Document:

EX-10.15

 Exhibit 10.15 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is made and entered into on January 8, 2020, with employment effective as
of the Start Date (as defined in Section 2), by and between CCC Information Services Inc., a Delaware corporation (together with any of its subsidiaries and affiliates as may employ Executive from time to time and any successor(s) thereto, the
“Company”), and Brian Herb (“Executive”). 
 WHEREAS, the Company hereby agrees to employ Executive
effective as of the Start Date, and Executive hereby accepts such employment, on the terms and conditions hereinafter set forth. 
 NOW,
THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, including the respective covenants and agreements set forth below, the parties hereto agree as follows: 

1.    Position. During the Period of Employment (as defined below), Executive shall serve in the capacity indicated
on Exhibit A. Executive shall perform the normal duties and responsibilities of such position and such other duties and responsibilities not inconsistent with such position as the Chief Executive Officer of the Company may assign to Executive
from time to time. During the Period of Employment, Executive will (a) during normal business hours, devote Executive’s full time and exclusive attention to, and use Executive’s best efforts to advance, the business and welfare of the
Company, and (b) not engage in any other employment activities for any direct or indirect remuneration without the concurrence of the Board of Directors of the Company (the “Board”); provided, however, that
Executive may engage in charitable activities to the extent they are not inconsistent with Executive’s duties hereunder so long as Executive continues to spend substantially all of his time performing Executive’s duties hereunder. 

2.    Period of Employment. Subject to earlier termination pursuant to Section 6, the period of
Executive’s employment by the Company (the “Period of Employment”) shall be for three (3) years commencing on February 10, 2020, or any other date as mutually agreed upon by the parties (the “Start
Date”); provided, however, that thereafter the Period of Employment shall be automatically renewed for successive one (1) year periods on each anniversary of the Start Date unless either party hereto gives the other party
written notice no later than thirty (30) days prior to such anniversary of the Start Date of its election not to so renew the Period of Employment for the additional one (1) year period. The Company’s election not to renew the initial
Period of Employment or any subsequent Period of Employment shall constitute a termination of Executive’s employment without Cause for purposes of Section 6. 

3.    Compensation. 

3.1    Base Salary. During the Period of Employment, the Company shall pay Executive a per annum base salary as set
forth in Exhibit A (as adjusted from time to time by the Board in its sole discretion, the “Base Salary”) payable in accordance with the standard policies of the Company. Executive’s Base Salary shall be subject to
annual review by the Board; provided, however, that the level of such Base Salary shall not be subject to reduction unless consented to in writing by Executive. 

 3.2    Performance-Based Compensation. During the Period of
Employment, Executive shall also be entitled to participate in an annual performance-based cash bonus program as set forth in Exhibit A. Executive’s annual performance-based cash bonus opportunity shall be subject to annual review by the
Board; provided, however, that the target level of such bonus, determined as a percentage of Base Salary, shall not be subject to reduction unless consented to in writing by Executive. For the avoidance of doubt, with respect to the
2020 calendar year, any annual bonus ultimately payable based on actual performance will not be pro-rated (irrespective of the fact that the Start Date falls after the commencement of the 2020 calendar year).

 3.3    Equity-Based Compensation. Executive shall be eligible to participate in the Company’s
equity-based compensation plans or programs as may be adopted by the Company from time to time for its senior executives, at such level and in such amounts as may be determined by the Board in its sole discretion, subject to the terms and conditions
of such equity-based plans and any applicable award agreements thereunder. 

3.4    Sign-On Bonus. No later than thirty (30) days following the
Start Date, the Company shall pay to Executive (a) a one-time lump sum cash payment in the amount of $300,000 (the “Sign-on Bonus”); provided,
that, if Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason prior to the first anniversary of the Start Date and prior to a Sale of the Company, Executive shall be required to promptly (but in no
event later than thirty (30) days following the date of Executive’s termination of employment) repay, on a pro rata basis based on completed calendar months of his employment as of the date of termination (by way of example, if
Executive’s employment terminates half way through the tenth month after the Start Date, Executive would be responsible for repayment of 1/6 of the Sign-On Bonus), the
after-tax portion of the Sign-on Bonus received by Executive, and (b) under the Subscription Agreement to be entered into by Cypress Holdings, Inc. and Executive
entered into as of the Start Date (the “Subscription Agreement”), an allocation of 1,000 shares of Company Common Stock (as defined in the Subscription Agreement and subject to the terms thereof). As used herein, “Sale of
the Company” shall have the meaning set forth in that certain Amended and Restated Stockholders Agreement by and among Cypress Holdings, Inc. and the stockholders signatory thereto, dated June 9, 2017. 

3.5    Taxes. Federal, state, local and other applicable taxes shall be withheld on all cash and in-kind payments made by the Company to Executive pursuant to this Agreement in accordance with applicable tax laws and regulations. 

4.    Benefits. During the Period of Employment, Executive shall be entitled to participate in benefit plans and
programs maintained by the Company from time to time and generally made available to its senior executive officers; provided, however, that (a) Executive’s right to participate in such plans and programs shall not affect the
Company’s right to amend or terminate any such plan and program, and (b) Executive acknowledges that Executive shall have no vested rights under any such plan or program except as expressly provided under the terms thereof. 

5.    Expenses. Upon presentation of acceptable substantiation therefor, the Company will pay or reimburse
Executive for such reasonable travel, entertainment and other expenses as Executive may incur during the Period of Employment in connection with the performance of his duties hereunder. 

  
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 6.    Termination of Employment. The parties hereto expressly
agree that Executive’s employment may be terminated by either (i) the Company immediately upon written notice to Executive or (ii) Executive upon thirty (30) days’ advance written notice to the Company and that, upon any
such termination, except as set forth in Section 6.2, Executive shall not be entitled to any payment in the nature of severance or otherwise (other than Base Salary, reimbursement of expenses incurred prior to termination and any other benefits
earned and accrued through the date of such termination). 
 6.1    Death or Disability. The employment of
Executive and all rights to compensation under this Agreement shall terminate upon the death or Disability (as defined below) of Executive, except for such death or disability payments as may be payable under one or more benefit plans maintained at
that time by the Company and applicable to Executive. 
 As used herein, “Disability” means the Board has made a good faith
determination that Executive has become physically or mentally incapacitated or disabled such that Executive is unable to perform for the Company substantially the same services as Executive performed prior to incurring such incapacity or
disability, and such incapacity or disability exists for an aggregate of 120 calendar days in any twelve (12) month period. In connection with making such determination, the Company, at its option and expense, shall be entitled to select and
retain a physician to confirm the existence of such incapacity or disability, and the determination made by such physician shall be binding on the parties for the purposes of this Agreement. 

6.2    Termination with Severance Obligation. Upon termination of Executive’s employment by the Company
without Cause (as defined below) or by Executive for Good Reason (as defined below), subject to Executive’s execution and non-revocation of a Release (as defined in Section 6.3) in accordance with
Section 10.3, and for so long as Executive is in material compliance with the terms of this Agreement (including, without limitation, Section 7.1), Executive shall, subject to Section 10.1, be entitled to receive from the Company
(i) a monthly cash severance payment in an amount equal to the Monthly Severance Amount (as defined below) for a period of twelve (12) months from the date of termination, (ii) a lump sum cash payment in an amount equal to
Executive’s salary, pro rata target bonus (determined without regard to the actual performance of the Company) and unused vacation (as determined in accordance with the Company’s policy in effect from time to time) accrued and unpaid
through the date of termination, in each case, payable in accordance with the standard policies of the Company and (iii) a lump sum cash payment in an amount, if any, that Executive would have been entitled to receive pursuant to the annual
performance-based cash bonus program set forth in Exhibit A for the Company’s then current fiscal year had Executive’s employment terminated immediately after the bonus payment date for such fiscal year, in each case, payable in
accordance with the standard policies of the Company; provided, however, that in the case of clause (iii), such cash severance payment shall be payable only if, when and to the extent that Executive would have been paid pursuant to the
annual performance-based cash bonus program set forth in Exhibit A; and provided, further, that any such amount shall be reduced, but not below zero, by the amount of the pro rata target bonus paid pursuant to
Section 6.2(ii) above. Provided Executive elects to continue health coverage under COBRA following the date of termination, the Company will pay a portion of the 

  
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premiums to continue Executive’s medical, vision and dental insurance for the period during which Executive is entitled to receive the Monthly Severance Amount, regardless of whether
Executive is legally entitled to COBRA benefits during such period (the “Health Benefits Continuation”). During the period of Health Benefits Continuation, the Company shall pay a portion of each monthly premium equal to the
portion of the monthly premium that it pays on behalf of active employees (or a cash severance payment to Executive equal to such monthly premium if such premium payments would result in excise taxes or penalties to either Executive or the Company),
and Executive shall be responsible for any remaining portion of such premium. In the event that Executive does not pay Executive’s monthly premium, the Health Benefits Continuation shall cease. 

As used herein, “Cause” means that Executive (i) has been convicted of a felony, or has entered a plea of guilty or
nolo contendere to a felony, (ii) has committed an act of fraud involving dishonesty which is injurious to the Company or any of its subsidiaries, (iii) has willfully and continually refused to perform his duties with the Company or
any of its subsidiaries or (iv) has engaged in misconduct that is materially injurious to the Company or any of its subsidiaries. 
 As
used herein, “Good Reason” means Executive’s voluntary resignation within ninety (90) days following the initial existence of one or more of the following conditions: (i) a change in Executive’s position or the
assignment to Executive of duties constituting a material diminution in Executive’s position, duties or responsibilities compared with Executive’s position, duties or responsibilities with the Company on the Start Date or (ii) a
material reduction of Executive’s Base Salary as in effect from time to time. In the event that any change in Executive’s position, duties or responsibilities is implemented or proposed to be implemented by the Company, then:
(A) unless Executive provides written notice to the Board within thirty (30) days of being notified of such change or proposed change that Executive asserts that such change constitutes a “material diminution” for purposes of
clause (i) of the definition of Good Reason, such change shall be deemed not to be such a “material diminution” and thereafter Executive’s position, duties and responsibilities shall be as so changed; and (B) in the event
that Executive provides such notice in a timely manner and, within thirty (30) days thereafter, the Company, in its sole discretion, rescinds or alters such change, then for purposes of such clause (i) of the definition of Good Reason the
original change shall be disregarded (except to any extent so altered). Nothing in this Section 6.2 shall limit the Company’s right to contest any assertion that Executive may make with respect to any such change. 

As used herein, “Monthly Severance Amount” means an amount equal to the quotient of (i) the Base Salary as of the date
of termination divided by (ii) 12. 
 6.3    Release. At the time of termination of Executive’s
employment, Executive agrees to execute a general release in a form provided by the Company (a “Release”) whereby Executive will release, relinquish and forever discharge the Company and each of its parents and subsidiaries and any
director, officer, employee, shareholder, controlling person or agent of the Company and each parent and subsidiary from any and all claims, damages, losses, costs, expenses, liabilities or obligations, whether known or unknown (other than any
rights Executive may have pursuant to (i) any indemnification arrangement of the Company with respect to Executive, (ii) any employee benefit plan or program covering Executive on a post termination basis in accordance with its terms and
the terms of this Agreement, (iii) any stock purchase or 

  
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stock option plan or agreement to which the Company and Executive are parties or (iv) Executive’s capacity as a stockholder of the Company), which Executive has incurred or suffered or
may incur or suffer as a result of Executive’s employment by the Company or the termination of such employment. 

7.    Non-Competition; Non-Disclosure
of Proprietary Information, Surrender of Records; Inventions and Patents. 
 7.1    Non-Competition. 
 (a)    Executive acknowledges that in the course of
Executive’s employment with the Company Executive will become familiar with trade secrets and other confidential information of the Company and that Executive’s services will be of special, unique and extraordinary value to the Company.
Therefore, Executive agrees that, during the Period of Employment and for twelve (12) months thereafter (the “Noncompete Period”), Executive shall not directly or indirectly own, manage, control, participate in, consult with,
render services for, or in any manner engage in any business competing with any business of the Company within the United States and any other geographical area in which the Company then engages in business or engaged in business at any time during
Executive’s employment with the Company. Nothing herein shall prohibit Executive from being a passive owner of not more than two percent (2%) of the outstanding stock of any class of a corporation which is publicly traded so long as Executive
has no direct or indirect active participation in the business of such corporation. 
 (b)    During the Noncompete
Period, Executive shall not directly or indirectly (i) induce or attempt to induce any employee of the Company to terminate such employment, or in any way interfere with the employee relationship between the Company and any such employee,
(ii) hire any person who is, or at any time during the 18-month period immediately prior to the date of Executive’s termination of employment was, an employee of the Company or (iii) induce or
attempt to induce any person having a business relationship with the Company to cease doing business with the Company or interfere materially with the relationship between any such person and the Company. 

7.2    Proprietary Information. Executive agrees that Executive shall not use for Executive’s own purpose or
for the benefit of any person or entity other than the Company or its shareholders or affiliates, nor shall Executive otherwise disclose to any individual or entity at any time while Executive is employed by the Company or thereafter any proprietary
information of the Company unless such disclosure (a) has been authorized by the Board, (b) is reasonably required within the course and scope of Executive’s employment hereunder or (c) is required by law, a court of competent
jurisdiction or a governmental or regulatory agency. For purposes of this Agreement, “proprietary information” shall mean: (i) the name or address of any customer, supplier or affiliate of the Company or any information concerning the
transactions or relations of any customer, supplier or affiliate of the Company or any of its shareholders; (ii) any information concerning any product, service, technology or procedure offered or used by the Company, or under development by or
being considered for use by the Company; (iii) any information relating to marketing or pricing plans or methods, capital structure, or any business or strategic plans of the Company, (iv) any inventions, innovations, trade secrets or
other items covered by Section 7.4; and (v) any other information which the Board has determined by resolution and communicated 

  
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to Executive in writing to be proprietary information for purposes hereof. However, proprietary information shall not include any information that is or becomes generally known to the public
other than through actions of Executive in violation of Sections 7.1, 7.2 or 7.3. 
 7.3    Surrender of Records.
Executive agrees that Executive shall not retain and shall promptly surrender to the Company all correspondence, memoranda, files, manuals, financial, operating or marketing records, magnetic tape, or electronic or other media of any kind which may
be in Executive’s possession or under Executive’s control or accessible to Executive which contain any proprietary information as defined in Section 7.2. 

7.4    Inventions and Patents. Executive agrees that all inventions, innovations, trade secrets, patents and
processes in any way relating, directly or indirectly, to the Company’s business developed by Executive alone or in conjunction with others at any time during Executive’s employment by the Company shall belong to the Company. Executive
will use Executive’s best efforts to perform all actions reasonably requested by the Board to establish and confirm such ownership by the Company. 

7.5    Definition of Company. For purposes of this Section 7, the term “Company” shall
include the Company and any and all of its parents, subsidiaries, joint ventures and affiliated entities as the same may exist from time to time. 

7.6    Enforcement. The parties hereto agree that the duration and area for which the covenants set forth in this
Section 7 are to be effective are reasonable. In the event that any court or arbitrator determines that the time period or the area, or both of them, are unreasonable and that any of the covenants are to that extent unenforceable, the parties
hereto agree that such covenants will remain in full force and effect, first, for the greatest time period, and second, in the greatest geographical area that would not render them unenforceable. The parties intend that this Agreement will be deemed
to be a series of separate covenants, one for each and every county of each and every state of the United States of America. Executive agrees that damages are an inadequate remedy for any breach of the covenants in this Section 7 and that the
Company will, whether or not it is pursuing any potential remedies at law, be entitled to equitable relief in the form of preliminary and permanent injunctions without bond or other security upon any actual or threatened breach of this Agreement.

 8.    Whistleblower Protection. Notwithstanding anything to the contrary contained herein, no provision of
this Agreement shall be interpreted so as to impede Executive (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the
Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. Executive does not need the prior authorization of the Company to make
any such reports or disclosures and Executive shall not be not required to notify the Company that such reports or disclosures have been made. 

9.    Trade Secrets. 18 U.S.C. § 1833(b) provides: “An individual shall not be held criminally or civilly
liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and
(ii) solely for the purpose of reporting or investigating 

  
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a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Nothing in this Agreement is
intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade
secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit
or other proceeding, but only if the filing is made under seal and protected from public disclosure. 

10.    Section 409A of the Code. 

10.1    General. It is the intent of the parties to this Agreement that the provisions of this Agreement comply with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and this Agreement shall be construed and interpreted in compliance with Section 409A of the Code and the Department of Treasury Regulations and
other interpretive guidance issued thereunder (collectively, “Section 409A”). Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any amounts payable
hereunder will be immediately taxable to Executive under Section 409A, the Company reserves the right (without any obligation to do so or to indemnify Executive for failure to do so) to (a) adopt such amendments to this Agreement and
appropriate policies and procedures, including amendments and policies with retroactive effect, that the Company determines to be necessary or appropriate to preserve the intended tax treatment of the benefits provided by this Agreement, to preserve
the economic benefits of this Agreement and to avoid less favorable accounting or tax consequences for the Company and/or (b) take such other actions as the Company determines to be necessary or appropriate to exempt the amounts payable
hereunder from Section 409A or to comply with the requirements of Section 409A and thereby avoid the application of penalty taxes thereunder. No provision of this Agreement shall be interpreted or construed to transfer any liability for
failure to comply with the requirements of Section 409A from Executive or any other individual to the Company or any of its affiliates, employees or agents. 

10.2    Separation from Service under Section 409A. Notwithstanding any provision to the
contrary in this Agreement: (a) no amount shall be payable pursuant to Section 6.2 unless the termination of Executive’s employment constitutes a “separation from service” within the meaning of
Section 1.409A-1(h) of the Department of Treasury Regulations; (b) for purposes of Section 409A, Executive’s right to receive installment payments pursuant to Section 6.2 shall be
treated as a right to receive a series of separate and distinct payments; and (c) to the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under
Section 409A, such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible
for reimbursement in any subsequent year. The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other
year. 
 10.3    Release. Notwithstanding anything to the contrary in this Agreement, to the extent that any
payments of “nonqualified deferred compensation” (within the meaning of Section 409A) due under this Agreement as a result of Executive’s termination of employment are subject to Executive’s execution and delivery of a
Release, (a) the Company shall deliver the Release to 

  
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Executive within ten (10) business days following the date of termination of employment, and the Company’s failure to deliver a Release prior to the expiration of such ten
(10) business day period shall constitute a waiver of any requirement to execute a Release, (b) if Executive fails to execute the Release on or prior to the Release Expiration Date (as defined below) or timely revokes his acceptance of the
Release thereafter, Executive shall not be entitled to any payments or benefits otherwise conditioned on the Release, and (c) in any case where the date of termination of employment and the Release Expiration Date fall in two separate taxable
years, any payments required to be made to Executive that are conditioned on the Release and are treated as nonqualified deferred compensation for purposes of Section 409A shall be made in the later taxable year. For purposes of this
Section 10.3, “Release Expiration Date” shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to Executive, or, in
the event that Executive’s termination of employment is in connection with an exit incentive or other employment termination program (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five
(45) days following such delivery date. To the extent that any payments of nonqualified deferred compensation (within the meaning of Section 409A) due under this Agreement as a result of Executive’s termination of employment are
delayed pursuant to this Section 10.3, such amounts shall be paid in a lump sum on the first payroll date following the date that Executive executes and does not revoke the Release (and the applicable revocation period has expired) or, in the
case of any payments subject to Section 10.3(c), on the first payroll period to occur in the subsequent taxable year, if later. 

11.    Miscellaneous. 

11.1    Notice. Any notice required or permitted to be given hereunder shall be deemed sufficiently given if sent by
registered or certified mail, postage prepaid, addressed to the addressee at the address last provided to the sender in writing by the addressee for purposes of receiving notices hereunder or, unless or until such address shall be so furnished, to
the address indicated opposite addressee’s signature to this Agreement. Each party may also provide notice by sending the other party a facsimile at a number provided by such other party. 

 

					
		  	If to Executive:
		
		  	 At the address (or to the facsimile number) shown

in the books and records of the Company.

		
		  	If to the Company:
		  	c/o Advent International Corporation
		  	75 State Street
		  	Boston, MA 02109
		  	Attention: J. Christopher Egan
		  		  	    Eric Wei
		  		  	    James Westra
		  	Facsimile No.: 617-516-2010
		  	Email:	  	*****
		  		  	*****
		  		  	*****

  
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		  	with a copy to, which shall not constitute notice:
		
		  	Kirkland & Ellis LLP
		  	601 Lexington Avenue
		  	New York, NY 10022
		  	Attention: Douglas Ryder, P.C.
		  	Facsimile No.: 212-446-6460
		  	Email:	  	*****

 11.2    Modification and No Waiver of Breach. No waiver or modification of this
Agreement shall be binding unless it is in writing, approved by the Board and signed by the parties hereto. No waiver by a party of a breach hereof by the other party shall be deemed to constitute a waiver of a future breach, whether of a similar or
dissimilar nature, except to the extent specifically provided in any written waiver under this Section 11.2. 

11.3    Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the
laws of the State of Delaware (without regard to principles of conflicts of laws), and all questions relating to the validity and performance hereof and remedies hereunder shall be determined in accordance with such law. 

11.4    Counterparts. This Agreement may be executed by facsimile in two counterparts, each of which shall be
deemed an original, but both of which taken together shall constitute one and the same Agreement. 

11.5    Captions. The captions used herein are for ease of reference only and shall not define or limit the
provisions hereof. 
 11.6    Entire Agreement. This Agreement constitutes the entire agreement between the
parties hereto relating to the matters encompassed hereby and supersedes any prior oral or written agreements relating to such matters. 

11.7    Assignment. The rights of the Company under this Agreement may; without the consent of Executive, be
assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly, acquires 80% or more of the stock, assets
or business of the Company. 
 11.8    Non-Transferability of Interest.
None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement shall be assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death of
Executive. Any other attempted assignment, transfer, conveyance or other disposition of any interest in the rights of Executive to receive any form of compensation to be made by the Company pursuant to this Agreement shall be void. 

[signature page follows] 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed as of the date hereof. 

 

			
	 CCC INFORMATION SERVICES INC., a

Delaware corporation

		
	By:	 	 /s/ Githesh Ramamurthy

	Name:	 	Githesh Ramamurthy
	Title:	 	President and Chief Executive Officer
	
	EXECUTIVE
		
	By:	 	 /s/ Brian Herb

	Name:	 	Brian Herb

 Signature Page to Employment Agreement 

 EXHIBIT A 

to 
 Employment Agreement 

 

			
	Name of Executive:	  	Brian Herb
		
	Title(s):	  	Executive Vice President, Chief Financial Officer and Chief Administrative Officer
		
	Base Salary:	  	$550,000 per annum
		
	Target Performance-Based Bonus:	  	50% of Base SalaryExhibit 4.2

Description of the Registrant’s Securities Registered
Under Section 12 of the Securities Exchange Act of 1934
​
DESCRIPTION OF COMMON STOCK
​
The following summary of the material terms of the common stock of Partners Bancorp (“the Company,” “we,” or “our”) does not purport to be complete and is subject to and qualified in its entirety by reference to our articles of incorporation and bylaws, each as amended, which are incorporated herein by reference and attached as exhibits to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. For a more complete understanding of our common stock, we encourage you to read carefully our articles of incorporation and bylaws, each as amended, and the applicable provisions of the laws of the State of Maryland.
​
​
Under its articles of incorporation, as amended, the Company is authorized to issue 40,000,000 shares of capital stock, par value of $0.01 per share, all of which are initially classified as common stock.  No shares of preferred stock are currently issued or outstanding. 
​
Description of the Company’s Common Stock
​
Dividends.  Generally speaking, if declared by the board of directors at any meeting thereof, the Company may pay dividends on its shares in cash, property, or in shares of the capital stock of the Company, unless such dividend is contrary to statute or to a restriction contained in the Company’s articles of incorporation.
​
The Company’s ability to pay dividends is limited by Federal and state law and regulation. Delaware law places limits on the amount of dividends that the Company’s wholly owned subsidiary, The Bank of Delmarva (“Delmarva”) may pay without prior approval. Under Delaware law, dividends may only be paid out of net profits. State and federal bank regulatory agencies also have authority to prohibit a bank from paying dividends if such payment is deemed to be an unsafe or unsound practice, and the Board of Governors of the Federal Reserve System (the “Federal Reserve”) has the same authority over bank holding companies. As of the date hereof, Delmarva can pay dividends to the Company to the extent of its earnings so long as it maintains required capital ratios. Under Maryland law, the Company may only pay dividends or make other distributions out of the net earnings of the company during the current fiscal year, the preceding fiscal year of the sum of the net earnings for the preceding 8 quarters; and may not make a dividend or distribution if it would be unable to pay its debts as they come due, or its assets would be less than the sum of its liabilities plus the amount necessary to satisfy the preferential rights upon dissolution of any class of shares senior to the common stock.
​
The Federal Reserve has established guidelines with respect to the maintenance of appropriate levels of capital by registered bank holding companies. Compliance with such standards, as presently in effect, or as they may be amended from time to time, could possibly limit the amount of dividends that the Company may pay in the future.
​

113808920v3

​

The Federal Reserve has a policy statement on the payment of cash dividends by bank holding companies. In the statement, the Federal Reserve expressed its view that a holding company experiencing earnings weaknesses should not pay cash dividends exceeding its net income, or which could only be funded in ways that weaken the holding company’s financial health, such as by borrowing. As a depository institution, the deposits of which are insured by the FDIC, Delmarva may not pay dividends or distribute any of its capital assets while it remains in default on any assessment due the FDIC. Delmarva currently is not in default under any of its obligations to the FDIC. Refer to above discussion on conditions precedent to resuming the payment of the cash common stock dividend.
​
Restrictions on Ownership.  The Bank Holding Company Act of 1956, as amended, or BHC Act, generally would prohibit any company that is not engaged in banking activities and activities that are permissible for a bank holding company or a financial holding company from acquiring control of the Company. Control is generally defined as ownership of 25% or more of the voting stock or other exercise of a controlling influence. Under the BHC Act, any existing bank holding company would require the prior approval of the Federal Reserve, before acquiring 5% or more of the voting stock of the Company. In addition, the Change in Bank Control Act of 1978, as amended, or CBC Act, prohibits a person or group of persons from acquiring “control” of a bank holding company unless the Federal Reserve has been notified and has not objected to the transaction. Under a rebuttable presumption established by the Federal Reserve, the acquisition of 10% or more of a class of voting stock of a bank holding company with a class of securities registered under Section 12 of the Securities Exchange Act of 1934, such as the Company, would, under the circumstances set forth in the presumption, constitute acquisition of control of the bank holding company.
​
Transfer Agent.  The Transfer Agent for the common stock is Computershare Shareholder Services.
​
Listing.  The Company’s common stock is listed on The NASDAQ Stock Market LLC under the symbol “PTRS.”
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Voting Rights.  Each outstanding share of common stock, is entitled to one vote on each matter submitted to a vote at a meeting of shareholders, generally speaking. All matters shall be decided by a majority of the votes cast at a meeting at which a quorum is present, generally speaking. In all elections for directors, each share of stock may be voted for as many individuals as there are directors to be elected and for whose election the share is entitled to be voted. Shareholders are not entitled to cumulative votes in the election of directors.
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Pre-Emptive Rights.  Holders of the Company’s common stock do not have any preemptive right to subscribe for or purchase any stock or any other securities of the Company other than such, if any, as the board of directors in its sole discretion, may determine and at such price or prices and upon such other terms as the board of directors, in its sole discretion, may fix; and any stock or other securities which the board of directors may determine to offer for subscription may, as the board of directors in its sole discretion shall determine, be offered to the holders of any class, series or type of stock or other securities at the time outstanding to the 

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exclusion of the holders of any or all other classes, series or types of stock or other securities at the time outstanding.
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Liquidation Rights.  In the event of liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the holders of the common stock shall be entitled, after payment or provision for payment of the debts and other liabilities of the Company and the amount to which the holders of any class of stock hereafter classified or reclassified having a preference on distributions in the liquidation, dissolution or winding up of the Company shall be entitled, together with the holders of any other class of stock hereafter classified or reclassified not having a preference on distributions in the liquidation, dissolution or winding up of the Company, to share ratably in the remaining net assets of the Company.
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Preferred Stock.  The Company’s board of directors may, from time to time, by action of a majority, classify or reclassify unissued shares of stock by changing the preferences, conversion or other rights, voting powers, restrictions or limitations as to distributions and dividends, qualifications or terms and conditions of redemption, including as shares of preferred stock, and whether or not there shall be any sinking fund or purchase account’ in respect thereof.
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Any issuance of preferred stock with voting rights or which is convertible into voting shares could adversely affect the voting power of the holders of common stock.
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The ability to classify or reclassify shares of stock as preferred stock could have the effect of rendering more difficult or discouraging hostile takeover attempts or of facilitating a negotiated acquisition. Such shares, which may be convertible into shares of common stock, could be issued to shareholders or to a third party in an attempt to frustrate or render a hostile acquisition more expensive.
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Selected Provisions of the Company’s Articles of Incorporation and Maryland Law
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Consideration of Business Combinations.  The Company’s articles of incorporation provide that in connection with the exercise of its business judgment involving any actual or proposed transaction which may involve a change in control of the Company, in determining what is in the best interests of the Company and when making recommendations to the shareholders, it shall give due consideration to all relevant factors, including but not limited to: the economic effect, both immediately and in the long term, upon the shareholders; the social and economic effect on the employees, depositors and customers of, and of others dealing with, the company and its subsidiaries and the communities in which they operate or are located; whether the proposal is acceptable based on the historical and current operating results or financial condition of the company, whether a more favorable price could be obtained for the Company’s stock or securities in the future; the reputation and business practices of the offeror and its management and affiliates; the future value of the Company’s stock; and any antitrust or other legal or regulatory issues. If the board of directors determines that any actual or proposed transaction should be rejected, it may take any action to defeat such transaction, including but not limited to: advising shareholders not to accept the proposal; instituting litigation; filing complaints with governmental and regulatory authorities; acquiring shares of the Company’s stock; selling or otherwise issuing authorized but unissued stock or other securities or granting 

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options with respect thereto; acquiring another company to create antitrust or other regulatory issues for the proposed acquirer; or obtaining a more favorable offer from another party.
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Amendment of the Articles of Incorporation.  In general, the Company’s articles of incorporation may be amended upon the vote of a majority of the outstanding shares of capital stock entitled to vote, except that any amendment changing the size or classified structure of the board of directors shall require the vote of 80% of the votes entitled to be cast.
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Restrictions on Business Combinations with Interested Shareholders.  Section 3-602 of the Maryland General Corporation Law (“MGCL”), as in effect on the date hereof, imposes conditions and restrictions on certain “business combinations” (including, among other transactions, a share exchange, consolidation, share exchange, or, in certain circumstances, an asset transfer or issuance of equity securities) between a Maryland corporation and any person who beneficially owns at least 10% of the corporation’s stock (an “interested shareholder”). Unless approved in advance by the board of directors, or otherwise exempted by the statute, such a business combination is prohibited for a period of five years after the most recent date on which the interested shareholder became an interested shareholder. After such five-year period, a business combination with an interested shareholder must be: (a) recommended by the corporation’s board of directors, and (b) approved by the affirmative vote of at least (i) 80% of the corporation’s outstanding shares entitled to vote and (ii) two-thirds of the outstanding shares entitled to vote which are not held by the interested shareholder with whom the business combination is to be effected, unless, among other things, the corporation’s common shareholders receive a “fair price” (as defined by the statute) for their shares and the consideration is received in cash or in the same form as previously paid by the interested shareholder for his or her shares. The Company’s articles of incorporation and bylaws do not include any provisions imposing any special approval requirements for a transaction with a major shareholder, and they do not opt out from the operation of Section 3-602.
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Control Share Acquisition Statute.  Under the MGCL’s control share acquisition law, as in effect on the date hereof, voting rights of shares of stock of a Maryland corporation acquired by an acquiring person at ownership levels of 10%, 331/3% and 50% of the outstanding shares are denied unless conferred by a special shareholder vote of two-thirds of the outstanding shares held by persons other than the acquiring person and officers and directors of the corporation or, among other exceptions, such acquisition of shares is made pursuant to a share exchange agreement with the corporation or the corporation’s charter or bylaws permit the acquisition of such shares prior to the acquiring person’s acquisition thereof. Unless a corporation’s charter or bylaws provide otherwise, the statute permits such corporation to redeem the acquired shares at “fair value” if the voting rights are not approved or if the acquiring person does not deliver a “control share acquisition statement” to the corporation on or before the tenth day after the control share acquisition. The acquiring person may call a shareholder’s meeting to consider authorizing voting rights for control shares subject to meeting disclosure obligations and payment of costs set out in the statute. If voting rights are approved for more than fifty percent of the outstanding stock, objecting shareholders may have their shares appraised and repurchased by the corporation for cash. The Company’s articles of incorporation and bylaws do not include any provisions restricting the voting ability of major shareholders, and do not opt out from the operation of the control share acquisition law.

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Evaluation of Transactions.  The Company’s articles of incorporation provide that the board of directors shall, in connection with the exercise of its business judgment involving any actual or prosed transaction which would or may involve a change in control of the Company (whether by purchases of shares of stock or any other securities of the Company in the open market, or otherwise, tender offer, share exchange, consolidation, dissolution, liquidation, sale of all or substantially all of the assets of the Company, proxy solicitation, or otherwise) in determining what is in the best interests of the Company and its shareholders and in making any recommendation to its shareholders, give due consideration to all relevant factors, including but not limited to: the economic effect, both immediate and long term, upon the Company’s shareholders, including shareholders, if any, not to participate in the transaction; the social and economic effect on the employees, depositors and customers of, and others dealing with, the Company and its subsidiaries and on the communities in which the Company and its subsidiaries operate or are located; whether the proposal is acceptable based on the historical and current operating results or financial condition of the Company; whether a more favorable price could be obtained for the Company’s stock or other securities in the future; the reputation and business practices of the offeror and its management and affiliates as they would affect the employees of the Company and its subsidiaries; the future value of the stock or any other securities of the Company; and any antitrust or other legal and regulatory issues that are raised by the proposal. Further, the Company’s articles of incorporation provide that if the board of directors determines that an offer should be rejected, it may take any lawful action to defeat such transaction, including, but not limited to, any or all of the following: advising shareholders not to accept the proposal; instituting litigation against the party making the proposal; filing complaints with governmental and regulatory authorities; acquiring the stock or any of the securities of the Company; selling or otherwise issuing authorized but unissued stock or granting options with respect thereto, acquiring a company to create an antitrust or other regulatory problem for the party making the proposal; and obtaining a more favorable offer from another individual or entity.

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