Document:

Document

Exhibit 10.8

STOCKHOLDERS’ AGREEMENT
dated as of February 1, 2021
among
QUALTRICS INTERNATIONAL INC.,
SAP AMERICA, INC.,
SLP QuartZ Aggregator, L.P.
and
Q II, LLC

TABLE OF CONTENTS
PAGE
						
		Article I
Definitions

	Section 1.1 Defined Terms
	1

		Article II
Covenants and Other Matters

	Section 2.1 Government Approvals
	6

	Section 2.2 Company Board Matters
	6

	Section 2.3 Section 16 Matters
	8

	Section 2.4 Corporate Waiver
	9

		Article III
Registration Rights

	Section 3.1 Demand Registration.
	10

	Section 3.2 Piggyback Registration
	13

	Section 3.3 Expenses
	15

	Section 3.4 Blackout Period
	15

	Section 3.5 Selection of Underwriters
	16

	Section 3.6 Obligations of the Company
	16

	Section 3.7 Obligations of Selling Holders
	19

	Section 3.8 Underwriting; Due Diligence
	19

	Section 3.9 Indemnification and Contribution
	20

	Section 3.10 Rule 144 and Form S-3 Eligibility
	23

	Section 3.11 Holdback Agreement
	23

	Section 3.12 Term
	24

	Section 3.13 No Superior Rights
	24

		Article IV
Miscellaneous

	Section 4.1 Entire Agreement
	24

	Section 4.2 Governing Law and Jurisdiction
	25

	Section 4.3 Consent to Jurisdiction
	25

	Section 4.4 Waiver of Jury Trial
	25

	Section 4.5 Specific Performance
	25

	Section 4.6 Termination; Amendments and Waivers
	26

	Section 4.7 Notices
	26

	Section 4.8 Counterparts; Signature
	28

	Section 4.9 Binding Effect; Assignment
	28

	Section 4.10 Severability
	28

	Section 4.11 Failure or Indulgence not Waiver; Remedies Cumulative
	29

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	Section 4.12 Authority
	29

	Section 4.13 Interpretation
	29

	Section 4.14 Conflicting Agreements
	29

	Section 4.15 Third Party Beneficiaries
	29

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STOCKHOLDERS’ AGREEMENT
This Stockholders’ Agreement (this “Agreement”) is entered into as of February 1, 2021, by and among Qualtrics International Inc., a Delaware corporation (the “Company”), SAP America, Inc., a Delaware corporation (“SAP”), SLP Quartz Aggregator, L.P., a Delaware limited partnership (“Silver Lake”), and Q II, LLC, a Utah limited liability company (“Q II”). Each of the foregoing is referred to as a “Party” and together as the “Parties.” Certain capitalized terms used in this Agreement are defined in Section 1.1.
RECITALS
WHEREAS, Silver Lake and Q II have purchased shares of the Company’s Class A common stock from the Company, pursuant to that certain Stock Purchase Agreement (the “Silver Lake Stock Purchase Agreement”), dated December 23, 2020, by and between the Company and Silver Lake Partners VI DE (AIV), L.P., a Delaware limited partnership (“SLP AIV”), under which the rights, duties and obligations of SLP AIV were assigned to Silver Lake pursuant to an Assignment and Assumption Agreement, dated as of January 8, 2021, between SLP AIV and Silver Lake, and that certain Stock Purchase Agreement, dated December 8, 2020, by and between the Company and Q II and, respectively; and
WHEREAS, the Parties wish to enter into this Agreement in connection with the Company’s proposed initial public offering of Class A common stock (the “IPO”) to provide for, among other matters, certain agreements with respect to registration rights and other covenants and agreements among the Stockholders and the Company to take effect upon the consummation of the IPO.
NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and provisions of this Agreement, the Parties mutually covenant and agree as follows:
Article I.
Definitions
Section i.  Defined Terms
.  For purposes of this Agreement, the following terms, when used herein, shall have the meanings specified or referred to in this Section 1.1:
“Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with such Person. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such other Person, whether through ownership of voting securities or other interests, by contract or otherwise. The terms “controlled” and “controlling” have meanings correlative to the foregoing.
“Affiliated Company” of any Stockholder means any entity that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with 

such Stockholder; provided, that the Company and its Subsidiaries shall not be an Affiliated Company of any Stockholder.  As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise.
“Agreement” has the meaning set forth in the preamble hereto.
“beneficially own” has the meaning of such term defined in Rule 13d-3 under the Exchange Act.
“Blackout Period” has the meaning set forth in Section 3.4.
“Business Day” means any day other than a Saturday, Sunday, or a day on which all banking institutions of New York City are authorized or obligated by law or executive order to close.
“Cap Amount” has the meaning set forth in Section 3.1(d).
“Class A common stock” means shares of Class A common stock, $0.0001 par value, of the Company.
“Class B common stock” means shares of Class B common stock, $0.0001 par value, of the Company.
“Company” has the meaning set forth in the preamble hereto.
“Company Board” means the Board of Directors of the Company. 
“Company Capital Stock” means all classes or series of capital stock of the Company.
“Company Common Stock” means all classes or series of common stock of the Company, excluding, for the avoidance of doubt, any preferred stock and any security convertible into or exercisable or exchangeable for, with or without consideration, any common stock or preferred stock of the Company.
“Company Group” means the Company and all Subsidiaries of the Company.
“Company Notice” has the meaning set forth in Section 3.2(a).
“Company Securities” has the meaning set forth in Section 3.2(b).
“Continuously Effective” with respect to a specified registration statement, means that such registration statement shall not cease to be effective and available for transfers of Registrable Securities in accordance with the method of distribution set forth therein during the period specified in the relevant provision of this Agreement.
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“Demand Registration” has the meaning set forth in Section 3.1(a).
“Demand Registration Statement” has the meaning set forth in Section 3.1(a)
“Distribution” has the meaning set forth in the Amended and Restated Certificate of Incorporation of the Company, as in effect as of the date of this Agreement. 
“Distribution Date” means the date on which a Distribution occurs.
“Effective Date” means the date a registration statement filed pursuant to ARTICLE III is declared effective by the SEC.
“Equity Securities” means (i) any common stock or preferred stock of the Company and (ii) any security convertible into or exercisable or exchangeable for, with or without consideration, any common stock or preferred stock of the Company, including any option, warrant or right to subscribe for or purchase any common stock or preferred stock of the Company.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the SEC thereunder.
“Filing Date” has the meaning set forth in Section 3.1(a).
“Governmental Approvals” means any notices, reports or other filings to be made, or any consents, registrations, approvals, permits or authorizations to be obtained from, any Governmental Entity.
“Governmental Entity” means any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority.
“Holders” shall mean, collectively, the Stockholders and their Affiliated Companies who from time to time own Registrable Securities, each of such entities separately is sometimes referred to herein as a “Holder.”
“IPO” has the meaning set forth in the recitals of this Agreement.
“IPO Date” means the date of effectiveness of the registration statement relating to the IPO.
“Maximum Number” when used in connection with an Underwritten Offering, shall mean the maximum number of shares of Company Capital Stock (or amount of other Registrable Securities) that the Underwriters’ Representative has informed the Company may be included as part of such offering without adversely affecting the proposed offering pricing, the timing, the distribution method or probability of success of such offering.
 “Party” or “Parties” has the meaning set forth in the preamble hereto.
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“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a governmental body or authority.
“Q II” has the meaning set forth in the preamble hereto.
“Q II Securities” has the meaning set forth in Section 3.1(d).
“Registrable Securities” means (a) the Shares, (b) any other shares of Class A common stock issued or distributed as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued or distributed as) a stock dividend, a stock split or other distribution with respect to, or in exchange for or in replacement of, the Shares, and (c) any other successor securities received by a Holder in respect of any of the foregoing (a) through (b), including, without limitation, pursuant to a merger, consolidation, corporate conversion or other extraordinary transaction; provided that in the event that any Registrable Securities (as defined without giving effect to this proviso) are being registered pursuant hereto, the Holder may include in such registration (subject to the limitations of this Agreement otherwise applicable to the inclusion of Registrable Securities) any Class A common stock or Class B common stock or securities acquired thereafter by such Holder, which shall also be deemed to be “Shares” and accordingly Registrable Securities, for purposes of such registration.  As to any particular Registrable Securities held by any Holder, such securities shall cease to be Registrable Securities on the earliest to occur of: (A) a registration statement with respect to the sale by such Holder shall have been declared effective under the Securities Act and such Shares shall have been disposed of in accordance with such registration statement, (B) they shall have been sold in accordance with Rule 144, (C) so long as such Holder and its Affiliated Companies beneficially own less than 2% of the outstanding shares of Company Common Stock, such time as Rule 144 is available for the sale of all of such Holder’s Shares without volume limitation without registration, (D) they shall have been otherwise transferred by such Holder to a Person that is not an Affiliated Company of such Holder, new certificates or book entries for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent disposition of them shall not require registration or qualification of them under the Securities Act or any state securities or blue sky law then in effect or (E) they shall have ceased to be outstanding.
“Registration Expenses” means any and all out-of-pocket expenses incident to performance of or compliance with this Agreement, including (a) all SEC registration and filing fees, (b) all fees and expenses of complying with securities or blue sky laws (including fees and disbursements of counsel for any underwriters in connection with blue sky qualifications of the Registrable Securities) or relating to the Financial Industry Regulatory Authority (including, if applicable, the fees and expenses of any “qualified independent underwriter” as such term is defined in FINRA Rule 5121), (c) all printing, messenger and delivery expenses, (d) all fees and expenses incurred in connection with listing the Registrable Securities on a securities exchange pursuant to the requirements hereof, (e) the fees and disbursements of counsel for the Company and of its independent public accountants, (f) all expenses in connection with the preparation, printing and filing of the registration statement, any preliminary prospectus or final prospectus 
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and amendments and supplements thereto and the mailing and delivering of copies thereof to any Holders, underwriters and dealers and all expenses incidental to delivery of the Registrable Securities, (g) the reasonable fees and disbursements of one firm of counsel, other than the Company’s counsel, selected by the Holders of Registrable Securities being registered that made a Request for a Demand Registration, (h) any fees and disbursements of underwriters customarily paid by the issuers or sellers of securities, 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, and (i) the expenses incurred in connection with making “road show” presentations and holding meetings with potential investors to facilitate the sale of Registrable Securities in an Underwritten Offering.
“registration statement” means a registration statement filed by the Company with the SEC under the Securities Act.
“Request” has the meaning set forth in Section 3.1(a). 
“Rule 144” means Rule 144 (or any successor rule to similar effect) promulgated under the Securities Act.
“Rule 415 Offering” means an offering on a delayed or continuous basis pursuant to Rule 415 (or any successor rule to similar effect) promulgated under the Securities Act.
“SAP” has the meaning set forth in the preamble hereto.
“SAP Group” means (x) prior to the Distribution Date, SAP and, for so long as SAP is a Subsidiary of SAP Parent, SAP Parent and all Subsidiaries of SAP Parent, and (y) following the Distribution Date, SAP Parent and all Subsidiaries of SAP Parent.
“SAP Parent” means SAP SE, a European Company (Societas Europaea) registered in accordance with the corporate laws of Germany and the European Union. 
“SAP Securities” has the meaning set forth in Section 3.1(d).
“SEC” means the U.S. Securities and Exchange Commission.
“Secondary Indemnitors” has the meaning set forth in Section 2.02(d).
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder.
“Selling Holder” has the meaning set forth in Section 3.6(e).
“Shares” means (i) the shares of Class A common stock held by any Holder immediately following the closing of the IPO, (ii) the shares of Class B common stock held by SAP immediately following the closing of the IPO; provided, however, that such shares of Class B common stock shall not be included in any registrations under ARTICLE III of this Agreement unless they have been distributed by SAP in a Distribution, and (iii) the shares of Class A 
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common stock issued or issuable upon conversion or reclassification of the shares of Class B common stock held by SAP immediately following the closing of the IPO. 
“Silver Lake” has the meaning set forth in the preamble hereto.
“Silver Lake Designee” has the meaning set forth in Section 2.2.
“Silver Lake Securities” has the meaning set forth in Section 3.1(d).
“Silver Lake Stock Purchase Agreement” has the meaning set forth in the recitals of this Agreement.
“SLP AIV” has the meaning set forth in the preamble hereto.
“Stockholder” means SAP, Silver Lake and Q II, and any other Person who acquires Shares in a transaction in which the rights under this Agreement are assigned pursuant to Section 4.9.
“Subsidiary” of any Person means a corporation, limited liability company, joint venture, partnership, trust, association or other entity in which such Person: (i) beneficially owns, either directly or indirectly, more than 50% of (A) the total combined voting power of all classes of voting securities of such entity, (B) the total combined equity interests of such entity, or (C) the capital or profits interest, in the case such entity is a partnership; or (ii) otherwise has the power to vote, either directly or indirectly, sufficient securities to elect a majority of the board of directors or similar governing body. For the avoidance of doubt, for purposes of this Agreement, the Company and its Subsidiaries shall not be deemed to be Subsidiaries of any member of the SAP Group.
“Underwriters’ Representative” when used in connection with an Underwritten Offering, shall mean the managing underwriter of such offering, or, in the case of a co-managed underwriting, the managing underwriters designated as the representative or representatives of the underwriters.
“Underwritten Offering” shall mean a registration in which securities of the Company are sold to one or more underwriters in a firm commitment underwriting for reoffering to the public.
Article II.
Covenants and Other Matters
Section i.  Government Approvals
.  To the extent that any of the transactions contemplated by this Agreement requires any Governmental Approvals, the Parties will use their reasonable best efforts to obtain any such Governmental Approvals.
Section ii.  Company Board Matters
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. 
(1)For so long as Silver Lake and any of its Affiliated Companies collectively beneficially own such number of shares of Company Common Stock that is more than both (a) 50% of the Shares acquired pursuant to the Silver Lake Stock Purchase Agreement and (b) 2% of the outstanding shares of Company Common Stock (the failure to own such number of shares as set forth in either clause (a) or (b) of the foregoing, a “Fall-Away Event”), SAP shall vote at any regular or special meeting of stockholders (or take any action by written consent with respect to) all Equity Securities then owned by it or its Affiliated Companies (or as to which they then have voting power) so that one member of the Company Board is a person designated by Silver Lake (the “Silver Lake Designee”). Initially, the Silver Lake Designee shall be Egon Durban and SAP shall take all actions necessary, including calling special Board and stockholders meetings to cause Egon Durban to be appointed as a member of the Company Board, effective immediately following Closing (as defined in the Silver Lake Stock Purchase Agreement).  Subject to the first sentence of this Section 2.2, in the event that Egon Durban ceases to serve in such role or if any vacancy otherwise occurs on the Company Board with respect to the Silver Lake Designee, SAP agrees to vote at any regular or special meeting of stockholders, take any action by written consent or otherwise take all actions within their power, in each case with respect to all Equity Securities then owned by it or its Affiliated Companies (or as to which they then have voting power), to fill the vacancy with respect to the Silver Lake Designee with another person designated by Silver Lake; provided, that Silver Lake must consult with the Company prior to naming such designee as the Silver Lake Designee and such designee must (i) be a managing director or other senior-level officer of Silver Lake and (ii) meet all independence and other requirements regarding service as a director of the Company under applicable law and stock exchange rules.  For so long as Silver Lake is entitled to designate the Silver Lake Designee pursuant to this Section 2.2, SAP agrees to vote (and to act by written consent with respect to) all Equity Securities then owned by it or its Affiliated Companies (or as to which they then have voting power) to remove the individual serving as the Silver Lake Designee as a director of the Company, with or without cause, only upon the written request of Silver Lake.  Except as otherwise required by applicable law, SAP shall not take any action to cause, directly or indirectly, the removal of the Silver Lake Designee, unless it is directed to do so by Silver Lake.
(2)The Company Board shall take all action (including calling special Board and stockholders meetings) necessary to cause Egon Durban, as the initial Silver Lake Designee, to be appointed as a member of the Company Board, effective as of the Closing. Following the Closing and until the occurrence of the Fall-Away Event, the Company shall take all action (including calling special Board and stockholders meetings) necessary to (i) nominate the Silver Lake Designee to be elected at each annual meeting of the Company’s stockholders automatically, without any action by Silver Lake or requirement for Silver Lake to comply with the notice requirements and procedures in Section 2.8 of the Company’s bylaws, (ii) recommend that holders of Company Capital Stock vote to elect the Silver Lake Designee, (iii) use its reasonable efforts to cause the election to the Company Board of a slate of directors that includes the Silver Lake Designee and (iv) in the event of the death, disability, retirement, resignation or removal (with or without cause) of the individual then serving as the Silver Lake Designee, replace such individual with another individual designated in writing by Silver Lake to be the 
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new Silver Lake Designee (subject to the proviso in Section 2.2(a)) in order to fill any vacancy created by such death, disability, retirement, resignation or removal. If the Silver Lake Designee is not elected to serve as a director of the Company Board, the Company Board shall take all lawful actions to appoint the Silver Lake Designee as a director of the Company Board, including increasing the size of the Company Board and appointing the Silver Lake Designee to fill the vacancy created by such increase. 
(c)    For so long as the Silver Lake Designee is serving or participating on the Company Board, (i) the Company shall not implement or maintain any trading policy, equity ownership guidelines (including with respect to the use of Rule 10b5-1 plans and preclearance or notification to the Company of any trades in the Company’s securities) or similar guideline or policy with respect to the trading of securities of the Company that applies to any Stockholder in its capacity as such or any Stockholder’s Affiliates (including a policy that limits, prohibits, or restricts any Stockholder or its Affiliates from entering into any hedging or derivative arrangements), in each case other than any director designee of such Stockholder (including in respect of Silver Lake, the Silver Lake Designee) solely in his or her individual capacity, (ii) any share ownership requirement for the Silver Lake Designee serving on the Company Board will be deemed satisfied by the securities owned by the Silver Lake and/or its Affiliates and under no circumstances shall any of such policies, procedures, processes, codes, rules, standards and guidelines impose any restrictions on the transfers of securities by Silver Lake or its Affiliates and (iii) under no circumstances shall any policy, procedure, code, rule, standard or guideline applicable to the Company Board be violated by the Silver Lake Designee (x) accepting an invitation to serve on another board of directors of a company whose principal lines(s) of business do not compete with the principal line(s) of business of the Company or failing to notify an officer or director of the Company prior to doing so, (y) receiving compensation from Silver Lake or its Affiliates, or (z) failing to offer his or her resignation from the Company Board except as otherwise expressly provided in this Agreement, and, in each case of (i), (ii) and (iii), it is agreed that any such policies in effect from time to time that purport to impose terms inconsistent with this Section 2.02(c) shall not apply to the extent inconsistent with this Section 2.2(c).
(d)    The Company shall indemnify the Silver Lake Designee and provide the Silver Lake Designee with director and officer insurance to the same extent as it indemnifies and provides such insurance to other non-executive members of the Company Board. The Company hereby acknowledges that the Silver Lake Designee may have certain rights to indemnification, advancement of expenses and/or insurance provided by Silver Lake or its Affiliates (collectively, the “Secondary Indemnitors”). The Company hereby agrees and acknowledges that (i) it is the indemnitor of first resort with respect to the Silver Lake Designee (i.e., its obligations to the Silver Lake Designee are primary and any obligation of the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the Silver Lake Designee are secondary), (ii) it will be required to advance the full amount of expenses incurred by the Silver Lake Designee and will be liable for the full amount of all expenses and other liabilities to the extent legally permitted and as required by the Company’s Amended and Restated Certificate of Incorporation or bylaws of the Company (or any agreement between the Company and the Silver Lake Designee), without regard to any rights the Silver Lake Designee 
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may have against the Secondary Indemnitors and (iii) it irrevocably waives, relinquishes and releases the Secondary Indemnitors from any and all claims against the Secondary Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.  The Company further agrees that no advancement or payment by the Secondary Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company will affect the foregoing and the Secondary Indemnitors will have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of the Silver Lake Designee against the Company.
(e)    For the avoidance of doubt, without limiting any other rights of Silver Lake or its Affiliates under this Agreement, the Silver Lake Designee shall be entitled to receive expense reimbursement according to the Company’s standard policies with respect to service on the Company Board or any committee thereof.
Section iii.  Section 16 Matters
.  If the Company becomes a party to a consolidation, merger or other similar transaction, or if the Company reasonably believes there is otherwise any event or circumstance that may result in Silver Lake, its Affiliates and/or the Silver Lake Designee being deemed to have made a disposition or acquisition of equity securities of the Company or derivatives thereof for purposes of Section 16 of the Exchange Act (including any purchases of additional shares of Class A common stock by Silver Lake or any of its Affiliates, one or more private placements or otherwise), and if the Silver Lake Designee is serving or participating on the Company Board at such time or has served on the Company Board during the preceding six months, then upon request of Silver Lake or the Silver Lake Designee, (i) the Company Board or a committee composed solely of two or more “non-employee directors” as defined in Rule 16b-3 of the Exchange Act will pre-approve such acquisition or disposition of equity securities of the Company or derivatives thereof for the express purpose of exempting the interests of Silver Lake, its Affiliates or the Silver Lake Designee (in each case, to the extent such persons may be deemed to be a director or “directors by deputization”) in such transaction from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder to the extent applicable and (ii) if the transaction involves (A) a merger or consolidation to which the Company is a party and the Company Capital Stock is, in whole or in part, converted into or exchanged for equity securities of a different issuer, (B) a potential acquisition or deemed acquisition, or disposition or deemed disposition, by Silver Lake, its Affiliates or the Silver Lake Designee of equity securities of such other issuer or derivatives thereof and (C) an Affiliate or other designee of Silver Lake or its Affiliated Companies will serve on the board of directors (or its equivalent) of such other issuer, then the Company shall require that such other issuer pre-approve any such acquisitions of equity securities or derivatives thereof for the express purpose of exempting the interests of Silver Lake, its Affiliates and the Silver Lake Designee (in each case, to the extent such persons may be deemed to be a director or “directors by deputization” of such other issuer) in such transactions from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder to the extent applicable.
Section iv.  Corporate Waiver
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. To the fullest extent permitted by the Delaware General Corporation Law (the “DGCL”) and subject to applicable legal requirements and any express agreement that may from time to time be in effect, the Company agrees that the Silver Lake Designee, Silver Lake and its Affiliates or any portfolio company thereof (collectively, “Covered Persons”) may, and shall have no duty not to, (i) invest in, carry on and conduct, whether directly, or as a partner in any partnership, or as a joint venturer in any joint venture, or as an officer, director, stockholder, equityholder or investor in any person, or as a participant in any syndicate, pool, trust or association, any business of any kind, nature or description, whether or not such business is competitive with or in the same or similar lines of business as the Company or any of its Subsidiaries, (ii) do business with any client, customer, vendor or lessor of any of the Company or its Affiliates, and/or (iii) make investments in any kind of property in which the Company may make investments; provided, however, that no Covered Person may invest or make investments in any business on the basis of confidential information it has received from the Company or its Affiliates.  To the fullest extent permitted by the DGCL, the Company renounces any interest or expectancy to participate in any business or investments of any Covered Person as currently conducted or as may be conducted in the future, and waives any claim against a Covered Person and shall indemnify a Covered Person against any claim that such Covered Person is liable to the Company or its stockholders for breach of any fiduciary duty solely by reason of such person’s participation in any such business or investment.  Except as set forth below, the Company agrees that in the event that a Covered Person acquires knowledge of a potential transaction or matter which may constitute a corporate opportunity for both (x) the Covered Person and (y) the Company or its Subsidiaries, the Covered Person shall not have any duty to offer or communicate information regarding such corporate opportunity to the Company or its Subsidiaries.  To the fullest extent permitted by the DGCL, the Company hereby renounces any interest or expectancy in any potential transaction or matter of which the Covered Person acquires knowledge and waives any claim against each Covered Person and shall indemnify a Covered Person to the extent permitted by the DGCL against any claim, that such Covered Person is liable to the Company or its stockholders for breach of any fiduciary duty solely by reason of the fact that such Covered Person (A) pursues or acquires any corporate opportunity for its own account or the account of any Affiliate or other person, (B) directs, recommends, sells, assigns or otherwise transfers such corporate opportunity to another person or (C) does not communicate information regarding such corporate opportunity to the Company; provided, that, in each such case, any corporate opportunity which is expressly offered to a Covered Person in his or her capacity as a member of the Company Board shall belong to the Company.  The Company shall pay in advance any reasonable out-of-pocket expenses incurred in defense of such claim as provided in this provision, except to the extent that it is determined by a final, non-appealable order of a Delaware court having competent jurisdiction (or any other judgment which is not appealed in the applicable time) that (i) a Covered Person has breached this Section 2.4 or (ii) the Silver Lake Designee has breached its fiduciary duties to the Company, in which case any such advanced expenses shall be promptly reimbursed to the Company.
Article III.
Registration Rights
Section i.  Demand Registration.
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(1)(i) SAP and its Affiliated Companies shall have the right, after the 180 day period following the IPO Date (or such other period as may be requested by the Company or an underwriter to facilitate compliance with applicable FINRA rules, or any successor provisions or amendments thereto), and (ii) Silver Lake and its Affiliated Companies shall have the right, after the two year period following the IPO Date, to request in writing (a “Request”) (which request shall specify the Registrable Securities intended to be disposed of by such requesting Holder, and the intended method of distribution thereof, including in a Rule 415 Offering, if the Company is then eligible to register such Registrable Securities on Form S-3 (or a successor form) for such offering) that the Company register such portion of the requesting Holder’s Registrable Securities as shall be specified in the Request (a “Demand Registration”) by filing with the SEC, as soon as practicable (the “Filing Date”) after the receipt of such a Request by the Company, a registration statement (a “Demand Registration Statement”) covering such Registrable Securities, and the Company shall use its reasonable best efforts to have such Demand Registration Statement become effective with the SEC concurrently with filing or as soon as practicable thereafter, and, subject to Section 3.4, to keep such Demand Registration Statement Continuously Effective for a period of at least 24 months, in the case of a Rule 415 Offering, or, in all other cases, for a period of at least 180 days following the date on which such Demand Registration Statement is declared effective (or for such shorter period which will terminate when all of the Registrable Securities covered by such Demand Registration Statement shall have been sold pursuant thereto) (provided that such period shall be extended for a period of time equal to the period the Holder of Registrable Securities refrains from selling any securities included in such registration statement at the request of the Company or the Underwriters’ Representative pursuant to the provisions of this Agreement), including, if necessary, by filing with the SEC a post-effective amendment or a supplement to the Demand Registration Statement or the related prospectus or any document incorporated therein by reference or by filing any other required document or otherwise supplementing or amending the Demand Registration Statement, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Demand Registration Statement or by the Securities Act, the Exchange Act, any state securities or blue sky laws, or any rules and regulations thereunder; provided, that such period during which the Demand Registration Statement shall remain Continuously Effective shall, in the case of an Underwritten Offering, and subject to Section 3.4, be extended for such period (if any) as the underwriters shall reasonably require, including to satisfy, in the judgment of counsel to the underwriters, any prospectus delivery requirements imposed by applicable law.
(2)The Company shall not be obligated to effect more than two Demand Registrations in any calendar year for Silver Lake or more than one Demand Registration for SAP in any calendar quarter.  For purposes of the preceding sentence, a Demand Registration shall not be deemed to have been effected for SAP and its Affiliated Companies or Silver Lake and its Affiliated Companies (and, therefore, not requested for purposes of paragraph (a) above), (i) unless a Demand Registration Statement with respect thereto has become effective, (ii) if after such Demand Registration Statement has become effective, the offer, sale or distribution of Registrable Securities thereunder is prevented by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court for any reason not attributable to SAP or its Affiliated Companies, or to Silver Lake or its Affiliated Companies, as the case may 
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be, and such effect is not thereafter eliminated or (iii) if the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with any offering pursuant to such registration are not satisfied or waived other than by reason of a failure on the part of SAP or its Affiliated Companies, or Silver Lake and its Affiliated Companies, as the case may be. If the Company shall have complied with its obligations under ARTICLE III, a right to a Demand Registration pursuant to this Section 3.1 shall be deemed to have been satisfied upon the earlier of (i) the date as of which all of the Registrable Securities included therein shall have been sold to the underwriters or distributed pursuant to the Demand Registration Statement and (ii) the date as of which such Demand Registration Statement shall have been effective for an aggregate period of at least 24 months, in the case of a Rule 415 Offering, or, in all other cases, for a period of at least 180 days following the effectiveness of such Demand Registration Statement; provided that such period shall be extended for a period of time equal to the period the Holder of Registrable Securities refrains from selling any securities included in such registration statement at the request of the Company or the Underwriters’ Representative pursuant to the provisions of this Agreement.
(3)Any request made pursuant to this Section 3.1 shall be addressed to the attention of the General Counsel of the Company and shall specify the number of Registrable Securities to be registered (which shall be not less than 0.5% of the outstanding shares of Company Common Stock).
(4)Without the prior written consent of SAP, the Company may not include in a Demand Registration pursuant to this Section 3.1 shares of Company Capital Stock for the account of the Company or any Subsidiary of the Company, but, if and to the extent required by a contractual obligation (including Section 3.2), may, subject to compliance with Section 3.1(e), include shares of Company Capital Stock for the account of any other Person who holds shares of Company Capital Stock entitled to be included therein (including any other Holder entitled to be included therein pursuant to Section 3.2); provided, that if the Underwriters’ Representative of any offering described in this Section 3.1 shall have informed the Company and/or the Holder making the Request in writing that in its judgment there is a Maximum Number of shares of Company Capital Stock that SAP and its Affiliated Companies, Silver Lake and its Affiliated Companies, all other Holders and any other Persons entitled to participate in such Demand Registration may include in such offering, then the Company shall include in such Demand Registration:  (i) first, (A) the number of Registrable Securities held by SAP and its Affiliated Companies (“SAP Securities”), if any, up to 1% of the aggregate outstanding Company Capital Stock, that are requested to be included in such registration, (B) the number of Registrable Securities held by Silver Lake and its Affiliated Companies (“Silver Lake Securities”), if any, up to 1% of the aggregate outstanding Company Capital Stock, that are requested to be included in such registration and (C) the number of Registrable Securities held by Q II and its Affiliated Companies (“Q II Securities”), if any, up to 0.25% of the aggregate outstanding Company Capital Stock, that are requested to be included in such registration pursuant to Section 3.2 (clauses (A)-(C) collectively, the “Cap Amount”), except that if the number of shares of Company Capital Stock that may be included in such registration is less than the Cap Amount, the reduction shall be applied pro rata among the SAP Securities, Silver Lake Securities and Q II Securities based on each of their pro rata share of the Cap Amount (i.e., 44.44% SAP 
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Securities/44.44% Silver Lake Securities/11.12% Q II Securities); (ii) second, up to the full number of SAP Securities in excess of the Cap Amount, if any, that are requested to be included in such registration; (iii) third, up to the full number of Silver Lake Securities and Q II Securities in excess of the Cap Amount, if any, that are requested to be included in such registration on a pro rata basis based on the number of shares of Company Capital Stock held by such Holders; (iv) fourth, such number of shares of Company Capital Stock duly requested to be included in such registration by other Persons, pro rata on the basis of the amount of such other shares of Company Capital Stock requested to be included or such other allocation method determined by the Company; and (v) fifth, securities the Company proposes to sell. 
(5)No Holder may participate in any Underwritten Offering under this Section 3.1 and no other Person shall be permitted to participate in any such offering pursuant to this Section 3.1 unless it completes and executes all customary questionnaires, powers of attorney, custody agreements, underwriting agreements and other customary documents required under the customary terms of such underwriting arrangements. In connection with any Underwritten Offering under Section 3.1 hereof, each participating Holder and the Company and, except in the case of a Rule 415 Offering hereof, each other Selling Holder shall be a party to the underwriting agreement with the underwriters and may be required to make certain customary representations and warranties and provide certain customary indemnifications for the benefit of the underwriters.
(6)Any Holder having requested the Company to include any or all of its Registrable Securities in a registration statement under the Securities Act pursuant to Section 3.1 or Section 3.2 shall have the right to withdraw any such notice or direction with respect to any or all of the Registrable Securities designated by it for registration by giving written notice to such effect to the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall not include such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities for all purposes of this Agreement (subject to the other terms and conditions of this Agreement). No such withdrawal shall affect the obligations of the Company with respect to the Registrable Securities not so withdrawn if any other Holder has requested pursuant to Section 3.1 or Section 3.2 that Registrable Securities be included in such registration; provided, however, that in the case of a Demand Registration, if such withdrawal shall reduce the number of Registrable Securities sought to be included in such registration below 0.5% of the outstanding shares of Company Common Stock, then the Company shall as promptly as practicable give each Holder seeking to register Registrable Securities notice to such effect and, within ten days following the mailing of such notice, such Holders still seeking registration shall, by written notice to the Company, elect to register additional Registrable Securities to satisfy the foregoing minimum offering size or elect that such registration statement not be filed or, if theretofore filed, be withdrawn. During such ten day period, the Company shall not file such registration statement if not theretofore filed or, if such registration statement has been theretofore filed, the Company shall not seek, and shall use reasonable best efforts to prevent, the effectiveness thereof.
Section ii.  Piggyback Registration
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.  
(1)In the event that the Company at any time after (x) in the case of Silver Lake, two years after the IPO Date, and (y) in the case of Q II, 18 months after the IPO Date, proposes to register any Equity Securities under the Securities Act, either in connection with a primary offering for cash for the account of the Company (a “Primary Offering”), a secondary offering or a combined primary and secondary offering, the Company will each time it intends to effect such a registration, give written notice (a “Company Notice”) to all Holders of Registrable Securities who are no longer subject to contractual transfer restrictions with the Company in respect of such Registrable Securities at least ten Business Days prior to the initial filing of a registration statement with the SEC pertaining thereto, informing such Holders of (i) its intent to file such registration statement and whether such registration is for a Primary Offering, a secondary offering or a combined primary and secondary offering, (ii) the intended method of distribution, (iii) the number of each class of Equity Securities proposed to be registered, (iv) the proposed date of filing of such registration statement, (v) the proposed managing underwriter(s) (if any), (vi) a good faith estimate by the Company of the proposed minimum offering price of each class of Equity Securities, in each case of (ii) to (vi), to the extent then known, and (vii) the Holders’ right to request the registration of the Registrable Securities held by the Holders.  Upon the written request of the Holders made within seven Business Days after any such Company Notice is given (which request shall specify the number of Registrable Securities intended to be disposed of by such Holder and the intended distribution thereof; provided, that if (i) the Registrable Securities intended to be disposed of are Class A common stock and (ii) the applicable registration is intended to effect an offering of Class A common stock for cash for the account of the Company, such request need specify only the Registrable Securities intended to be disposed of by such Holder), unless SAP shall have responded to such Company Notice within such seven Business Day period Requesting a Demand Registration in priority to the registration described in such Company Notice (in which case, the Company shall first effect such Demand Registration in accordance with Section 3.1 and the cut-back provisions in Section 3.1(d) shall apply), the Company will use its reasonable best efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by the Holders to the extent required to permit the disposition (in accordance with the intended methods of distribution thereof or, in the case of a registration which is intended to effect a primary offering for cash for the account of the Company, in accordance with the Company’s intended method of distribution) of the Registrable Securities so requested to be registered, including, if necessary, by filing with the SEC a post-effective amendment or a supplement to the registration statement filed by the Company or the related prospectus or any document incorporated therein by reference or by filing any other required document or otherwise supplementing or amending the registration statement filed by the Company, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such registration statement or by the Securities Act, any state securities or blue sky laws, or any rules and regulations thereunder; provided further, that if, at any time after giving written notice of its intention to register any Equity Securities in a Primary Offering and prior to the Effective Date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay such registration of the Equity Securities, the Company shall give written notice of such determination to each Holder of Registrable Securities 
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and, thereupon, (i) in the case of a determination not to register, the Company 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 incurred in connection therewith or from the Company’s obligations with respect to any subsequent registration) and (ii) in the case of a determination to delay such registration, the Company shall be permitted to delay registration of any Registrable Securities requested to be included in such registration statement for the same period as the delay in registering such Equity Securities; provided that the Holders of Registrable Securities may continue the registration as a Demand Registration under Section 3.1.
(2)If, in connection with a Primary Offering pursuant to this Section 3.2 that is initiated by the Company, the Underwriters’ Representative of the offering registered thereon shall inform the Company in writing that in its judgment there is a Maximum Number of shares of Company Capital Stock that may be included therein, the Company shall include in such registration:  (i) first, if such registration statement relates to an offering initiated by the Company of Equity Securities being offered for the account of the Company, the full number of Equity Securities that the Company proposes to offer for its own account (“Company Securities”); (ii) second, SAP Securities, Silver Lake Securities and Q II Securities up to the Cap Amount, except that if the number of shares of Company Capital Stock that may be included in such registration is less than the Cap Amount, the reduction shall be applied pro rata among the SAP Securities, Silver Lake Securities and Q II Securities based on each of their pro rata share of the Cap Amount (i.e., 44.44% SAP Securities/44.44% Silver Lake Securities/11.12% Q II Securities); (iii) third, up to the full number of SAP Securities in excess of the Cap Amount, if any, that are requested to be included in such registration; (iv) fourth, up to the full number of Silver Lake Securities and Q II Securities in excess of the Cap Amount, if any, that are requested to be included in such registration on a pro rata basis based on the total number of shares of Company Capital Stock held by such Holder; (v) and fifth, such number of shares of Company Capital Stock duly requested to be included in such registration by other Persons, pro rata on the basis of the amount of such other shares of Company Capital Stock requested to be included or such other allocation method determined by the Company.  If, in connection with a secondary offering or a combined primary and secondary offering pursuant to this Section 3.2, the Underwriters’ Representative of the offering registered thereon shall inform the Company and/or the Holder in writing that in its judgment there is a Maximum Number of shares of Company Capital Stock that may be included therein, the cutback provisions in Section 3.1(d) shall apply.
(3)No Holder may participate in any Underwritten Offering under this Section 3.2 and no other Person shall be permitted to participate in any such offering pursuant to this Section 3.2 unless it completes and executes all customary questionnaires, powers of attorney, custody agreements, underwriting agreements and other customary documents required under the customary terms of such underwriting arrangements.  In connection with any Underwritten Offering under this Section 3.2, each participating Holder and the Company and each such other Person shall be a party to the underwriting agreement with the underwriters of such offering and may be required to make certain customary representations and warranties and provide certain customary indemnifications for the benefit of the underwriters.
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(4)The Company shall not be required to effect any registration of Registrable Securities under this Section 3.2 incidental to the registration of any of its securities in connection with the Company’s issuance of registered shares of Company Capital Stock in mergers, acquisitions, reorganizations, exchange offers, subscription offers, dividend reinvestment plans or stock option or other executive or employee benefit or compensation plans.
(5)The registration rights granted pursuant to the provisions of this Section 3.2 shall be in addition to the registration rights granted pursuant to Section 3.1.  No registration of Registrable Securities effected under this Section 3.2 shall relieve the Company of its obligation to effect a Demand Registration of Registrable Securities pursuant to Section 3.1.
Section iii.  Expenses
.  Except as provided herein, the Company shall pay all Registration Expenses in connection with all registrations of Registrable Securities effected hereunder.  Notwithstanding the foregoing, each Holder of Registrable Securities and the Company shall be responsible for its own internal administrative and similar costs and expenses (including salaries of personnel), which shall not constitute Registration Expenses.
Section iv.  Blackout Period
.  Notwithstanding anything to the contrary contained in this Agreement, the Company may delay the filing or effectiveness of a Registration Statement or require the Holder to suspend the use of the prospectus for sale of Registrable Securities under an effective Registration Statement if the Company Board reasonably determines in good faith that the registration and distribution of Registrable Securities would materially interfere with the Company’s ability to effect a pending material financing, merger, acquisition, consolidation, recapitalization, corporate reorganization or any other material corporate development involving the Company or any of its Subsidiaries or would require premature disclosure thereof or of other material non-public information that would be detrimental to the Company, including a primary offering by the Company or a secondary offering with respect to SAP Securities contemplated to occur within 45 days of the receipt of a Request pursuant to Section 3.1 (in which case such Holder shall have the rights afforded to it (if any) under Section 3.2) (a “Blackout Period”). The Company shall (a) promptly give SAP or Silver Lake, as applicable, written notice of such determination, (b) if requested by SAP or Silver Lake, as applicable, and to the extent such action would not violate applicable law, promptly deliver to SAP or Silver Lake, as applicable, a general statement of the reasons for such postponement or restriction on use and to the extent practicable an approximation of the anticipated delay, and (c) promptly give SAP or Silver Lake, as applicable, written notice at the conclusion of such Blackout Period. Notwithstanding the foregoing, (i) the Company will not invoke more than two Blackout Periods in any 12 month period and any Blackout Period shall not be in excess of 45 days and (ii) in the event that a Holder exercises a demand right pursuant to Section 3.1 and the related offering is expected to, or may, occur during a quarterly earnings blackout period of the Company (such blackout periods determined in accordance with such policy as the Company shall generally maintain and communicate to Holders from time to time), the Company and such Holder shall act reasonably and work cooperatively in view of such quarterly earnings blackout period. For the avoidance of 
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doubt, (i) the Parties agree that an election by the Company that a registration statement for the registration and distribution of Registrable Securities shall not be usable, or shall be delayed, during a Blackout Period shall not act to reduce the period during which such registration statement shall remain effective pursuant to the terms of this ARTICLE III and (ii) any Blackout Period shall apply equally to each Holder and the Company shall not impose a Blackout Period with respect to any one Holder without imposing the same such Blackout Period to any other Holders.
Section v.  Selection of Underwriters
.  
(1)Any time that a Demand Registration involves an Underwritten Offering, the investment banker(s) and manager(s) that will serve as managing underwriters (including which of such managing underwriters will serve as lead or co-lead) and underwriters and their respective economics with respect to the offering of such Registrable Securities shall be selected by (i) if any SAP Securities are to be registered in such Demand Registration, SAP, or (ii) if no SAP Securities are to be registered in such Demand Registration, the Holders of the majority of the Registerable Securities to be included in such Demand Registration.
(2)Any time that a registration involves a Primary Offering pursuant to this Section 3.5 that is initiated by the Company, the Company shall select the investment banker(s) and manager(s) that will serve as managing underwriters (including which of such managing underwriters will serve as lead or co-lead) and underwriters with respect to the offering of such Registrable Securities and their respective economics.
Section vi.  Obligations of the Company
.  If and whenever the Company is required to effect the registration of any Registrable Securities under the Securities Act as provided in this ARTICLE III, the Company shall as promptly as practicable:
(1)prepare, file and use its reasonable best efforts to cause to become effective a registration statement under the Securities Act relating to the Registrable Securities to be offered; provided, further, that before filing such Registration Statement or any amendments or supplements thereto, the Company will furnish to the holders which are including Registrable Securities in such registration (“Selling Holders”) and the lead managing underwriter(s), if any, copies of all such documents proposed to be filed, which documents will be subject to the review and reasonable comment (which comments will be considered in good faith by the Company) of the counsel (if any) to such holders and counsel (if any) to such underwriter(s), and other documents reasonably requested by any such counsel, including any comment letters from the SEC, and, if requested by any such counsel, provide such counsel and the lead managing underwriter(s), if any, reasonable opportunity to participate in the preparation of such Registration Statement and each prospectus (including any prospectus supplement) included or deemed included therein;
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(2)prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus (including any issuer free writing prospectus required to be so filed) used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities until the earlier of (i) such time as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition set forth in such registration statement and (ii) the expiration of 24 months, in the case of a Rule 415 Offering, or, in all other cases, the expiration of 180 days after such registration statement becomes effective; provided, that such period shall be extended for such number of days that equals the number of days elapsing from (x) the date the written notice contemplated by Section 3.6(f) below is given by the Company to (y) the date on which the Company delivers to Holders of Registrable Securities the supplement or amendment contemplated by Section 3.6(f);
(3)furnish to Holders of Registrable Securities and to any underwriter of such Registrable Securities such number of conformed copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus included in such registration statement (including each preliminary prospectus, any summary prospectus and any issuer free writing prospectus), in conformity with the requirements of the Securities Act, such documents incorporated by reference in such registration statement or prospectus, and such other documents (including a copy of any and all transmittal letters or other correspondence to or received from the SEC or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering) as Holders of Registrable Securities or such underwriter may reasonably request;
(4)use its reasonable best efforts to register or qualify all Registrable Securities covered by such registration statement under the securities or blue sky laws of such jurisdictions as the Holders of such Registrable Securities or any underwriter to such Registrable Securities shall request, and use its reasonable best efforts to obtain all appropriate registrations, permits and consents in connection therewith, and do any and all other acts and things which may be necessary or advisable to enable the Holders of Registrable Securities or any such underwriter to consummate the disposition in such jurisdictions of its Registrable Securities covered by such registration statement; provided, that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any such jurisdiction wherein it is not so qualified or to consent to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;
(5)in the event of an Underwritten Offering, use its reasonable best efforts to furnish to each underwriter of such Underwritten Offering (i) an opinion and negative assurance letter of counsel for the Company dated the date of closing of the Underwritten Offering and (ii) a “comfort” letter signed by the independent public accountants who have audited the financial statements of the Company included in such registration statement dated the date of the underwriting agreement and a “bringdown letter” dated the date of closing of the Underwritten Offering, in each such case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) as are customarily covered in 
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opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements;
(6)as promptly as practicable, notify each Selling Holder in writing (i) at any time when the registration statement, a prospectus or, prior to such time as a final prospectus is available, an issuer free writing prospectus relating to a registration made pursuant to Section 3.1 or Section 3.2, or any document incorporated by reference or deemed incorporated by reference therein contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading due to the occurrence of any event and (ii) of any request by the SEC or any other regulatory body or other body having jurisdiction for any amendment of or supplement to any registration statement or other document relating to such offering, and in either such case, at the request of the Selling Holders prepare and furnish to the Selling Holders a reasonable number of copies of a supplement to or an amendment of such registration statement, prospectus or, prior to such time as a final prospectus is available, such issuer free writing prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such registration statement and 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, in light of the circumstances under which they are made, not misleading;
(7)as promptly as practicable notify in writing the Selling Holders and the underwriters, if any, of the following events:  (A) the filing of such registration statement, any amendment thereto, the prospectus or any prospectus supplement related thereto or post-effective amendment to such Registration Statement or any free writing prospectus utilized in connection therewith, and, with respect to such registration statement or any post-effective amendment thereto, when the same has become effective; (B) the issuance by the SEC of any stop order suspending the effectiveness of such registration statement or the initiation of any proceedings by any person for that purpose; (C) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction or the initiation or threat of any proceeding for such purpose and (D) if at any time the representations and warranties of the Company contained in any agreement (including any underwriting agreement) related to such registration cease to be true and correct in any material respect;
(8)use its reasonable best efforts to list all such Registrable Securities covered by such registration on each securities exchange on which a class of common equity securities of the Company is then listed;
(9)to the extent reasonably requested by the lead or managing underwriters in an Underwritten Offering, send appropriate officers of the Company to attend any “road shows” scheduled in connection with any such registration, with all out-of-pocket costs and expense incurred by the Company or such officers in connection with such attendance to be paid by the Company;
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(10)furnish or cause to be furnished for delivery in connection with the closing of any offering of Registrable Securities pursuant to a registration effected pursuant to Section 3.1 or Section 3.2 unlegended certificates or book entries representing ownership of the Registrable Securities being sold in such denominations as shall be requested by the Selling Holders or the underwriters if such restrictions and legends are no longer required by the Securities Act or any applicable state securities laws or any agreement with the Company to which such Holder is a party; 
(11)make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the SEC); and
(12)use its reasonable best efforts to take all other reasonable and customary steps typically taken by issuers to effect the registration and disposition of such Registrable Securities as contemplated hereby, including using reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any registration statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction at the earliest reasonable practicable date.
Section vii.  Obligations of Selling Holders
.  Each Selling Holder agrees by having its securities treated as Registrable Securities hereunder that, upon receipt of written notice from the Company specifying that the prospectus relating to a registration made pursuant to Section 3.1 or Section 3.2 contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading due to the occurrence of any event, such Selling Holder will forthwith discontinue disposition of Registrable Securities until such Selling Holder is advised by the Company that the use of the prospectus may be resumed and is furnished with a supplemented or amended prospectus as contemplated by Section 3.6(f) above, and, if so directed by the Company, such Selling Holder will deliver to the Company all copies of the prospectus covering such Registrable Securities then in such Selling Holder’s possession at the time of receipt of such notice; provided, that the amount of time any Selling Holder is required to discontinue disposition of such Registrable Securities shall not exceed 45 days; provided, further, that the Company shall extend the time periods under Section 3.1 with respect to the length of time that the effectiveness of a registration statement must be maintained by the amount of time the Selling Holder is required to discontinue disposition of such Registrable Securities.
Section viii.  Underwriting; Due Diligence
.  
(1)If requested by the underwriters for any Underwritten Offering of Registrable Securities pursuant to a registration requested under this ARTICLE III, the Company 
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shall enter into an underwriting agreement in a form reasonably satisfactory to the Company with such underwriters for such offering, which agreement will contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, including indemnification and contribution provisions substantially to the effect and to the extent provided in Section 3.9, and agreements as to the provision of opinions of counsel and accountants’ letters to the effect and to the extent provided in Section 3.6(e). The Selling Holders on whose behalf the Registrable Securities are to be distributed by such underwriters shall be a party to any such underwriting agreement (or a party to a customary power of attorney, custody agreement and irrevocable election to sell) and the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters, shall also be made to and for the benefit of such Selling Holders. Such underwriting agreement shall also contain such representations and warranties by such Selling Holders and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, including indemnification and contribution provisions substantially to the effect and to the extent provided in Section 3.9.  If reasonably requested by the Company or the Underwriters’ Representative, (i) the Selling Holders will execute such custody agreements, stock powers, instruments of transfer and powers of attorney in connection with such Underwritten Offering as are customary for offerings of such kind and (ii) the Selling Holders will arrange for any necessary opinions of counsel with respect to the securities being sold by such Selling Holders and the reasonable and documented expenses of such counsel shall be deemed to be Registration Expenses payable by the Company.
(2)In connection with the preparation and filing of each registration statement registering Registrable Securities under the Securities Act pursuant to this ARTICLE III, the Company shall give the Selling Holders of such Registrable Securities and the underwriters, if any, and their respective counsel and accountants, such reasonable and customary access to its books and records and such opportunities to discuss the business of the Company with its officers and the independent public accountants who have certified the financial statements of the Company as shall be reasonably necessary to enable them to exercise their due diligence responsibility; provided, that such Holders and the underwriters and their respective counsel and accountants shall use their reasonable best efforts to coordinate any such investigation of the books and records of the Company and any such discussions with the Company’s officers and accountants so that all such investigations occur at the same time and all such discussions occur at the same time.
Section ix.  Indemnification and Contribution
.  
(1)In the case of each offering of Registrable Securities made pursuant to this ARTICLE III, the Company agrees to indemnify and hold harmless, to the extent permitted by law, each Selling Holder, each underwriter of Registrable Securities so offered and each Person, if any, who controls any of the foregoing Persons within the meaning of the Securities Act and the officers, directors, members, partners, stockholders, Affiliates, employees, accountants, 
    21

advisors and agents of each of the foregoing, against any and all losses, liabilities, costs (including reasonable expenses of investigation and reasonable attorney’s fees and disbursements), claims and damages, joint or several, to which they or any of them may become subject, under the Securities Act or otherwise, including any amount paid in settlement of any litigation commenced or threatened, insofar as such losses, liabilities, costs, claims and damages (or actions or proceedings in respect thereof, whether or not such indemnified Person is a party thereto) that arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the registration statement (or in any preliminary or final prospectus included therein or issuer free writing prospectus related thereto) or in any offering memorandum or other offering document relating to the offering and sale of such Registrable Securities, or any amendment thereof or supplement thereto, or in any document incorporated by reference therein, or 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; provided, that the Company shall not be liable to any Person in any such case to the extent that any such loss, liability, cost, claim or damage arises out of or relates to any untrue statement or alleged untrue statement, or any omission, if such statement or omission shall have been made in reliance upon and in conformity with information furnished to the Company in writing by or on behalf of such Person specifically for use in such registration statement (or in any preliminary or final prospectus included therein or issuer free writing prospectus related thereto), offering memorandum or other offering document, or any amendment thereof or supplement thereto. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any Selling Holder or any other holder and shall survive the transfer of such securities. The foregoing indemnity agreement is in addition to any liability that the Company may otherwise have to each Selling Holder, or other holder or underwriter of the Registrable Securities or any controlling person of the foregoing and the officers, directors, members, partners, stockholders, Affiliates, employees, accountants, advisors and agents of each of the foregoing.
(2)In the case of each offering of Registrable Securities made pursuant to this ARTICLE III, each Selling Holder, by exercising its registration rights hereunder, severally and not jointly, agrees to indemnify and hold harmless, to the extent permitted by law, the Company, each underwriter who participates in such offering, each other Selling Holder or other holder with securities included in such offering, and each Person, if any, who controls any of the foregoing Persons within the meaning of the Securities Act and the officers, directors, members, partners, stockholders, Affiliates, employees, accountants, advisors and agents of each of the foregoing, against any and all losses, liabilities, costs (including reasonable expenses of investigation and reasonable attorneys’ fees and disbursements), claims and damages to which they or any of them may become subject, under the Securities Act or otherwise, including any amount paid in settlement of any litigation commenced or threatened, insofar as such losses, liabilities, costs, claims and damages (or actions or proceedings in respect thereof, whether or not such indemnified Person is a party thereto) arise out of or are based upon any untrue statement or alleged untrue statement by such Selling Holder of a material fact contained in the registration statement (or in any preliminary or final prospectus included therein or issuer free writing prospectus related thereto) or in any offering memorandum or other offering document relating to the offering and sale of such Registrable Securities prepared by the Company or at its direction, or any amendment thereof or supplement thereto, or in any document incorporated by 
    22

reference therein, or any omission by such Selling Holder or alleged omission by such Selling Holder to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that such statement or omission shall have been made in reliance on or in conformity with information furnished to the Company in writing by or on behalf of such Selling Holder specifically for use in such registration statement (or in any preliminary or final prospectus included therein or issuer free writing prospectus related thereto), offering memorandum or other offering document or any amendment thereof or supplement thereto. The foregoing indemnity is in addition to any liability which such Selling Holder may otherwise have to the Company, or controlling persons and the officers, directors, members, partners, stockholders, Affiliates, employees, accountants, advisors and agents of each of the foregoing; provided, that the obligations of each Selling Holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld, conditioned or delayed).
(3)Each party indemnified under paragraph (a) or (b) above shall, promptly after receipt of notice of a claim or action against such indemnified party in respect of which indemnity may be sought hereunder, notify the indemnifying party in writing of the claim or action; provided, that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party on account of the indemnity agreement contained in paragraph (a) or (b) above except to the extent that the indemnifying party was actually and materially prejudiced by such failure (through the forfeiture of substantive rights or defenses), and in no event shall such failure relieve the indemnifying party from any other liability that it may have to such indemnified party. If any such claim or action shall be brought against an indemnified party, and it shall have notified the indemnifying party thereof, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified party and indemnifying parties may exist in respect of such claim, the indemnifying party shall be entitled to participate therein, and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified party under this Section 3.9 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation (unless (i) the indemnified party and the indemnifying party shall have so mutually agreed, (ii) such indemnified party reasonably objects to such assumption on the grounds that there may be defenses available to it which are different from or in addition to the defenses available to such indemnifying party, (iii) the indemnifying party shall have failed within a reasonable period of time to assume such defense or, having assumed such defense, has not conducted the defense of such claim actively and diligently or (iv) the named parties in any such proceeding (including any impleaded parties) include both the indemnified party and the indemnifying party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them, in which case the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection with retaining one separate legal counsel, in addition to any local counsel (for the avoidance of doubt, for all indemnified parties in connection therewith)). In any such 
    23

third party claim where the indemnifying party has assumed control of the defense thereof, the indemnifying party shall keep the indemnified party informed as to the status of such claim at all stages thereof (including all settlement negotiations and offers), promptly submit to such indemnified party copies of all pleadings, responsive pleadings, motions and other similar legal documents and paper received or filed in connection therewith, permit such indemnified party and their respective counsels to confer with the indemnifying party and its counsel with respect to the conduct of the defense thereof, and permit indemnified party and their respective counsel(s) a reasonable opportunity to review all legal papers to be submitted prior to their submission. Any indemnifying party against whom indemnity may be sought under this Section 3.9 shall not be liable to indemnify an indemnified party if such indemnified party settles such claim or action without the consent of the indemnifying party. The indemnifying party may not agree to any settlement of any such claim or action, without the prior written consent of the indemnified party, which consent shall not be unreasonably withheld unless such settlement (x) is solely for monetary damages for which the indemnifying party shall be responsible hereunder, the result of which any remedy or relief shall be applied to or against the indemnified party, (y) includes an unconditional release of such indemnified party in form and substance satisfactory to such indemnified party from all liability on claims that are the subject matter of such proceeding and (z) does not include any statement as to or any admission of fault, culpability or failure to act by or on behalf of any indemnified party. In any action hereunder as to which the indemnifying party has assumed the defense thereof with counsel satisfactory to the indemnified party, the indemnified party shall continue to be entitled to participate in the defense thereof, with counsel of its own choice, but the indemnifying party shall not be obligated hereunder to reimburse the indemnified party for the costs thereof.
(4)If the indemnification provided for in this Section 3.9 shall for any reason be unavailable (other than in accordance with its terms) to an indemnified party in respect of any loss, liability, cost, claim or damage referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, cost, claim or damage (i) as between such indemnified party on the one hand and the indemnifying party on the other, in such proportion as shall be appropriate to reflect the relative fault of such indemnified party and of the indemnifying party in connection with such statements or omissions as well as any other relevant equitable considerations. The relative fault of such indemnified party on the one hand and of the indemnifying party on the other 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 party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission, but not by reference to any indemnified party’s stock ownership in the Company. The amount paid or payable by an indemnified party as a result of the loss, cost, claim, damage or liability, or action in respect thereof, referred to above in this Section 3.9(d) shall be deemed to include, for purposes of this Section 3.9(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. The parties agree that it would not be just and equitable if contribution pursuant to this Section 3.9 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 this paragraph. No person guilty of 
    24

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.
(5)Notwithstanding any other provision of this Section 3.9, the obligation to indemnify or contribute shall be several, and not joint, among the Selling Holders who furnished or failed to furnish the information in a registration statement (or in any preliminary or final prospectus included therein or issuer free writing prospectus related thereto) or in any offering memorandum or other offering document relating to the offering and sale of Registrable Securities that resulted in any loss, liability, claim or damages. The liability of each such Selling Holder under this Section 3.9 shall not, in any event, exceed the amount of the net proceeds actually received by such Selling Holder from the sale of such Registrable Securities.
(6)Indemnification and contribution similar to that specified in the preceding paragraphs of this Section 3.9 (with appropriate modifications) shall be given by the Company, the Selling Holders and any underwriters with respect to any required registration or other qualification of securities under any state law or regulation or Governmental Entity.
(7)The obligations of the parties under this Section 3.9 shall be in addition to any liability which any party may otherwise have to any other party.
Section x.  Rule 144 and Form S-3 Eligibility
.  The Company shall use its reasonable best efforts to ensure that the conditions to the availability of Rule 144 set forth in paragraph (c) thereof shall be satisfied. Upon the request of any Holder of Registrable Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. The Company further agrees to use its reasonable best efforts to cause all conditions to the availability of Form S-3 (or any successor form) under the Securities Act for the filing of registration statements under this Agreement to be met as soon as reasonably practicable after the IPO Date.
Section xi.  Holdback Agreement
.
(1)If so requested by the Underwriters’ Representative for such offering, (i) in connection with the first offering of shares of common stock made by the Company pursuant to a registration statement following the closing of the IPO, each Holder shall and (ii) in connection with all other offerings of shares of common stock covered by a registration statement filed by the Company (whether or not Registrable Securities of such Holder are included therein), each Holder that holds more than 7.5% of the outstanding shares of Company Capital Stock on a fully-diluted basis shall, in each case of clauses (i) and (ii), agree not to effect any sale or distribution of its Shares, including any sale under Rule 144, without the prior written consent of the Underwriters’ Representative (otherwise than through the registered public offering then being made), within two days prior to or 90 days (or such lesser period as the Underwriters’ Representative may permit) after the Effective Date of the registration statement (or the commencement of the offering to the public of such Registrable Securities in the case of 
    25

Rule 415 Offerings); provided that this Section 3.11(a) shall not apply to any Holder that does not hold Registrable Securities.
(2)If so requested by the Underwriters’ Representative in connection with an offering of any Registrable Securities, the Company shall agree not to effect any sale or distribution of Equity Securities, without the prior written consent of the Underwriters’ Representative (otherwise than through the registered public offering then being made or in connection with any acquisition or business combination transaction and other than in connection with stock options and employee benefit plans and compensation), within seven days prior to or 90 days (or such lesser period as the Underwriters’ Representative may permit) after the Effective Date of the registration statement (or the commencement of the offering to the public of such Registrable Securities in the case of Rule 415 Offerings) and shall use its reasonable best efforts to obtain and enforce similar agreements from any other Persons if requested by the Underwriters’ Representative.
(3)Notwithstanding anything else in this Section 3.11 to the contrary, nothing in this Agreement shall preclude SAP from distributing to any or all of its stockholders any or all of the Registrable Securities.
Section xii.  Term
.  This ARTICLE III shall remain in effect with respect to a Holder until all Registrable Securities held by such Holder and its Affiliated Companies have been disposed of by them or transferred by them to other Persons or otherwise cease to be Registrable Securities; provided that the provisions in Section 3.9 shall survive any termination of this ARTICLE III or this Agreement.
Section xiii.  No Superior Rights
.  Without the prior written consent of SAP, the Company shall not provide registration rights of any kind, including rights similar to those set forth in this ARTICLE III, with respect to the Class A common stock, to any current or future stockholder of the Company that are materially more favorable to such stockholder than are provided to Stockholders under this ARTICLE III; provided that without the consent of Silver Lake, no such rights shall be granted to such stockholder that would adversely affect the rights of Silver Lake under this Agreement unless (a) the rights granted to such stockholder are pari passu with Silver Lake’s rights or (b) the rights of SAP are similarly affected.
Article IV.
Miscellaneous
Section i.  Entire Agreement
.  This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and shall supersede all prior written and oral and all 
    26

contemporaneous oral agreements and understandings with respect to the subject matter hereof and thereof.
Section ii.  Governing Law and Jurisdiction
.  This Agreement, including the validity hereof and the rights and obligations of the Parties hereunder, shall be construed in accordance with and all Disputes arising out of or relating to this Agreement shall be governed by the laws of the State of Delaware applicable to contracts made and to be performed entirely in such State (without giving effect to the conflicts of laws provisions thereof).
Section iii.  Consent to Jurisdiction
.  THE PARTIES AGREE THAT JURISDICTION AND VENUE IN ANY ACTION BROUGHT BY ANY PARTY IN CONNECTION WITH THIS AGREEMENT OR THE PERFORMANCE OF THE OBLIGATIONS IMPOSED HEREUNDER SHALL PROPERLY AND EXCLUSIVELY LIE IN ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF DELAWARE.  EACH PARTY ALSO AGREES NOT TO BRING ANY ACTION IN CONNECTION WITH THIS AGREEMENT OR THE PERFORMANCE OF THE OBLIGATIONS IMPOSED HEREUNDER IN ANY OTHER COURT.  BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO ANY SUCH ACTION.  THE PARTIES IRREVOCABLY AGREE THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVE ANY OBJECTION THAT ANY SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH ACTION.  THE PARTIES FURTHER AGREE THAT THE MAILING BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ANY PROCESS REQUIRED BY ANY SUCH COURT SHALL CONSTITUTE VALID AND LAWFUL SERVICE OF PROCESS AGAINST THEM, WITHOUT NECESSITY FOR SERVICE BY ANY OTHER MEANS PROVIDED BY STATUTE OR RULE OF COURT.
Section iv.  Waiver of Jury Trial
.  EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.  EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER 
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VOLUNTARILY AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.4.
Section v.  Specific Performance
.  In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.  The other Party(ies) shall not oppose the granting of such relief on the basis that money damages are an adequate remedy.  The Parties agree that the remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived.  Any requirements for the securing or posting of any bond with such remedy are waived.
Section vi.  Termination; Amendments and Waivers
. 
(1)This Agreement may not be terminated or amended except (i) with respect to any rights and obligations of SAP and its Affiliated Companies, by mutual consent of the Company and SAP, (ii) with respect to any rights and obligations of Silver Lake and its Affiliated Companies, by mutual consent of the Company and Silver Lake and (iii) with respect to any rights and obligations of Q II and its Affiliated Companies, by mutual consent of the Company and Q II, in each case of clauses (i) through (iii), evidenced by an instrument in writing signed on behalf of each such Party; provided that (i) any amendment or modification to Article II (Covenants and Other Matters) shall require the prior written consent of Silver Lake.  The provisions of ARTICLE I (Definitions), Section 3.3 (Expenses), Section 3.9 (Indemnification and Contribution) and this ARTICLE V shall survive any termination of this Agreement pursuant to this Section 4.6. 
(2)Notwithstanding anything herein to the contrary, any provision hereof may be waived by any waiving Party on such Party’s own behalf, without the consent of any other Party.
Section vii.  Notices
.  Notices, offers, requests or other communications required or permitted to be given by a Party pursuant to the terms of this Agreement shall be given in writing to the respective Parties at the following addresses:
if to the Company:
Qualtrics International, Inc.
    28

333 W. River Park Drive
Provo, UT 84604
Attention:  Legal Department
E-mail:

with a copy (which shall not constitute notice) to:
Shearman & Sterling LLP
1460 El Camino Real, 2nd Floor
Menlo Park, CA 94025
Attention:  Daniel Mitz
E-mail: daniel.mitz@shearman.com
if to SAP:
SAP America, Inc.
3999 West Chester Pike
    Newtown Square, PA 19073
Attention:  Mary Beth Hanss
E-mail: 

with a copy (which shall not constitute notice) to:
Shearman & Sterling LLP
1460 El Camino Real, 2nd Floor
Menlo Park, CA 94025
Attention:  Daniel Mitz
E-mail: daniel.mitz@shearman.com
if to Silver Lake:
Silver Lake Partners
550 W 34th Street
New York, NY 10001
Attention:  Andrew J. Schader
E-mail:

with a copy (which shall not constitute notice) to:
Simpson Thacher & Bartlett LLP 
425 Lexington Avenue
New York, NY 10017
Attention:  Kenneth B. Wallach and Hui Lin
E-mail: kwallach@stblaw.com; hui.lin@stblaw.com

if to Q II:
    29

Q II, LLC
105 South State Street #513
Orem, Utah 84058-5419
Attention:  Ryan Smith
E-mail:  

with a copy (which shall not constitute notice) to:
The McCullough Group 
405 S. Main Street, Suite 800
Salt Lake City, UT 84111
Attention:  Scott M. McCullough
E-mail: scottm@tmglaw.com

or at such other address or e-mail as the Party to whom notice is given may have previously furnished to the other in writing as provided herein.  Any notice involving non-performance, termination, or renewal shall be sent by hand delivery, recognized overnight courier or, within the United States, may also be sent via certified mail, return receipt requested.  All other notices may also be sent by e-mail.  All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted electronically; one working day after it is sent, if sent by recognized overnight courier; and three days after it is postmarked, if mailed first class mail or certified mail, return receipt requested, with postage prepaid.
Section viii.  Counterparts; Signature
.  This Agreement and the other documents referred to herein or therein, may be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement.  If any signature is delivered by facsimile transmission or by PDF, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf the signature is executed) with the same force and effect as if such facsimile or PDF signature were an original thereof.
Section ix.  Binding Effect; Assignment
.  This Agreement shall inure to the benefit of and be binding upon the Parties and their respective legal representatives and successors, and nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Agreement.  No Party may assign this Agreement or any rights or obligations hereunder without the prior written consent of the Company, and any such assignment without consent shall be void; provided, however, (a) any Party may assign this Agreement to a successor entity in conjunction with such Party’s reincorporation in another jurisdiction or into another business form, (b) any Party may assign its registration rights under ARTICLE III to any of its Affiliated Companies in connection with a transfer of Registrable Securities by such Party to such Affiliated Companies and (c) in the event of a transfer by Silver Lake a number of shares constituting no less than 50% of the Shares acquired pursuant to the 
    30

Silver Lake Stock Purchase Agreement to any Person, such Person shall be admitted as a party hereunder and assume Silver Lake’s rights and obligations under ARTICLE III of this Agreement with respect to such transferred shares upon its, his or her execution and delivery of a joinder agreement, in form and substance reasonably acceptable to the Company, agreeing to be bound by the terms and conditions of this Agreement as if such Person were a Holder party hereto; whereupon such Person will be treated for all purposes of this Agreement, with the same rights, benefits and obligations under ARTICLE III of this Agreement as were initially granted to Silver Lake with respect to the transferred shares.
Section x.  Severability
.  If any term or other provision of this Agreement or is determined by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible.
Section xi.  Failure or Indulgence not Waiver; Remedies Cumulative
.  No failure or delay on the part of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available.
Section xii.  Authority
.  Each of the Parties represents to the other Parties that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles.
Section xiii.  Interpretation
.  The headings contained in this Agreement and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  When a reference is made in this Agreement to an Article or a 
    31

Section, such reference shall be to an Article or Section of this Agreement unless otherwise indicated.  Words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires.  The terms “hereof,” “herein” “and “herewith” and words of similar import, unless otherwise stated, shall be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement.  Any reference herein to this Agreement, unless otherwise stated, shall be construed to refer to this Agreement as amended, supplemented or otherwise modified from time to time, as permitted by Section 4.6.  The word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified.  The word “or” shall not be exclusive.  Any law defined or referred to herein or in any agreement or instrument that is referred to herein means such law as from time to time amended, modified or supplemented, including (in the case of statutes) by succession of comparable successor laws.
Section xiv.  Conflicting Agreements
.  None of the provisions of this Agreement are intended to supersede any provision in any other agreement with respect to the respective subject matters thereof. In the event of conflict between this Agreement and any other agreement executed in connection herewith, the provisions of such other agreement shall prevail.
Section xv.  Third Party Beneficiaries
.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any third party, including any creditor of any Person, except as provided in Section 3.9. No such third party shall obtain any right under any provision of this Agreement or shall by reasons of any such provision make any claim in respect of any liability (or otherwise) against any Party.

[Signature Pages Follow]

    32

IN WITNESS WHEREOF, the undersigned has duly executed this Agreement, or has caused this Agreement to be duly executed on its behalf, as of the day and year first hereinabove set forth.

QUALTRICS INTERNATIONAL INC.

By:     /s/ Chris Beckstead    
Name:  Chris Beckstead
Title:  President

[Signature Page to Stockholders’ Agreement]

IN WITNESS WHEREOF, the undersigned has duly executed this Agreement, or has caused this Agreement to be duly executed on its behalf, as of the day and year first hereinabove set forth.

SAP AMERICA, INC.

By:     /s/ Mary Beth Hanss    
Name:  Mary Beth Hanss
Title:  General Counsel

[Signature Page to Stockholders’ Agreement]

IN WITNESS WHEREOF, the undersigned has duly executed this Agreement, or has caused this Agreement to be duly executed on its behalf, as of the day and year first hereinabove set forth.

SLP QUARTZ AGGREGATOR, L.P.
By: SLP VI Aggregator GP, L.L.C., its general partner
By: Silver Lake Technology Associates VI, L.P., its managing member
By: SLTA VI (GP), L.L.C., its general partner
By: Silver Lake Group, L.L.C., its managing member

By:     /s/ Egon Durban    
Name:  Egon Durban
Title:  Co-CEO  

[Signature Page to Stockholders’ Agreement]

IN WITNESS WHEREOF, the undersigned has duly executed this Agreement, or has caused this Agreement to be duly executed on its behalf, as of the day and year first hereinabove set forth.

Q II, LLC

By:     /s/ Ryan Smith    
Name:  Ryan Smith
Title:  Manager

[Signature Page to Stockholders’ Agreement]Document

Exhibit 10.9

REAL ESTATE MATTERS AGREEMENT
dated as of February 1, 2021
between
SAP SE
and
QUALTRICS INTERNATIONAL INC.

TABLE OF CONTENTS
PAGE
						
		Article I
DEFINITIONS

	Section 1.1 Definitions
	1

	Section 1.2 Internal References
	4

		Article II
PROVISION OF LICENSE SERVICES and Guaranties

	Section 2.1 Provision of Real Estate License Services
	5

	Section 2.2 Additional Real Estate License Services
	5

	Section 2.3 Continuing Real Estate License Services
	5

	Section 2.4 Modifications
	5

	Section 2.5 Guaranties
	5

		Article III
License SERVICE COSTS; OTHER CHARGES

	Section 3.1 License Service Costs
	6

	Section 3.2 Payment
	7

		Article IV
STANDARD OF PERFORMANCE AND INDEMNIFICATION

	Section 4.1 General Standard of Service
	8

	Section 4.2 Limitation of Liability
	8

	Section 4.3 Indemnification
	9

		Article V
TERM AND TERMINATION

	Section 5.1 Term
	10

	Section 5.2 Termination
	10

	Section 5.3 Effect of Termination
	11

		Article VI
MISCELLANEOUS

	Section 6.1 Ownership
	11

	Section 6.2 No Agency
	11

	Section 6.3 Force Majeure
	12

	Section 6.4 Entire Agreement
	12

	Section 6.5 Information
	12

    1

						
	Section 6.6 Notices
	12

	Section 6.7 Governing Law
	13

	Section 6.8 Consent to Jurisdiction
	13

	Section 6.9 Waiver of Jury Trial
	13

	Section 6.10 Amendment
	14

	Section 6.11 Counterparts
	14

	Section 6.12 Binding Effect; Assignment
	14

	Section 6.13 Severability
	14

	Section 6.14 Failure or Indulgence not Waiver; Remedies Cumulative
	14

	Section 6.15 Authority
	14

	Section 6.16 Interpretation
	15

	Section 6.17 Third Party Beneficiaries
	15

	Section 6.18 Master Transaction Agreement
	15

SCHEDULES
SCHEDULE I:    Licensed Areas
SCHEDULE II:    Continuing Operating License Agreements
SCHEDULE III:    Guaranties

    2

REAL ESTATE MATTERS AGREEMENT
This Real Estate Matters Agreement is dated as of the 1st day of February, 2021, among Qualtrics International Inc., a Delaware corporation (“Qualtrics”), SAP SE, a Societas Europaea registered in accordance with the corporate laws of Germany and the European Union (“SAP”).  Qualtrics and SAP are sometimes referred to herein separately as a “Party” and together as the “Parties”.  
RECITALS
WHEREAS, SAP is the indirect beneficial owner of all the issued and outstanding Class B common stock of Qualtrics;
WHEREAS, SAP, through Qualtrics, is engaged in the business (the “Qualtrics Business”) of providing a technology platform for experience management, as more completely described in a Registration Statement on Form S-1 (File No. 333-251767) filed with the Securities and Exchange Commission under the Securities Act (the “IPO Registration Statement”);
WHEREAS, SAP and Qualtrics currently contemplate that Qualtrics will make an initial public offering (the “IPO”) of its Class A common stock pursuant to the IPO Registration Statement; and
WHEREAS, SAP directly or indirectly provides the Qualtrics Entities with the right to use and occupy certain spaces at its facilities and, following consummation of the IPO, Qualtrics desires SAP to continue to provide such rights to use and occupation to the Qualtrics Entities, as more fully set forth in this Agreement.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, for themselves and their respective successors and assigns, hereby covenant and agree as follows:
Article I.
DEFINITIONS
Section i.  Definitions
.  
     As used in this Agreement, the following terms shall have the following meanings, applicable both to the singular and the plural forms of the terms described:
“Administrative Services Agreement” means the Administrative Services Agreement between the Parties of even date herewith. 

“Agreement” means this Real Estate Matters Agreement, together with the Schedules hereto, as the same may be amended and supplemented from time to time in accordance with the provisions hereof.
“Change of Control” means the occurrence of any one or more of the following events:
(i)the sale or disposition, in one or a series of related transactions, of all or substantially all of the consolidated assets of the Qualtrics Entities, taken as a whole, to any “person” or “group” (as such terms are used for purposes of Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) other than SAP or any of its direct or indirect wholly-owned Subsidiaries;
(ii)any “person” or “group,” other than SAP or any of its direct or indirect wholly-owned Subsidiaries, is or becomes the beneficial owner, directly or indirectly, of more than 50% of the total voting power of the outstanding voting stock of Qualtrics, excluding as a result of any merger or consolidation that does not constitute a Change of Control pursuant to clause (c);
(iii)any merger or consolidation of Qualtrics with or into any other person, unless immediately thereafter SAP or any of its direct or indirect wholly-owned Subsidiaries beneficially owns a majority of the outstanding shares of the common stock (or equivalent voting securities) of the surviving or successor entity (or the parent entity thereof); or
(iv)SAP or any of its direct or indirect wholly-owned Subsidiaries ceases to have the ability to cause the election of that number of members of the board of directors of Qualtrics who would collectively have the right to vote a majority of the aggregate number of votes represented by all of the members of the board of directors of Qualtrics.
“Contract” means any contract, agreement, lease, license, sales order, purchase order, instrument or other commitment that is binding on any Person or any part of such Person’s property under applicable law.
“Distribution Agreement” means the Distribution Agreement between the Parties of even date herewith.
“Employee Matters Agreement” means the Employee Matters Agreement between the Parties of even date herewith.
“Insurance Matters Agreement” means the Insurance Matters Agreement between the Parties of even date herewith.
“Intellectual Property Matters Agreement” means the Intellectual Property Matters Agreement between the Parties of even date herewith.
“IPO Date” means the date on which the IPO is consummated.
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“Liabilities” means all debts, liabilities, guarantees, assurances, commitments and obligations, whether fixed, contingent or absolute, asserted or unasserted, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, due or to become due, whenever or however arising (including, without limitation, whether arising out of any Contract or tort based on negligence or strict liability) and whether or not the same would be required by generally accepted principles and accounting policies to be reflected in financial statements or disclosed in the notes thereto.
“Losses” means any and all damages, losses, deficiencies, Liabilities, obligations, penalties, judgments, settlements, claims, payments, fines, interest, costs and expenses (including the costs and expenses of any and all actions and demands, assessments, judgments and settlements and compromises relating thereto and the reasonable costs and expenses of attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense thereof or the enforcement of rights hereunder), excluding special, consequential, indirect and punitive damages (other than special, consequential, indirect and/or punitive damages awarded to any third party against an indemnitee).
“Master Transaction Agreement” means the Master Transaction Agreement between the Parties of even date herewith.
“Person” means any individual, partnership, limited liability company, joint venture, corporation, trust, unincorporated organization, government (including any department or agency thereof) or other entity.
“Qualtrics Entities” means Qualtrics and its Subsidiaries and any entity which becomes a Subsidiary of Qualtrics after the date hereof, and “Qualtrics Entity” means any one of the Qualtrics Entities.
“Real Estate License Services” means the real estate license services provided on Schedule I.
“SAP Entities” means SAP and its Subsidiaries (other than the Qualtrics Entities) and any entity which becomes a Subsidiary of SAP after the date hereof, and “SAP Entity” means any one of the SAP Entities. 
“Schedule I” means the first Schedule attached hereto, as amended from time to time, which lists certain agreed upon Real Estate License Services to be provided by SAP to or on behalf of the Qualtrics Entities and sets forth the related allocation of space by facility, pricing and certain terms for such Real Estate License Services.
“Schedule II” means the second Schedule attached hereto which lists certain operating license agreements among one or more of the SAP Entities and one or more of the Qualtrics Entities relating to specific locations where such space is currently being shared.
“Schedule III” means the third Schedule attached hereto which sets forth certain Guaranties between SAP Entities and Qualtrics Entities that are currently in effect.
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“Schedules” means any one or more of the schedules referred to in and attached to this Agreement.
“Subsidiary” means, as to any Person, a corporation, limited liability company, joint venture, partnership, trust, association or other entity in which such Person:  (i) beneficially owns, either directly or indirectly, more than 50% of (A) the total combined voting power of all classes of voting securities of such entity, (B) the total combined equity interests, or (C) the capital or profits interest, in the case of a partnership; or (ii) otherwise has the power to vote, either directly or indirectly, sufficient securities to elect a majority of the board of directors or similar governing body.  For the avoidance of doubt, for purposes of this Agreement, no Qualtrics Entity shall be deemed to be a Subsidiary of any SAP Entity.
“Tax” and “Taxes” shall have the meanings set forth in the Tax Sharing Agreement.
“Tax Sharing Agreement” means the Tax Sharing Agreement between the Parties of even date herewith.
“Transaction Agreements” means this Agreement, the Distribution Agreement, the Employee Matters Agreement, the Insurance Matters Agreement, the Intellectual Property Matters Agreement, the Administrative Services Agreement, the Master Transaction Agreement and the Tax Sharing Agreement.
(1)Each of the following terms is defined in the Section set forth opposite such term:
						
	TERM	SECTION
	Additional Real Estate License Services	Section 2.2

	Force Majeure	Section 6.3(a)

	Guarantee	Section 2.5

	Initial Term	Section 5.1

	IPO	Recitals
	IPO Registration Statement	Recitals
	Parties	Preamble
	Party	Preamble
	Qualtrics	Preamble
	Qualtrics Business	Recitals
	Qualtrics Indemnified Person	Section 4.2(b)

	Renewal Term	Section 5.1

	SAP	Preamble
	SAP Indemnified Person	Section 4.2(a)

	Services Taxes	Section 3.1(e)(i)
	Third Party Actions	Section 4.3  

		

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Section ii.  Internal References
.  Unless the context indicates otherwise, references to Articles, Sections and paragraphs shall refer to the corresponding articles, sections and paragraphs in this Agreement and references to the parties shall mean the parties to this Agreement.
Article II.
PROVISION OF LICENSE SERVICES and Guaranties
Section i.  Provision of Real Estate License Services
.  Subject to the terms and conditions of this Agreement and in consideration of the costs for Real Estate License Services described below, SAP agrees to cause the SAP Entity that owns the relevant furnished office space to provide to the Qualtrics Entities, and Qualtrics agrees to purchase from the relevant SAP Entity, the Real Estate License Services, until such Real Estate License Services are terminated in accordance with the provisions hereof.
Section ii.  Additional Real Estate License Services
.  In addition to the Real Estate License Services to be provided or procured by SAP in accordance with Section 2.1 and set forth on Schedule I, if requested by Qualtrics, and to the extent that SAP and Qualtrics may mutually agree in writing (including by amending any of the Schedules, providing a statement of work or any other written (including by email) evidence of a request for additional services and an acceptance of such request), SAP shall provide additional license services to Qualtrics (“Additional Real Estate License Services”).  The scope of any such services, as well as the costs and other terms and conditions applicable to such services, shall be as mutually agreed by SAP and Qualtrics prior to the provision of such Additional Real Estate License Services.  Qualtrics agrees to cause the relevant Qualtrics Entity to pay all amounts payable in respect of Additional Real Estate License Services to the SAP Entity that provided or procured the Additional Real Estate License Services.
Section iii.  Continuing Real Estate License Services
. The Parties hereby agree that the real estate license agreements set forth on Schedule II shall remain in effect and continue following the consummation of the IPO in accordance with their terms, which terms shall govern in the event of any conflict with the terms of this Agreement.
Section iv.  Modifications
.  SAP may make changes from time to time in its standards and procedures for providing the Real Estate License Services; provided, however, that any such change shall also apply to SAP’s own facilities as well.  If any such changes apply to Qualtrics Entities only, SAP will provide Qualtrics with 60 days’ prior written notice.
Section v.  Guaranties
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. SAP and Qualtrics shall each use their reasonable efforts (to the extent practicable) to cause each SAP Entity to be removed and released in respect of all obligations under each guarantee, indemnity, surety bond, letter of credit and letter of comfort given or obtained by any SAP Entity for the benefit of any Qualtrics Entity or the Qualtrics business with respect to real estate (each, a “Guarantee”), including the Guarantee set forth on Schedule III, as soon as reasonably practicable after the IPO Date.  From and after the IPO Date, Qualtrics shall indemnify, hold harmless and promptly reimburse the SAP Entities for any payments made by SAP Entities and for any and all Liabilities of the SAP Entities arising out of, or in performing, in whole or in part, any obligation in accordance with the underlying obligation under any Guarantee.  Beginning on the date on which the SAP Entities hold shares of Qualtrics common stock representing less than a majority of the votes entitled to be cast by all holders of Qualtrics common stock, if SAP continues to be a party to any Guarantee, until such time as the Guarantee is terminated, Qualtrics shall compensate SAP in accordance with the market rate based on the cost for a bank to issue a substitute guarantee, as determined by the Parties in good faith.  Notwithstanding the foregoing, (a) in the event of a Change of Control that requires SAP’s approval pursuant to Article VI of Qualtrics’ Amended and Restated Certificate of Incorporation or Section 3.2 of the Master Transaction Agreement such that, in single transaction or series of transactions, a third party acquires Qualtrics common stock representing a majority of the votes entitled to be cast by all holders of Qualtrics common stock, it shall be a condition to the closing of such transaction(s) that any Guarantee remaining in effect at that time shall be terminated effective on or prior to the closing of such transaction(s) and in connection therewith, SAP and Qualtrics shall each use their reasonable efforts (to the extent practicable) to cause each SAP Entity to be removed and released in respect of all obligations under any such Guarantee(s) and (b) in the event of a Change of Control that does not require SAP’s approval pursuant to Article VI of Qualtrics’ Amended and Restated Certificate of Incorporation or Section 3.2 of the Master Transaction Agreement such that, in single transaction or series of transactions, a third party acquires Qualtrics common stock representing a majority of the votes entitled to be cast by all holders of Qualtrics common stock, it shall be a condition to the closing of such transaction(s) that any Guarantee remaining in effect at that time shall be terminated effective on or prior to the closing of such transaction(s).
Article III.
License SERVICE COSTS; OTHER CHARGES
Section i.  License Service Costs
.
(1)Each License Service (other than Additional Real Estate License Services) will be provided at the price indicated on Schedule I.
(2)No later than 60 days prior to the end of the Initial Term or any Renewal Term, the Parties shall commence discussions to determine the appropriate Real Estate License Services to be provided pursuant to Schedule I in the subsequent Renewal Term based on a good faith review of the Real Estate License Services and the Qualtrics Entities’ future real estate requirements.  The Parties shall use their reasonable best efforts to execute and deliver an 
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amended Schedule I for the subsequent Renewal Term prior to the expiration of the then-current term set forth on Schedule I.
(3)Any Additional Real Estate License Services provided by SAP shall be provided at the costs set forth in Section 3.1 of the Administrative Services Agreement, unless otherwise agreed.
(4)In addition to the amounts payable pursuant to Section 3.1(a), in the event that SAP incurs pre-approved, reasonable and documented out-of-pocket expenses in connection with the provision of any License Service, including license fees and payments, reasonable travel costs and expenses, shipping and transportation costs, duties, non-recoverable taxes and other fees or expenses, but excluding payments made to employees of SAP pursuant to Section 3.1(a) or Section 3.1(b) and payments to third party professional service providers or subcontractors (such included expenses, collectively, “Out-of-Pocket Costs”), Qualtrics shall reimburse SAP or the relevant SAP Entity, as the case may be, for all such Out-of-Pocket Costs in accordance with the invoicing procedures set forth in Section 3.2, without any markup.
(5)Taxes.  
(i)All applicable sales, use, value added, GST, transfer, receipts, customs duties, consumption or other similar Taxes (and any other Taxes other than income Taxes and corporation Taxes), together with any interest, penalties or amounts imposed with respect thereto (collectively, “Service Taxes”) in connection with the Real Estate License Services or Additional Real Estate License Services shall be borne by the relevant Qualtrics Entity. 
(ii) Income Taxes in connection with payments under this Agreement will be borne by the relevant SAP Entity. If a Qualtrics Entity is required to withhold any Taxes (other than Service Taxes) from payment any under this Agreement, the Qualtrics Entity shall be entitled to withhold or deduct such Taxes from the gross amount to be paid. However, the Qualtrics Entity shall cooperate with the SAP Entity to reduce any such withholding Tax payable pursuant to applicable law or an income tax treaty. The Qualtrics Entity will in the case of any withholding Tax (including withholding Taxes described under Section 3.01(e)(i)) provide to the SAP Entity a receipt from the relevant tax authority to which such withholding Tax has been paid. 
(iii)SAP shall cooperate with Qualtrics and take any reasonably requested action which does not cause SAP to incur any cost or inconvenience (other than de minimis costs or inconveniences) in order to minimize any Services Taxes imposed on the provision of the Real Estate License Services or Additional Real Estate License Services including providing sales and use (or value added) tax exemption certificates or other documentation necessary to support tax exemptions. Each Party agrees to provide each other Party such information and data as reasonably requested from time to time, and to fully cooperate with each other Party, in connection with (A) the reporting of any Services Taxes payable pursuant to this Agreement, (B) any audit relating to any Services 
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Taxes payable pursuant to this Agreement or (C) any assessment, refund, claim or proceeding relating to any such Services Taxes.
Section ii.  Payment
.
(1)Unless otherwise set forth on a Schedule (or otherwise mutually agreed to by the Parties in writing), charges for Real Estate License Services shall be invoiced quarterly in arrears by SAP (or the relevant SAP Entity that provided or procuring the Real Estate License Services) within five business days prior to the end of a quarter. The invoice shall set forth in reasonable detail for the period covered by such invoice (i) the Real Estate License Services rendered, (ii) the aggregate amount charged for each applicable location, and (iii) such additional information as Qualtrics may reasonably request at least ten business days prior to the end of a quarter.  Each invoice shall be directed to the Facilities Manager of Qualtrics or such other individual designated in writing from time to time by such Facilities Manager.  Unless otherwise agreed in writing between the Parties, all payments made pursuant an invoice shall be made in the local or functional currency of the SAP Entity indicated on the invoice. The Parties shall provide documentation supporting any amounts invoiced pursuant to this Section 3.2 as the Party receiving the invoice may from time to time reasonably request.
(2)Each invoice shall be payable within 60 days after receipt; provided, however, that if Qualtrics, in good faith, disputes any invoiced charge, payment of such charge may be made only after mutual resolution of such dispute. Qualtrics agrees to notify SAP promptly, and in no event later than 30 days following receipt of an invoice, of any disputed charge, listing all disputed items and providing a reasonably detailed description of each disputed item. Amounts not so disputed shall be deemed accepted and shall be paid, notwithstanding disputes on other items, within the period set forth in Section 3.2(a). The Parties shall seek to resolve all such disputes expeditiously and in good faith.
(3)During the term of this Agreement, each Party shall keep such books, records and accounts as are reasonably necessary to verify the calculation of the fees and related expense for Real Estate License Services provided hereunder.  Each Party shall provide documentation supporting any amounts invoiced pursuant to this Section 3.2 as the other Party may from time to time reasonably request.  Each Party shall have the right to review such books, records and accounts of the other Party at any time upon reasonable notice, and the Party requesting such review agrees to conduct any such review in a manner so as not to unreasonably interfere with the other Party’s normal business operations.
(4)Each Party hereby acknowledges and agrees that it shall have no right under this Agreement to offset any amounts owed (or to become due and owing) to another Party, whether under this Agreement or otherwise, against any other amount owed (or to become due and owing) to it by the other Party.
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Article IV.
STANDARD OF PERFORMANCE AND INDEMNIFICATION
Section i.  General Standard of Service
.  Except as otherwise agreed to in writing by the Parties or as described in this Agreement, the nature and quality applicable to the provision of the Real Estate License Services hereunder shall be substantially the same as or consistent with those which similar SAP Entities exercise or employ in providing similar services within or to any SAP Entity.
Section ii.  Limitation of Liability
.
(1)Except as provided in Section 4.3, Qualtrics agrees that none of the SAP Entities and their respective directors, officers, agents, and employees (each, of the SAP Entities and their respective directors, officers, agents, and employees, an “SAP Indemnified Person”) shall have any liability, whether direct or indirect, in contract or tort or otherwise, to any Qualtrics Entity or any other Person under the control of such Qualtrics Entity for or in connection with the Real Estate License Services rendered or to be rendered by any SAP Indemnified Person pursuant to this Agreement, the transactions contemplated hereby or any SAP Indemnified Person’s actions or inactions in connection with any Real Estate License Services or such transactions, except for damages which have resulted from such SAP Indemnified Person’s breach, gross negligence, bad faith or willful misconduct in connection with the foregoing.
(2)Except as provided in Section 4.3, SAP agrees that none of the Qualtrics Entities and their respective directors, officers, agents, and employees (each, of the Qualtrics Entities and their respective directors, officers, agents, and employees, a “Qualtrics Indemnified Person”) shall have any liability, whether direct or indirect, in contract or tort or otherwise, to any SAP Entity or any other Person under the control of such SAP Entity for or in connection with the transactions contemplated hereby or any Qualtrics Indemnified Person’s actions or inactions in connection with such transactions, except for damages which have resulted from such Qualtrics Indemnified Person’s breach, gross negligence, bad faith or willful misconduct in connection with the foregoing.
(3)Notwithstanding the provisions of this Section 4.2, no Party shall be liable for any special, indirect, incidental, or consequential damages of any kind whatsoever (including, without limitation, attorneys’ fees) in any way due to, resulting from or arising in connection with any of the Real Estate License Services or the performance of or failure to perform such Party’s obligations under this Agreement.  This disclaimer applies without limitation: (i) to claims arising from the provision of the Real Estate License Services or any failure or delay in connection therewith; (ii) to claims for lost profits; (iii) regardless of the form of action, whether in contract, tort (including negligence), strict liability, or otherwise; and (iv) regardless of whether such damages are foreseeable or whether such Party has been advised of the possibility of such damages.
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(4)None of the SAP Entities shall have any liability to any Qualtrics Entity or any other Person for failure to perform SAP’s obligations under this Agreement or otherwise, where such failure to perform similarly affects the SAP Entities receiving the same or similar services and does not have a disproportionately adverse effect on the Qualtrics Entities, taken as a whole.  
(5)In addition to the foregoing, each Party agrees that, in all circumstances, it shall use commercially reasonable efforts to mitigate and otherwise minimize damages to such Party and its Subsidiaries, individually and collectively, whether direct or indirect, due to, resulting from or arising in connection with any failure by the other Party to comply fully with such Party’s obligations under this Agreement.
Section iii.  Indemnification
.  
(1)Qualtrics agrees to indemnify and hold harmless each SAP Indemnified Person from and against any Losses arising out of or related to any claim, action or proceeding brought by a third party (collectively, “Third Party Actions”) arising out of or in connection with Real Estate License Services rendered or to be rendered by any SAP Indemnified Person pursuant to this Agreement, the transactions contemplated hereby or any SAP Indemnified Person’s actions or inactions in connection with any such Real Estate License Services or transactions; provided, however, that Qualtrics shall not be responsible for any damages incurred by any SAP Indemnified Person that have resulted from any SAP Entity’s, or any such SAP Indemnified Person’s, breach of this Agreement or gross negligence or willful misconduct in connection with the Real Estate License Services.
(2)SAP agrees to indemnify and hold harmless each Qualtrics Indemnified Person from and against any Losses arising out of or related to any Third Party Action arising out of or in connection with any SAP Entity’s, or any such SAP Indemnified Person’s, breach of this Agreement or gross negligence or willful misconduct in connection with the Real Estate License Services.
(3)The provisions of Section 4.5 (Reductions for Insurance Proceeds and other Recoveries) and Section 4.6 (Procedures for Defense, Settlement and Indemnification of the Third Party Claims) of the Master Transaction Agreement are hereby incorporated by reference, mutatis mutandis, and shall apply to Third Party Actions.  If the Master Transaction Agreement terminates or expires, the provisions of Section 4.5 (Reductions for Insurance Proceeds and other Recoveries) and Section 4.6 (Procedures for Defense, Settlement and Indemnification of the Third Party Claims) of the Master Transaction Agreement shall nevertheless continue to be effective under this Agreement and will remain in effect for the term of this Agreement.
(4)Qualtrics and SAP shall each reimburse the other for any and all Losses of SAP Indemnified Persons or Qualtrics Indemnified Persons, as applicable, arising out of or in connection with such Party’s breach of this Agreement or gross negligence or willful misconduct 
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in connection with the Real Estate License Services, to the extent such Losses are not indemnifiable pursuant to Sections 4.3(a) or 4.3(b) above.
Article V.
TERM AND TERMINATION
Section i.  Term
.  Except as otherwise provided in this Article V or as otherwise agreed in writing by the Parties (including as provided in any Schedule), (a) this Agreement shall have an initial term from the IPO Date through the third anniversary of the IPO Date (the “Initial Term”), and will be renewed automatically thereafter for successive one year terms (each, a “Renewal Term”) unless either Party elects not to renew this Agreement by notice in writing to the other Party not less than 150 days prior to the end of the Initial Term or any Renewal Term (unless otherwise set forth in a Schedule with respect to any particular License Service), and (b) with respect to any License Service, the obligation of a Party to provide or to procure, and the obligation of the other Party to purchase, such License Service shall cease as of the applicable date set forth in Schedule I or Schedule II or the applicable date set forth in any agreement between the Parties pursuant to which Additional Real Estate License Services are provided (in each case as such dates may be extended with the consent of the Party providing or procuring a License Service and the Party receiving a License Service) or such earlier date determined in accordance with Section 5.2.     
Section ii.  Termination
.
(1)The Parties may by mutual agreement from time to time terminate this Agreement with respect to one or more of the Real Estate License Services, in whole or in part.
(2)Except as otherwise provided in any Schedule, (i) Qualtrics may terminate any License Service at any time upon at least 120 days prior written notice of such termination to SAP, effective as of such 120th day and (ii) SAP may terminate any License Service at any time upon at least 120 days prior written notice of such termination to Qualtrics, effective as of such 120th day.  
(3)Except as provided in any agreement between the Parties pursuant to which Additional Real Estate License Services are provided, either Party may terminate any Additional License Service that is not reflected on an amendment to the Schedules at any time. 
(4)A Party may terminate a License Service provided by such Party upon written notice in the event of the receiving Party’s material breach of this Agreement, which breach remains uncured 30 days after the breaching Party’s receipt of written notice thereof.
(5)This Agreement (including all Real Estate License Services) shall terminate automatically 60 days following a Change of Control; provided, however, that if any anticipated Change of Control has not been publicly announced 90 days in advance, SAP shall 
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use reasonable efforts to provide prior written notice of such Change of Control and shall provide at least 60 days’ prior written notice.
Section iii.  Effect of Termination
.
(1)Other than as required by law, upon the effective date of the expiration or termination of any License Service pursuant to Section 5.1 or Section 5.2, or upon termination of this Agreement in accordance with its terms (any such date, the “Termination Date”), the Parties shall have no further obligation to provide the terminated License Service (or any License Service, in the case of termination of this Agreement) and shall have no obligation to pay any fees relating to such terminated Real Estate License Services or to make any other payments hereunder; provided, however, that notwithstanding such termination, (i) each Party shall remain liable for fees owed and payable in respect of Real Estate License Services provided to it prior to the effective date of the termination; (ii) the Contracts set forth on Schedule II shall not terminate but shall remain in effect in accordance with their terms; and (iii) the provisions of Section 2.5 and Articles IV, V, and VI shall survive any such termination indefinitely.
(2)Following termination of this Agreement with respect to any License Service, the Parties agree to cooperate with each other in providing for an orderly transition of such License Service to the receiving Party or to a successor service provider as designated by the receiving Party.
Article VI.
MISCELLANEOUS
Section i.  Ownership
.  This Agreement and the provision of the Real Estate License Services hereunder will not affect the ownership of any assets or responsibility for any liabilities.  No Party will gain, by virtue of this Agreement or the Real Estate License Services provided hereunder, by implication or otherwise, any rights of ownership of any property or intellectual property rights owned by any other Party or their respective Subsidiaries.
Section ii.  No Agency
.  Nothing in this Agreement shall constitute or be deemed to constitute a partnership or joint venture by and among the Parties hereto or constitute or be deemed to constitute any Party the agent or employee of any other Party for any purpose whatsoever, and no Party shall have authority or power to bind any other Party or to contract in the name of, or create a liability against, any other Party in any way or for any purpose.
Section iii.  Force Majeure
.
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(1)For purposes of this Section 6.3, “Force Majeure” means an event beyond the control of any Party, which prevents a Party from performing any obligation under this Agreement (other than the payment of money), and  includes acts of God, storms, floods, riots, fires, natural disasters, labor disputes or stoppages, government acts or orders, epidemics, pandemics, outbreaks of communicable disease, quarantines, acts of terrorism, sabotage, civil commotion or civil unrest, interference by civil or military authorities, acts of war (declared or undeclared) and failure of energy sources.
(2)Continued performance of a License Service may be suspended immediately to the extent caused by Force Majeure.  The Party claiming suspension of a License Service due to Force Majeure will give prompt notice to the other of the occurrence of the event giving rise to the suspension and of its nature and anticipated duration.  The Parties shall cooperate with each other to find alternative means and methods for the provision of the suspended License Service.
(3)No Party shall be under any liability for failure to fulfill any obligation under this Agreement, so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered, or delayed as a consequence of circumstances of Force Majeure.
Section iv.  Entire Agreement
.  This Agreement (including the Schedules constituting a part of this Agreement) and any other writing signed by the Parties that specifically references or is specifically related to this Agreement constitute the entire agreement among the Parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations, both written and oral, between the Parties with respect to the subject matter hereof.  
Section v.  Information
.  Subject to applicable law and privileges, each Party covenants with and agrees to provide to the other Party all information regarding itself and transactions under this Agreement that is reasonably required by the other Party to comply with all applicable federal, state, county and local laws, ordinances, regulations and codes, including, but not limited to, securities laws and regulations.
Section vi.  Notices
.  Notices, offers, requests or other communications required or permitted to be given by any Party pursuant to the terms of this Agreement shall be given in writing to the respective Parties to the following addresses:
(1)If to SAP, to:
SAP SE
Dietmar-Hopp-Allee 16
Germany – 69190 
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Attention: Matthias Grimm
E-mail:

(2)If to Qualtrics, to:
Qualtrics International Inc.
333 W River Park Dr
Provo, UT 84604
Attention:  Legal Department
E-mail:
or to such other address as the Party to whom notice is given may have previously furnished to the other in writing as provided herein. Any notice shall be sent by hand delivery, internationally recognized overnight courier or, within the United States, may also be sent via certified mail, return receipt requested and, in any event, shall be concurrently sent by e-mail. All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted electronically; one working day after it is sent, if sent by internationally recognized overnight courier; and three days after it is postmarked, if mailed first class mail or certified mail, return receipt requested, with postage prepaid.
Section vii.  Governing Law
.  This Agreement, including the validity hereof and the rights and obligations of the Parties hereunder, shall be construed in accordance with and all disputes, controversies or claims arising out of or relating to this Agreement shall be governed by the laws of the State of Delaware applicable to contracts made and to be performed entirely in such State (without giving effect to the conflicts of laws provisions thereof).
Section viii.  Consent to Jurisdiction
.  THE PARTIES AGREE THAT JURISDICTION AND VENUE IN ANY ACTION BROUGHT BY ANY PARTY IN CONNECTION WITH THIS AGREEMENT OR THE PERFORMANCE OF THE OBLIGATIONS IMPOSED HEREUNDER SHALL PROPERLY AND EXCLUSIVELY LIE IN ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF DELAWARE.  EACH PARTY ALSO AGREES NOT TO BRING ANY ACTION IN CONNECTION WITH THIS AGREEMENT OR THE PERFORMANCE OF THE OBLIGATIONS IMPOSED HEREUNDER IN ANY OTHER COURT.  BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO ANY SUCH ACTION.  THE PARTIES IRREVOCABLY AGREE THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVE ANY OBJECTION THAT ANY SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH ACTION.  THE PARTIES FURTHER AGREE THAT THE MAILING BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ANY PROCESS REQUIRED BY ANY SUCH COURT SHALL CONSTITUTE VALID AND LAWFUL SERVICE OF PROCESS AGAINST THEM, 
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WITHOUT NECESSITY FOR SERVICE BY ANY OTHER MEANS PROVIDED BY STATUTE OR RULE OF COURT.  
Section ix.  Waiver of Jury Trial
.  EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.  EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER COMPANY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 6.9.
Section x.  Amendment
.  This Agreement may be amended only by an instrument in writing signed by or on behalf of each of the Parties.
Section xi.  Counterparts
.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement.
Section xii.  Binding Effect; Assignment
.  This Agreement shall inure to the benefit of and be binding upon the Parties and their respective legal representatives and successors.  Neither Party may assign this Agreement or any rights or obligations hereunder, without the prior written consent of the other Party, and any such assignment shall be void; provided, however, that either Party may assign this Agreement to a successor entity in conjunction with such Party’s reincorporation in another jurisdiction or into another business form.
Section xiii.  Severability
.  If any term or other provision of this Agreement or the Schedules attached hereto is determined by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the 
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economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible.
Section xiv.  Failure or Indulgence not Waiver; Remedies Cumulative
.  No failure or delay on the part of either Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right.  All rights and remedies existing under this Agreement or the Schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies otherwise available.
Section xv.  Authority
.  Each of the Parties represent to the other Party that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles.
Section xvi.  Interpretation
.  The headings contained in this Agreement, in any Schedule hereto and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  Any capitalized term used in any Schedule but not otherwise defined therein shall have the meaning assigned to such term in this Agreement.  When a reference is made in this Agreement to an Article or a Section or Schedule, such reference shall be to an Article or Section of, or a Schedule to, this Agreement unless otherwise indicated.  Words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires.  The terms “hereof,” “herein” “and “herewith” and words of similar import, unless otherwise stated, shall be construed to refer to this Agreement as a whole (including all of the Schedules hereto) and not to any particular provision of this Agreement.  Any reference herein to this Agreement, unless otherwise stated, shall be construed to refer to this Agreement as amended, supplemented or otherwise modified from time to time.  The word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified.  The word “or” shall not be exclusive.
Section xvii.  Third Party Beneficiaries
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.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any third party, including any employee or creditor of any Person.  No such third party shall obtain any right under any provision of this Agreement or shall by reasons of any such provision make any claim in respect of any Liability (or otherwise) against either Party.
Section xviii.  Master Transaction Agreement
.  In the event there is any inconsistency between the provisions of this Agreement and the provisions of the Master Transaction Agreement, the provisions of this Agreement shall govern.
[Signature Page Follows]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by their duly authorized representatives.
SAP SE

By:      /s/ Luka Mucic    
Name: Luka Mucic
Title: Chief Financial Officer
By:      /s/ Jochen Scholten    
Name: Jochen Scholten
Title: General Counsel
QUALTRICS INTERNATIONAL INC.

By:  /s/ Chris Beckstead    
Name: Chris Beckstead
Title: President

[Signature Page to Real Estate Matters Agreement]

SCHEDULE I

Real Estate License Services 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K]

SCHEDULE II

Continuing Operating License Agreements 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K]

SCHEDULE III

Guaranties 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K]

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