherwise
modified from time to time., (b) the Amended and Restated Credit and Security Agreement, dated as of September 30, 2010, by and among SunGard AR Financing LLC, as the Borrower, the financial institutions signatory thereto from time to time
as the Lenders, and General Electric Capital Corporation as a Lender, as Swing Line Lender and as the Administrative Agent, as it may be further amended, restated, refinanced or otherwise modified from time to time, (c) the Indenture, dated as of
January 15, 2004, between SDS and The Bank of New York, as Trustee, relating to SDS’s 4 7/8% Senior Notes due 2014, (d) the Indenture, dated as of August 11, 2005, among SDS, Guarantors named therein and
The Bank of New York, as Trustee relating to SDS’s 10 1/4% Senior Subordinated Notes due 2015, (e) the Indenture, dated as of November 16, 2010, among SDS, Guarantors
named therein and The Bank of New York Mellon, as Trustee, relating to SDS’s 7 3/8% Senior Notes due 2018, and (f) the Indenture, dated as of November 16, 2010, among SDS, Guarantors named
therein and The Bank of New York Mellon, as Trustee, relating to SDS’s 7 5/8% Senior Notes due 2020. 

“Family Member” shall mean, with respect to any natural Person, (a) any lineal descendant or ancestor or sibling
(by birth or adoption) of such natural Person, (b) any spouse or former spouse of any of the foregoing, (c) any legal representative or estate of any of the foregoing, or the ultimate beneficiaries of the estate of any of the foregoing, if
deceased, (d) any not-for-profit corporation or private charitable foundation and (e) any trust or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing Persons described in clauses (a)
through (d) above. 
 “GS Investors” shall mean, as of any date, GS Capital Partners 2000, L.P., GS
Capital Partners 2000 Employee Fund, L.P., GS Capital Partners 2000 Offshore, L.P., Goldman Sachs Direct Investment Fund 2000, L.P., GS Capital Partners 2000 GmbH & Co. Beteiligungs KG, GS Capital Partners V Fund, L.P., GS Capital Partners
V Offshore Fund, L.P., GS Capital Partners V GmbH & Co. KG and GS Capital Partners V Institutional, L.P., and their respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 

“Holdings” shall have the meaning set forth in the Preamble. 

“Indemnified Liabilities” shall have the meaning set forth in Section 9.9. 

“Indemnitees” shall have the meaning set forth in Section 9.9. 

“Independent” shall mean a person who (a) is not an officer, employee, general partner, director or person
performing similar functions of any of the Company, its direct and indirect subsidiaries or any Principal Investor and (b) prior to such person’s nomination as a director, has disclosed to each of the Principal Investors any current or
past material relationship between such person and any of the Company, its direct and indirect subsidiaries, any Principal Investor or any Affiliate of a Principal Investor. 
 “Initial Public Offering” shall mean the initial underwritten Public Offering registered on Form S-1 (or any successor form under the Securities Act). 

“Investors” shall have the meaning given to such term in the Participation, Registration Rights and Coordination
Agreement. 
 “KKR Investors” shall mean, as of any date, KKR Millennium Fund L.P. and KKR Partners III, L.P.,
and their respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 

“LLC” shall have the meaning set forth in the Preamble. 

 “Lowerco” shall have the meaning set forth in the Preamble. 

“Majority Bain Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by the
Bain Investors. 
 “Majority Blackstone Investors” shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the Blackstone Investors. 
 “Majority GS Investors” shall mean, as of any date,
the holders of a Majority in Interest of the Shares held by the GS Investors. 
 “Majority in Interest” shall
mean with respect to Shares of one or more class(es), a majority in number of such Shares. 
 “Majority KKR
Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by the KKR Investors. 

“Majority Principal Investors” shall mean, as of any applicable time, (a) Principal Investor Groups who, in the
aggregate, hold a Majority in Interest of the Common Stock then held by all Principal Investor Groups in the aggregate and (b) if there are more than five Principal Investor Groups, Designated Principal Investor Groups who, in the aggregate,
hold a Majority in Interest of the Common Stock then held by all Designated Principal Investor Groups in the aggregate. 

“Majority Providence Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by
the Providence Investors. 
 “Majority Silver Lake Investors” shall mean, as of any date, the holders of a
Majority in Interest of the Shares held by the Silver Lake Investors. 
 “Majority TPG Investors” shall mean,
as of any date, the holders of a Majority in Interest of the Shares held by the TPG Investors. 
 “Majority VCOC
Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by the VCOC Investors. 

“Manager Designees” shall have the meaning set forth in the Stockholders Agreement. 

“Managers” shall have the meaning set forth in the Stockholders Agreement. 

“Merger Agreement” shall mean the Agreement and Plan of Merger between Solar Capital Corp. and SDS, dated as of
March 27, 2005 (as amended from time to time). 
 “Operating Committee” shall have the meaning set forth
in Section 2.8. 
 “Options” shall mean any options to subscribe for, purchase or otherwise directly
acquire Stock, other than any such option held by the Company or Lowerco or any direct or indirect subsidiary thereof, or any right to purchase Shares pursuant to the Stockholders Agreement. 

“Participation, Registration Rights and Coordination Agreement” shall mean the Amended and Restated Participation,
Registration Rights and Coordination Agreement of even date herewith among the Company, Lowerco, Holdings, LLC, SDS and certain stockholders of the Company and Lowerco. 
 “Permitted Transferee” shall mean, in respect of any Principal Investor, (a) any Affiliate or Affiliated Fund of such Principal Investor or (b) any successor entity or, with
respect to a Principal Investor organized as a trust, any successor trustee or co-trustee of such trust, only to the extent such transferee agrees to be bound by the terms of this Agreement in accordance with Section 3.1 and the Stockholders
Agreement. In addition, any Stockholder shall be a Permitted Transferee of the Permitted Transferees of itself and any member of a Principal Investor Group shall be a Permitted Transferee of any other member of such Principal Investor Group.

 “Person” shall mean any individual, partnership, corporation, company,
association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Preferred Stock” shall mean the 11.5% Cumulative Preferred Stock, par value $0.001 per share, of Lowerco. 

“Principal Investor” shall have the meaning set forth in the Preamble. 

“Principal Investor Agreement” shall have the meaning set forth in the Recitals. 

“Principal Investor Group” shall mean any one of (a) the Bain Investors, collectively, (b) the Blackstone
Investors, collectively, (c) the GS Investors, collectively, (d) the KKR Investors, collectively, (e) the Providence Investors, collectively, (f) the Silver Lake Investors, collectively and (g) the TPG Investors,
collectively; provided, however, that any such Principal Investor Group shall cease to be a Principal Investor Group at such time after the Closing Date, and at all times thereafter, as such Principal Investor Group ceases to hold a
Total Combined Investment (as defined in the Company’s certificate of incorporation as in effect on the date hereof) of at least the Minimum Total Combined Investment (as defined in the Company’s certificate of incorporation as in effect
on the date hereof); provided, further, that no adjustment pursuant to the Company’s certificate of incorporation to the “Minimum Total Combined Investment” shall cause any former Principal Investor Group to again become
a Principal Investor Group. Where this Agreement provides for the vote, consent or approval of any Principal Investor Group, such vote, consent or approval shall be determined by the Majority Bain Investors, the Majority Blackstone Investors, the
Majority GS Investors, the Majority KKR Investors, the Majority Providence Investors, the Majority Silver Lake Investors, or the Majority TPG Investors, as the case may be, except as otherwise specifically set forth herein. 

“Principal Investor Majority” shall mean, with respect to a transaction between the Company or one of its subsidiaries
on the one hand and a Principal Investor Group (or any member thereof) or one of its, or their, Affiliates on the other (a “Related Affiliate”), (a) Principal Investor Groups that are not and whose Affiliates are not Related
Affiliates and who, in the aggregate, hold a Majority in Interest of the Common Stock then held by all Principal Investor Groups that are not and whose Affiliates are not a Related Affiliate with respect to such transaction, or (b) if each
Principal Investor Group and/or an Affiliate of each Principal Investor Group is a Related Affiliate with respect to such transaction, the Majority Principal Investors. 
 “Providence Investors” shall mean, as of any date, Providence Equity Partners V LP and Providence Equity Partners V-A LP, and their respective Permitted Transferees, in each case only if
such Person is then a Stockholder and holds any Shares. 
 “Public Offering” shall mean a public offering and
sale of Common Stock for cash pursuant to an effective registration statement under the Securities Act. 
 “Qualified
Institutional Investors” shall mean (a) the Bain Investors; (b) the Blackstone Investors; (c) the GS Investors; (d) the KKR Investors; (e) the Providence Investors; (f) the Silver Lake Investors; (g) the
TPG Investors; and (h) the respective Affiliates and Affiliated Funds of the foregoing Persons. 

“Recapitalization Transaction” shall have the meaning set forth in Section 11.2 of the Stockholders Agreement.

 “Related Affiliate” shall have the meaning set forth in the definition of Principal Investor Majority.

 “Requisite Principal Investors” shall mean, at any time, stockholders that are members of a Principal
Investor Group and that, in the aggregate, hold a number of shares of Common Stock that is at least two-thirds of the aggregate number of shares of Common Stock then held by all stockholders that are members of a Principal Investor Group.

 “Sale” shall mean a Transfer for value and the terms “Sell” and “Sold” shall have
correlative meanings. 

 “SDS” shall have the meaning set forth in the Recitals. 

“Securities Act” shall mean the Securities Act of 1933 and the rules promulgated thereunder, as amended from time to
time. 
 “Shares” shall mean (a) all shares of Stock held by a Principal Investor, whenever issued,
including all shares of Stock issued upon the exercise, conversion or exchange of any Options, Warrants or Convertible Securities and (b) all Options, Warrants and Convertible Securities held by a Principal Investor (treating such Options,
Warrants and Convertible Securities as a number of Shares equal to the number of Equivalent Shares represented by such Options, Warrants and Convertible Securities for all purposes of this Agreement except as otherwise specifically set forth
herein), including, in either case, any securities received in a Recapitalization Transaction in accordance with Section 4.3 of the Stockholders Agreement. 
 “Silver Lake Investors” shall mean, as of any date, Silver Lake Partners II, L.P., Silver Lake Technology Investors II, L.L.C. and Integral Capital Partners VII, L.P., and their
respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 

“Stock” shall mean the Common Stock and the Preferred Stock. 

“Stockholders” shall have the meaning set forth in the Stockholders Agreement. 

“Stockholders Agreement” shall mean the Amended and Restated Stockholders Agreement, of even date herewith, among the
Company, Lowerco, Holdings, LLC, SDS and certain stockholders of the Company and Lowerco. 
 “Subscription
Agreement” shall have the meaning set forth in Section 9.3. 
 “Substitution Charter Amendment”
shall have the meaning set forth in the Recitals. 
 “Third-Party Claim” shall have the meaning set forth in
Section 9.9. 
 “TPG Investors” shall mean, as of any date, TPG Partners IV, L.P.,
T3 Partners II, L.P., T3 Parallel II, L.P., TPG Solar III LLC and TPG Solar Co- Invest LLC,
and their respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 

“Transfer” shall mean any sale, pledge, assignment, encumbrance or other transfer or disposition of any Shares to any
other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. For the avoidance of doubt, it shall constitute a “Transfer” subject to the restrictions on Transfer
contained or referenced in Section 3(a) if a transferee is not an individual, a trust or an estate, and the transferor or an Affiliate thereof ceases to control such transferee or (b) with respect to a holder of Shares which was formed for
the purpose of holding Shares, there is a Transfer of the equity interests of such holder other than to a Permitted Transferee of such holder or of the party transferring the equity of such holder. 

“VCOC Event” shall be deemed to occur if, because of the relative value of the Preferred Stock to the value of the
common shares of Lowerco held by the Company, the Company ceases to retain a majority of both the vote and the value of Lowerco. 
 “VCOC Investor” shall mean each Principal Investor who is, or who is directly or indirectly substantially owned by an entity who is, intended to qualify as a Venture Capital Operating
Company. 
 “Venture Capital Operating Company” shall mean a “venture capital operating company”
within the meaning of Department of Labor Regulation Section 2510.3-101. 
 “Warrants” shall mean any
warrants to subscribe for, purchase or otherwise directly acquire Stock. 
 “Withdrawing Holders” shall have
the meaning set forth in Section 7.3. 

 ARTICLE IX 

MISCELLANEOUS. 
 9.1 Authority: Effect. Each party hereto represents and warrants to and agrees with each other party that (a) the execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound and (b) this Agreement constitutes a legal, valid
and binding obligation of such party, enforceable against such party in accordance with its terms, except to the extent that the enforcement of the rights and remedies created hereby is subject to (i) bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and remedies of creditors generally and (ii) general principles of equity. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership
among any of the parties hereto, or to constitute any of such parties members of a joint venture or other association. 
 9.2 Notices. Any notices and other communications required or permitted in this Agreement shall be effective if in writing and (a) delivered personally, (b) sent by facsimile or e-mail
(if provided and the recipient acknowledges receipt thereof by reply e-mail or otherwise), or (c) sent by overnight courier, in each case, addressed as follows:1 
 If to the Company, Lowerco, Holdings, LLC or SDS, to it: 
 c/o SunGard Data
Systems, Inc. 
 680 East Swedesford Road 
 Wayne, Pennsylvania 19087 
 Attention: General Counsel 

with copies to: 

Ropes & Gray LLP 
 Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02199 
 Facsimile: (617) 951-7050 
 Attention: Alfred Rose, Esq. 

E-mail: arose@ropesgray.com 
 If to a Bain Investor or the Bain Principal Investor Group, to it: 
 c/o Bain
Capital, LLC 
 111 Huntington Avenue 
 Boston, Massachusetts 02199 
 Facsimile: (617) 516-2710 

Attention: John Connaughton 
 E-mail: jconnaughton@baincapital.com 
 with copies to: 

Ropes & Gray LLP 
 Prudential Tower 
  

 800 Boylston Street 
 Boston, Massachusetts 02199 
 Facsimile: (617) 951-7050 

Attention: R. Newcomb Stillwell, Esq. 
 E-mail: nstillwell@ropesgray.com 
 If to a Blackstone Investor or to the
Blackstone Principal Investor Group, to it: 
 c/o Blackstone Management Partners IV L.L.C. 

345 Park Avenue, 31st Floor 
 New York, NY 10154 
 Facsimile: (212) 583-5722 

Attention: Chinh Chu 
 E-mail: chu@blackstone.com 
 with copies to: 

Paul Hastings, Janofsky & Walker LLP 
 75 E. 55th Street 
 New York, NY 10022 

Facsimile: (212) 230-7617 
 Attention: John Altorelli, Esq. 
 E-mail: johnaltorelli@paulhastings.com

 and 

Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, NY 10017 

Facsimile: (212) 455-2502 
 Attention: Wilson Neely, Esq. 
 E-mail: wneely@stblaw.com 

If to a GS Investor or to the GS Principal Investor Group, to it: 

c/o GS Capital Partners 2000, L.P. 
 85 Broad Street 
 New York, New York 10004 

Facsimile: (212) 357-5505 
 Attention: Sanjeev Mehra 
 E-mail: sanjeev.mehra@gs.com 

with copies to: 

Wachtell, Lipton, Rosen & Katz 
 51 West 52nd
Street 
 New York, New York 10019 
 Facsimile: (212) 403-2000 
 Attention: Mark Gordon, Esq. 

E-mail: mgordon@wlrk.com 

 If to a KKR Investor or to the KKR Principal Investor Group, to it: 

c/o Kohlberg Kravis Roberts & Co L.P. 
 2800 Sand Hill Road, Suite 200 
 Menlo Park, CA 94025 

Facsimile: (650) 233-6561 
 Attention: James H. Greene, Jr. 
 E-mail: jgreene@kkr.com 

with copies to: 

Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, NY 10017 

Facsimile: (212) 455-2502 
 Attention: Gary Horowitz 
 E-mail: ghorowitz@stblaw.com 

If to a Providence Investor or to the Providence Principal Investor Group, to it: 

c/o Providence Equity Partners Inc. 
 50 Kennedy Plaza 
 18th Floor 

Providence, RI 02903 
 Facsimile: (401) 751-1790 
 Attention: Jonathan M. Nelson 

E-mail: j.nelson@provequity.com 
 with copies to: 
 Weil, Gotshal & Manges LLP 

100 Federal Street, 34th Floor 
 Boston, MA 02110 
 Facsimile: (617) 772-8333 

Attention: Marilyn French, Esq. 
 E-mail: marilyn.french@weil.com 
 If to a Silver Lake Investor or to the Silver
Lake Principal Investor Group, to it: 
 c/o Silver Lake Partners 

9 West 57th Street, 25th Floor 
 New York, NY 10019 
 Facsimile: (212) 981-3535 

Attention: Egon Durban 
 E-mail: egon.durban@silverlake.com 
 with copies to: 

Ropes & Gray LLP 
 Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02199 
 Facsimile: (617) 951-7050 
 Attention: Alfred O. Rose, Esq. 

E-mail: arose@ropesgray.com 

 If to a TPG Investor or to the TPG Principal Investor Group, to it: 

c/o TPG Capital, L.P. 
 345 California Street, Suite 3300 
 San Francisco, CA 94104 

Facsimile: (415) 743-1500 
 Attention: General Counsel 
 with copies to: 

Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006 

Facsimile: (212) 225-3999 
 Attention: Michael L. Ryan, Esq. 

                 Paul J. Shim, Esq. 

E-mail: mryan@cgsh.com pshim@cgsh.com 
 Notice to the holder of record of any shares of capital stock shall be deemed to be notice to the holder of such shares for all purposes hereof. 

Unless otherwise specified herein, such notices or other communications shall be deemed effective (x) on the date received, if
personally delivered, (y) on the date received if delivered by facsimile or e-mail (subject to the recipient confirming receipt thereof in the case of e-mail) on a business day, or if not delivered on a business day, on the first business day
thereafter and (z) two business days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

9.3 Binding Effect, Etc. Except for the Stockholders Agreement, the Participation, Registration Rights and Coordination Agreement,
and the Subscription Agreement dated as of August 10, 2005 among Company, Lowerco, Holdings, LLC, SDS and the stockholders named therein (“Subscription Agreement”), this Agreement constitutes the entire agreement of the parties
with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter and shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Principal Investor or other party hereto may assign any of its respective rights or delegate any of its respective obligations under this
Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 
 9.4 Descriptive Heading. The descriptive headings of this Agreement are for convenience of reference only, are not to be considered a part hereof and shall not be construed to define or limit any
of the terms or provisions hereof. 
 9.5 Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original, but all of which taken together shall constitute one instrument. A facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the
signature were an original. 
 9.6 Severability. In the event that any provision hereof would, under applicable law, be
invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable,
and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

9.7 No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that
certain of the Principal Investors may be partnerships or limited liability companies, 

 
each party to this Agreement covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had
against any current or future director, officer, employee, general or limited partner, member or manager of any Principal Investor or of any partner, member, manager, Affiliate or assignee thereof, as such, 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 current or future officer, agent or employee of any Principal Investor or any current or future member of any Principal Investor or any current or future director, officer, employee, partner, member or manager of any Principal
Investor or of any Affiliate or assignee thereof, as such, for any obligation of any Principal 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. 
 9.8 Obligations of Company, Lowerco, Holdings, LLC and SDS. Each of the
Company, Lowerco, Holdings, LLC and SDS shall be jointly and severally liable for any obligation of any of the Company, Lowerco, Holdings, LLC or SDS pursuant to this Agreement. 

9.9 Indemnity and Liability; Reimbursement. Each of the Company, Lowerco, Holdings, LLC and SDS, jointly and severally, will
indemnify, exonerate and hold each of the Principal Investors, and each of their respective partners, shareholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents and each of the partners,
shareholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing (collectively, the “Indemnitees”) free and harmless from and against any and all
actions, causes of action, suits, claims, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys’ and accountants’ fees and expenses) incurred by the Indemnitees or any of
them before or after the date of this Agreement (collectively, the “Indemnified Liabilities”), as a result of, arising out of, or in any way relating to (i) this Agreement, the Merger Agreement, the merger of Solar Capital Corp
with and into SDS pursuant to the Merger Agreement, or any other transactions contemplated by the Merger Agreement, any transaction to which any of the Company, Lowerco, Holdings, LLC or SDS is a party or any other circumstances with respect to any
of the Company, Lowerco, Holdings, LLC or SDS (other than any such Indemnified Liabilities to the extent such Indemnified Liabilities arise out of (A) any breach of the Stockholders Agreement, the Participation, Registration Rights and
Coordination Agreement or the Subscription Agreement by such Indemnitee or its affiliated or associated Indemnitees or other related Persons or (B) any transaction entered into after the Closing Date or other circumstances existing after the
Closing Date with respect to which the interests of such Indemnitee or its affiliated or associated Indemnitees were adverse to the interests of any of the Company, Lowerco, Holdings, LLC or SDS), (ii) operations of, or services provided by any
of the Indemnitees to, any of the Company, Lowerco, Holdings, LLC or SDS, or any of their Affiliates from time to time (including but not limited to any indemnification obligations assumed or incurred by any Indemnitee to or on behalf of the Seller,
or any of its accountants or other representatives, agents or Affiliates), (iii) the Principal Investor’s purchase and/or ownership of Shares or any other equity security of the Company, Lowerco, Holdings, LLC or SDS, or (iv) any
litigation to which any Indemnitee is made a party in its capacity as a stockholder or owner of securities of the Company, Lowerco, Holdings, LLC or SDS (or party related thereto); provided that the foregoing indemnification rights shall not
be available in the event that any such Indemnified Liabilities arose on account of such Indemnitee’s gross negligence or willful misconduct, and provided further that, if and to the extent that the foregoing undertaking may be
unavailable or unenforceable for any reason, the Company, Lowerco, Holdings, LLC and SDS will make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. For
purposes of this Section 9.9, none of the circumstances described in the limitations contained in the two provisos in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of competent
jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Indemnitee as to any previously advanced indemnity payments made by any of the Company, Lowerco, Holdings, LLC or SDS, then such payments
shall be promptly repaid by such Indemnitee to the Company, Lowerco, Holdings, LLC and SDS. The rights of any Indemnitee to indemnification hereunder will be in addition to any other rights any such Person may have under any other agreement or
instrument referenced above or any other agreement or instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. None of the Indemnitees shall in any event be liable to any of the
Company, Lowerco, Holdings, LLC or SDS or any of their Affiliates for any act or omission suffered or taken by such Indemnitee that does not constitute gross negligence or willful misconduct. Notwithstanding anything herein to the contrary, the
indemnification obligations of the 

 
Company, Lowerco, Holdings, LLC and SDS with respect to an Indemnitee under this Section 9.9 shall be the primary source of indemnification of such Indemnitee and any indemnification
obligations to such Indemnitee on the part of any stockholder of the Company, Lowerco, Holdings, LLC or SDS or any affiliate of such stockholder (other than the Company, Lowerco, Holdings, LLC and SDS or any of their direct or indirect subsidiaries)
shall be secondary to such obligations of the Company, Lowerco, Holdings, LLC and SDS. The Company, Lowerco, Holdings, LLC and SDS shall have no right to seek contribution or indemnification from, or subrogation against, any such stockholder of the
Company, Lowerco, Holdings, LLC or SDS or any affiliate of such stockholder (other than the Company, Lowerco, Holdings, LLC and SDS or any of their direct or indirect subsidiaries) in respect of any indemnification obligations of the Company,
Lowerco, Holdings, LLC or SDS with respect to an Indemnitee under this Section 9.9. If all Principal Investor Groups are similarly situated with respect to their interests in a matter that may be an Indemnified Liability and that is not based
on a Third-Party Claim, the Indemnitees may enforce their rights pursuant to this Section 9.9 only with the consent of the Majority Principal Investors (determined based on the Principal Investor Groups existing at the time of the events giving
rise to such claim for indemnification). A “Third-Party Claim” means any (i) claim brought by a Person other than the Company, Lowerco, Holdings, LLC, SDS or any of their subsidiaries, a Principal Investor or any Indemnitee and
(ii) any derivative claim brought in the name of the Company, Lowerco, Holdings, LLC, SDS, or any of their respective subsidiaries that is initiated by a Person other than a Principal Investor or any Indemnitee. Each of the Company, Lowerco,
Holdings, LLC and SDS, jointly and severally, also agrees to reimburse each Indemnitee for any reasonable expenses incurred by such Indemnitee in connection with the maintenance of its books and records, preparation of tax returns and delivery of
tax information to its partners or members in connection with the applicable Principal Investor’s investment in the Company, Lowerco, Holdings, LLC or SDS. 
 ARTICLE X 
 GOVERNING LAW. 

10.1 Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter
hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic
substantive laws of any other jurisdiction. 
 10.2 Consent to Jurisdiction. Each party to this Agreement, by its
execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise),
inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any
of its subsidiaries to assert, by way of motion, as a 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 any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees not to commence or maintain
any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the
above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any
court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may
assert indemnification rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding the foregoing, any party to this Agreement may commence and
maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that
service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 9.2 hereof is reasonably calculated to give actual notice. 

 10.3 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH
CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN
CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 10.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO
THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL
BY JURY. 
 10.4 Exercise of Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy
accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any
similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

[Signature pages follow] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE COMPANY:	 		 	SUNGARD CAPITAL CORP.
				
		 		 	By:	 	 *

		 		 	Name:	 	Russell Fradin
		 		 	Title:	 	President and Chief Executive Officer
			
	LOWERCO:	 		 	SUNGARD CAPITAL CORP. II
				
		 		 	By:	 	 *

		 		 	Name:	 	Russell Fradin
		 		 	Title:	 	President and Chief Executive Officer
			
	HOLDINGS:	 		 	SUNGARD HOLDING CORP.
				
		 		 	By:	 	 *

		 		 	Name:	 	Russell Fradin
		 		 	Title:	 	President and Chief Executive Officer
			
	LLC:	 		 	SUNGARD HOLDCO LLC
				
		 		 	By:	 	 *

		 		 	Name:	 	Russell Fradin
		 		 	Title:	 	President and Chief Executive Officer
			
	SDS:	 		 	SUNGARD DATA SYSTEMS, INC.
				
		 		 	By:	 	 *

		 		 	Name:	 	Russell Fradin
		 		 	Title:	 	President and Chief Executive Officer

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Russell Fradin

	Russell Fradin

  
 [Amended and
Restated Principal Investors Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	SILVER LAKE PARTNERS II, L.P.
		 		 	By:	 	 Silver Lake Technology Associates II, L.L.C.,
 its general partner

				
		 		 	By:	 	 *

		 		 	Name:	 	Glenn H. Hutchins
		 		 	Title:	 	Managing Director
			
		 		 	SILVER LAKE TECHNOLOGY INVESTORS II, L.P.
		 		 	By:	 	 Silver Lake Technology Associates II, L.L.C.,
 its general partner

				
		 		 	By:	 	 *

		 		 	Name:	 	Glenn H. Hutchins
		 		 	Title:	 	Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Glenn H. Hutchins

	Glenn H. Hutchins

  
 [Amended and
Restated Principal Investor Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	BAIN CAPITAL INTEGRAL INVESTORS, LLC
				
		 		 	By:	 	Bain Capital Investors, LLC,
		 		 		 	its administrative member
				
		 		 	By:	 	 *

		 		 	Name:	 	John Connaughton
		 		 	Title:	 	Managing Director
			
		 		 	BCIP TCV, LLC
				
		 		 	By:	 	Bain Capital Investors, LLC,
		 		 		 	its administrative member
				
		 		 	By:	 	 *

		 		 	Name:	 	John Connaughton
		 		 	Title:	 	Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ John Connaughton

	John Connaughton

  
 [Amended and
Restated Principal Investor Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	BLACKSTONE CAPITAL PARTNERS IV L.P.
				
		 		 	By:	 	Blackstone Management Associates IV L.L.C.,
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Chinh E. Chu
		 		 	Title:	 	Authorized Person
			
		 		 	BLACKSTONE CAPITAL PARTNERS IV-A L.P.
				
		 		 	By:	 	Blackstone Management Associates IV L.L.C.,
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Chinh E. Chu
		 		 	Title:	 	Authorized Person
			
		 		 	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP IV-A L.P.
				
		 		 	By:	 	Blackstone Management Associates IV L.L.C.,
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Chinh E. Chu
		 		 	Title:	 	Authorized Person

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Chinh E. Chu

	Chinh E. Chu

  
 [Amended and
Restated Principal Investor Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	BLACKSTONE PARTICIPATION PARTNERSHIP IV L.P.
				
		 		 	By:	 	 Blackstone Management Associates IV L.L.C.,
 its General Partner

				
		 		 	By:	 	 *

		 		 	Name:	 	Chinh E. Chu
		 		 	Title:	 	Authorized Person
			
		 		 	BLACKSTONE GT COMMUNICATIONS PARTNERS L.P.
				
		 		 	By:	 	Blackstone Communications Management Associates I L.L.C., its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Chinh E. Chu
		 		 	Title:	 	Authorized Person
			
		 		 	BLACKSTONE FAMILY COMMUNICATIONS PARTNERSHIP L.P.
				
		 		 	By:	 	Blackstone Communications Management Associates I L.L.C., its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Chinh E. Chu
		 		 	Title:	 	Authorized Person

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Chinh E. Chu

	Chinh E. Chu

  
 [Amended and
Restated Principal Investor Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	GS CAPITAL PARTNERS 2000, L.P.
				
		 		 	By:	 	GS Advisors 2000, L.L.C.,
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Sanjeev Mehra
		 		 	Title:	 	Vice President
			
		 		 	GS CAPITAL PARTNERS 2000 EMPLOYEE FUND, L.P.
				
		 		 	By:	 	GS Employee Funds 2000 GP, L.L.C.
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Sanjeev Mehra
		 		 	Title:	 	Vice President
			
		 		 	GS CAPITAL PARTNERS 2000 OFFSHORE, L.P.
				
		 		 	By:	 	GS Advisors 2000, L.L.C.
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Sanjeev Mehra
		 		 	Title:	 	Vice President

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Sanjeev Mehra

	Sanjeev Mehra

  
 [Amended and
Restated Principal Investor Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	GOLDMAN SACHS DIRECT INVESTMENT FUND 2000, L.P.
				
		 		 	By:	 	GS Employee Funds 2000 GP, L.L.C.
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Sanjeev Mehra
		 		 	Title:	 	Vice President
			
		 		 	GS CAPITAL PARTNERS 2000 GMBH & CO. BETEILIGUNGS KG
				
		 		 	By:	 	Goldman, Sachs Management GP GmbH
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Sanjeev Mehra
		 		 	Title:	 	Attorney-in-Fact
			
		 		 	GS CAPITAL PARTNERS V FUND, L.P.
				
		 		 	By:	 	GSCP V Advisors, L.L.C.
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Sanjeev Mehra
		 		 	Title:	 	Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Sanjeev Mehra

	Sanjeev Mehra

  
 [Amended and
Restated Principal Investor Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	GS CAPITAL PARTNERS V OFFSHORE FUND, L.P.
				
		 		 	By:	 	GSCP V Offshore Advisors, L.L.C.
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Sanjeev Mehra
		 		 	Title:	 	Managing Director
			
		 		 	GS CAPITAL PARTNERS V GMBH & CO. KG
				
		 		 	By:	 	GS Advisors V L.L.C.
		 		 		 	its Managing Limited Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Sanjeev Mehra
		 		 	Title:	 	Managing Director
			
		 		 	GS CAPITAL PARTNERS V INSTITUTIONAL, L.P.
				
		 		 	By:	 	GS Advisors V, L.L.C.
		 		 		 	its General Partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Sanjeev Mehra
		 		 	Title:	 	Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Sanjeev Mehra

	Sanjeev Mehra

  
 [Amended and
Restated Principal Investor Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	KKR MILLENNIUM FUND L.P.
				
		 		 	By:	 	KKR Associates Millennium L.P.,
		 		 		 	its general partner
		 		 	By:	 	KKR Millennium GP LLC,
		 		 		 	its general partner
				
		 		 	By:	 	 *

		 		 	Name:	 	James H. Greene, Jr.
		 		 	Title:	 	Member
			
		 		 	KKR PARTNERS III, L.P.
				
		 		 	By:	 	KKR GP III LLC,
		 		 		 	its general partner
				
		 		 	By:	 	 *

		 		 	Name:	 	James H. Greene, Jr.
		 		 	Title:	 	Member

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ James H. Greene, Jr.

	James H. Greene, Jr.

  
 [Amended and
Restated Principal Investor Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	PROVIDENCE EQUITY PARTNERS V LP
				
		 		 	By:	 	Providence Equity GP V LP,
		 		 		 	its general partner
		 		 	By:	 	Providence Equity Partners V L.L.C.,
		 		 		 	its general partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Robert S. Hull
		 		 	Title:	 	Chief Financial Officer
			
		 		 	PROVIDENCE EQUITY PARTNERS V-A LP
				
		 		 	By:	 	Providence Equity GP V LP,
		 		 		 	its general partner
		 		 	By:	 	Providence Equity Partners V L.L.C.,
		 		 		 	its general partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Robert S. Hull
		 		 	Title:	 	Chief Financial Officer

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Robert S. Hull

	Robert S. Hull

  
 [Amended and
Restated Principal Investor Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	TPG PARTNERS IV, L.P.
				
		 		 	By:	 	TPG GenPar IV, L.P.,
		 		 		 	its general partner
		 		 	By:	 	TPG Advisors IV, Inc.,
		 		 		 	its general partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Ronald Cami
		 		 	Title:	 	Vice President
			
		 		 	T3 PARTNERS II, L.P.
				
		 		 	By:	 	T3 GenPar II, L.P.,
		 		 		 	its general partner
		 		 	By:	 	T3 Advisors II, Inc.,
		 		 		 	its general partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Ronald Cami
		 		 	Title:	 	Vice President
			
		 		 	T3 PARALLEL II, L.P.
				
		 		 	By:	 	T3 GenPar II, L.P.,
		 		 		 	its general partner
		 		 	By:	 	T3 Advisors II, Inc.,
		 		 		 	its general partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Ronald Cami
		 		 	Title:	 	Vice President

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Ronald Cami

	Ronald Cami

  
 [Amended and
Restated Principal Investor Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE PRINCIPAL INVESTORS:	 		 	TPG SOLAR III LLC
				
		 		 	By:	 	TPG Partners III, L.P.,
		 		 		 	its managing member
		 		 	By:	 	TPG GenPar III, L.P.,
		 		 		 	its general partner
		 		 	By:	 	TPG Advisors III, Inc.,
		 		 		 	its general partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Ronald Cami
		 		 	Title:	 	Vice President
			
		 		 	TPG SOLAR CO-INVEST LLC
				
		 		 	By:	 	TPG GenPar IV, L.P.,
		 		 		 	its managing member
		 		 	By:	 	TPG Advisors IV, Inc.,
		 		 		 	its general partner
				
		 		 	By:	 	 *

		 		 	Name:	 	Ronald Cami
		 		 	Title:	 	Vice President

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Ronald Cami

	Ronald Cami

  
 [Amended and
Restated Principal Investor Agreement]Amended and Restated Participation, Registration Rights and Coordination Agmt

			
	Confidential	  	Execution Version

 Exhibit 10.2 
  

 
 AMENDED AND RESTATED PARTICIPATION,

 REGISTRATION RIGHTS 
 AND COORDINATION AGREEMENT 
 by and among 

SunGard Capital Corp. 
 SunGard Capital Corp. II 
 SunGard Holding Corp. 

SunGard Holdco LLC 
 SunGard Data Systems Inc. 
 and 

Certain Persons who will be Stockholders of SunGard Capital Corp. and SunGard Capital Corp. II 

Dated as of November 7, 2012 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I. EFFECTIVENESS; DEFINITIONS
	  	 	3	  
	 1.1.
	 	 Effective Time
	  	 	3	  
	 1.2.
	 	 Definitions
	  	 	3	  
		
	 ARTICLE II. RIGHT OF PARTICIPATION
	  	 	3	  
	 2.1.
	 	 Right of Participation
	  	 	3	  
	 2.2.
	 	 Post-Issuance Notice
	  	 	5	  
	 2.3.
	 	 Excluded Transactions
	  	 	6	  
	 2.4.
	 	 Certain Provisions Applicable to Options, Warrants and Convertible Securities
	  	 	7	  
	 2.5.
	 	 Acquired Shares
	  	 	7	  
	 2.6.
	 	 Period
	  	 	7	  
		
	 ARTICLE III. REGISTRATION RIGHTS
	  	 	7	  
	 3.1.
	 	 Demand Registration Rights for Investor Registrable Securities
	  	 	7	  
	 3.2.
	 	 Piggyback Registration Rights
	  	 	9	  
	 3.3.
	 	 Certain Other Provisions
	  	 	10	  
	 3.4.
	 	 Indemnification and Contribution
	  	 	15	  
	 3.5.
	 	 Permitted Registration Rights Assignees
	  	 	17	  
	 3.6.
	 	 Shelf Take-Downs
	  	 	18	  
	 3.7.
	 	 Coordination Committee
	  	 	18	  
		
	 ARTICLE IV
	  	 	18	  
		
	 TRANSFER RESTRICTIONS
	  	 	18	  
	 4.1.
	 	 Permitted Public Transfers and Block Sales
	  	 	18	  
	 4.2.
	 	 Distributions to Partners, Members or Stockholders
	  	 	20	  
	 4.3.
	 	 Volume Limit
	  	 	20	  
	 4.4.
	 	 No 144 Coordination
	  	 	20	  
	 4.5.
	 	 Period
	  	 	20	  
	 4.6.
	 	 Post-QPO “Tag Along Rights”
	  	 	20	  
	 4.7.
	 	 Transfers and Holder Lock-up
	  	 	20	  
		
	 ARTICLE V. REMEDIES
	  	 	21	  
		
	 ARTICLE VI. PERMITTED TRANSFEREES
	  	 	21	  
	 6.1.
	 	 Transfers by Investors
	  	 	21	  
	 6.2.
	 	 Transfers by Managers or Manager Designees
	  	 	21	  
		
	 ARTICLE VII. INFORMATION RIGHTS
	  	 	21	  
	 7.1.
	 	 Historical Financial Information
	  	 	21	  
	 7.2.
	 	 Satisfaction
	  	 	22	  
	 7.3.
	 	 Period
	  	 	22	  
		
	 ARTICLE VIII. AMENDMENT, TERMINATION, ETC.
	  	 	22	  
	 8.1.
	 	 Oral Modifications
	  	 	22	  
	 8.2.
	 	 Written Modifications
	  	 	22	  
	 8.3.
	 	 Withdrawal from Agreement
	  	 	23	  
	 8.4.
	 	 Effect of Termination
	  	 	23	  
		
	 ARTICLE IX. LEGENDS
	  	 	23	  
	 9.1.
	 	 Restrictive Legend
	  	 	23	  
	 9.2.
	 	 Stop Transfer Instruction
	  	 	23	  
	 9.3.
	 	 Classes of Shares Separately Transferable
	  	 	23	  

  
 -i-

							
	 ARTICLE X. DEFINITIONS
	  	 	24	  
	 10.1.
	 	 Certain Matters of Construction
	  	 	24	  
	 10.2.
	 	 Definitions
	  	 	24	  
		
	 ARTICLE XI. MISCELLANEOUS
	  	 	32	  
	 11.1.
	 	 Authority; Effect
	  	 	32	  
	 11.2.
	 	 Notices
	  	 	32	  
	 11.3.
	 	 Binding Effect, Etc.
	  	 	36	  
	 11.4.
	 	 Descriptive Heading
	  	 	36	  
	 11.5.
	 	 Counterparts
	  	 	36	  
	 11.6.
	 	 Severability
	  	 	36	  
	 11.7.
	 	 No Recourse
	  	 	36	  
	 11.8.
	 	 Aggregation of Shares
	  	 	36	  
	 11.9.
	 	 Obligations of Company, Lowerco, Holdings, LLC and SDS
	  	 	36	  
	 11.10.
	 	 Expenses of Managers
	  	 	36	  
		
	 ARTICLE XII. GOVERNING LAW
	  	 	37	  
	 12.1.
	 	 Governing Law
	  	 	37	  
	 12.2.
	 	 Consent to Jurisdiction
	  	 	37	  
	 12.3.
	 	 WAIVER OF JURY TRIAL
	  	 	37	  
	 12.4.
	 	 Exercise of Rights and Remedies
	  	 	37	  

  
 -ii-

 AMENDED AND RESTATED 

PARTICIPATION, REGISTRATION RIGHTS 
 AND COORDINATION AGREEMENT 
 This Amended and Restated Participation, Registration
Rights and Coordination Agreement (the “Agreement”) is made as of November 7, 2012 by and among: 
  

	(i)	SunGard Capital Corp., a Delaware corporation (together with its successors and assigns, the “Company”); 

 

	(ii)	SunGard Capital Corp. II, a Delaware corporation (together with its successors and assigns, “Lowerco”); 

 

	(iii)	SunGard Holding Corp., a Delaware corporation (together with its successors and assigns, “Holdings”); 

 

	(iv)	SunGard Holdco LLC, a Delaware limited liability company (together with its successors and assigns, “LLC”); 

 

	(v)	SunGard Data Systems Inc., a Delaware corporation (“SDS”); 

 

	(vi)	each Person who executed the Registration Agreement (as defined below) or who executes this Agreement and is listed as a Principal Investor on the signature pages
thereto or hereto (collectively with their Permitted Transferees and for so long as they are members of a Principal Investor Group, the “Principal Investors”); 

 

	(vii)	each Person who executed the Registration Agreement (as defined below) or who executes this Agreement and is listed as an Other Investor on the signature pages thereto
or hereto (collectively with their Permitted Transferees and with Persons who executed this Agreement as Principal Investors who have ceased to be members of a Principal Investor Group, the “Other Investors” and, together with the
Principal Investors, the “Investors”); 

  

	(viii)	each Person who executed the Registration Agreement (as defined below) or who executes this Agreement and is listed as a Manager on the signature pages thereto or
hereto and such other Persons, if any, that from time to time became party thereto or become party hereto as Managers (collectively, the “Managers”); 

 

	(ix)	each Person who executed the Registration Agreement (as defined below) or who executes this Agreement and is listed as a Manager Designee on the signature pages thereto
or hereto and such other Persons, if any, that from time to time became party thereto or become party hereto as Manager Designees (collectively, the “Manager Designees” and together with the Investors and the Managers, the
“Registration Rights Stockholders”); and 

  

	(x)	such other Persons, if any, that from time to time became party thereto or become party hereto as holders of Other Holder Shares (as defined below) pursuant to
Section 3.5 solely in the capacity of permitted assignees with respect to certain registration rights hereunder (collectively, the “Other Holders”). 

RECITALS 
 WHEREAS, the Company was formed by the Principal Investors for the purpose of the acquisition of SDS and functions solely as a holding company, with its principal asset being an indirect investment in the
common stock of SDS; 
 WHEREAS, on August 11, 2005 (the “Closing Date”), Solar Capital Corp., a special
purpose corporation created solely for the acquisition of SDS and an indirect wholly owned subsidiary of the Company, merged with and into SDS, with SDS being the surviving corporation; 

WHEREAS, in connection with the acquisition of SDS, the Company, Lowerco, Holdings, LLC, Solar Capital Corp., a Delaware corporation, and
the Registration Rights Stockholders entered into a Participation, Registration Rights and Coordination Agreement, dated as of August 10, 2005 (the “Registration Agreement”); 

WHEREAS, the Board has determined that it is in the best interests of the Company and the holders of the Company’s common stock to
amend and restate the Company’s certificate of incorporation in the form attached 

 
hereto as Exhibit A (the “Substitution Charter Amendment”) to remove the specific class rights associated with Class A-1 through Class A-7 of the Company’s
common stock and make such other amendments as are incidental to the foregoing; 
 WHEREAS, contemporaneously with entering into
this Agreement, the parties are amending and restating that certain Principal Investor Agreement, dated as of August 10, 2005, among the Company, Lowerco, Holdings, LLC, SDS and certain stockholders of the Company and Lowerco and that certain
Stockholders Agreement, dated as of August 10, 2005, among the Company, Lowerco, Holdings, LLC, SDS and certain stockholders of the Company and Lowerco; and 
 WHEREAS, in connection with the Substitution Charter Amendment, the parties believe that it is in the best interests of the Company, Lowerco, Holdings, LLC, SDS, the Registration Rights Stockholders and
the Other Holders, if any, to amend and restate the Registration Agreement as set forth in this Agreement. 

  
 -2-

 AGREEMENT 

Therefore, the parties hereto hereby agree as follows: 
 ARTICLE I. 
 EFFECTIVENESS; DEFINITIONS 

1.1. Effective Time. This Agreement shall become effective upon the effectiveness of the Substitution Charter Amendment (the
“Effective Time”). 
 1.2. Definitions. Certain terms are used in this Agreement as specifically defined
herein. These definitions are set forth or referred to in Article X hereof. 
 ARTICLE II. 

RIGHT OF PARTICIPATION 
 Subject to Section 2.3, the Company shall not, and shall not permit any direct or indirect subsidiary of the Company (the Company and each such subsidiary, an “Issuer”) to, issue or
sell any shares of any of its capital stock or any securities convertible into or exchangeable for any shares of its capital stock, issue or grant any options or warrants for the purchase of, or enter into any agreements providing for the issuance
(contingent or otherwise) of, any of its capital stock or any stock or securities convertible into or exchangeable for any shares of its capital stock, in each case, to any Person (each an “Issuance” of “Subject
Securities”), except in compliance with the provisions of Section 2.1 or Section 2.2. 
 2.1. Right of
Participation. 
 2.1.1. Offer. Not fewer than 15 business days prior to the consummation of an
Issuance, a notice (the “Participation Notice”) shall be furnished by the Issuer to each holder of record of Participation Shares (the “Participation Offerees”). The Participation Notice shall include: 

(a) the principal terms and conditions of the proposed Issuance, including (i) the amount, kind and terms of the
Subject Securities to be included in the Issuance, (ii) the number of Equivalent Shares represented by such Subject Securities (if applicable), (iii) the percentage of the total Purchase Price Value of Shares outstanding immediately prior
to giving effect to such Issuance which the Purchase Price Value of Participation Shares held by such Participation Offeree constitutes (the “Participation Portion”), (iv) the maximum and minimum cash price (including if
applicable, the maximum and minimum Price Per Equivalent Share) per unit of the Subject Securities, (v) the proposed manner of disposition, (vi) the name and address of the Person to whom the Subject Securities are proposed to be issued
(the “Prospective Subscriber”) and (vii) if known, the proposed Issuance date; and 
 (b)
an offer by the Issuer to issue to such Participation Offeree such portion of the Subject Securities to be included in the Issuance as may be requested by such Participation Offeree (not to exceed the Participation Portion of the total amount of
Subject Securities to be included in the Issuance), on the same terms and conditions, with respect to each unit of Subject Securities as each of the Prospective Subscribers is contemplated to be issued in the Issuance. 

2.1.2. Exercise. 
 (a) General. Each Participation Offeree desiring to accept the offer contained in the Participation Notice shall accept such offer by furnishing a written notice of such acceptance to the Issuer
within ten business days after the date of delivery of the Participation Notice specifying the amount of Subject Securities (not in any event to exceed the Participation Portion of the total amount of Subject Securities to be included in the
Issuance) which such Participation Offeree desires to be issued (each such accepting Participation Offeree, a “Participating Buyer”). Each Participation Offeree who does not accept such offer in compliance with the above
requirements, including the applicable time periods, shall be deemed to have waived all of such Participation 

  
 -3-

 
Offeree’s rights to participate in such Issuance, and the Issuer shall thereafter be free to issue Subject Securities in such Issuance to the Prospective Subscriber and any Participating
Buyers, at a price no less than the minimum price set forth in the Participation Notice and on other principal terms not materially more favorable to the Prospective Subscriber and the Participating Buyer than those set forth in the Participation
Notice, without any further obligation to such non-accepting Participation Offerees pursuant to this Article II. To the extent that any Participation Offeree does not offer to purchase its full Participation Portion of the Subject Securities,
any such Subject Securities shall be offered to those Participating Buyers who have offered to purchase their full Participation Portion, pro rata in accordance with the Purchase Price Value of Participation Shares held by such Participating Buyers.
Each such Participating Buyer shall provide notice to the Issuer within two business days of receipt of the offer from the Issuer if it wishes to purchase all or any portion of such Subject Securities. 

(b) Change in Offer Terms. If, prior to consummation, the terms of such proposed Issuance shall change with the
result that the price shall be less than the minimum price set forth in the Participation Notice or the other principal terms shall be substantially more favorable to the Prospective Subscriber than those set forth in the Participation Notice, it
shall be necessary for a separate Participation Notice to be furnished, and the terms and provisions of this Section 2.1 separately complied with, in order to consummate such Issuance pursuant to this Section 2.1; provided,
however, that in such case of a separate Participation Notice, the applicable period to which reference is made in the first sentence of Section 2.1.1, in the first sentence of Section 2.1.2(a) and in the last sentence of
Section 2.1.2(a) shall be three business days, two business days and one business day respectively. 
 (c)
Irrevocable Acceptance. The acceptance of each Participating Buyer shall be irrevocable except as provided in this Section 2.1.2(c) and Section 2.1.4, and each such Participating Buyer shall be bound and obligated to acquire in the
Issuance on the same terms and conditions, with respect to each unit of Subject Securities issued, as the Prospective Subscriber, at a cash price not in excess of the maximum price set forth in the Participation Notice and on other principal terms
not substantially less favorable to the Participating Buyer than those set forth in the Participation Notice, such amount of Subject Securities as such Participating Buyer shall have specified in such Participating Buyer’s written commitment.
If, prior to consummation, the terms of such proposed Issuance shall change with the result that the price shall be higher than the maximum price set forth in the Participation Notice or the other principal terms shall be substantially less
favorable to the Prospective Subscriber than those set forth in the Participation Notice, the acceptance by each Participating Buyer shall be deemed to be revoked, and it shall be necessary for a separate Participation Notice to be furnished, and
the terms and provisions of this Section 2.1 separately complied with, in order to consummate such Issuance pursuant to this Section 2.1; provided, however, that in such case of a separate Participation Notice, the applicable
period to which reference is made in the first sentence of Section 2.1.1, in the first sentence of Section 2.1.2(a) and in the last sentence of Section 2.1.2(a) shall be three business days, two business days and one business day
respectively. 
 (d) Time Limitation. If at the end of the 120th day after the date of the effectiveness
of the Participation Notice the Issuer has not completed the Issuance, each Participating Buyer shall be released from such Participating Buyer’s obligations under the written commitment, the Participation Notice shall be null and void, and it
shall be necessary for a separate Participation Notice to be furnished, and the terms and provisions of this Section 2.1 separately complied with, in order to consummate such Issuance pursuant to this Section 2.1; provided, however, that
in such case of a separate Participation Notice on substantially the same terms and conditions, the applicable period to which reference is made in the first sentence of Section 2.1.1, in the first sentence of Section 2.1.2(a) and in the
last sentence of Section 2.1.2(a) shall be three business days, two business days and one business day respectively. 
 2.1.3. Other Securities. The Issuer may condition the participation of the Participation Offerees in an Issuance upon the purchase by such Participation Offerees of any securities (including debt
securities) 

  
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other than Subject Securities (“Other Securities”) in the event that the participation of the Prospective Subscriber in such Issuance is so conditioned and the principal terms
and conditions of such Other Securities are described in the Participation Notice. In such case, each Participating Buyer shall acquire in the Issuance, together with the Subject Securities to be acquired by it, Other Securities in the same
proportion to the Subject Securities to be acquired by it as the Other Securities being acquired by the Prospective Subscriber in the Issuance bears to the Subject Securities being acquired by the Prospective Subscriber in the Issuance, on the same
terms and conditions, as to each unit of Other Securities to be issued to the Prospective Subscriber in the Issuance. 
 2.1.4. Certain Legal Requirements. In the event that the participation in the Issuance by a Participation Offeree as a Participating Buyer would require under applicable law (a) the
registration or qualification of such securities or of any Person as a broker or dealer or agent with respect to such securities where such registration or qualification is not otherwise required for the Issuance or (b) the provision to any
participant in the Issuance of any specified information regarding the Company or any of its subsidiaries or the Subject or Other Securities that is not otherwise required to be provided for the Issuance, such Participation Offeree shall not have
the right to participate in the Issuance. Without limiting the generality of the foregoing, it is understood and agreed that neither the Company nor the Issuer shall be under any obligation to effect a registration of such securities under the
Securities Act or similar state statutes. 
 2.1.5. Further Assurances. Each Participating Buyer shall
take or cause to be taken all such reasonable actions as may be necessary or reasonably desirable in order expeditiously to consummate each Issuance pursuant to this Section 2.1, including executing, acknowledging and delivering consents,
assignments, waivers and other documents or instruments; filing applications, reports, returns, filings and other documents or instruments with governmental authorities; and otherwise reasonably cooperating with the Issuer and the Prospective
Subscriber. Without limiting the generality of the foregoing, each such Participating Buyer agrees to execute and deliver such subscription and other agreements specified by the Issuer to which the Prospective Subscriber will be party, the form of
which is materially consistent with the form provided to such Participating Buyer with the Participation Notice, or is otherwise reasonably acceptable to such Participating Buyer. 

2.1.6. Expenses. All costs and expenses incurred by the Issuer in connection with any proposed Issuance of Subject
Securities (whether or not consummated), including all attorney’s fees and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions, shall be paid by the Company or the Issuer.

 2.1.7. Closing. The closing of an Issuance pursuant to Section 2.1 shall take place (a) on
the proposed date of Issuance, if any, set forth in the Participation Notice (provided that consummation of any Issuance may be extended beyond such date to the extent necessary to obtain any applicable governmental approval or other required
approval or to satisfy other conditions), (b) if no proposed Issuance date was required to be specified in the Participation Notice, at such time as the Issuer shall specify by notice to each Participating Buyer, provided that no
individual Participating Buyer shall be required, without its consent, to close its particular transaction prior to the date that is fifteen business days after the Issuer issues the applicable Participation Notice and (c) at such place as the
Issuer shall specify by notice to each Participating Buyer. At the closing of any Issuance under this Section 2.1.7, each Participating Buyer shall be delivered the notes, certificates or other instruments evidencing the Subject Securities
(and, if applicable, Other Securities) to be issued to such Participating Buyer, registered in the name of such Participating Buyer or such holder’s designated nominee, free and clear of any liens or encumbrances, with any transfer tax stamps
affixed, against delivery by such Participating Buyer of the applicable consideration. 
 2.2. Post-Issuance Notice.
Notwithstanding the requirements of Section 2.1, the Issuer may proceed with any Issuance prior to having complied with the provisions of Section 2.1; provided that the Issuer shall: 

(a) provide to each holder of Shares who would have been a Participation Offeree in connection with such Issuance
(i) with prompt notice of such Issuance and (ii) the Participation Notice described in Section 2.1.1 in which the actual price per unit of Subject Securities (and, if applicable, actual Price Per Equivalent Share) shall be set forth;

  
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 (b) offer to issue to such holder of Shares such number of securities of the
type issued in the Issuance as may be requested by such holder of Shares (not to exceed the Participation Portion that such holder of Shares would have been entitled to pursuant to Section 2.1 multiplied by the sum of (a) the number of
Subject Securities included in the Issuance and (b) the maximum aggregate number of shares issuable pursuant to this Section 2.2 with respect to such Issuance) on the same economic terms and conditions with respect to such securities as
the subscribers in the Issuance received; and 
 (c) keep such offer open for a period of fifteen business days,
during which period, each such holder may accept such offer by sending a written acceptance to the Issuer committing to purchase an amount of such securities (not in any event to exceed the Participation Portion that such holder would have been
entitled to pursuant to Section 2.1 multiplied by the sum of (a) the number of Subject Securities included in such issuance and (b) the aggregate number of shares issued pursuant to this Section 2.2 with respect to such
Issuance). The closing of any such transaction shall occur at such time as the Issuer specifies, but in any event not prior to the date that is fifteen business days after the Issuer issues the Participation Notice contemplated by
Section 2.2(a)(ii). 
 2.3. Excluded Transactions. The provisions of this Article II shall not apply to
Issuances by the Company or any subsidiary of the Company as follows: 
 (a) Any Issuance to the Company or any
wholly owned subsidiary of the Company; 
 (b) Any Issuance of securities upon the exercise or conversion of any
Stock, Options, Warrants or Convertible Securities outstanding on August 10, 2005 or Issued after such date in a transaction that complied with the provisions of this Article II; 

(c) Any Issuance of shares of Stock, Options, Warrants or Convertible Securities, in each case to the extent approved by
the Board or pursuant to an employment benefit plan or arrangement approved by the Board, to officers, employees, directors or consultants (other than an Investor or an Affiliate thereof) of the Company or its subsidiaries in connection with such
Person’s employment or consulting arrangements with the Company or its subsidiaries; 
 (d) Any Issuance of
shares of Stock, Options, Warrants or Convertible Securities, in each case to the extent approved by the Board, (i) in any business combination or acquisition transaction involving the Company or any of its subsidiaries, including a Change of
Control, (ii) in connection with any joint venture or strategic partnership entered into primarily for purposes other than raising capital (as determined by the Board in its sole discretion) or (iii) to financial institutions, commercial
lenders, broker/finders or any similar party, or their respective designees, in connection with the incurrence or guarantee of indebtedness by the Company or any of its subsidiaries; 

(e) Any Issuance of Stock pursuant to a Public Offering; 

(f) Any Issuance of securities in connection with any stock split, stock dividend paid on a proportionate basis to all
holders of the affected class of Stock or recapitalization (including a Recapitalization Transaction) approved by the Board; or 
 (g) Any Issuance of shares of capital stock of any direct or indirect subsidiary of the Company to the stockholders of the Company in order to effect a “spin-off” transaction of a direct or
indirect subsidiary of the Company, including, without limitation, a transaction of the sort described in Section 3.4 of the Stockholders Agreement. 

  
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 2.4. Certain Provisions Applicable to Options, Warrants and Convertible Securities.
In the event that the Issuance of Subject Securities shall result in any increase in the number of shares of Stock issuable upon exercise, conversion or exchange of any Options, Warrants or Convertible Securities, the number of shares (or Equivalent
Shares, if applicable) of Subject Securities (and Other Securities, if applicable) which the holders of such Options, Warrants or Convertible Securities, as the case may be, shall be entitled to purchase pursuant to Section 2.1 or 2.2, as
applicable, if any, shall be reduced, share for share, by the amount of any such increase. 
 2.5. Acquired Shares. Any
Subject Securities constituting Stock acquired by any Investor, Manager or Manager Designee pursuant to this Article II shall be deemed for all purposes hereof to be Shares hereunder and under the Stockholders Agreement. 

2.6. Period. Each of the foregoing provisions of this Article II shall expire on the earlier of (a) a Change of Control
or (b) the closing of the Qualified Public Offering. 
 ARTICLE III. 

REGISTRATION RIGHTS 
 The Company will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such
of the following provisions as are applicable to such Holder. 
 3.1. Demand Registration Rights for Investor Registrable
Securities. 
 3.1.1. General. One or more current or former Principal Investor Groups (the
“Initiating Investors”), by notice to the Company specifying the amount and intended method or methods of disposition, may request that the Company effect the registration under the Securities Act for a Public Offering (including by
means of a shelf registration pursuant to Rule 415 under the Securities Act if so requested by the Initiating Investors if the Company is then eligible to use such registration) of all or a specified part of the Registrable Securities held by such
Initiating Investors; provided, however, that (i) until the second anniversary of the Qualified Public Offering, the Initiating Investors must, in the aggregate, hold at least a majority of the Registrable Securities then held by
all current or former Principal Investor Groups and on or after the second anniversary of the Qualified Public Offering, the Initiating Investors must, in the aggregate, hold at least one-third of the Registrable Securities then held by all current
or former Principal Investor Groups, (ii) not more than one request may be made to the Company under this Section 3.1.1 within any 180 day period without the consent of the Majority Principal Investors (or the Company if there are no
Principal Investors remaining), provided that if the Initiating Investors make a request under this Section 3.1.1, and the Company determines to include shares for its own account in such registration statement resulting in the
Initiating Investors being permitting to register not more than 50% of the Registrable Securities that they requested to register, then this clause (ii) shall not limit the ability of any Initiating Investors to make additional requests within
such 180 day period, (iii) the value of Registrable Securities that the Initiating Investors propose to sell in such Public Offering must be at least fifty million dollars ($50,000,000) or such lower amount as agreed by the Majority Principal
Investors (or the Company if there are no Principal Investors remaining) and (iv) for so long as there are any Principal Investors, the Initial Public Offering may not be initiated pursuant to this Section 3.1 without, on or prior to the
sixth anniversary hereof, the approval of the Requisite Principal Investors and thereafter, the approval of the Majority Principal Investors. The Company will then use its best efforts to (i) effect the registration under the Securities Act of
the Registrable Securities which the Company has been requested to register by such Initiating Investors together with all other Registrable Securities which the Company has been requested to register pursuant to Section 3.2 by other Holders,
all to the extent requisite to permit the disposition (in accordance with the intended methods thereof as aforesaid and as otherwise specified by the Coordination Committee) of the Registrable Securities which the Company has been so requested to
register, and (ii) when directed by the Coordination Committee, obtain acceleration of the effective date of the registration statement relating to such registration; provided, however, that the Company shall not be obligated to
take any action to effect any such registration pursuant to this Section 3.1.1: 
 (a) during the
effectiveness of any Principal Lock-Up Agreement entered into in connection with any registration statement pertaining to an underwritten public offering of securities of the Company; and 

(b) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a
general consent to service of process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 

  
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 3.1.2. Form. Except as otherwise provided above or required by law,
so long as the Company is eligible and qualified to register Registrable Securities on Form S-3 (or any successor or similar short form registration statement) each registration requested pursuant to Section 3.1.1 shall be effected by the
filing of a registration statement on Form S-3 (or any other form which includes substantially the same information as would be required to be included in a registration statement on such form as currently constituted); provided that if any
registration requested pursuant to this Section 3.1 is proposed to be effected on Form S-3 (or any successor or similar shortform registration statement) and is in connection with an underwritten offering, and if the managing underwriter shall
advise the Company in writing that, in its opinion, it is of material importance to the success of such proposed offering to file a registration statement on Form S-1 (or any successor or similar registration statement) or to include in such
registration statement information not required to be included pursuant to Form S-3 (or any successor or similar shortform registration statement), then the Company will file a registration statement on Form S-1 or supplement Form S-3 (or any
successor or similar shortform registration statement) as reasonably requested by such managing underwriter. 

3.1.3. Payment of Expenses. The Company shall pay all Registration Expenses in connection with registrations of
Registrable Securities pursuant to this Section 3.1, including all reasonable expenses (other than fees and disbursements of counsel that do not constitute Registration Expenses) that any Holder incurs in connection with each registration of
Registrable Securities requested pursuant to this Section 3.1. 
 3.1.4. Additional Procedures. In
the case of a registration pursuant to Section 3.1 hereof, whenever the Coordination Committee shall direct that such registration shall be effected pursuant to an underwritten offering, the Company shall include such information in the written
notices to Holders referred to in Section 3.2. In such event, the right of any Holder to have securities owned by such Holder included in such registration pursuant to Section 3.1 shall be conditioned upon such Holder’s participation
in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed upon by the Coordination Committee and such Holder). If directed to do so by the Coordination Committee, the
Company together with the Holders proposing to distribute their securities through the underwriting will enter into an underwriting agreement with the underwriters for such offering containing such representations and warranties by the Company and
such Holders and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, including customary indemnity and contribution provisions (subject, in each case, to the limitations on
such liabilities set forth in this Agreement). 
 3.1.5. Suspension of Registration. If the filing,
initial effectiveness or continued use of a registration statement, including a shelf registration statement pursuant to Rule 415 under the Securities Act, in respect of a registration pursuant to this Section 3.1 at any time would require the
Company to make a public disclosure of material non-public information, which disclosure in the good faith judgment of the Board (after consultation with external legal counsel) (a) would be required to be made in any registration statement so
that such registration statement would not be materially misleading, (b) would not be required to be made at such time but for the filing, effectiveness or continued use of such registration statement and (c) would have a material adverse
effect on the Company or its business or on the Company’s ability to effect a material proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction, then the Company may, upon giving prompt written
notice of such action to the Holders participating in such registration, delay the filing or initial effectiveness of, or suspend use of, such registration statement; provided, that the Company shall not be permitted to do so (x) more
than two times during any 12 month period, (y) for a period exceeding 45 days on any one occasion or (z) for periods exceeding, in the aggregate, 90 days in any 12 month period. In the event the Company exercises its rights 

  
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under the preceding sentence, such Holders agree to suspend, promptly upon their receipt of the notice referred to above, their use of any prospectus relating to such registration in connection
with any sale or offer to sell Registrable Securities. The Company shall promptly notify such Holders of the expiration of any period during which it exercised its rights under this Section 3.1.5. The Company agrees that, in the event it
exercises its rights under this Section 3.1.5, it shall, within 45 days following such Holders’ receipt of the notice of suspension, update the suspended registration statement as may be necessary to permit the Holders to resume use
thereof in connection with the offer and sale of their Registrable Securities in accordance with applicable law. 
 3.2.
Piggyback Registration Rights. 
 3.2.1. Piggyback Registration. 

(a) General. Each time the Company proposes to register any shares of Common Stock under the Securities Act on a
form which would permit registration of Registrable Securities for sale to the public, for its own account and/or for the account of any other Person (pursuant to Section 3.1 or otherwise) for sale in a Public Offering, the Company will give
notice to all Holders of its intention to do so. Any Holder may, by written response delivered to the Company within 15 days after the date of delivery of such notice, request that all or a specified part of such Holder’s Registrable Securities
be included in such registration. The Company thereupon will use its best efforts to cause to be included in such registration under the Securities Act all Registrable Securities which the Company has been so requested to register by such Holders,
to the extent required to permit the disposition (in accordance with the methods to be used by the Company or, pursuant to Section 3.1, other Holders in such Public Offering) of the Registrable Securities to be so registered; provided
that (i) if, at any time after giving written notice of its intention to register any securities, the Company shall determine for any reason not to proceed with the proposed registration of the securities to be sold by it, the Company may, at
its election, give written notice of such determination to each Holder and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the
Registration Expenses in connection therewith), and (ii) if such registration involves an underwritten offering, all Holders requesting to be included in the Company’s registration must sell their Registrable Securities to the underwriters
selected by the Coordination Committee on the same terms and conditions as apply to the Company (with such differences as may be customary or appropriate in combined primary and secondary offerings) or, in the case of a registration initiated
pursuant to Section 3.1.1, the Initiating Investors. No registration of Registrable Securities effected under this Section 3.2 shall relieve the Company of any of its obligations to effect registrations of Registrable Securities pursuant
to Section 3.1 hereof. 
 (b) Excluded Transactions. The Company shall not be obligated to effect any
registration of Registrable Securities under this Section 3.2 incidental to the registration of any of its securities in connection with: 
  

	 	(i)	Any Public Offering relating to employee benefit plans or dividend reinvestment plans; 

 

	 	(ii)	Any Public Offering relating to the acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businesses except to the
extent such Public Offering is for the sale of securities for cash; or 

  

	 	(iii)	Any Public Offering up to and including the Qualified Public Offering, except to the extent the Requisite Principal Investors (or the Company if there are no Principal
Investors remaining) otherwise determine. 

 3.2.2. Payment of Expenses. The Company will
pay all Registration Expenses in connection with registrations of Registrable Securities pursuant to this Section 3.2. 

  
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 3.2.3. Additional Procedures. Holders participating in any Public
Offering pursuant to this Section 3.2 shall take all such actions and execute all such documents and instruments that are reasonably requested by the Company to effect the sale of their Registrable Securities in such Public Offering, including
being parties to any underwriting agreement entered into by the Company (as directed by the Coordination Committee) and any other selling shareholders in connection therewith and being liable in respect of the representations and warranties and the
other agreements (including customary selling stockholder representations, warranties, indemnifications and “lock-up” agreements) for the benefit of the underwriters contained therein; provided, however, that (a) with
respect to individual representations, warranties, indemnities and agreements of sellers of Registrable Securities in such Public Offering, the aggregate amount of such liability shall not exceed such holder’s net proceeds from such offering
and (b) to the extent selling stockholders give further representations, warranties and indemnities in respect of the Company or the business of the Company, then with respect to all other representations, warranties and indemnities of sellers
of shares in such Public Offering, the aggregate amount of such liability shall not exceed the lesser of (i) such holder’s pro rata portion of any such liability, in accordance with such holder’s portion of the total number of
Registrable Securities included in the offering, and (ii) such holder’s net proceeds from such offering. 
 3.2.4. Registration Statement Form. The Company shall select the registration statement form for any registration pursuant to this Section 3.2 (other than a registration that is also pursuant
to Section 3.1); provided that if any registration requested pursuant to this Section 3.2 is proposed to be effected on Form S-3 (or any successor form) and is in connection with an underwritten offering, and if the managing
underwriter shall advise the Company in writing that, in its opinion, it is of material importance to the success of such proposed offering to include in such registration statement information not required to be included pursuant to such form, then
the Company will supplement such registration statement as reasonably requested by such managing underwriter. 
 3.3. Certain
Other Provisions. 
 3.3.1. Underwriter’s Cutback. In connection with any registration of shares,
the underwriter may determine that marketing factors (including an adverse effect on the per share offering price) require a limitation of the number of shares to be underwritten. Notwithstanding any contrary provision of this Article III and
subject to the terms of this Section 3.3.1, the underwriter may limit the number of shares which would otherwise be included in such registration by excluding any or all Registrable Securities from such registration, it being understood that,
if the registration in question involves a registration for sale of securities for the Company’s own account, then the number of shares which the Company seeks to have registered in such registration shall not be subject to exclusion, in whole
or in part, under this Section 3.3.1. Upon receipt of notice from the underwriter of the need to reduce the number of shares to be included in the registration, the Company shall advise all holders of the Company’s securities that would
otherwise be registered and underwritten pursuant hereto, and the number of shares of such securities, including Registrable Securities, that may be included in the registration shall be allocated in the following manner, unless the underwriter
shall determine that marketing factors require Manager Holders to be cutback disproportionately: shares, other than Registrable Securities, requested to be included in such registration by other shareholders shall be excluded unless the Company,
with the consent of the Requisite Principal Investors, has granted registration rights which are to be treated on an equal basis with Registrable Securities for the purpose of the exercise of the underwriter cutback (such shares afforded such equal
treatment being “Parity Shares”); and, if a limitation on the number of shares is still required, the number of Registrable Securities, Parity Shares and other shares of Common Stock that may be included in such registration shall
be allocated among the holders thereof in proportion, as nearly as practicable, as follows: 
 (a) there shall be
first allocated to each such holder requesting that its Registrable Securities or Parity Shares be registered in such registration a number of such shares to be included in such registration equal to the lesser of (A) the number of such shares
of Registrable Securities or Parity Securities requested to be registered by such holder, and (B) a number of such shares equal to such holder’s Pro Rata Portion; 

(b) the balance, if any, not allocated pursuant to clause (a) above shall be allocated to those holders requesting
that their Registrable Securities or Parity Shares be registered in such 

  
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registration which requested to register a number of such shares in excess of such holder’s Pro Rata Portion pro rata to each such holder based upon the number of Registrable Securities and
Parity Shares held by such holder, or in such other manner as the holders requesting that their Registrable Securities or Parity Shares be registered in such registration may otherwise agree; and 

(c) the balance, if any, not allocated pursuant to clause (b) above shall be allocated to shares, other than
Registrable Securities and Parity Shares, requested to be included in such registration by other stockholders. 
 For purposes of any
underwriter cutback, all Registrable Securities held by any Holder shall also include any Registrable Securities held by the partners, retired partners, shareholders or Affiliates of such Holder, or the estates and Family Members of any such Holder
or such partners and retired partners, any trusts for the benefit of any of the foregoing Persons and, at the election of such Holder or such partners, retired partners, trusts or Affiliates, any Charitable Organization, in each case to which any of
the foregoing shall have distributed, transferred or contributed Common Stock prior to the execution of the underwriting agreement in connection with such underwritten offering provided that such distribution, transfer or contribution
occurred not more than 90 days prior to such execution, and such Holder and other Persons shall be deemed to be a single selling Holder, and any pro rata reduction with respect to such selling Holder shall be based upon the aggregate amount of
Common Stock owned by all entities and individuals included in such selling Holder, as defined in this sentence. No securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such
registration. 
 Upon delivery of a written request that Registrable Securities be included in the underwriting pursuant to Section 3.1.1
or 3.2.1(a), the Holder thereof may not thereafter elect to withdraw therefrom without the written consent of the Coordination Committee; provided that, if the managing underwriter of any underwritten offering shall advise the Holders
participating in a registration pursuant to Section 3.1 that the Registrable Securities covered by the registration statement cannot be sold in such offering within a price range acceptable to the Initiating Investors, then the Initiating
Investors shall have the right to notify the Company that they have determined that the registration statement be abandoned or withdrawn, in which event the Company shall abandon or withdraw such registration statement; provided,
further, that if the price to the public at which the Registrable Securities are proposed to be sold will be less than 90% of the average closing price of the class of stock being sold in the offering during the 10 trading days preceding the
date on which notice of such offering was given pursuant to Section 3.2.1(a), then the Registration Rights Stockholders participating in such registration pursuant to Section 3.1 or 3.2 may elect to withdraw from such registration by
written notice to the Company. The Company may, but shall not be required to, extend a similar withdrawal right to other Holders of Registrable Securities or Parity Shares. 

3.3.2. Registration Procedures. If and in each case when the Company is required to effect a registration of any
Registrable Securities as provided in this Article III, the Company shall promptly: 
 (a) prepare and, in
any event within 60 days (45 days in the case of a Form S-3 registration) after the end of the period under Section 3.2.1(a) within which a piggyback request for registration may be given to the Company, file with the Commission a registration
statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective within ninety days of the initial filing; 

(b) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration statement effective for a period not in excess of 270 days or two years in the case of shelf registration statements (or, in either case, such shorter period which will
terminate when all Registrable Securities covered by such registration statement have been sold) and to comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all securities covered by such
registration statement during such period in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement; provided that before filing a registration statement or prospectus, or
any amendments or supplements thereto in accordance with Sections 3.1 or 3.2, the Company will furnish to counsel selected pursuant to Section 3.3.3 hereof copies of all documents proposed to be filed, which documents will be subject to the
review of such counsel; 

  
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 (c) furnish to each seller of such Registrable Securities such number of
copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits filed therewith), such number of copies of the prospectus included in such registration statement (including each preliminary
prospectus and summary prospectus), in conformity with the requirements of the Securities Act, and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities by such seller;

 (d) use its best efforts to register or qualify such Registrable Securities covered by such registration in
such jurisdictions as each seller shall reasonably request, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction where, but for the requirements of this clause (d), it would not be
obligated to be so qualified or to consent to general service of process in any such jurisdiction; 
 (e)
promptly notify each seller of any such Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the Company’s becoming aware that the
prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the
light of the circumstances then existing, and at the request of any such seller, prepare and furnish to such seller a reasonable number of copies of an amended or supplemental prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus shall not include an 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 in the
light of the circumstances then existing; 
 (f) otherwise use its best efforts to comply with all applicable
rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable (but not more than 18 months) after the effective date of the registration statement, an earnings statement which shall satisfy
the provisions of Section 11(a) of the Securities Act; 
 (g) use its best efforts to (i) list such
Registrable Securities on any securities exchange or authorize for quotation on each other market on which the Common Stock is then listed or authorized for quotation if such Registrable Securities are not already so listed or authorized for
quotation; and to (ii) provide a transfer agent and registrar for such Registrable Securities covered by such registration statement not later than the effective date of such registration statement; 

(h) enter into such customary agreements (including an underwriting agreement in customary form), which may include
indemnification provisions in favor of underwriters and other Persons in addition to the provisions of Section 3.4 hereof, and take such other actions as the Coordination Committee or the underwriters, if any, reasonably requested in order to
expedite or facilitate the disposition of such Registrable Securities; 
 (i) obtain a “cold comfort”
letter or letters from the Company’s independent public accountants in customary form and covering matters of the type customarily covered by “cold comfort” letters as the Coordination Committee shall reasonably request; 

(j) make available for inspection by any seller of such Registrable Securities covered by such registration statement, by
any managing underwriter or underwriters participating in any disposition to be effected pursuant to such registration statement and by any attorney, accountant or other agent retained by any such seller or any such managing underwriter(s), all
pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably requested by any such seller, underwriter,
attorney, accountant or agent in 

  
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connection with such registration statement (subject to each party referred to in this clause (j) entering into customary confidentiality agreements in a form reasonably acceptable to the
Company); 
 (k) notify counsel (selected pursuant to Section 3.3.3 hereof) for the Holders of Registrable
Securities included in such registration statement, the Principal Investors including Registrable Securities in such registration statement, and the managing underwriter or agent, immediately, and confirm the notice in writing (i) when the
registration statement, or any post-effective amendment to the registration statement, shall have become effective, or any supplement to the prospectus or any amendment to the prospectus shall have been filed, (ii) of the receipt of any
comments from the Commission, (iii) of any request of the Commission to amend the registration statement or amend or supplement the prospectus or for additional information, and (iv) of the issuance by the Commission of any stop order
suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus, or of the suspension of the qualification of the registration statement for offering or sale in any
jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 
 (l) make every
commercially reasonable effort to prevent the issuance of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus and, if any such order is issued, to
obtain the withdrawal of any such order as soon as practicable; 
 (m) if requested by the managing underwriter
or agent or any Holder of Registrable Securities covered by the registration statement, incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or agent or such Holder reasonably requests to be
included therein, including, with respect to the number of Registrable Securities being sold by such Holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the
underwritten offering of the Registrable Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters incorporated in such
prospectus supplement or post-effective amendment; 
 (n) cooperate with the Holders of Registrable Securities
covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration
statement, and enable such securities to be in such denominations and registered in such names as the managing underwriter or agent, if any, or such Holders may request; 

(o) obtain for delivery to the Holders of Registrable Securities being registered and to the underwriter or agent an
opinion or opinions from counsel for the Company in customary form and in form, substance and scope reasonably satisfactory to such Holders, underwriters or agents and their counsel; 

(p) cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of
such Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc. (“FINRA”) or one of its affiliates or any securities exchange; and

 (q) use its best efforts to make available the executive officers of the Company to participate with the
Holders of Registrable Securities and any underwriters in any “road shows” that may be reasonably requested by the Holders in connection with distribution of the Registrable Securities. 

3.3.3. Selection of Underwriters and Counsel. The underwriters and legal counsel to be retained by the Company in
connection with any Public Offering requested pursuant to Section 3.1 shall be selected by the Coordination Committee; the underwriters and legal counsel to be retained by the Company 

  
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in connection with any other Public Offering to which Section 3.2 applies shall be selected by the Board with the consent of the Coordination Committee (such consent not be unreasonably
withheld). In connection with any registration of Registrable Securities pursuant to Sections 3.1 and 3.2 hereof, the Coordination Committee may select one counsel to represent all Holders of Registrable Securities, covered by such registration;
provided, however, that in the event that the counsel selected as provided above is also acting as counsel to the Company in connection with such registration, those Investors participating in the offering who are then not entitled to
designate a member of the Coordination Committee (each such Investor being referred to as a “Participating Investor”) shall be entitled to select one additional counsel to represent all such Participating Investors (the
“Additional Counsel”). The Additional Counsel shall be approved by the Participating Investors who, in the aggregate, hold a Majority in Interest of the Common Stock then held by all Participating Investors. 

3.3.4. Company Lock-Up. If any registration pursuant to Section 3.1 of this Agreement shall be in connection
with an underwritten public offering, the Company agrees not to effect any public sale or distribution of any Common Stock of the Company (or securities convertible into or exchangeable or exercisable for Common Stock) (in each case, other than as
part of such underwritten public offering and other than pursuant to a registration on Form S-4 or S-8) for its own account, within 90 days (or such shorter period as the managing underwriters may agree to with the Coordination Committee) after, the
effective date of such registration (except as part of such registration). 
 3.3.5. Holders and Other Holders
Lock-Up. Each Holder and each Other Holder shall comply with the provisions of Article V of the Stockholders Agreement applicable to a “Stockholder” as though such Article were set forth herein. No Registration Rights Stockholder
will Transfer Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock pursuant to a waiver from a lock-up agreement described in Article V of the Stockholders Agreement unless the benefit of such waiver
is extended in a pro rata manner to all Registration Rights Stockholders. 
 3.3.6. Other Agreements. The
Company covenants and agrees that, so long as any Person holds any Registrable Securities in respect of which any registration rights provided for in Section 3.1 or 3.2 of this Agreement remain in effect, the Company will not, directly or
indirectly, grant to any Person or agree to or otherwise become obligated in respect of (a) rights of registration in the nature or substantially in the nature of those set forth in Section 3.1 or 3.2 of this Agreement that would have
priority over the Registrable Securities with respect to the inclusion of such securities in any registration or (b) demand registration rights exercisable prior to such time as the current or former Principal Investors can first exercise their
rights under Section 3.1. 
 3.3.7. Other Registration-Related Matters. 

(a) The Company may require any Holder that is registering Registrable Securities pursuant to Section 3.1 or 3.2 to
furnish to the Company in writing such information regarding such Person and its Affiliates and pertinent to the disclosure requirements relating to the registration and the distribution of the Registrable Securities which are included in such
Public Offering as the Company may from time to time reasonably request in writing. 
 (b) Each Holder agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.3.2(e), it will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such
Registrable Securities until its receipt of the copies of the amended or supplemented prospectus contemplated by Section 3.3.2(e) and, if so directed by the Company, each Holder will, subject to applicable law or any direction of the
Commission, deliver to the Company or destroy all copies, other than permanent file copies then in their possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company gives
any such notice, the period for which the Company will be required to keep the registration statement effective will be extended by the number of days during the period from and including the date of the giving of such notice pursuant to
Section 3.3.2(e) to and including the date when each seller of Registrable Securities covered by such registration statement has received the copies of the supplemented or amended prospectus contemplated by Section 3.3.2(e). 

(c) Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 3.3.2(k)(iv), it will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until the lifting of such stop order, other order or suspension
or the termination of such proceedings and, if so directed by the Company, each Holder will, subject to applicable law or any direction of the Commission, deliver to the Company or destroy all copies, other than permanent file copies then in its
possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company gives any such notice, the period for which the Company will be required to keep the registration statement
effective will be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 3.3.2(k)(iv) to and including the date when such stop order, other order or suspension is lifted or
such proceedings are terminated. 

  
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 3.3.8. Public Dispositions Without Registration. With a view to
making available the benefits of certain rules and regulations of the Commission which may at any time permit the sale of Registrable Securities to the public without registration after such time as a public market exists for Common Stock, the
Company agrees: 
 (a) to make and keep public information available, as those terms are understood and defined
in Rule 144, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its Common Stock to the public; 

(b) to use its commercially reasonable efforts to then file with the Commission in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 
 (c) so long as a Holder owns any Registrable Securities, to furnish to such Holder promptly upon request (i) a written statement by the Company as to its compliance with the reporting requirements of
Rule 144 (at any time after 180 days after the effective date of the first registration statement filed by the Company for an offering of its Securities to the public), and of the Securities Act and the Exchange Act (at any time after it has become
subject to such reporting requirements), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of the Company as such Holder may reasonably request in availing himself of any
rule or regulation of the Commission allowing such Holder to sell any such Securities without registration. 
 3.4.
Indemnification and Contribution. 
 3.4.1. Indemnities of the Company. In the event of any
registration of any Registrable Securities or other debt or equity securities of the Company or any of its subsidiaries under the Securities Act pursuant to this Article III or otherwise, and in connection with any registration statement or any
other disclosure document produced by or on behalf of the Company or any of its subsidiaries including reports required and other documents filed under the Exchange Act, and other documents pursuant to which any debt or equity securities of the
Company or any of its subsidiaries are sold (whether or not for the account of the Company or its subsidiaries), the Company will, and hereby does, and will cause each of its subsidiaries, jointly and severally, to indemnify and hold harmless each
holder of Registrable Securities, any Person who is or might be deemed to be a controlling Person of the Company or any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, their
respective direct and indirect general and limited partners, advisory board members, directors, officers, trustees, managers, members, affiliates and shareholders, and each other Person, if any, who controls any such holder or any such controlling
Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each such Person being referred to herein as a “Covered Person”), against any losses, claims, damages or liabilities (or
actions or proceedings in respect thereof), joint or several, and reasonable expenses to which such Covered Person may be or become subject under the Securities Act, the Exchange Act, any other securities or other law of any jurisdiction, the common
law or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of any material fact contained or
incorporated by 

  
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reference in any registration statement under the Securities Act, any preliminary prospectus or final prospectus included therein, or any related summary prospectus, or any amendment or
supplement thereto, or any document incorporated by reference therein, or any other such disclosure document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or other document or
report, (b) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or (c) any violation or alleged violation by the Company or any of its
subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or other document or
report, and will reimburse such Covered Person for any legal or any other expenses incurred by it in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding; provided, however, that
neither the Company nor any of its subsidiaries shall be liable to any Covered Person in any such case to the extent that any such loss, claim, damage, liability, action or proceeding or expense arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement, incorporated document or other such disclosure document or
other document or report, in reliance upon and in conformity with written information furnished to the Company or to any of its subsidiaries through an instrument duly executed by such Covered Person specifically stating that it is for use in the
preparation thereof. The indemnities of the Company and of its subsidiaries contained in this Section 3.4.1 shall remain in full force and effect regardless of any investigation made by or on behalf of such Covered Person and shall survive any
transfer of securities or any termination of this Agreement. 
 3.4.2. Indemnities to the Company. Subject
to Section 3.4.4, the Company and any of its subsidiaries may require, as a condition to including any securities in any registration statement filed pursuant to this Article III, that the Company and any of its subsidiaries shall have
received an undertaking satisfactory to it from the prospective seller of such securities, severally and not jointly, to indemnify and hold harmless (in the same manner and to the same extent as provided in Section 3.4.1) the Company and any of
its subsidiaries, each director of the Company or any of its subsidiaries, each officer of the Company or any of its subsidiaries who shall sign such registration statement and each other Person (other than such seller), if any, who controls the
Company and any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and each other prospective seller of such securities and prospective underwriter with respect to any untrue
statement in or omission from such registration statement, any preliminary prospectus, final prospectus or summary prospectus included therein, or any amendment or supplement thereto, or any other disclosure document (including reports and other
documents filed under the Exchange Act or any document incorporated therein) or other document or report, if such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company or any of
its subsidiaries through an instrument executed by such seller specifically stating that it is for use in the preparation of such registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement,
incorporated document or other document or report. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company, any of its subsidiaries or any such director, officer or controlling Person
and shall survive any transfer of securities or any termination of this Agreement. 
 3.4.3. Contribution.
If the indemnification provided for in Sections 3.4.1 or 3.4.2 hereof is unavailable to a party that would have been entitled to indemnification pursuant to the foregoing provisions of this Section 3.4 for reasons other than described in the
proviso to Section 3.4.1 (an “Indemnitee”) in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) or expense referred to therein, then each party that would have been an
indemnifying party thereunder shall, subject to Section 3.4.4 and in lieu of indemnifying such Indemnitee, contribute to the amount paid or payable by such Indemnitee as a result of such losses, claims, damages or liabilities (or actions or
proceedings in respect thereof) or expense in such proportion as is appropriate to reflect the relative fault of such indemnifying party on the one hand and such Indemnitee on the other in connection with the untrue statements or omissions which
resulted in such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) or expense. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or such 

  
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Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The parties agree that it would not be
just or equitable if contribution pursuant to this Section 3.4.3 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 preceding sentence. The
amount paid or payable by a contributing party as a result of the losses, claims, damages or liabilities (or actions or proceedings in respect thereof) or expense referred to above in this Section 3.4.3 shall include any legal or other expenses
reasonably incurred by such Indemnitee in connection with investigating or defending any such action or claim. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 3.4.4. Limitation on
Liability of Holders of Registrable Securities. The liability of each Holder in respect of any indemnification or contribution obligation of such Holder arising under this Section 3.4 shall not in any event exceed an amount equal to the net
proceeds realized by such Holder (after deduction of all underwriters’ discounts and commissions) from the disposition of the Registrable Securities disposed of by such Holder pursuant to such registration. 

3.4.5. Indemnification Procedures. Promptly after receipt by an Indemnitee of written notice of the commencement of
any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 3.4, such Indemnitee will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the
latter of the commencement of such action or proceeding; provided that the failure of the Indemnitee to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Section 3.4, except to the
extent that the indemnifying party is materially prejudiced by such failure to give notice. In case any such action or proceeding is brought against an Indemnitee, the indemnifying party will be entitled to participate in and to assume the defense
thereof (at its expense), jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such Indemnitee, and after notice from the indemnifying party to such Indemnitee of its
election so to assume the defense thereof, the indemnifying party will not be liable to such Indemnitee for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of
investigation and shall have no liability for any settlement made by the Indemnitee without the consent of the indemnifying party, such consent not to be unreasonably withheld. Notwithstanding the foregoing, if in such Indemnitee’s reasonable
judgment a conflict of interest between such Indemnitee and the indemnifying parties may exist in respect of such action or proceeding or the indemnifying party does not assume the defense of any such action or proceeding within a reasonable time
after notice of commencement, the Indemnitee shall have the right to assume or continue its own defense and the indemnifying party shall, subject to Section 3.4.4 (if applicable), be liable for any reasonable expenses therefor, but in no event
will bear the expenses for more than one firm of counsel for all Indemnitees in each jurisdiction who shall be approved by the Coordination Committee in the registration in respect of which such indemnification is sought. No indemnifying party will
settle any action or proceeding or consent to the entry of any judgment without the prior written consent of the Indemnitee, unless such settlement or judgment (a) includes as an unconditional term thereof the giving by the claimant or
plaintiff of a release to such Indemnitee from all liability in respect of such action or proceeding and (b) does not involve the imposition of equitable remedies or the imposition of any obligations on such Indemnitee and does not otherwise
adversely affect such Indemnitee, other than as a result of the imposition of financial obligations for which such Indemnitee will be indemnified hereunder. 
 3.4.6. Non-Exclusivity. The obligations of the parties under this Section 3.4 will be in addition to any liability, without duplication, which any party may otherwise have to any other party.

 3.5. Permitted Registration Rights Assignees. The rights of any Holder to cause the Company to register its
Registrable Securities pursuant to Section 3.1 or 3.2 may be assigned (but only with all related obligations as set forth below) in a Transfer effected in accordance with the terms of the Stockholders Agreement and this Agreement to: (a) a
Charitable Organization (but only for a period of up to 90 days from the date of such Transfer), (b) a Permitted Transferee, (c) any other transferee that, together with its Affiliates and Affiliated Funds, in the case of this clause
(c) acquires shares of Registrable Securities either (i) for consideration of at least $35,000,000 or (ii) having a then fair market value (determined in good faith by the Board) of at least $35,000,000 

  
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or (d) acquires all shares of Registrable Securities then held by such Holder and its Affiliates, Affiliated Funds and Manager Designees, if applicable (the transferees described in clauses
(a), (b), (c) and (d) each a “Permitted Registration Rights Assignee”). Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of
this Section 3.5 shall be effective unless the Permitted Registration Rights Assignee, if not a Registration Rights Stockholder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory
to the Company that such Registrable Securities in respect of which such assignment is made shall be deemed Other Holder Shares and shall be subject to all of the provisions of this Agreement relating to Other Holder Shares and that such Permitted
Registration Rights Assignee shall be bound by, and shall be an Other Holder party to, this Agreement and the holder of Other Holder Shares hereunder. A transferee to whom rights are transferred pursuant to this Section 3.5 may not again
transfer such rights to any Person, other than as provided in this Section 3.5. 
 3.6. Shelf Take-Downs. At any
time that a shelf registration statement covering Registrable Securities pursuant to this Article III is effective, if any Holder or group of Holders delivers a notice to the Company (a “Take-Down Notice”) stating that it
intends to effect an underwritten offering of all or part of its Registrable Securities included by it on the shelf registration statement (a “Shelf Underwritten Offering”) and stating the number of the Registrable Securities to be
included in the Shelf Underwritten Offering, then, provided that the Coordination Committee approves of such Shelf Underwritten Offering, the Company shall amend or supplement the shelf registration statement as may be necessary in order to
enable such Registrable Securities to be distributed pursuant to the Shelf Underwritten Offering (taking into account the inclusion of Registrable Securities by any other Holders pursuant to this Section 3.6). In connection with any Shelf
Underwritten Offering: 
 (a) such proposing Holder(s) shall also deliver the Take-Down Notice to all other
Holders included on such shelf registration statement and permit each holder to include its Registrable Securities included on the shelf registration statement in the Shelf Underwritten Offering if such Holder notifies the proposing Holders and the
Company within five business days after delivery of the Take-Down Notice to such Holder; and 
 (b) in the event
that the underwriter determines that marketing factors (including an adverse effect on the per share offering price) require a limitation on the number of shares which would otherwise be included in such take-down, the underwriter may limit the
number of shares which would otherwise be included in such take-down offering in the same manner as is described in Section 3.3.1 with respect to a limitation of shares to be included in a registration. 

3.7. Coordination Committee. The Principal Investor Groups will create a coordination committee (the “Coordination
Committee”) prior to the closing of the Initial Public Offering and will thereafter maintain such committee for so long as this Agreement remains in effect or until there are no Principal Investors remaining, if earlier. Each Principal
Investor Group shall be permitted to designate one representative to participate on the Coordination Committee, and shall be permitted to remove and replace such designee from time to time, provided that a Principal Investor Group’s
designee shall be automatically removed (and not replaced) at such time as such Principal Investor Group ceases to be a Principal Investor Group in accordance with the definition thereof. Except to the extent specified in this Section 3.7, the
Majority Principal Investors shall determine, from time to time, the procedures which govern the conduct of the Coordination Committee, provided that such procedures shall not discriminate against any particular designee or designees in any
material way. Actions of the Coordination Committee shall require the affirmative vote of representatives designated by Principal Investor Groups which constitute the Majority Principal Investors. 

ARTICLE IV. 

TRANSFER RESTRICTIONS 
 4.1. Permitted Public Transfers and Block Sales. After the closing of the Initial Public Offering, no Registration Rights Stockholder shall Transfer any or all of its Shares pursuant to Rule 144, a
block sale to a financial institution or in a private transfer pursuant to Section 3.1.5 of the Stockholders Agreement, in each case other than in compliance with Sections 4.1.1, 4.1.2 and 4.6 hereof, as applicable, and Sections 3.3 and 3.4 of
the Stockholders Agreement, provided that, for the avoidance of doubt the approval of the Coordination Committee shall not be required to approve such Transfers. Shares Transferred pursuant to Rule 144 or in a block sale to a financial
institution shall conclusively be deemed thereafter not to be Shares under this Agreement. 

  
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 4.1.1. Public Transfers. From time to time after the Initial Public
Offering, the Majority Principal Investors may determine to require the Registration Rights Stockholders to make reasonable efforts to coordinate their efforts to Transfer Shares pursuant to Rule 144 (“144 Coordination”) or to
discontinue such requirement. As of the date of this Agreement, 144 Coordination shall be required until such time, if ever, as the Majority Principal Investors provide a subsequent notice to the Registration Rights Stockholders that such
coordination is discontinued. Thereafter, the Majority Principal Investors may reinstitute and discontinue 144 Coordination from time to time by providing notice to the Registration Rights Stockholders. 

(a) For so long as 144 Coordination is in effect, each Registration Rights Stockholder shall promptly notify the
Coordination Committee when it wishes to Sell Shares under Rule 144, provided, that for any given measurement period for purposes of the Rule 144 group volume limit, except as provided in Section 4.1.1(b) or 4.3, no Registration Rights
Stockholder shall be permitted to effect Transfers in excess of their pro rata share (based on its percentage ownership of Shares held by all Registration Rights Stockholders at the start of such measurement period) of all Shares that may be
Transferred by members of the Related Group during the applicable measurement period based on its percentage ownership of Shares held by all holders of Shares at the start of such measurement period. In the event any Registration Rights Stockholder
agrees to forego its full pro rata share of the Rule 144 group volume limit by written notice to the Coordination Committee, the remainder shall be re-allocated pro rata among the other Registration Rights Stockholders in like manner (except that
the Shares held by such forfeiting Registration Rights Stockholder at the start of such measurement period shall be excluded from such calculation). 
 (b) Notwithstanding the first sentence of Section 4.1.1(a), during the first 144 measurement period in which Registration Rights Stockholders are permitted to Transfer Shares following an offering
subject to Section 3.2 (taking into account Section 4.7) (each, an “Initial Measurement Period”), each Cutback Manager shall be permitted to Transfer a number of Shares equal to the lesser of (i) such Cutback
Manager’s Disproportionate Cutback Shares or (ii) if all Cutback Managers’ Disproportionate Cutback Shares could not be sold in such measurement period due to the volume limitations under Rule 144, such Cutback Manager’s
proportionate share of the Disproportionate Cutback Shares held by all Cutback Managers. To the extent the total number of all such Disproportionate Cutback Shares is less than the total number of Shares that may be Transferred by members of the
Related Group during the applicable measurement period, each Registration Rights Stockholder shall be permitted to effect Transfers of Shares not in excess of its pro rata share (based on its percentage ownership of Shares held by all Registration
Rights Stockholders at the start of such measurement period) of such excess Shares, subject to adjustment in accordance with Section 4.3. To the extent that all Cutback Managers are not permitted, due to the volume limitations in Rule 144, to
Transfer all Disproportionate Cutback Shares in the Initial Measurement Period or any subsequent 144 measurement period, the provisions of this clause (b) shall apply with respect to each Cutback Manager who does Transfer all Disproportionate
Cutback Shares which such Cutback Manager was entitled to Transfer in the Initial Measurement Period and each subsequent 144 measurement period until such Cutback Manager has had an opportunity to Transfer all Disproportionate Cutback Shares held by
such Cutback Manager or has elected not to sell all Disproportionate Cutback Shares which such Cutback Manager was entitled to Transfer during a 144 measurement period. 

(c) The provisions of this Section 4.1.1 shall not apply to any Transfer of Shares (i) in a Public Offering,
(ii) to a Permitted Transferee in a transaction that does not rely on Rule 144 or (iii) at any time with respect to which 144 Coordination is not effective. 

(d) Notwithstanding the foregoing, a Registration Rights Stockholder may opt out of 144 Coordination with respect to any
period of time if such Registration Rights Stockholder delivers a notice to the Coordination Committee irrevocably committing not to Transfer Shares pursuant to Rule 144 or a transaction described in Section 4.1.2, 4.2 or 4.6 during such
period. 
 4.1.2. Certain Other Transfers. After the Initial Public Offering, each Registration Rights
Stockholder (the “Initiating Transferor”) shall notify the Coordination Committee (or, after the expiration of the term described in Section 4.5, the other Registration Rights Stockholders) when it plans to Transfer any or all
of its Shares pursuant to (a) a block sale to a financial institution or (b) a private transfer pursuant to Section 3.1.5 of the Stockholder Agreement. 

  
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 4.2. Distributions to Partners, Members or Stockholders. For so long as 144
Coordination is effective, each Investor shall provide reasonable prior notice to the Coordination Committee prior to any LP Distribution. 
 4.3. Volume Limit. For purposes of this Agreement, so long as 144 Coordination is effective, Transfers contemplated by Sections 4.1.2(a) and (b), and LP Distributions, will be limited to the number
of Shares that the applicable Registration Rights Stockholder would have been permitted to Transfer under Rule 144 pursuant to the proviso in Section 4.1.1(a) or 4.1.1(b), as applicable, and will reduce for purposes of this Agreement, on a
Share for Share basis, the number of Shares that such Registration Rights Stockholder is permitted to sell under Rule 144, whether individually or as part of a Related Group, whether or not such Transfer or LP Distribution is required by law to be
so treated. In the event that, while 144 Coordination is in effect, any Registration Rights Stockholder elects to make a Transfer contemplated by Section 4.1.2(a) or (b), or an LP Distribution, and provided that such Transfer or LP
Distribution is not required by law to be taken into account for purposes of the Related Group’s volume limit under Rule 144, then each Registration Rights Stockholder’s (including the Registration Rights Stockholder making such Transfer
or LP Distribution) pro rata share of the Related Group’s volume limit for purposes of Section 4.1.2(a) shall be increased by such Registration Rights Stockholder’s pro rata share of the Shares that such Registration Rights
Stockholder is no longer permitted to sell under Rule 144 pursuant to the first sentence of this Section 4.3. 
 4.4. No
144 Coordination. Subject, in all cases, to any applicable law, in the event that 144 Coordination is not in effect, no Registration Rights Stockholder shall, in a given calendar year, Transfer pursuant to Rule 144, in a block sale to a
financial institution or in an LP Distribution, Shares representing more than the lesser of (a) 2% of the total Shares outstanding on the first day of such calendar year and (b) 20% of the total Shares owned by such Registration Rights
Stockholder on the first day of such calendar year, in each case without the approval of the Coordination Committee, which such approval shall be granted or withheld with respect to all Registration Rights Stockholders in a fair and equitable manner
over the course of such calendar year. 
 4.5. Period. Except for Section 4.1.2, the provisions of Sections 4.1
through 4.4 shall terminate with respect to any Share on the earlier of (a) the fifth anniversary of the closing of the Qualified Public Offering and (b) such time as the Principal Investors, in the aggregate, own less than a 20% of the
then outstanding Common Stock. The Majority Principal Investors, in their sole discretion, may elect to exclude any holder of Management Shares or any holder of Other Investor Shares from the provisions of Sections 4.1 through 4.4 at any time.

 4.6. Post-QPO “Tag Along Rights”. After the Qualified Public Offering, to the extent an Initiating
Transferor gives notice of a planned Transfer described in Section 4.1.2, the Coordination Committee shall promptly provide such notice to each Registration Rights Stockholder other than the Initiating Transferor (each, a “Potential
Participant”), and each Potential Participant shall be entitled to participate in such transfer pro rata based on its percentage ownership of Tag Eligible Shares held by all Registration Rights Stockholders at the time of such proposed
transfer. In the event any Potential Participant agrees to forego its full pro rata share of the sale by written notice to the Initiating Transferor and all other Potential Participants, the remainder shall be re-allocated pro rata among the
Initiating Transferor and all other Potential Participants in like manner (except that the Shares held by such forfeiting Potential Participant shall be excluded from such calculation). 

4.7. Transfers and Holder Lock-up. No Registration Rights Stockholder shall Transfer Shares in a transaction that would have
violated Article V of the Stockholders Agreement (Holder Lock-up) or a lock-up agreement entered into pursuant thereto but for the fact that such Registration Rights Stockholder has been granted permission to make such Transfer or has been released
from such Article or such lock-up agreement unless each Registration Rights Stockholder is granted similar permission or has been similarly released. 

  
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 ARTICLE V. 
 REMEDIES 
 The parties shall have all remedies available at law, in equity
or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies which may be available, each of
the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances.

 ARTICLE VI. 
 PERMITTED TRANSFEREES 
 6.1. Transfers by Investors. Subject to
Section 3.5, the rights of an Investor hereunder may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Shares effected in accordance with the terms of the Stockholders Agreement and this
Agreement to a Permitted Transferee of such Investor. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 6.1 shall be effective
unless the Permitted Transferee to which such assignment is being made, if not a Registration Rights Stockholder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that
the Shares in respect of which such assignment is made shall continue to be deemed Shares and shall be subject to all of the provisions of this Agreement relating to Shares and that such Permitted Transferee shall be bound by, and shall be a party
to, this Agreement as an Investor. A Permitted Transferee to whom rights are transferred pursuant to this Section 6.1 may not again transfer such rights to any other Permitted Transferee, other than as provided in this Section 6.1.

 6.2. Transfers by Managers or Manager Designees. The rights of a Manager or Manager Designee hereunder may be assigned
(but only with all related obligations as set forth below) in connection with a Transfer of Shares effected in accordance with the terms of the Stockholders Agreement and this Agreement to a Permitted Transferee of such Manager or Manager Designee.
Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 6.2 shall be effective unless the Permitted Transferee to which such assignment is
being made, if not a Registration Rights Stockholder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Management Shares in respect of which such assignment is
made shall continue to be deemed Management Shares and shall be subject to all of the provisions of this Agreement relating to Management Shares and that such Permitted Transferee shall be bound by, and shall be a party to, this Agreement as a
Manager Designee. A Permitted Transferee to whom rights are transferred pursuant to this Section 6.2 may not again transfer such rights to any other Permitted Transferee, other than as provided in this Section 6.2. 

ARTICLE VII. 
 INFORMATION RIGHTS 
 7.1. Historical Financial Information. The
Company will furnish the following to each Registration Rights Stockholder: 
 (a) As soon as available, and in
any event within 90 days after the end of each fiscal year of the Company, the consolidated balance sheet of the Company and its subsidiaries as at the end of each such fiscal year and the consolidated statements of income, cash flows and changes in
stockholders’ equity for such year of the Company and its subsidiaries, setting forth in each case in comparative form the figures for the next preceding fiscal year, accompanied by the report of independent certified public accountants of
recognized national standing, to the effect that, except as set forth therein, such consolidated financial statements have been prepared in accordance with generally accepted accounting principles applied on a basis consistent with prior years and
fairly present in all material respects the financial condition of the Company and its subsidiaries at the dates thereof and the results of their operations and changes in their cash flows and stockholders’ equity for the periods covered
thereby. 
 (b) As soon as available, and in any event within 45 days after the end of each fiscal quarter of the
Company for the first three fiscal quarters of a fiscal year, the consolidated balance sheet of the Company and its subsidiaries as at the end of such quarter and the consolidated statements of income, cash flows and changes in stockholders’
equity for such quarter and the 

  
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portion of the fiscal year then ended of the Company and its subsidiaries, setting forth in each case the figures for the corresponding periods of the previous fiscal year, or, in the case of
such balance sheet, for the last day of such fiscal year, in comparative form, all in reasonable detail. 
 7.2.
Satisfaction. Notwithstanding anything to the contrary in Section 7.1, the Company may satisfy its obligation thereunder by (a) providing the financial statements of any of Lowerco, Holdings, LLC or SDS to the extent such financial
statements reflect the entirety of the operations of the business or (b) filing such financial statements of the Company, Lowerco, Holdings, LLC or SDS, as applicable, with the Commission on EDGAR or in such other manner as makes them publicly
available. The Company’s obligation to furnish the materials described in Section 7.1 shall be satisfied so long as it transmits such materials to the Registration Rights Stockholders within the time periods specified in Section 7.1,
notwithstanding that such materials may be actually be received after the expiration of such periods. 
 7.3. Period.
Each of the foregoing provisions of Section 7.1 shall expire on the earlier of (a) a Change of Control or (b) the closing of the Initial Public Offering. 
 ARTICLE VIII. 
 AMENDMENT, TERMINATION, ETC. 

8.1. Oral Modifications. This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of
any of its terms be effective. 
 8.2. Written Modifications. Except as provided in clauses (a) through
(c) below, this Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed by the Company and the Majority Principal Investors (or Registration Rights Stockholders
holding a majority of the shares of Class A Stock held by Registration Rights Stockholders party hereto if there are no Principal Investors remaining). 
 (a) The consent of the Requisite Principal Investors (if there are any Principal Investors remaining) shall be required for any amendment, modification, extension, termination or waiver (an
“Amendment”) of any provision hereof which requires the approval of the Requisite Principal Investors. 
 (b) The consent of the Management Representative shall be required for (i) any Amendment (other than a Specified Amendment) that, in any material respect, discriminates against or could reasonably be
expected to have a disproportionate adverse effect on the rights of holders of Management Shares under this Agreement or (ii) any Amendment to this sentence. By signing this Agreement, each Manager irrevocably authorizes and appoints the
Management Representative as his or her sole and exclusive agent, attorney-in-fact and representative for the approval of Amendments described in the first sentence of this Section 8.2(b). The consent of a Majority in Interest of the Management
Shares held by Managers then employed by the Company shall be required for any Specified Amendment that, in any material respect, adversely affects the rights of holders of Management Shares under this Agreement, provided that if such
Specified Amendment is being adopted in contemplation of, or in connection with, the proposed sale of one of the Businesses, the consent of a Majority in Interest of the Management Shares held by Managers then employed by such Business shall be
required. 
 (c) The consent of a Majority in Interest of the Other Investor Shares shall be required for any
Amendment that, by its terms, materially and adversely discriminates against the rights or obligations of the holders of Other Investor Shares as such under this Agreement (provided, that it is understood and agreed that, for the purposes of
interpreting and enforcing this amendment and waiver provision, Amendments that affect all Registration Rights Stockholders will not be deemed to “materially and adversely discriminate against” the holders of Other Investor Shares as such
simply because holders of Other Investor Shares (i) own or hold more or less Shares than any other Registration Rights Stockholder, (ii) invested more or less money in the Company or its direct or indirect subsidiaries than any other
Registration Rights Stockholder or (iii) have greater or lesser voting rights or powers than any other Registration Rights Stockholders). 

  
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 A copy of each such Amendment shall be sent to each Registration Rights Stockholder and shall be binding
upon each party hereto and each holder of Shares or Other Holder Shares subject hereto except to the extent otherwise required by law; provided that the failure to deliver a copy of such Amendment shall not impair or affect the validity of
such Amendment. In addition, each party hereto and each holder of Shares or Other Holder Shares subject hereto may waive any right hereunder by an instrument in writing signed by such party or holder. To the extent the Amendment of any Section of
this Agreement would require a specific consent pursuant this Section 8.2, any Amendment to the definitions used in such Section as applied to such Section shall also require the specified consent. 

8.3. Withdrawal from Agreement. Any holder of Shares or Other Holder Shares that withdraws Shares from the Stockholders Agreement
in accordance with Section 10.3 thereof shall be deemed to have simultaneously withdrawn such Shares from this Agreement. From the date of delivery of such Person’s withdrawal notice pursuant to Section 10.3 of the Stockholders
Agreement, the withdrawn shares shall cease to be Shares subject to this Agreement and, if the holder of Shares or Other Holder Shares does not own any Share that will remain subject to this Agreement (each such holder, a “Withdrawing
Holder”), such holder shall cease to be a party to this Agreement and shall no longer be subject to the obligations of this Agreement or have rights under this Agreement; provided, however, that any such Withdrawing Holder
shall retain the indemnification rights pursuant to Section 3.4 hereof with respect to any matter that (a) may be an indemnified liability thereunder and (b) occurred prior to such withdrawal. 

8.4. Effect of Termination. No termination under this Agreement shall relieve any Person of liability for breach prior to
termination. In the event this Agreement is terminated, each Investor shall retain the indemnification, contribution and reimbursement rights pursuant to Section 3.4 hereof with respect to any matter that (a) may be an indemnified
liability thereunder and (b) occurred prior to such termination. 
 ARTICLE IX. 

LEGENDS 

9.1. Restrictive Legend. Each certificate representing Shares issued or transferred to a Principal Investor shall have the
following legend endorsed conspicuously thereupon: 
 “THE VOTING OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE,
AND THE SALE, ENCUMBRANCE OR OTHER DISPOSITION THEREOF, ARE SUBJECT TO THE PROVISIONS OF A PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT TO WHICH THE ISSUER AND CERTAIN OF ITS STOCKHOLDERS ARE PARTY. SUCH AGREEMENT INCLUDES
RESTRICTIONS AND LIMITATIONS ON THE TRANSFER OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE. A COPY OF SUCH AGREEMENT MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF THE ISSUER OR OBTAINED FROM THE ISSUER WITHOUT CHARGE UPON REQUEST.”

 Any Person who acquires Shares which are not subject to all or part of the terms of this Agreement shall have the right to
have such legend (or the applicable portion thereof) removed from certificates representing such Shares. 
 9.2. Stop
Transfer Instruction. The Company or Lowerco will instruct any transfer agent not to register the Transfer of any Shares until the conditions specified in the foregoing legend, this Agreement and the Stockholders Agreement are satisfied.

 9.3. Classes of Shares Separately Transferable. A Transfer that otherwise satisfies the requirements of this
Agreement, the Stockholders Agreement and any other applicable agreements may include Shares of any one or more class(es). 

  
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 ARTICLE X. 
 DEFINITIONS 
 For purposes of this Agreement: 

10.1. Certain Matters of Construction. In addition to the definitions referred to or set forth below in this Article X:

 (i) The words “hereof’, “herein”, “hereunder” and words of similar import shall
refer to this Agreement as a whole and not to any particular Article or Section or provision of this Agreement, and reference to a particular Article or Section of this Agreement shall include all subsections thereof; 

(ii) The word “including” shall mean including, without limitation; 

(iii) Definitions shall be equally applicable to both nouns and verbs and the singular and plural forms of the terms
defined; and 
 (iv) The masculine, feminine and neuter genders shall each include the other. 

10.2. Definitions. The following terms shall have the following meanings: 

“144 Coordination” shall have the meaning set forth in Section 4.1.1. 

“Additional Counsel” shall have the meaning set forth in Section 3.3.3. 

“Affiliate” shall mean, with respect to any specified Person, (a) any other Person which directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its subsidiaries shall be deemed an Affiliate of any of the Registration
Rights Stockholders (and vice versa), (b) if such specified Person is an investment fund, any other investment fund the primary investment advisor to which is the primary investment advisor to such specified Person or an Affiliate thereof and
(c) if such specified Person is a natural Person, any Family Member of such natural Person. Notwithstanding the foregoing, for all purposes of this Agreement, Integral Capital Partners VII, L.P. and its Affiliates will be considered Affiliates
of Silver Lake Partners II, L.P. and Silver Lake Technology Investors II, L.L.C. and their respective Affiliates. 

“Affiliated Fund” shall mean, with respect to any specified Person, an investment fund that is an Affiliate of such
Person or that is advised by the same investment adviser as such Person or by an Affiliate of such investment adviser or such person. 
 “Agreement” shall have the meaning set forth in the Preamble. 

“Amendment” shall have the meaning set forth in Section 8.2. 

“Bain Investors” shall mean, as of any date, Bain Capital Integral Investors, LLC and BCIP TCV, LLC, and their
respective Permitted Transferees, in each case only if such Person is then a Registration Rights Stockholder and holds any Shares. 
 “Blackstone Investors” shall mean, as of any date, Blackstone Capital Partners IV L.P., Blackstone Capital Partners IV-A L.P., Blackstone Family Investment Partnership IV-A L.P.,
Blackstone Participation Partnership IV L.P., Blackstone GT Communications Partners L.P. and Blackstone Family Communications Partnership L.P., and their respective Permitted Transferees, in each case only if such Person is then a Registration
Rights Stockholder and holds any Shares. 

  
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 “Board” shall mean the board of directors of the Company, or any duly
authorized committee thereof. 
 “Business” means SDS’s businesses which, as of the date hereof, consist
of four separate businesses: (a) the Availability Services business, (b) the Financial Systems business, (c) the K-12 Education business and (d) the Public Sector business. For purposes of this Agreement, any future business
acquired by SDS after the date hereof that is not included in the Availability Services business will automatically be considered part of the Financial Systems, K-12 Education or Public Sector business, as determined by the Board in its sole
discretion. 
 “business day” shall mean any day that is not a Saturday, a Sunday or other day on which banks
are required or authorized by law to be closed in the City of New York. 
 “Change of Control” shall mean the
occurrence of (a) any consolidation or merger of the Company with or into any other Person, or any other corporate reorganization, transaction or Transfer of securities of the Company by its stockholders, or series of related transactions
(including the acquisition of capital stock of the Company), whether or not the Company is a party thereto, in which the stockholders of the Company immediately prior to such consolidation, merger, reorganization or transaction, own, directly or
indirectly, capital stock either (i) representing directly, or indirectly through one or more entities, less than fifty percent (50%) of the equity economic interests in or voting power of the Company or other surviving entity immediately
after such consolidation, merger, reorganization or transaction or (ii) that does not directly, or indirectly through one or more entities, have the power to elect a majority of the entire board of directors or other similar governing body of
the Company or other surviving entity immediately after such consolidation, merger, reorganization or transaction; (b) any transaction or series of related transactions, whether or not the Company is a party thereto, after giving effect to
which in excess of fifty percent (50%) of the Company’s voting power is owned directly, or indirectly through one or more entities, by any Person and its “affiliates” or “associates” (as such terms are defined in the
Exchange Act Rules) or any “group” (as defined in the Exchange Act Rules), other than Qualified Institutional Investors (and in the case of a “group”, excluding a percentage of such “group” equal to the percentage of
the voting power of such group controlled by any Qualified Institutional Investors), excluding, in any case referred to in clause (a) or (b) any Initial Public Offering or any bona fide primary or secondary public offering following the
occurrence of an Initial Public Offering; or (c) a sale, lease or other disposition of all or substantially all of the consolidated assets of the Company. For the avoidance of doubt, none of the following shall, in and of itself, constitute a
“Change of Control”: (x) a spin-off of one of the Businesses, a sale of one of the Businesses or a comparable transaction or (y) a transaction in which, after giving effect thereto, the Principal Investors and their Affiliates
continue to own, directly or indirectly, more than fifty percent (50%) of the equity economic interests or voting power of (i) the Company or other surviving entity in the case of a transaction of the sort described in clause
(a) above, (ii) of the Company in the case of a transaction of the sort described in clause (b) above or (iii) of the acquiring entity in the case of a transaction of the sort described in clause (c) above. 

“Charitable Organization” shall mean a charitable organization as described by Section 501(c)(3) of the Internal
Revenue Code of 1986, as in effect from time to time. 
 “Class A Stock” shall mean the Class A Common
Stock, par value $0.001 per share, of the Company, which is comprised of Class A-1 Common Stock, Class A-2 Common Stock, Class A-3 Common Stock, Class A-4 Common Stock, Class A-5 Common Stock, Class A-6 Common Stock,
Class A-7 Common Stock and Class A-8 Common Stock. 
 “Class L Stock” shall mean the Class L Common
Stock, par value $0.001 per share, of the Company. 
 “Closing Date” shall have the meaning set forth in the
Recitals. 
 “Commission” shall mean the Securities and Exchange Commission. 

“Common Stock” shall mean the common stock of the Company, including the Class A Stock and the Class L Stock.

 “Company” shall have the meaning set forth in the Preamble. 

  
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 “Convertible Securities” shall mean any evidence of indebtedness, shares of
stock (other than Stock) or other securities (other than Options and Warrants) which are directly or indirectly convertible into or exchangeable or exercisable for shares of Stock. 

“Coordination Committee” shall have the meaning set forth in Section 3.7. 

“Covered Person” shall have the meaning set forth in Section 3.4.1. 

“Cutback Manager” shall mean, with respect to any registered offering, any Manager Holder who is subject to a
disproportionate cutback of shares to be sold in such registered offering in accordance with Section 3.3.1. 

“Designated Principal Investor Groups” shall mean, as of any time of determination, (a) if at such time there are
more than five Principal Investor Groups, the five (or more if necessary to accommodate “ties”) Principal Investor Groups who then hold the greatest number of shares of Common Stock and (b) at any other time, all of the Principal
Investor Groups. 
 “Disproportionate Cutback Shares” shall mean, with respect to any registered offering and
any Cutback Manager, a number of shares equal to the excess of (a) the number of shares held by such Cutback Manager that such Cutback Manager was not permitted to include in such registered offering as a result of Section 3.3.1 over
(b) the number of shares that such Cutback Manager would not have been permitted to include in such registered offering had all holders of Registrable Securities or Parity Shares who requested to have shares registered in the applicable
offering been cutback proportionately. 
 “Effective Time” shall have the meaning set forth in
Section 1.1. 
 “Equivalent Shares” shall mean, at any date of determination, (a) as to any
outstanding shares of Stock, such number of shares of Stock and (b) as to any outstanding Options, Warrants or Convertible Securities which constitute Shares, the maximum number of shares of Stock for which or into which such Options, Warrants
or Convertible Securities may at the time be exercised, converted or exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance in connection with which the number of
Equivalent Shares is to be determined). 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended from time to time. 
 “Exchange Act Rules” shall mean the rules adopted by the Commission under the
Exchange Act. 
 “Family Member” shall mean, with respect to any natural Person, (a) any lineal descendant
or ancestor or sibling (by birth or adoption) of such natural Person, (b) any spouse or former spouse of any of the foregoing, (c) any legal representative or estate of any of the foregoing, or the ultimate beneficiaries of the estate of
any of the foregoing, if deceased, (d) any not-for-profit corporation or private charitable foundation and (e) any trust or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing Persons described
in clauses (a) through (d) above. 
 “FINRA” shall have the meaning set forth in
Section 3.3.2(p). 
 “GS Investors” shall mean, as of any date, GS Capital Partners 2000, L.P., GS Capital
Partners 2000 Employee Fund, L.P., GS Capital Partners 2000 Offshore, L.P., Goldman Sachs Direct Investment Fund 2000, L.P., GS Capital Partners 2000 GmbH & Co. Beteiligungs KG, GS Capital Partners V Fund, L.P., GS Capital Partners V
Offshore Fund, L.P., GS Capital Partners V GmbH & Co. KG and GS Capital Partners V Institutional, L.P., and their respective Permitted Transferees, in each case only if such Person is then a Registration Rights Stockholder and holds any
Shares. 
 “Holders” shall mean the holders of Registrable Securities that are parties to this Agreement.

 “Holdings” shall have the meaning set forth in the Preamble. 

“Indemnitee” shall have the meaning set forth in Section 3.4.3. 

  
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 “Initial Measurement Period” shall have the meaning set forth in
Section 4.1.1(b). 
 “Initial Public Offering” shall mean the initial underwritten Public Offering
registered on Form S-1 (or any successor form under the Securities Act). 
 “Initiating Investors” shall have
the meaning set forth in Section 3.1.1. 
 “Initiating Transferor” shall have the meaning set forth in
Section 4.1.2. 
 “Investors” shall have the meaning set forth in the Preamble. 

“Issuance” shall have the meaning set forth in Article II. 

“Issuer” shall have the meaning set forth in Article II. 

“KKR Investors” shall mean, as of any date, KKR Millennium Fund L.P. and KKR Partners III, L.P., and their respective
Permitted Transferees, in each case only if such Person is then a Registration Rights Stockholder and holds any Shares. 

“LLC” shall have the meaning set forth in the Preamble. 

“Lowerco” shall have the meaning set forth in the Preamble. 

“LP Distribution” means a distribution of Shares by an Investor to its partners, members, managers or shareholders in
accordance with such Investor’s governing documents. 
 “Majority Bain Investors” shall mean, as of any
date, the holders of a Majority in Interest of the Shares held by the Bain Investors. 
 “Majority Blackstone
Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by the Blackstone Investors. 
 “Majority GS Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by the GS Investors. 

“Majority in Interest” shall mean with respect to Shares of one or more class(es), a majority in number of such Shares.

 “Majority KKR Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares
held by the KKR Investors. 
 “Majority Principal Investors” shall mean, as of any applicable time,
(a) Principal Investor Groups who, in the aggregate, hold a Majority in Interest of the Common Stock then held by all Principal Investor Groups in the aggregate and (b) if there are more than five Principal Investor Groups, Designated
Principal Investor Groups who, in the aggregate, hold a Majority in Interest of the Common Stock then held by all Designated Principal Investor Groups in the aggregate. 
 “Majority Providence Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by the Providence Investors. 

“Majority Silver Lake Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by
the Silver Lake Investors. 
 “Majority TPG Investors” shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the TPG Investors. 
 “Management Representative” shall mean (a) Russell P.
Fradin during such time as he is the Chief Executive Officer of SDS, (b) such successor person who is approved from time to time as the Management 

  
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Representative in accordance with this Agreement, or (c) at any time when there is no Management Representative identified in accordance with the foregoing provisions, the Chief Executive
Officer of SDS. Successor Management Representatives may be approved in writing by a Majority in Interest of the Management Shares then held by Managers then employed by the Company, excluding, for the purposes of such calculation, the existing
Management Representative, provided that such approval must occur no earlier than ten (10) business days after notice proposing a successor Management Representative is given to all such Managers, which notice may be sent only at the
direction of (x) the current Management Representative, (y) the holders of at least 15% in interest of the Management Shares held by Managers (and their Manager Designees) then employed by the Company or (z) the Requisite Principal
Investors. 
 “Management Shares” shall mean all Shares held by a Manager or Manager Designee. Any Management
Shares that are Transferred by the holder thereof to such holder’s Permitted Transferees shall remain Management Shares in the hands of such Permitted Transferee. 
 “Manager Designees” shall have the meaning set forth in the Preamble. 
 “Manager Holder” shall mean any Manager of Manager Designee who is, at the time in question, a Holder. 
 “Managers” shall have the meaning set forth in the Preamble. 

“Other Holder Shares” shall mean (a) all shares of Stock held by an Other Holder that were Transferred to such
Other Holder in a transaction subject to Section 3.5 or that were acquired by such Other Holder upon the exercise, conversion or exchange of any Options, Warrants or Convertible Securities that were Transferred to such Other Holder in a
transaction subject to Section 3.5 and (b) all Options, Warrants and Convertible Securities that were Transferred to such Other Holder in a transaction subject to Section 3.5, treating such Options, Warrants and Convertible Securities
as a number of Other Holder Shares equal to the maximum number of shares of Stock for which or into which such Options, Warrants or Convertible Securities may at the time be exercised, converted or exchanged (or which will become exercisable,
convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance in connection with which the number of Other Holder Shares is to be determined). 
 “Other Holders” shall have the meaning set forth in the Preamble. 

“Other Investors” shall have the meaning set forth in the Recitals. 

“Other Securities” shall have the meaning set forth in Section 2.1.3. 

“Parity Shares” shall have the meaning set forth in Section 3.3.1. 

“Participating Buyer” shall have the meaning set forth in Section 2.1.2. 

“Participating Investor” shall have the meaning set forth in Section 3.3.3. 

“Participation Notice” shall have the meaning set forth in Section 2.1.1. 

“Participation Offerees” shall have the meaning set forth in Section 2.1.1. 

“Participation Portion” shall have the meaning set forth in Section 2.1.1. 

“Participation Shares” shall mean all Shares held by an Investor and all Vested Shares held by a Manager or Manager
Designee. 
 “Permitted Registration Rights Assignee” shall have the meaning set forth in Section 3.5.

 “Permitted Transferee” shall mean, in respect of (a) any Investor, (i) any Affiliate or Affiliated
Fund of such Investor or (ii) any successor entity or, with respect to an Investor organized as a trust, any successor trustee or co-trustee of such trust, (b) any Manager or Manager Designee of such Manager, any Family Member of such
Manager and (c) any holder of Shares who is a natural person, (i) upon the death of such natural person, such person’s estate, executors, administrators, personal representatives, heirs, legatees or distributees in each case

  
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acquiring the Shares in question pursuant to the will or other instrument taking effect at death of such holder or by applicable laws of descent an distribution and (ii) any Person acquiring
such Shares pursuant to a qualified domestic relations order in each case described in clauses (a) through (c), only to the extent such transferee agrees to be bound by the terms of this Agreement and the Stockholders Agreement. In addition,
any Registration Rights Stockholder shall be a Permitted Transferee of the Permitted Transferees of itself and any member of a Principal Investor Group shall be a Permitted Transferee of any other member of such Principal Investor Group. 

“Person” shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited
liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 
 “Potential Participant” shall have the meaning set forth in Section 4.6. 
 “Preferred Stock” shall mean the 11.5% Cumulative Preferred Stock, par value $0.001 per share, of Lowerco. 
 “Price Per Equivalent Share” shall mean the Board’s good faith determination of the price per Equivalent Share of any Convertible Securities, Warrants or Options which are the
subject of an Issuance pursuant to Article II hereof. 
 “Principal Investor” shall have the meaning set
forth in the preamble. 
 “Principal Investor Group” shall mean any one of (a) the Bain Investors,
collectively, (b) the Blackstone Investors, collectively, (c) the GS Investors, collectively, (d) the KKR Investors, collectively, (e) the Providence Investors, collectively, (f) the Silver Lake Investors, collectively and
(g) the TPG Investors, collectively; provided, however, that any such Principal Investor Group shall cease to be a Principal Investor Group at such time after the Closing Date, and at all times thereafter, as such Principal
Investor Group ceases to hold Shares representing a Total Combined Investment (as defined in the Company’s certificate of incorporation as in effect on the date hereof) of at least the Minimum Total Combined Investment (as defined in the
Company’s certificate of incorporation as in effect on the date hereof); provided, further, that no adjustment pursuant to the Company’s certificate of incorporation to the “Minimum Total Combined Investment” shall
cause any former Principal Investor Group to again become a Principal Investor Group. Where this Agreement provides for the vote, consent or approval of any Principal Investor Group, such vote, consent or approval shall be determined by the Majority
Bain Investors, the Majority Blackstone Investors, the Majority GS Investors, the Majority KKR Investors, the Majority Providence Investors, the Majority Silver Lake Investors, or the Majority TPG Investors, as the case may be, except as otherwise
specifically set forth herein. 
 “Principal Lock-Up Agreement” shall have the meaning set forth in
Section 5.1 of the Stockholders Agreement. 
 “Pro Rata Portion” shall mean for purposes of
Section 3.3, with respect to each holder of Registrable Securities or Parity Shares requesting that such shares be registered in such registration statement, a number of such shares equal to the aggregate number of shares of Common Stock to be
registered in such registration (excluding any shares to be registered for the account of the Company) multiplied by a fraction, the numerator of which is the aggregate number of Registrable Securities and Parity Shares held by such holder, and the
denominator of which is the aggregate number of Registrable Securities and Parity Shares held by all holders requesting that their Registrable Securities or Parity Shares be registered in such registration. 

“Proceeds” shall have the meaning set forth in the Recitals. 

“Prospective Subscriber” shall have the meaning set forth in Section 2.1.1. 

“Public Offering” shall mean a public offering and sale of Common Stock for cash pursuant to an effective registration
statement under the Securities Act. 
 “Purchase Price Value” shall mean: (a) $1.00, in the case of a
share of Class A Stock, (b) $81.00, in the case of a share of Class L Stock and (c) $100.00, in the case of a share of Preferred Stock, in each case appropriately adjusted for any stock split, stock dividend, combination,
recapitalization or similar event involving such class of Stock. 

  
 -29-

 “Purchased and Roll-Over Shares” shall mean (a) all shares of Stock
held by a Manager or Manager Designee that were purchased by the original holder thereof on or before the Closing Date or upon the exercise, conversion or exchange of Options described in clause (b) hereof, (b) all Options for shares of
Stock held by a Manager, which were received by such Manager on the Closing Date in connection with the roll-over of his or her options from SDS, treating such Options as a number of Purchased and Roll-Over Shares equal to the maximum number of
shares of Stock for which such Options may be exercised, and (c) all Shares held by a Manager or Manager Designee that are designated as Purchased and Roll-Over Shares by the Requisite Principal Investors (or the Company if there are no
Principal Investors remaining). 
 “Qualified Institutional Investors” shall mean (a) the Bain Investors;
(b) the Blackstone Investors; (c) the GS Investors; (d) the KKR Investors; (e) the Providence Investors; (f) the Silver Lake Investors; (g) the TPG Investors; and (h) the respective Affiliates and Affiliated Funds
of the foregoing Persons. 
 “Qualified Public Offering” shall mean the first underwritten Public Offering
(other than any Public Offering or sale pursuant to a registration statement on Form S-4, S-8 or a comparable form) in which the aggregate price to the public of all Common Stock sold in such offering in combination with the aggregate price to the
public of all Common Stock sold in any previous underwritten Public Offerings (other than any Public Offering or sale pursuant to a registration statement on Form S-4, S-8 or any comparable form) shall exceed $350,000,000. 

“Recapitalization Transaction” shall have the meaning set forth in Section 10.2 of the Stockholders Agreement.

 “Registrable Securities” shall mean (a) all shares of Class A-8 Stock, (b) all shares of
Class A-8 Stock issuable upon conversion of shares of Class A-1 Stock, Class A-2 Stock, Class A-3 Stock, Class A-4 Stock, Class A-5 Stock, Class A-6 Stock, Class A-7 Stock or Class L Stock, (c) all shares
of Class A-8 Stock issuable upon exercise, conversion or exchange of any Option, Warrant or Convertible Security and all Shares of Class A-8 Stock issued in exchange for securities of any subsidiary of the Company and (d) all shares
of Class A-8 Stock directly or indirectly issuable with respect to the securities referred to in clauses (a), (b) or (c) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization,
merger, consolidation or other reorganization, in each case constituting Participation Shares or Other Holder Shares. As to any particular Registrable Securities, such shares shall cease to be Registrable Securities when (i) such securities
shall have ceased to be Participation Shares or Other Holder Shares hereunder, (ii) a registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been
disposed of in accordance with such registration statement, (iii) such securities shall have been Transferred pursuant to Rule 144 or Rule 145, (iv) disposition of such securities may be made by the Holder thereof under Rule 144 or 145 and
the holder of such securities holds no more than one percent of the shares of the applicable class outstanding as shown by the most recent report or statement published by the Company, but only to the extent such securities are not restricted from
transfer by the provisions of Article IV hereof, (v) subject to the provisions of Section 8.2 hereof, such securities shall have been otherwise transferred to a Person that is not an Affiliate of the transferor, new certificates for
them not bearing a legend restricting further transfer shall have been delivered by the Company as part of such transfer and subsequent disposition of them shall not require registration of them under the Securities Act and such securities may be
distributed without volume limitation or other restrictions on transfer under Rule 144 or Rule 145 (including without application of paragraphs (c), (e) (f) and (h) of Rule 144), (vi) such securities shall have ceased to be
outstanding or (vii) the holder thereof shall have withdrawn from this Agreement pursuant to Section 8.3. 

“Registration Expenses” means any and all expenses incident to performance of or compliance with Article III of
this Agreement (other than underwriting discounts and commissions paid to underwriters and transfer taxes, if any), including (a) all Commission and securities exchange or FINRA registration and filing fees, (b) all fees and expenses of
complying with securities or blue sky laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (c) all printing, messenger and delivery
expenses, (d) all fees and expenses incurred in connection with the listing or quotation of the Registrable Securities pursuant to Section 3.3.2(g) and all rating agency fees, (e) the fees and disbursements of counsel for the Company
and of its independent public accountants, including the expenses of any special audits 

  
 -30-

 
and/or “cold comfort” letters required by or incident to such performance and compliance, (f) the reasonable fees and disbursements of one counsel for the Holders selected pursuant
to the terms of Article III and any Additional Counsel, (g) any fees and disbursements of underwriters customarily paid by the issuers or sellers of securities, including liability insurance if the Company 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, (h) expenses incurred in connection
with any road show (including the reasonable out-of-pocket expenses of the Holders) and (i) any other fees and disbursements customarily paid by the issuers of securities. 

“Registration Rights Stockholders” shall have the meaning set forth in the Preamble. 

“Related Group” shall mean, with respect to any 144 measurement period, all Registration Rights Stockholders other than
those (a) who have agreed to forego their full pro rata share of the Rule 144 group limit in accordance with the last sentence of Section 4.1.1(a), (b) who have opted out of 144 Coordination pursuant to Section 4.1.1(d) or
(c) who have been excluded from the provisions of Section 4.1 through 4.4 pursuant to the last sentence of Section 4.5, unless, in each case, such person’s sales of Shares are required to be aggregated with sales of Shares of all
Registration Rights Stockholders not described in clauses (a) through (c) for purposes of clauses (e)(1) or (2) of Rule 144. 
 “Rule 144” shall mean Rule 144 under the Securities Act (or any successor Rule). 
 “Rule 145” shall mean Rule 145 under the Securities Act (or any successor Rule). 
 “Sale” shall mean a Transfer for value and the terms “Sell” and “Sold” shall have correlative meanings. 

“SDS” shall have the meaning set forth in the Recitals. 

“Securities Act” shall mean the Securities Act of 1933 and the rules promulgated thereunder, as amended from time to
time. 
 “Shares” shall mean (a) all shares of Stock held by a Registration Rights Stockholder, whenever
issued, including all shares of Stock issued upon the exercise, conversion or exchange of any Options, Warrants or Convertible Securities and (b) all Options, Warrants and Convertible Securities held by a Registration Rights Stockholder
(treating such Options, Warrants and Convertible Securities as a number of Shares equal to the number of Equivalent Shares represented by such Options, Warrants and Convertible Securities for all purposes of this Agreement except as otherwise
specifically set forth herein), including, in either case, any securities received in a “Recapitalization Transaction” in accordance with Section 4.3 of the Stockholders Agreement. 

“Shelf Underwritten Offering” has the meaning set forth in Section 3.6. 

“Silver Lake Investors” shall mean, as of any date, Silver Lake Partners II, L.P., Silver Lake Technology Investors II,
L.L.C. and Integral Capital Partners VII, L.P., and their respective Permitted Transferees, in each case only if such Person is then a Registration Rights Stockholder and holds any Shares. 

“Specified Amendment” shall mean any Amendment affecting (a) the second or third sentence of Section 8.2(b) or
(b) any defined term in this Agreement to the extent used in any of the foregoing provisions as such term applies to such provisions. 
 “Stock” shall mean the Common Stock and the Preferred Stock. 

“Stockholders Agreement” shall mean the Amended and Restated Stockholders Agreement of even date herewith among the
Company, Lowerco, Holdings, LLC, SDS and certain stockholders of the Company and Lowerco (as such agreement may be amended and/or restated from time to time). 
 “Subject Securities” shall have the meaning set forth in Article II. 
 “Substitution Charter Amendment” shall have the meaning set forth in the Recitals. 

  
 -31-

 “Tag Eligible Shares” shall mean, at any time, all Shares that (a) are
not Management Shares or (b) are Management Shares that will be Vested Shares as of the proposed Transfer date as reasonably determined in good faith by the Initiating Transferor. 

“Take Down Notice” has the meaning set forth in Section 3.6. 

“TPG Investors” shall mean, as of any date, TPG Partners IV, L.P., T3 Partners II, L.P., T3 Parallel II, L.P., TPG Solar III LLC and TPG Solar Co-Invest LLC, and
their respective Permitted Transferees, in each case only if such Person is then a Registration Rights Stockholder and holds any Shares. 
 “Transfer” shall mean any sale, pledge, assignment, encumbrance or other transfer or disposition of any Shares or Other Holder Shares to any other Person, whether directly, indirectly,
voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. For the avoidance of doubt, it shall constitute a “Transfer” subject to the restrictions on Transfer contained or referenced in Section 4
(a) if a transferee is not an individual, a trust or an estate, and the transferor or an Affiliate thereof ceases to control such transferee or (b) with respect to a holder of Shares which was formed for the purpose of holding Shares,
there is a Transfer of the equity interests of such holder other than to a Permitted Transferee of such holder or of the party transferring the equity of such holder. 
 “Vested Shares” shall mean, with respect to a Manager or Manager Designee at any time, the Management Shares held by such Manager or Manager Designee which are not subject to vesting
requirements at such time. 
 “Warrants” shall mean any warrants to subscribe for, purchase or otherwise
directly acquire Stock. 
 “Withdrawing Holders” shall have the meaning set forth in Section 8.3.

 ARTICLE XI. 
 MISCELLANEOUS 
 11.1. Authority; Effect. Each party hereto
represents and warrants to and agrees with each other party that (a) the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate
any agreement or other instrument applicable to such party or by which its assets are bound and (b) this Agreement constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms,
except to the extent that the enforcement of the rights and remedies created hereby is subject to (i) bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors
generally and (ii) general principles of equity. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture
or other association. The Company and Lowerco shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 
 11.2. Notices. Any notices and other communications required or permitted in this Agreement shall be effective if in writing and (a) delivered personally, (b) sent by facsimile or e-mail
(if provided and the recipient acknowledges receipt thereof by reply e-mail or otherwise), or (c) sent by overnight courier, in each case, addressed as follows: 
 If to the Company, Lowerco, Holdings, LLC or SDS, to it: 
 c/o SunGard Data
Systems, Inc. 
 680 East Swedesford Road 
 Wayne, Pennsylvania 19087 
 Attention: General Counsel 

with copies to: 

Ropes & Gray LLP 
 Prudential Tower 
 800 Boylston Street 

  
 -32-

 Boston, Massachusetts 02199 

Facsimile: (617) 951-7050 
 Attention: Alfred Rose, Esq. 
 E-mail: arose@ropesgray.com 

If to a Bain Investor or the Bain Principal Investor Group, to it: 

c/o Bain Capital, LLC 
 111 Huntington Avenue 
 Boston, Massachusetts 02199 

Facsimile: (617) 516-2710 
 Attention: John Connaughton 
 E-mail: jconnaughton@baincapital.com 

with copies to: 

Ropes & Gray LLP 
 Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02199 
 Facsimile: (617) 951-7050 
 Attention: R. Newcomb Stillwell, Esq. 

E-mail: nstillwell@ropesgray.com 
 If to a Blackstone Investor or to the Blackstone Principal Investor Group, to it: 

c/o Blackstone Management Partners IV L.L.C. 
 345 Park Avenue, 31st Floor 
 New York, NY 10154 

Facsimile: (212) 583-5722 
 Attention: Chinh Chu 
 E-mail: chu@blackstone.com 

with copies to: 

Paul Hastings, Janofsky & Walker LLP 
 75 E. 55th Street 
 New York, NY 10022 

Facsimile: (212) 230-7617 
 Attention: John Altorelli, Esq. 
 E-mail: johnaltorelli@paulhastings.com

 and 

Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, NY 10017 

Facsimile: (212) 455-2502 
 Attention: Wilson Neely, Esq. 
 E-mail: wneely@stblaw.com 

If to a GS Investor or to the GS Principal Investor Group, to it: 

c/o GS Capital Partners 2000, L.P. 
 85 Broad Street 
 New York, New York 10004

  
 -33-

 
Facsimile: (212) 357-5505 
 Attention: Sanjeev Mehra 

E-mail: sanjeev.mehra@gs.com 
 with copies to: 
 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York, New York 10019 
 Facsimile: (212) 403-2000 

Attention: Mark Gordon, Esq. 
 E-mail: mgordon@wlrk.com 
 If to a KKR Investor or to the KKR Principal Investor
Group, to it: 
 c/o Kohlberg Kravis Roberts & Co L.P. 

2800 Sand Hill Road, Suite 200 
 Menlo Park, CA 94025 
 Facsimile: (650) 233-6561 

Attention: James H. Greene, Jr. 
 E-mail: jgreene@kkr.com 
 with copies to: 

Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, NY 10017 

Facsimile: (212) 455-2502 
 Attention: Gary Horowitz 
 E-mail: ghorowitz@stblaw.com 

If to a Providence Investor or to the Providence Principal Investor Group, to it: 

c/o Providence Equity Partners Inc. 
 50 Kennedy Plaza 
 18th Floor 

Providence, RI 02903 
 Facsimile: (401) 751-1790 
 Attention: Jonathan M. Nelson 

E-mail: j.nelson@provequity.com 
 with copies to: 
 Weil, Gotshal & Manges LLP 

100 Federal Street, 34th Floor 
 Boston, MA 02110 
 Facsimile: (617) 772-8333 

Attention: Marilyn French, Esq. 
 E-mail: marilyn.french@weil.com 
 If to a Silver Lake Investor or to the Silver
Lake Principal Investor Group, to it: 
 c/o Silver Lake Partners 

9 West 57th Street, 25th Floor 
 New York, NY 10019 
 Facsimile: (212) 981-3535 

Attention: Egon Durban 
 E-mail: egon.durban@silverlake.com 

  
 -34-

 with copies to: 
 Ropes & Gray LLP 
 Prudential Tower 

800 Boylston Street 
 Boston, Massachusetts 02199 
 Facsimile: (617) 951-7050 

Attention: Alfred O. Rose, Esq. 
 E-mail: arose@ropesgray.com 
 If to a TPG Investor or to the TPG Principal
Investor Group, to it: 
 c/o TPG Capital, L.P. 
 345 California Street, Suite 3300 
 San Francisco, CA 94104 

Facsimile: (415) 743-1500 
 Attention: General Counsel 
 with copies to: 

Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006 

Facsimile: (212) 225-3999 
 Attention:   Michael L. Ryan, Esq. 

        Paul J. Shim, Esq. 

E-mail:       mryan@cgsh.com 
         pshim@cgsh.com 
 If to any Manager
or Manager Designee, to it: 
 c/o SunGard Data Systems, Inc. 

680 East Swedesford Road 
 Wayne, Pennsylvania 19087 
 Attention: General Counsel 

with copies to: 

Morgan, Lewis & Bockius LLP 
 101 Park Avenue 
 New York, NY 10178 

Facsimile: (212) 309-6001 
 Attention:   Howard L Shecter, Esq. 

        Ira White, Esq. 
 E-mail:       hshecter@morganlewis.com 

        iwhite@morganlewis.com 

If to any other Registration Rights Stockholder, to it at the address set forth on Exhibit A, or if not set forth thereon, in the records
of the Company. 
 Notice to the holder of record of any shares of capital stock shall be deemed to be notice to the holder of
such shares for all purposes hereof. 

  
 -35-

 Unless otherwise specified herein, such notices or other communications shall be deemed
effective (x) on the date received, if personally delivered, (y) on the date received if delivered by facsimile or e-mail (subject to the recipient confirming receipt thereof in the case of e-mail) on a business day, or if not delivered on
a business day, on the first business day thereafter and (z) two business days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other
parties hereto. 
 11.3. Binding Effect, Etc. Except for restrictions on the Transfer of Shares set forth in other
written agreements, plans or documents, and except for other written agreements dated on or about the date of this Agreement, this Agreement constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or
contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors and permitted assigns.
Except as otherwise expressly provided herein, no Registration Rights Stockholder or other party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of
the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 

11.4. Descriptive Heading. The descriptive headings of this Agreement are for convenience of reference only, are not to be
considered a part hereof and shall not be construed to define or limit any of the terms or provisions hereof. 
 11.5.
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one instrument. A facsimile signature shall be considered due execution and
shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. 
 11.6.
Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum
extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise
affect any other provision hereof. 
 11.7. No Recourse. Notwithstanding anything that may be expressed or implied in
this Agreement, and notwithstanding the fact that certain of the Investors hereto may be corporations, partnerships, limited liability companies or trusts, each party to this Agreement covenants, agrees and acknowledges that no recourse under this
Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general or limited partner, member, manager or trustee of any Investor or of any partner,
member, manager, trustee, Affiliate or assignee thereof, as such, 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 current or future officer, agent or employee of any Investor or any current or future member of any Investor or any current or future
director, officer, employee, partner, member, manager or trustee of any Investor or of any Affiliate or assignee thereof, as such, 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. 
 11.8. Aggregation
of Shares. All Shares held by an Investor and its Affiliates and Affiliated Funds shall be aggregated together for purposes of determining the availability of any rights under Articles II, III and IV. Within any Principal Investor Group, the
Investors may allocate the ability to exercise any rights under this Agreement in any manner that such Principal Investor Group (by a Majority in Interest of the Shares held by such Principal Investor Group) sees fit. 

11.9. Obligations of Company, Lowerco, Holdings, LLC and SDS. Each of the Company, Lowerco, Holdings, LLC and SDS shall be jointly
and severally liable for any payment obligation of any of the Company, Lowerco, Holdings, LLC or SDS pursuant to this Agreement. 
 11.10. Expenses of Managers. The Company shall reimburse the Managers and Manager Designees for the reasonable costs of one counsel retained on behalf of the Managers and/or Manager Designees with
respect to 

  
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the Managers and/or Manager Designees exercising or enforcing rights afforded them under this Agreement, the Stockholders Agreement or the certificates of incorporation or limited liability
company agreement, as applicable, of any of the Company, Lowerco, Holdings, LLC or SDS. 
 ARTICLE XII. 

GOVERNING LAW 
 12.1. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the
domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

12.2. Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a 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 any such proceeding brought in one of the above-named
courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking
or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of
inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this agreement, the court in which
such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any
court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that service of process by registered or certified mail, return receipt requested, at
its address specified pursuant to Section 11.2 hereof is reasonably calculated to give actual notice. 
 12.3. WAIVER OF
JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN
RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 12.3 CONSTITUTES A MATERIAL INDUCEMENT
UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 12.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 12.4. Exercise of Rights and Remedies. No delay of or
omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or
acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or
after that waiver. 
 [Signature pages follow] 

  
 -37-

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE COMPANY:	 	SUNGARD CAPITAL CORP.
			
		 	By:	 	 *

		 	Name:	 	Russell Fradin
		 	Title:	 	President and Chief Executive Officer
		
	LOWERCO:	 	SUNGARD CAPITAL CORP. II
			
		 	By:	 	 *

		 	Name:	 	Russell Fradin
		 	Title:	 	President and Chief Executive Officer
		
	HOLDINGS:	 	SUNGARD HOLDING CORP.
			
		 	By:	 	 *

		 	Name:	 	Russell Fradin
		 	Title:	 	President and Chief Executive Officer
		
	LLC:	 	SUNGARD HOLDCO LLC
			
		 	By:	 	 *

		 	Name:	 	Russell Fradin
		 	Title:	 	President and Chief Executive Officer
		
	SDS:	 	SUNGARD DATA SYSTEMS, INC.
			
		 	By:	 	 *

		 	Name:	 	Russell Fradin
		 	Title:	 	President and Chief Executive Officer
	
	 *  The signature appearing immediately below shall serve as a signature at each place indicated with an
“*” on this page:

  

	
	 /s/ Russell Fradin

	Russell Fradin

 [Amended and Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	SILVER LAKE PARTNERS II, L.P.
		 	By:	 	Silver Lake Technology Associates II, L.L.C.,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	Glenn H. Hutchins
		 	Title:	 	Managing Director
		
		 	SILVER LAKE TECHNOLOGY INVESTORS II, L.P.
		 	By:	 	Silver Lake Technology Associates II, L.L.C.,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	Glenn H. Hutchins
		 	Title:	 	Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Glenn H. Hutchins

	Glenn H. Hutchins

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	BAIN CAPITAL INTEGRAL INVESTORS, LLC
			
		 	By:	 	Bain Capital Investors, LLC,
		 		 	its administrative member
			
		 	By:	 	 *

		 	Name:	 	John Connaughton
		 	Title:	 	Managing Director
		
		 	BCIP TCV, LLC
			
		 	By:	 	Bain Capital Investors, LLC,
		 		 	its administrative member
			
		 	By:	 	 *

		 	Name:	 	John Connaughton
		 	Title:	 	Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ John Connaughton

	John Connaughton

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	BLACKSTONE CAPITAL PARTNERS IV L.P.
			
		 	By:	 	Blackstone Management Associates IV L.L.C.,
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Chinh E. Chu
		 	Title:	 	Authorized Person
		
		 	BLACKSTONE CAPITAL PARTNERS IV-A L.P.
			
		 	By:	 	Blackstone Management Associates IV L.L.C.,
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Chinh E. Chu
		 	Title:	 	Authorized Person
		
		 	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP IV-A L.P.
			
		 	By:	 	Blackstone Management Associates IV L.L.C.,
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Chinh E. Chu
		 	Title:	 	Authorized Person

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Chinh E. Chu

	 Chinh E. Chu

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	BLACKSTONE PARTICIPATION PARTNERSHIP IV L.P.
			
		 	By:	 	Blackstone Management Associates IV L.L.C.,
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Chinh E. Chu
		 	Title:	 	Authorized Person
		
		 	BLACKSTONE GT COMMUNICATIONS PARTNERS L.P.
			
		 	By:	 	Blackstone Communications Management Associates I
		 		 	L.L.C., its General Partner
			
		 	By:	 	 *

		 	Name:	 	Chinh E. Chu
		 	Title:	 	Authorized Person
		
		 	BLACKSTONE FAMILY COMMUNICATIONS PARTNERSHIP L.P.
			
		 	By:	 	Blackstone Communications Management Associates I
		 		 	L.L.C., its General Partner
			
		 	By:	 	 *

		 	Name:	 	Chinh E. Chu
		 	Title:	 	Authorized Person

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Chinh E. Chu

	Chinh E. Chu

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	GS CAPITAL PARTNERS 2000, L.P.
			
		 	By:	 	GS Advisors 2000, L.L.C.,
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Sanjeev Mehra
		 	Title:	 	Vice President
		
		 	GS CAPITAL PARTNERS 2000 EMPLOYEE FUND, L.P.
			
		 	By:	 	GS Employee Funds 2000 GP, L.L.C.
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Sanjeev Mehra
		 	Title:	 	Vice President
		
		 	GS CAPITAL PARTNERS 2000 OFFSHORE, L.P.
			
		 	By:	 	GS Advisors 2000, L.L.C.
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Sanjeev Mehra
		 	Title:	 	Vice President

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Sanjeev Mehra

	Sanjeev Mehra

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	GOLDMAN SACHS DIRECT INVESTMENT FUND 2000, L.P.
			
		 	By:	 	GS Employee Funds 2000 GP, L.L.C.
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Sanjeev Mehra
		 	Title:	 	Vice President
		
		 	GS CAPITAL PARTNERS 2000 GMBH & CO. BETEILIGUNGS KG
			
		 	By:	 	Goldman, Sachs Management GP GmbH
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Sanjeev Mehra
		 	Title:	 	Attorney-in-Fact
		
		 	GS CAPITAL PARTNERS V FUND, L.P.
			
		 	By:	 	GSCP V Advisors, L.L.C.
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Sanjeev Mehra
		 	Title:	 	Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Sanjeev Mehra

	Sanjeev Mehra

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	GS CAPITAL PARTNERS V OFFSHORE FUND, L.P.
			
		 	By:	 	GSCP V Offshore Advisors, L.L.C.
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Sanjeev Mehra
		 	Title:	 	Managing Director
		
		 	GS CAPITAL PARTNERS V GMBH & CO. KG
			
		 	By:	 	GS Advisors V L.L.C.
		 		 	its Managing Limited Partner
			
		 	By:	 	 *

		 	Name:	 	Sanjeev Mehra
		 	Title:	 	Managing Director
		
		 	GS CAPITAL PARTNERS V INSTITUTIONAL, L.P.
			
		 	By:	 	GS Advisors V, L.L.C.
		 		 	its General Partner
			
		 	By:	 	 *

		 	Name:	 	Sanjeev Mehra
		 	Title:	 	Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Sanjeev Mehra

	Sanjeev Mehra

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	KKR MILLENNIUM FUND L.P.
			
		 	By:	 	KKR Associates Millennium L.P.,
		 		 	its general partner
		 	By:	 	KKR Millennium GP LLC,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	James H. Greene, Jr.
		 	Title:	 	Member
		
		 	KKR PARTNERS III, L.P.
			
		 	By:	 	KKR GP III LLC,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	James H. Greene, Jr.
		 	Title:	 	Member

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ James H. Greene, Jr.

	James H. Greene, Jr.

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	PROVIDENCE EQUITY PARTNERS V LP
			
		 	By:	 	Providence Equity GP V LP,
		 		 	its general partner
		 	By:	 	Providence Equity Partners V L.L.C.,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	Robert S. Hull
		 	Title:	 	Chief Financial Officer
		
		 	PROVIDENCE EQUITY PARTNERS V-A LP
			
		 	By:	 	Providence Equity GP V LP,
		 		 	its general partner
		 	By:	 	Providence Equity Partners V L.L.C.,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	Robert S. Hull
		 	Title:	 	Chief Financial Officer

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Robert S. Hull

	Robert S. Hull

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	TPG PARTNERS IV, L.P.
			
		 	By:	 	TPG GenPar IV, L.P.,
		 		 	its general partner
		 	By:	 	TPG Advisors IV, Inc.,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	Ronald Cami
		 	Title:	 	Vice President
		
		 	T3 PARTNERS II, L.P.
			
		 	By:	 	T3 GenPar II, L.P.,
		 		 	its general partner
		 	By:	 	T3 Advisors II, Inc.,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	Ronald Cami
		 	Title:	 	Vice President
		
		 	T3 PARALLEL II, L.P.
			
		 	By:	 	T3 GenPar II, L.P.,
		 		 	its general partner
		 	By:	 	T3 Advisors II, Inc.,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	Ronald Cami
		 	Title:	 	Vice President

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Ronald Cami

	Ronald Cami

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

					
	THE PRINCIPAL INVESTORS:	 	TPG SOLAR III LLC
			
		 	By:	 	TPG Partners III, L.P.,
		 		 	its managing member
		 	By:	 	TPG GenPar III, L.P.,
		 		 	its general partner
		 	By:	 	TPG Advisors III, Inc.,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	Ronald Cami
		 	Title:	 	Vice President
		
		 	TPG SOLAR CO-INVEST LLC
			
		 	By:	 	TPG GenPar IV, L.P.,
		 		 	its managing member
		 	By:	 	TPG Advisors IV, Inc.,
		 		 	its general partner
			
		 	By:	 	 *

		 	Name:	 	Ronald Cami
		 	Title:	 	Vice President

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

	
	 /s/ Ronald Cami

	Ronald Cami

  
 [Amended and
Restated Participation, Registration Rights and Coordination Agreement]

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