Document:

EX-4.29

 EXHIBIT 4.29 

SALE AND PURCHASE AGREEMENT 
  

DATED 12 JULY 2019 

AS AMENDED ON 7 OCTOBER 2019 AND 4 DECEMBER 2019 

WPP PLC 
 AND

 SUMMER (BC) TOPCO S.À R.L. 

AND 
 SUMMER (BC) UK
BIDCO LIMITED 
 in relation to companies comprising the Kantar Business of the WPP Group 

and in connection with the proposed joint venture in relation to the Kantar Business 

between WPP and Bain Capital 
  

 CONTENTS 
  

					
	Clause	  	 	  	Page

  

							
			
	1.	  	 Interpretation
	 	 	2	 
	2.	  	 Sale and Purchase
	 	 	2	 
	3.	  	 Overall Transaction Value
	 	 	3	 
	4.	  	 Consideration for the Sale and Purchase
	 	 	4	 
	5.	  	 Agreed Allocations
	 	 	5	 
	6.	  	 Conditions Precedent
	 	 	6	 
	7.	  	 Pre-Completion Covenants
	 	 	12	 
	8.	  	 First Completion
	 	 	17	 
	9.	  	 Deferred Completions
	 	 	18	 
	10.	  	 Leakage
	 	 	21	 
	11.	  	 Wrong Pockets
	 	 	25	 
	12.	  	 Guarantees and Indemnities
	 	 	26	 
	13.	  	 Intra-Group Loans and Trade Debts on First Completion
	 	 	27	 
	14.	  	 Intra-Group Loans and Trade Debts on Deferred Completions
	 	 	28	 
	15.	  	 Kantar Reorganisation Intra-Group Loans
	 	 	28	 
	16.	  	 Deferred Value Payments
	 	 	29	 
	17.	  	 Deferred Payments in Respect of Certain Assets
	 	 	31	 
	18.	  	 Deferred Payments in Respect of the CSM Matter
	 	 	33	 
	19.	  	 Parent’s Warranties
	 	 	35	 
	20.	  	 Limitations on Liability
	 	 	35	 
	21.	  	 Purchaser’s Warranties and Undertakings
	 	 	36	 
	22.	  	 Employees
	 	 	38	 
	23.	  	 Separation Matters
	 	 	39	 
	24.	  	 Employee Works Councils
	 	 	48	 
	25.	  	 Announcements and Confidentiality
	 	 	49	 
	26.	  	 Notices
	 	 	51	 
	27.	  	 Assignments
	 	 	52	 
	28.	  	 Payments
	 	 	53	 
	29.	  	 General
	 	 	55	 
	30.	  	 Agency Structure
	 	 	56	 
	31.	  	 Whole Agreement
	 	 	57	 
	32.	  	 Governing Law and Jurisdiction
	 	 	58	 
	33.	  	 Language
	 	 	59	 
		
	 Schedule
	 			
	1.	  	 The Sellers and Designated Purchasers
	 	 	60	 
	2.	  	 Parent’s Warranties
	 	 	61	 
	3.	  	 Claims
	 	 	71	 
	4.	  	 Completion
	 	 	79	 
		  	Part 1           Parent’s Obligations with Regard to Target Company Equity Interests	 	 	79	 
		  	Part 2           Purchaser’s Obligations with Regard to Target Company Equity Interests	 	 	81	 
		  	 Part 3           General
	 	 	82	 
	5.	  	 Interpretation
	 	 	83	 
	6.	  	 Properties
	 	 	113	 
	7.	  	 Transferring Registered IP
	 	 	117	 

							
	8.	  	 Third Party Supplier List
	 	 	128	* 
	9.	  	 Conduct in Respect of Deferred Payments
	 	 	129	 
		  	 Part 1           Conduct of Litigation
Claims
	 	 	132	 
		  	 Part 2           Conduct of CSM
Matter
	 	 	134	* 
		
	 Signatories
	 	 	130	 

 Agreed Form documents* 

Accounts (Schedule 5) 

Announcement (clause 25.4) 

Data Room Index (Schedule 5) 

Enterprise to equity value bridge (paragraph 4.1(c) of Schedule 3) 

Estimated Claims Schedule (Schedule 5) 

EY Acquisition Steps Paper (Schedule 5) 

Locked Box Accounts (Schedule 5) 

Management Accounts (Schedule 5) 

Master Entity Spreadsheet (Schedule 5) 

Project Summer Summary of Funds Flows (clause 2.3) 

Purchaser Finance Documents (Schedule 5) 

Shareholders’ Agreement (Schedule 5) 

Tax Deed (Schedule 5) 
 Total
FY18 Baseline EBITDA Statement (Schedule 5) 
 IT Transitional Services Agreement (Schedule 5) 

Non-IT Transitional Services Agreement (Schedule 5) 

Transaction Documents executed on 12 July 2019* 

Disclosure Letter (Schedule 5) 

Dutch Put Option Letter (Schedule 5) 

French Put Option Letter (Schedule 5) 

Equity Commitment Letter (Schedule 5) 

Parent Specified Transaction Expenses letter (Schedule 5) 
  

 

	*	 Omitted 

 THIS AGREEMENT is made on 12 July 2019 

BETWEEN: 
  

	(1)	 WPP PLC (registered number 111714), a public limited company incorporated in Jersey and whose
registered office is at Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES (the Parent); 

  

	(2)	 SUMMER (BC) TOPCO S.À R.L. (registered number B235480), a private limited company
incorporated in Luxembourg and whose registered office is at 4, rue Lou Hemmer, L-1748 Luxembourg-Findel, Grand Duchy of Luxembourg (the Purchaser); and 

 

	(3)	 SUMMER (BC) UK BIDCO LIMITED (registered number 12093836), a private limited company incorporated
in England and whose registered office is at 11th Floor, 200 Aldersgate Street, London EC4A 4HD (UK Bidco), 

each a Party and together, the Parties. 

BACKGROUND: 
  

	(A)	 The Parent is the ultimate holding company of the Sellers and the Deferred Sellers. 

 

	(B)	 The Parent and the Purchaser wish to establish a joint venture in respect of the Kantar Business in which,
from First Completion, the Parent will hold a direct or indirect equity interest of 40 per cent. and the Purchaser will hold a direct or indirect equity interest of 60 per cent, when established. The overall steps required to establish the
proposed joint venture are set out in the EY Acquisition Steps Paper. The relationship between the shareholders in such joint venture shall be governed by the Shareholders’ Agreement. 

 

	(C)	 In order to facilitate the establishment of such joint venture, the Parent wishes to procure that the
Sellers and the Deferred Sellers sell, and the Purchaser wishes to purchase or procure that its Designated Purchasers purchase, the Relevant Target Company Equity Interests and any Deferred Target Subsidiary Equity Interests on the terms and subject
to the conditions set out in this agreement. UK Bidco is a holding company of the Designated Purchasers of certain of the Relevant Target Company Equity Interests, as set out in the EY Acquisition Steps Paper. 

IT IS AGREED as follows: 
  

	1.	 INTERPRETATION 

 

	1.1	 In addition to terms defined elsewhere in this agreement, the definitions and other provisions in Schedule
5 apply throughout this agreement, unless the contrary intention appears. 

  

	1.2	 In this agreement, unless the contrary intention appears, a reference to a clause, subclause or schedule
is a reference to a clause, subclause or schedule of or to this agreement. The schedules form part of this agreement. 

  

	1.3	 The headings in this agreement do not affect its interpretation. 

 

	2.	 SALE AND PURCHASE 

 

	2.1	 Subject to the Conditions being satisfied or, where applicable, waived: 

  
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	 	(a)	 the Parent shall procure that each of the Sellers sells and transfers, and the Purchaser shall purchase
and acquire or procure that its Designated Purchasers purchase and acquire, the Relevant Target Company Equity Interests; and 

  

	 	(b)	 the Parent shall procure that each of the Deferred Sellers sells and transfers, and the Purchaser shall
purchase and acquire or procure that its Designated Purchasers purchase and acquire, any Deferred Target Subsidiary Equity Interests. 

  

	2.2	 The Parent shall procure that the Sellers shall sell the full legal and beneficial ownership in and to the
Relevant Target Company Equity Interests and the Deferred Sellers shall sell the full legal and beneficial ownership in and to the Deferred Target Subsidiary Equity Interests, in each case with full title guarantee, free from all Encumbrances and
together with all rights attaching to them. 

  

	2.3	 The Parties acknowledge and agree that: 

 

	 	(a)	 the sales and purchases contemplated by this agreement and the establishment of the joint venture between
the Parties in respect of the Kantar Business referred to in Recital (B) above shall be effected in accordance with the EY Acquisition Steps Paper (as may be amended by mutual agreement in writing between the Parties acting reasonably with a
view to optimising the structure in an economically neutral way), this agreement and the other Transaction Documents; and 

  

	 	(b)	 the funds flows in connection with the transactions referred to in paragraph (a) above shall be in
accordance with the funds flows shown in the Project Summer Summary of Funds Flows (which shows the flow of funds in connection with such transactions on the bases and using the assumptions set out in such document), adjusted as necessary to reflect
the actual events which occur, pursuant to the Transaction Documents, in relation to the matters covered by such bases and assumptions. 

  

	2.4	 The Parties acknowledge that the sales and purchases contemplated by this agreement are reflected in the
EY Acquisition Steps Paper as Steps 12a, 15, 16, 39 and D4. 

  

	3.	 OVERALL TRANSACTION VALUE 

 

	3.1	 The Parties agree that the principles underpinning the overall value to the Retained Group of the
transactions referred to in the Recitals to this agreement (the Overall Transaction) are as follows: 

  

	 	(a)	 the headline value to the Retained Group for the Kantar Business as at the Locked Box Date will be
$3,604,000,000 (the Total Headline Base Consideration), of which $65,000,000 is the maximum potential deferred consideration payable in accordance with clause 16; 

 

	 	(b)	 a ticking fee reflecting profit foregone by the Retained Group since the Locked Box Date to the date of
completion will be applied to the Total Headline Base Consideration at a rate of 4.8% per annum; 

  

	 	(c)	 following the implementation of the steps in the EY Acquisition Steps Paper, the Parent and the Purchaser
(together with US BlockerCo as defined in the EY Acquisition Steps Paper) will (directly or indirectly) own shares in the joint venture established between them in relation to the Kantar Business in the ratio 40 per cent. /60 per cent.;

  

	 	(d)	 the Kantar joint venture will be geared in the ratio of approximately 75 per cent. debt to 25 per
cent. equity (unless otherwise agreed between the Parent and the Purchaser acting reasonably), such that, of the sum of $3,539,000,000 referred to in (a) above (being the Total Headline Base Consideration minus the $65,000,000) (the Total
Consideration), 

  
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approximately 90% will flow to the members of the Retained Group as a mixture of cash proceeds and the issuance or assignment (as the case may be) of the WPP fees receivable and the MIP note
receivable as referred to in and in accordance with Steps 15 and 16 of the EY Acquisition Steps Paper respectively (the Non-Cash Proceeds) in respect of the Overall Transaction; 

 

	 	(e)	 the Project Summer Summary of Funds Flows shows a worked example of the funds flows in relation to the
Overall Transaction in accordance with the principles in this clause 3.1 and on the assumed bases of a single closing for the disposal of 100 per cent. of the Parent’s current indirect interest in the Kantar Business taking place on
30 November 2019 and the funds flows amounts will alter according to the principles set out in this clause 3.1, the other provisions of this agreement and the EY Acquisition Steps Paper to reflect the actual events which occur, pursuant to the
Transaction Documents, in relation to the matters covered by such bases and assumptions set out in the Project Summer Summary of Funds Flows; 

  

	 	(f)	 New US JVCo, consolidated with all of its Target Subsidiaries, being the US part of the Target Group, will
account for $666,710,585 of the Total Consideration and the remainder of the Total Consideration will be allocated to the other business units within the Kantar Business in accordance with clause 5.2; and 

 

	 	(g)	 the above figures assume that there are no Non-Transferable Target
Subsidiary Equity Interests. 

  

	3.2	 On the terms and subject to the conditions of this agreement, the Parties shall ensure (to the full extent
within their power to do so) that the Overall Transaction will be implemented in accordance with the above principles and in a way which delivers the overall value to the Retained Group set out in clause 3.1 above. 

 

	4.	 CONSIDERATION FOR THE SALE AND PURCHASE 

 

	4.1	 The aggregate consideration for the sale of all Target Company Equity Interests (other than the Target
Company Equity Interests in Summer (BC) US JVCo GP S.à r.l) and all Deferred Target Subsidiary Equity Interests shall be: 

  

	 	(a)	 the Total Consideration; 

 

	 	(b)	 plus the Initial Profit Amount; 

 

	 	(c)	 plus the Deferred Profit Amounts; 

 

	 	(d)	 minus the overall value reinvested into and retained in the Kantar Business by the Retained Group
pursuant to the EY Acquisition Steps Paper (but excluding: (a) the amount of the “WPP Fees Receivable” received by WPP 2005 Limited under Step 15 and contributed by WPP 2005 Limited to RoW JVCo under step 21b thereof; and (b) the
amount of the “MIP Note Receivable” received by WPP 2005 Limited under step 16 thereof); and 

  

	 	(e)	 minus the amount of the distribution by US HoldCo A LLC pursuant to Step 36 of the EY Acquisition
Steps Paper, 

  

	 	((a)	 to (e) above in aggregate being the Aggregate Consideration). 

 

	4.1A	 The aggregate consideration for the sale of the Target Company Equity Interests in Summer (BC) US JVCo GP
S.à r.l shall be $9,000 (which the Parties acknowledge is not included in the Agreed Allocations). 

  
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	4.2	 On the First Completion Date, the Purchaser shall pay in cash or deliver in
Non-Cash Proceeds to the Parent, on account of the Aggregate Consideration, an amount equal to the aggregate of: 

  

	 	(a)	 the Initial Base Consideration; 

 

	 	(b)	 plus the Initial Profit Amount, 

((a) and (b) above in aggregate being the First Completion Amount). 

 

	4.3	 On each Deferred Completion Date, the Purchaser shall pay in cash to the Parent, or the relevant
Designated Purchaser shall pay to the relevant Deferred Seller (if a direct payment from purchaser to seller is required by applicable law), on account of the Aggregate Consideration, an amount equal to the aggregate of: 

 

	 	(a)	 the Deferred Base Consideration in respect of each Deferred Completion taking place on that Deferred
Completion Date; 

  

	 	(b)	 plus the Deferred Profit Amount in relation to that Deferred Completion Date,

 ((a) and (b) above in aggregate being the Deferred Completion Amount).

  

	4.4	 Each payment of cash and delivery of Non-Cash Proceeds required
under this clause 4 must be made in full on the date specified in relation to that payment or delivery and, in the case of cash, in immediately available cash funds by wire transfer, except in relation to the
Non-Cash Proceeds. 

  

	4.5	 Any payment made by the Parent or a Seller (as applicable) to the Purchaser or by the Purchaser or a
Designated Purchaser to the Parent or a Seller (as applicable) under this agreement or the Tax Deed (whether as damages for breach, under a covenant to pay or otherwise) and any payment made or procured by UK Bidco or a Target Subsidiary to the
Parent or the relevant Seller under clauses 16, 17 or 18 shall, to the extent possible, be deemed to reduce or increase (as applicable) the Aggregate Consideration. 

 

	4.6	 Notwithstanding anything to the contrary in this agreement, if any portion of the Aggregate Consideration
is required under applicable law, or as otherwise agreed in writing by the Parties, to be paid in a local currency to a particular Seller or Deferred Seller, the relevant portion of the Deferred Completion Amount shall be converted into the
applicable local currency on the date falling three Business Days prior to the due date for payment of the relevant amount at the Exchange Rate and paid on the due date by the Purchaser or the Designated Purchaser to the Parent, the relevant Seller
or the relevant Deferred Seller, as applicable, in accordance with this clause 4. If a Party becomes aware of a requirement under applicable law to so pay any portion of the Deferred Completion Amount in a local currency, it shall promptly notify
the other Party thereof, providing reasonable details of the relevant requirement. 

  

	4.7	 The Parent shall procure that following First Completion, any members of the Target Group that have not
yet transferred into the Group (as defined in the Shareholders’ Agreement) will continue to pay management overheads charged by the Target Group on a consistent basis to that reflected in the Total FY18 Baseline EBITDA. 

 

	5.	 AGREED ALLOCATIONS 

 

	5.1	 The Parties agree that the Agreed Allocation of the Total Consideration for New US JVCo, consolidated with
all of its Target Subsidiaries, being the US part of the Target Group, is $666,710,585. 

  
 5 

	5.2	 The Parties shall agree the remaining Agreed Allocation of the Total Consideration minus $666,710,585 to
the Target Companies and Target Subsidiaries (other than New US JVCo, consolidated with all of its Target Subsidiaries, being the US part of the Target Group) in good faith and acting reasonably, as soon as reasonably practicable and in any event
prior to First Completion, using a calculation methodology which takes into account the EBITDA and net debt details of each such Target Company and Target Subsidiary and the basis of allocation of the $666,710,585 to the US part of the Target Group.

  

	5.3	 Where, between the date of this agreement and First Completion (in respect of any Non-Wholly Owned Target Subsidiary which is a First Completion Target Subsidiary) or the relevant Deferred Completion (in respect of any Non-Wholly Owned Target Subsidiary
which is a Deferred Target Subsidiary), the Parent notifies the Purchaser that the percentage of Equity Interests in a Non-Wholly Owned Target Subsidiary held directly or indirectly by the Parent is greater or
lower than the percentage set out in the Master Entity Spreadsheet as a result of the exercise or operation of pre-existing rights and obligations of the relevant member of the Target Group or Retained Group
(as the case may be) which owns such Equity Interests or a third party shareholder or shareholders in such Non-Wholly Owned Target Subsidiary, then the Parties shall work together, acting reasonably and in
good faith, to determine and agree in writing any adjustment to the consideration to be paid by the Purchaser in respect of such greater or lower Equity Interests. 

 

	6.	 CONDITIONS PRECEDENT 

 

	6.1	 The sale and purchase of the Target Company Equity Interests and any Deferred Target Subsidiary Equity
Interests is conditional on: 

  

	 	(a)	 the following antitrust clearances: 

 

	 	(i)	 the European Commission notifying the Purchaser that it will neither initiate proceedings under Article
6(1)(c) of the EU Merger Regulation in relation to the Transaction or any matter arising from or relating thereto nor refer the Transaction or any matter arising from or relating thereto to the competent authorities of one or more Member States
under Article 9 of the EU Merger Regulation; 

  

	 	(ii)	 all required filings having been made under the United States Hart-Scott-Rodino Antitrust Improvements Act
of 1976 (as amended) and the rules and regulations made thereunder and all applicable waiting periods (including any extensions thereof) relating to the Transaction having expired, lapsed or been terminated; 

 

	 	(iii)	 China’s State Administration for Market Regulation issuing a notice approving the Transaction, or the
applicable review period pursuant to the PRC Anti-Monopoly Law, including any extension of such period, having elapsed; 

  

	 	(iv)	 the Federal Antimonopoly Service of the Russian Federation having issued a clearance decision approving
the Transaction pursuant to the Russian Federation Law on Protection of Competition; 

  

	 	(v)	 the Turkish Competition Authority having issued a clearance decision approving the Transaction pursuant to
Turkish Law No. 4054 on the Protection of Competition and Communiqué No. 2010/4 on the Mergers and Acquisitions Subject to the Approval of the Competition Board; 

 

	 	(vi)	 the Korea Fair Trade Commission having issued a clearance decision approving the Transaction pursuant to
the Korean Monopoly Regulation and Fair Trade Act; 

  
 6 

	 	(vii)	 the South African Competition Commission having issued a clearance decision approving the Transaction
pursuant to the South African Competition Act 1998; and 

  

	 	(viii)	 the Federal Economic Competition Commission of Mexico having issued a formal resolution approving the
Transaction pursuant to the Mexican Federal Law of Economic Competition; 

  

	 	(b)	 the passing at a duly convened general meeting of the Parent (the Parent General Meeting) of an
ordinary resolution approving the Transaction pursuant to Listing Rule 10.5.1 (the Parent Shareholder Resolution); and 

  

	 	(c)	 the: 

  

	 	(i)	 Sellers holding Target Companies to which are attributed or, pursuant to the First Completion Kantar
Reorganisation, the Target Companies directly or indirectly holding Target Subsidiary Equity Interests in Target Subsidiaries to which are attributed (in each case as shown in the Total FY18 Baseline EBITDA Statement) in aggregate not less than
90 per cent. of the Total FY18 Baseline EBITDA; and 

  

	 	(ii)	 Target Companies and Target Subsidiaries to be transferred directly or indirectly at First Completion
including all of the Target Companies and Target Subsidiaries having a material part of their operations and/or assets in each of the United States, the United Kingdom (other than TNS Research limited and TNS Worldpanel Limited), France and Brazil,

 provided that: (A) the Parent may, in its sole discretion, waive the Condition in clause
6.1(c)(i) at any time where the Sellers are holding Target Companies to which are attributed or, pursuant to the First Completion Kantar Reorganisation, the Target Companies are holding directly or indirectly Target Subsidiary Equity Interests in
Target Subsidiaries to which are attributed (in each case as shown in the Total FY18 Baseline EBITDA Statement) in aggregate not less than 86 per cent. of the Total FY18 Baseline EBITDA, by giving a notice in writing to the Purchaser confirming
such position and electing to complete the sale of the Target Company Equity Interests; and (B) the Purchaser may, in its sole discretion, waive the Condition in clause 6.1(c)(ii) by giving a notice in writing to the Parent confirming such
position. 
  

	6.1A	 The Parties hereby agree that those Target Subsidiary Equity Interests in the Target Subsidiaries which
are held directly or indirectly by Scangroup and by AUNZ respectively shall be deemed to be held by Target Companies for the purposes of the calculation of the percentage of Total FY18 Baseline EBITDA that is held by Target Companies, pursuant to
the Condition in clause 6.1(c)(i), and proviso (A) to the condition in clause 6.1(c), immediately upon the transfer to Kantar Square Two B.V. by Scangroup and by AUNZ (or their respective affiliates, as applicable) respectively of such Target
Subsidiary Equity Interests becoming unconditional in all respects other than the satisfaction of any other Condition under this Agreement. Notwithstanding the foregoing, neither the Purchaser nor any Designated Purchaser shall be required to
complete the purchase of any of the Target Company Equity Interests unless, on or immediately prior to First Completion, the Sellers hold Target Companies to which are attributed, whether directly or indirectly together with their Target
Subsidiaries (and deemed to be Target Subsidiaries pursuant to this clause 6.1A), in aggregate not less than 90 per cent. (or, if the Parent has exercised its waiver right pursuant to proviso (A) to the condition in clause 6.1(c),
86 per cent.) of the Total FY18 Baseline EBITDA (in each case as shown in the Total FY18 Baseline EBITDA Statement). 

  

	6.2	 The Purchaser shall use its best endeavours, and shall take any and all steps necessary, to procure (so
far as it is able to procure) that: (1) the Conditions in clause 6.1(a) are satisfied and 

  
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the Foreign Investment Approvals and any Other Competition Approvals are obtained, in each case, as soon as is practicable; and (2) in the case of: (i) the Conditions in clause 6.1(a);
and (ii) any Foreign Investment Approvals and Other Competition Approvals required for the transfer of any Target Company Equity Interests and Target Subsidiary Equity Interests at First Completion pursuant to clause 6.1(c)(ii) above, in any
event, on or before the First Long Stop Date. 

  

	6.3	 In particular the Purchaser shall, notwithstanding any other provision of this agreement to the contrary:

  

	 	(a)	 procure the filing of the relevant filings and notifications (in a draft form if necessary) in a form
reasonably acceptable to the Parent with the relevant Regulatory Authorities as soon as reasonably practicable and: 

  

	 	(i)	 in the case of the Conditions in clause 6.1(a) which relate to China, Russia, Turkey, South Africa and
Mexico which the Purchaser shall prioritise, within 15 Business Days after the date of this agreement; and 

  

	 	(ii)	 in the case of all other Conditions in clause 6.1(a), within 20 Business Days after the date of this
agreement, 

 (or, in each case, such longer period as may be agreed in advance in writing by the Parent
acting reasonably) and in each case use its best endeavours to obtain the approval of the relevant Regulatory Authorities; 
  

	 	(b)	 not enter into (and will procure that no member of the Purchaser’s Group enters into) any other
agreement or arrangement (or cause another person acting on its behalf to enter into any agreement or arrangement) where the effect of any such agreement or arrangement is likely to affect, delay, impede or in any respect prejudice the fulfilment of
the Conditions in clause 6.1(a) or the obtaining of the Foreign Investment Approvals or Other Competition Approvals; 

  

	 	(c)	 pay all of the Purchaser’s costs and expenses (including all filing fees) in relation to such
filings; and 

  

	 	(d)	 offer, accept and agree to, and shall procure that each member of the Purchaser’s Group shall offer,
accept and agree to, any conditions, obligations, undertakings and/or modifications and take such other steps (including but not limited to: (i) selling, disposing of or holding separate and agreeing to sell or dispose of, assets, categories of
assets or businesses of the Target Group or any member of the Purchaser’s Group; (ii) terminating or creating relationships, contractual rights or obligations of the Target Group or any member of the Purchaser’s Group;
(iii) giving effect to any change or restructuring of the Target Group or the Purchaser’s Group; (iv) taking or committing to take any action or mitigation measures that would limit the ability of any member of the Target Group or the
Purchaser’s Group to retain or hold any business, assets, equity interests, product lines or properties of the Target Group or the Purchaser’s Group; and (v) entering into any agreements or making any filings with any Regulatory
Authority in connection with the foregoing, in each case at the earliest opportunity and in any event before any applicable deadline to offer remedies) (which shall not, without the prior written approval of the Parent, include any amendment,
variation or modification of the terms of this agreement or any other Transaction Document) that are required by any Regulatory Authority or which are necessary in order to procure the satisfaction of the Conditions in clause 6.1(a) or the obtaining
of the Foreign Investment Approvals and any Other Competition Approvals and allow First Completion to occur before the First Long Stop Date (each a Remedy). To the 

  
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extent any such Remedy relates to the Target Group, with effect from First Completion each of the Purchaser and Parent shall (in so far as it is able) procure that the Target Group complies
therewith. 

  

	6.4	 In connection with the satisfaction of the Conditions in clause 6.1(a) and the obtaining of the Foreign
Investment Approvals and any Other Competition Approvals, the Purchaser shall: 

  

	 	(a)	 provide all information which is requested or required by any Regulatory Authority; 

 

	 	(b)	 promptly (and in any event within one Business Day) notify the Parent of any communication (whether
written or oral) from a Regulatory Authority and provide copies, or in the case of non-written communications, details of any such communications; 

 

	 	(c)	 give the Parent reasonable notice of all meetings with a Regulatory Authority and give the Parent
reasonable opportunity to participate at such meetings (save to the extent that a Regulatory Authority expressly requests that the Parent should not be present at the meeting or part or parts of the meeting); 

 

	 	(d)	 give the Parent reasonable notice of all telephone calls or other communications with a Regulatory
Authority and give the Parent reasonable opportunity to participate in such telephone calls (save to the extent that a Regulatory Authority expressly requests that the Parent should not be present at the telephone call or part or parts of the
telephone call); 

  

	 	(e)	 promptly inform the Parent of the content of any meetings, calls or other communications with any
Regulatory Authority to the extent the Parent was not present; 

  

	 	(f)	 provide the Parent in advance with final drafts of all written communications intended to be sent to a
Regulatory Authority, give the Parent a reasonable opportunity to comment on them, not send such communications without the prior approval of the Parent (such approval not to be unreasonably withheld) and provide the Parent with final copies of all
communications subject in each case to exclusion by the Purchaser of information that it reasonably considers to be confidential to it (provided that such confidential information is provided to the Parent’s Solicitors on an attorney only
basis); 

  

	 	(g)	 regularly review with the Parent the progress of any notifications or filings; 

 

	 	(h)	 upon becoming aware of any fact, matter or circumstance which could reasonably be expected to prevent or
delay the satisfaction of any Condition in clause 6.1(a) or the obtaining of a Foreign Investment Approval or any Other Competition Approval, immediately inform the Parent and provide full details of such fact, matter or circumstance; and

  

	 	(i)	 notify the Parent of any clearance or rejection received from any Regulatory Authority as soon as
practicable and in any event within one Business Day after receipt of a decision or communication from any Regulatory Authority confirming such clearance or rejection and provide the Parent with copies of all related documentation received from the
Regulatory Authority as soon as practicable after receipt, 

  

	    	 provided that the Purchaser shall not be required to provide the Parent with any documents or information,
or with the right to attend any meetings or telephone calls or other communications, to the extent that the same contains or relates to information that the Purchaser considers (acting reasonably) to be confidential or commercially sensitive to it
or any other member of the Purchaser’s Group or any of its portfolio companies (provided that such confidential information is provided to the Parent’s Solicitors on an attorney only basis) or privileged but only in circumstances where
such action is not reasonably likely to delay, impede or in any respect 

  
 9 

	 	 
prejudice the fulfilment of the Conditions in clause 6.1(a) or the obtaining of the Foreign Investment Approvals or the Other Competition Approvals. 

 

	6.5	 The Parent shall, and shall (in so far as it is able) procure that each other member of the WPP Group
shall, use its reasonable endeavours to co-operate with the Purchaser and provide such assistance as is reasonably necessary (and that it is reasonably able to provide), and to provide to a Regulatory
Authority such information as is reasonably necessary (and that it is reasonably able to provide), and in any event all information as is necessary, in each case to ensure that the Conditions in clause 6.1(a) are fulfilled and the Foreign Investment
Approvals and any Other Competition Approvals are obtained as soon as is reasonably practicable. The Purchaser shall not be in breach of this clause 6 to the extent caused by the Parent’s failure to comply with the foregoing or clause 6.6.

  

	6.6	 The Parent shall be entitled to keep confidential and shall not be obliged to disclose to the Purchaser or
any of its advisers any confidential, commercially sensitive or financial information regarding the Parent and the Retained Group, provided that the Parent shall be required to disclose such information where it is necessary to do so (and only to
the extent necessary) in order to ensure that the Conditions in clause 6.1(a), and any notifications required in connection with satisfaction of such Conditions, are fulfilled, and/or to ensure that the Foreign Investment Approvals and any Other
Competition Approvals are obtained, in which case such information shall be disclosed on a confidential, attorney only basis. 

  

	6.7	 The Parent shall use all reasonable endeavours to procure (so far as it is so able to procure) that the
Condition in clause 6.1(b) is satisfied as soon as is reasonably practicable and, in any event, on or before the First Long Stop Date. The Parent shall notify the Purchaser of the outcome of the vote on the Parent Shareholder Resolution as soon as
practicable and in any event within one Business Day thereafter. 

  

	6.8	 Without prejudice to clause 6.7, the Parent shall: 

 

	 	(a)	 give the Purchaser reasonable opportunity to comment on regular drafts of those parts of the Parent’s
Circular which relate to any description of the Transaction or the Purchaser’s Group; 

  

	 	(b)	 finalise the Parent’s Circular as soon as reasonably practicable and, subject to the approval of the
UK Financial Conduct Authority, despatch the Parent’s Circular to its shareholders promptly after receipt of such approval; 

  

	 	(c)	 convene a Parent General Meeting for the purposes of considering and, if thought fit, passing the
resolution(s) of the Parent referred to in clause 6.1(b) to be held as soon as reasonably practicable after the date of this agreement; 

  

	 	(d)	 once convened, procure (to the extent that it is so able) that the Parent General Meeting is not adjourned
or postponed; 

  

	 	(e)	 procure that the Parent Shareholder Resolution is proposed as a stand-alone resolution and not combined
with or conditional upon any other resolution; and 

  

	 	(f)	 procure that the Parent Board Recommendation is given and not adversely modified or revoked prior to the
Parent General Meeting unless the directors of the Parent determine that such Parent Board Recommendation should not be given or should be withdrawn or modified in order to comply with their fiduciary duties as directors. 

 

	6.9	 The Parent shall, subject to clauses 24.5 to 24.8 (inclusive), use all reasonable endeavours to procure
that the First Completion Kantar Reorganisation is carried out and all legal or regulatory approvals or restrictions in connection with the transfer of potential Non-Transferable Target

  
 10 

	 	 
Subsidiary Equity Interests (excluding those set out in paragraph (d) of the definition thereof) (in each case in so far as it is within its power to do so) are obtained or resolved, in each
case as soon as reasonably practicable after the date of this agreement and in any event so as to allow First Completion to occur prior to the First Long Stop Date with the Condition set out in clause 6.1(c)(i) being satisfied rather than waived.
The Parent shall notify the Purchaser if the Condition set out in clause 6.1(c)(i) is satisfied or becomes incapable of satisfaction as soon as practicable and in any event within two Business Days of becoming aware thereof. The Parent shall procure
that no Target Company or Target Subsidiary is directly or indirectly transferred to the Purchaser on First Completion or any Deferred Completion unless and until the Purchaser has obtained the Foreign Investment Approvals. 

 

	6.10	 The Purchaser shall use reasonable endeavours: 

 

	 	(a)	 to co-operate with the Parent and provide such assistance as is
reasonably necessary (and that it is reasonably able to provide), and to provide to the Parent or any Regulatory Authority such information as is reasonably necessary (and that it is reasonably able to provide), and in any event all information as
is necessary, in order to ensure that the First Completion Kantar Reorganisation is carried out; and 

  

	 	(b)	 to obtain any other approvals (not being a Global Competition Approval, a Foreign Investment Approval or
an Other Competition Approval) which after the date of this agreement the Purchaser determines (acting reasonably) are required by the Purchaser or any other member of the Purchaser’s Group from a Regulatory Authority in relation to the
transfer of the Target Companies or the Target Subsidiary Equity Interests in the Target Subsidiaries pursuant to the terms of this agreement, 

in each case as soon as reasonably practicable after the date of this agreement and in any event so as to allow First
Completion to occur before the First Long Stop Date. 
  

	6.11	 Where the Parent believes, in its absolute discretion, that the Condition(s) in clause 6.1(a) and/or
6.1(c) will not be satisfied, and in the case of the Condition set out in clause 6.1(c)(i) will not be capable of being waived pursuant to the proviso to clause 6.1, by the First Long Stop Date, it may, by notice in writing to the Purchaser given at
least 20 Business Days prior to the First Long Stop Date, extend the First Long Stop Date to the date which is nine months after the date of this agreement, and such revised date shall be deemed to be the First Long Stop Date for the purposes of
this agreement. 

  

	6.12	 If any of the Conditions are not satisfied or (if capable of waiver) not waived on or before the First
Long Stop Date or any of the Conditions become incapable of satisfaction or (where applicable) waiver on or before the First Long Stop Date: 

  

	 	(a)	 except for this clause and the Surviving Provisions, all the provisions of this agreement shall lapse and
cease to have effect; but 

  

	 	(b)	 neither the lapsing of those provisions nor their ceasing to have effect shall affect any accrued rights
or liabilities of any Party in respect of damages for non-performance of any obligation under this agreement falling due for performance prior to such lapse and cessation. 

 

	6.13	 From and including the date of this agreement until the conclusion of the Parent General Meeting (the
Exclusivity Period), the Parent agrees that it and each other member of the WPP Group will not, whether individually or by or through any employee, director, adviser, agent or other person (each member of the WPP Group and all such persons,
together, the Seller’s 

  
 11 

	 	 
Group), directly or indirectly, solicit, encourage or engage in any negotiation, discussion or agreement with, or incur any obligation to, any person other than the Purchaser or any other
member of the Purchaser’s Group in relation to any acquisition of the Target Group or any similar transaction (including without limitation a direct or indirect disposal or possible disposal of any interest in any member of the Target Group or
of the whole or any part of the Kantar Business, in each case however structured) (each, a Restricted Transaction). During the Exclusivity Period, the Parent will not, and it will procure that each other member of the Seller’s Group will
not, enter into any agreement or arrangement to effect any Restricted Transaction with any person except the Purchaser or another member of the Purchaser’s Group, and will not take any action which would be inconsistent with the terms of this
clause 6.13. 

  

	7.	 PRE-COMPLETION COVENANTS 

 

	7.1	 Subject to clause 7.3 and other than with the prior written consent of the Purchaser (such consent not to
be unreasonably conditioned, withheld or delayed), until the First Completion Date (and in respect of any Deferred Target Subsidiary only, until the relevant Deferred Completion Date) the Parent undertakes that it shall procure that: (i) the
business plan and budget of the Kantar Business (taken as a whole) shall not be materially amended or varied; and (ii) in respect of any member of the Target Group other than any Non-Wholly Owned Target
Subsidiary: 

  

	 	(a)	 the business of the Target Companies and the Target Subsidiaries is carried on in all material respects in
the ordinary course of its day to day business; and 

  

	 	(b)	 no Target Company or Target Subsidiary shall: 

 

	 	(i)	 make any increase in or reduction of its share or loan capital or grant any option to subscribe for or
acquire any of its share or loan capital (other than to another Target Company or Target Subsidiary); 

  

	 	(ii)	 make any material amendment to its constitutional documents; 

 

	 	(iii)	 sell, transfer or dispose of, or grant any option to acquire, any part of its business, undertaking or a
material part of its assets, other than assets in the ordinary course of business; 

  

	 	(iv)	 borrow any monies or incur any indebtedness other than trade credit or finance leases in the ordinary
course of trading and any interest or fees incurred in respect of existing indebtedness; 

  

	 	(v)	 grant, issue or redeem any mortgage, charge, debenture or other security or Encumbrance or give any
guarantee or indemnity, other than in the ordinary course of business and then only in respect of the obligations and liabilities of other members of the Target Group; 

 

	 	(vi)	 materially amend, enter into, offer to enter into or terminate or give notice to terminate any terms of
employment of a Senior Employee or any person who would have equivalent standing, if an employee of the Target Group; 

  

	 	(vii)	 form any subsidiary or acquire shares in any company or acquire any business or undertaking or participate
in, or terminate any participation in, any partnership or joint venture; 

  

	 	(viii)	 change in any material respect the accounting procedures, principles or practices of any Target Company or
Target Subsidiary; 

  
 12 

	 	(ix)	 initiate, settle or compromise, or fail to take all reasonable steps to defend, any new litigation or
other dispute arising after the date of this agreement having a value of at least £500,000 (and other than routine proceedings for the recovery of trade debts in the ordinary course); 

 

	 	(x)	 fail to maintain in full force and effect without replacing with like-for-like cover the insurance policies which it holds or otherwise benefits from; 

  

	 	(xi)	 terminate or materially amend any Material Contract otherwise than: (A) in the ordinary course of
business; (B) to make the overall terms thereof more favourable to the Target Group and/or substantially in line with or closer to the relevant and then-current standard terms of business of the Target Group; or (C) if the Material
Contract is simultaneously replaced with a substantially similar contract; 

  

	 	(xii)	 fail to conduct its business in compliance with applicable law where the consequences of such non-compliance would be reasonably likely to result in a material adverse effect on the Target Group taken as a whole; 

  

	 	(xiii)	 undertake any reorganisation, reconstruction, demerger, merger, scheme of arrangement or similar or
analogous procedure, in each case other than the Kantar Reorganisation; 

  

	 	(xiv)	 change its Tax residence; 

 

	 	(xv)	 make, change or revoke any Tax election, settle or compromise any Tax claim or liability, waive or extend
any statute of limitations in respect of Tax or any period within which an assessment or reassessment of Tax may be issued, or prepare or file any Tax Return (or any amendment thereof), except in each case if and to the extent: (i) reflected in
the Locked Box Accounts; (ii) required by law; or (iii) in accordance with the past practice of the relevant member of the Target Group or, to the extent applicable to the relevant member of the Target Group, of the WPP Group; or

  

	 	(xvi)	 agree to do any of the actions referred to in subclauses 7.1(b)(i) to 7.1(b)(xv). 

 

	7.2	 Subject to clause 7.3 and other than with the prior written consent of the Purchaser (such consent not to
be unreasonably conditioned, withheld or delayed), until the First Completion Date (and in respect of any Deferred Target Subsidiary only, until the relevant Deferred Completion Date) the Parent undertakes that it shall procure that the voting
rights attaching to any Equity Interests held directly by a wholly owned member of the WPP Group in a Non-Wholly Owned Target Subsidiary, and (subject to their fiduciary duties and in so far as it is so able)
the voting rights of the directors or equivalent appointed by the Parent or any wholly owned member of the WPP Group to the board of directors of a Non-Wholly Owned Target Subsidiary, are not exercised so as
to approve any of the matters referred to in clauses 7.1(b)(i) to 7.1(b)(xvi) in respect of such Non-Wholly Owned Target Subsidiary or to approve any matter outside of the ordinary course of the day to day
business of such Non-Wholly Owned Target Subsidiary. 

  

	7.3	 Clauses 7.1 and 7.2 shall not operate to restrict or prevent: 

 

	 	(a)	 any action taken at the request of the Purchaser or with its prior approval; 

 

	 	(b)	 any matter reasonably undertaken by any member of the Target Group in an Emergency Situation with the
intention of minimising any adverse effect of the Emergency Situation on any member of the Target Group (and of which the Purchaser will be notified as soon as practicable); 

  
 13 

	 	(c)	 any action taken in accordance with any contract or arrangement entered into by any member of the Target
Group before the date of this agreement; 

  

	 	(d)	 any act or conduct which any member of the Target Group is required to take, or omit to take, as a result
of, or in order to comply with, any applicable law or regulation of any applicable Regulatory Authority; 

  

	 	(e)	 any action that is Permitted Leakage; 

 

	 	(f)	 any action that is required, necessary or desirable in connection with the Kantar Reorganisation and
carried out in accordance with the applicable provisions of this agreement; 

  

	 	(g)	 any action or matter required, necessary or desirable to give effect to the EY Acquisition Steps Paper or
any provision of this agreement or another Transaction Document, and in each case carried out in accordance with the applicable provisions of this agreement; 

  

	 	(h)	 any action that complies with Schedule 9; or 

 

	 	(i)	 any action that is required, necessary or desirable in connection with clause 23 or otherwise in order for
the Target Group to be separated from the Retained Group and to be able to operate its business in all material respects on a standalone basis without reliance on the Retained Group. 

 

	7.4	 The Purchaser shall be deemed to have given its approval to a matter referred to in clause 7.1 or clause
7.2 (as applicable) unless it notifies the Parent of its objection and its reasons for objecting within five Business Days after receiving a written request for approval from the Parent. 

 

	7.5	 The Parent shall, as soon as practicable after the date of this agreement (or in accordance with such
timing as indicated in the EY Acquisition Steps Paper), undertake such reorganisation of the relevant part of the WPP Group and shall prepare and execute, or procure the preparation and execution of, any document, and shall perform, or procure the
performance of, all other acts and things, in each case as are required or necessary to implement Steps 0.1 to 0.8 (inclusive) of the EY Acquisition Steps Paper in order to create the “Simplified transaction structure pre-completion” shown in the EY Acquisition Steps Paper. 

  

	7.6	 The Parties undertake to ensure that all entities which are to be set up for the purposes of implementing
the EY Acquisition Steps Paper (including for the avoidance of any doubt, New US GP Co 1, New US GP Co 2 and New US GP Co 3 (each as referred to in the EY Acquisition Steps Paper) which are incorporated in the Purchaser’s Group prior to the
transfer into the WPP Group pursuant to Steps 25, 27 and 29 of the EY Acquisition Steps Paper) undertake no other activities, acquire no other assets and incur no other liabilities except as expressly contemplated in the EY Acquisition Steps Paper
or which are customary administrative matters in connection with their incorporation. 

  

	7.7	 Following the satisfaction of the Conditions in accordance with clause 6 and in any event prior to First
Completion, the Purchaser shall prepare and execute, or procure the preparation and execution of, any documents, and shall perform, or procure the performance of, all other acts and things, in each case as are required or necessary to implement
Steps 1 to 8 (inclusive) and Step 14 of the EY Acquisition Steps Paper. 

  

	7.8	 Immediately prior to First Completion, the Purchaser shall procure that each of US HoldCo A LLC and US
HoldCo B LLC (as referred to in the EY Acquisition Steps Paper) and the Parent shall procure that each of WPP Blitz and WPP Dash (as referred to in the EY Acquisition Steps Paper) 

  
 14 

	 	 
prepare and execute any documents, and perform all other acts and things, in each case as are required or necessary in order to implement the mergers pursuant to Step 34 of the EY Acquisition
Steps Paper. The Parties agree that the Parent shall, following implementation of Step 34 of the EY Acquisition Steps Paper and in any event prior to First Completion, procure that US HoldCo B LLC, US HoldCo A LLC and other members of the WPP
Group, and the Purchaser shall procure that the officers of US HoldCo B LLC and US HoldCo A LLC prepare and execute any documents, and perform all other acts and things, in each case as are required, necessary or desirable in order for US HoldCo B
LLC and US HoldCo A LLC to declare, make and pay the distributions pursuant to Steps 35 and 36 of the EY Acquisition Steps Paper, and transfer US HoldCo A LLC as contemplated in Steps 37 and 38 of the EY Acquisition Steps Paper.

  

	7.9	 Following the satisfaction of the Conditions in accordance with clause 6 and in any event prior to First
Completion, the Parent shall prepare and execute, or procure the preparation and execution of, any documents and shall perform or procure the performance of, all other acts and things, in each case as are required or necessary to implement Steps 26,
28, 30, 31, 32 and 33 of the EY Acquisition Steps Paper. 

  

	7.10	 The Purchaser undertakes to ensure that each of US HoldCo A LLC and US HoldCo B LLC, and the Parent
undertakes to ensure that each of WPP Blitz and WPP Dash (as referred to in the EY Acquisition Steps Paper), in each case will be, at the time of implementation of Step 34 of the EY Acquisition Steps Paper, companies set up for the purposes of
the Transaction and its financing in accordance with the EY Acquisition Steps Paper and the Purchaser Finance Documents and, except for the actions contemplated to be taken by them pursuant to the EY Acquisition Steps Paper and the Purchaser Finance
Documents, will have undertaken no other activities, acquired no other assets and incurred no other liabilities except as expressly contemplated in the EY Acquisition Steps Paper or which are customary administrative matters in connection with their
incorporation. 

  

	7.11	 Until the First Completion Date (and in respect of any Deferred Target Subsidiary only, until the relevant
Deferred Completion Date) the Parent undertakes that it shall: 

  

	 	(a)	 procure (in so far as it is able) that subject to applicable law, the Purchaser and its agents and
representatives are, during normal business hours and on reasonable notice, given reasonable access to the Senior Employees and the books and records of the Target Group to the extent reasonably required by the Purchaser for the purpose of planning
for its investment in the Target Group and on and with effect from First Completion (or Deferred Completion, as applicable) provided that this obligation shall not extend to allow access to information reasonably regarded by the Parent as
confidential to the Parent or the Retained Group; and 

  

	 	(b)	 cooperate and assist, and shall use commercially reasonable efforts to procure (in so far as it is able)
that the Sellers, the Deferred Sellers, the Target Group and their respective directors, officers, employees, accountants and other professional advisers and representatives (at the Purchaser Group’s sole expense) provide relevant information
to, and cooperate and assist (in each case to the extent such cooperation and assistance is legally permissible and does not interfere unreasonably with the operation of the Sellers, the Deferred Sellers or the Target Group, as applicable) with, the
Purchaser’s Group and with any of its prospective debt financing providers, rating agencies and other professional advisers and representatives in connection with and in order to facilitate the debt financing of the Transaction (which is
intended to include loan and debt securities financings) and any related debt syndication, consisting of, but not limited to: (i) participating in a reasonable number of lender, investor and rating agency meetings, road shows, due diligence
sessions and drafting sessions; (ii) assisting with the preparation of credit rating agency presentations, bank information memoranda, offering or private placement memoranda, prospectuses and other similar offering documents; (iii) using
commercially 

  
 15 

	 	 
reasonable efforts in providing customary due diligence materials, ‘know your customer’ (KYC) documents and any other customary documents and certificates; (iv) providing customary
audited annual and reviewed interim financial statements (including the Accounts and equivalent accounts for the preceding two financial years) and audit reports (and provided, in each case, that the Purchaser’s Group and any of its prospective
debt financing providers, rating agencies and other professional advisers and representatives (as applicable) execute and deliver any hold harmless letters that may be required by the Parent’s or the Target Group’s advisers in respect
thereof); (v) providing any other information that is customarily included or provided in an offering of high yield debt securities under Rule 144A and Regulation S under the US Securities Act of 1933 and, with respect to financial statements and
other financial information, as may be required to receive SAS 72-style comfort (including negative assurance) from an independent accountant; and (vi) consenting to the use of the Target Group’s
logos in connection with the debt financing (provided such logos are used solely in a manner that is not intended to harm the reputation or goodwill of the Target Group). 

 

	7.12	 The Parent shall procure that each Tax-Consolidated Target Group
Company ceases, with effect from a time no later than the First Completion Date or the relevant Deferred Completion Date (as applicable) for that Tax-Consolidated Target Group Company, to be a member of any
Tax Consolidation of which it is a member as at the date of this agreement, in each case if and to the extent that the same has not already occurred by that time by operation of law or otherwise. 

 

	7.13	 With effect from the date of this agreement: 

 

	 	(a)	 the Parent shall: 

 

	 	(i)	 use all commercially reasonable efforts to procure (in so far as it is able) that each relevant member of
the WPP Group obtains all consents, approvals or authorisations from any third parties that are reasonably required so as to allow the relevant members of the Retained Group and the relevant members of the Target Group to each remain in occupation
of, and continue to operate their respective business out of, the Co-Location Properties following First Completion; 

  

	 	(ii)	 (in obtaining all consents, approvals or authorisations pursuant to clause 7.13(a)(i) above) use all
reasonably commercial efforts to procure that the annual rent that will be payable by each member of the Target Group (in respect of their shared occupation of the Co-Location Properties (or any parts of them)
with the relevant member of the Retained Group) following First Completion, shall not be materially higher than the annual rent payable by them on the date of this agreement provided that if a third party landlord increases the aggregate rent
payable in respect of a Co-Location Property such rent increase shall be apportioned between the relevant member of the Target Group and the Retained Group in accordance with the proportion (in square feet) of
the relevant Co-Location Property occupied by each of them; and 

  

	 	(iii)	 keep the Purchaser reasonably informed of the status of its efforts to obtain all such consents,
approvals, authorisations and similar matters from third parties; and 

  

	 	(b)	 the Purchaser and the Parent shall cooperate and work together in good faith to resolve any issue that the
WPP Group encounters in attempting to obtain any consent, approval or authorisation pursuant to paragraph (a) above. 

  
 16 

	8.	 FIRST COMPLETION 

 

	8.1	 First Completion shall take place at the offices of the Parent’s Solicitors on the date falling 20
Business Days after the date on which the last of the Conditions is satisfied (or, in the case of the Condition in clause 6.1(c), satisfied or waived in accordance with clause 6.1), or at such other place and date as agreed in writing between the
Parties. 

  

	8.2	 For the purposes of determining the First Completion Amount to be paid or delivered by the Purchaser to
the Parent on First Completion, no later than seven Business Days prior to First Completion, a notification (the Pre-First Completion Statement) shall be delivered to the Purchaser by or on
behalf of the Parent setting out (as at the First Completion Date): 

  

	 	(a)	 the list of First Completion Target Subsidiaries; 

 

	 	(b)	 the Initial Base Consideration; and 

 

	 	(c)	 the Initial Profit Amount. 

The Parent will use reasonable endeavours to procure that the Pre-First Completion
Statement will be signed (without personal liability) by: (i) the Chief Financial Officer of the Kantar Business (but for the avoidance of doubt any failure by him/her to do so shall not prejudice the timing and manner of First Completion
hereunder); or (ii) failing him/her, by the Chief Financial Officer or Deputy Chief Financial Officer of the WPP Group. 
  

	8.3	 At First Completion: 

 

	 	(a)	 the Parent shall observe and perform, and (where applicable) procure that the Sellers observe and perform,
the provisions of Part 1 of Schedule 4 in connection with the transfer of the Target Company Equity Interests; 

  

	 	(b)	 the Purchaser shall observe and perform, and (where applicable) procure that the Designated Purchasers
observe and perform, the provisions of Part 2 of Schedule 4 in connection with the transfer of the Target Company Equity Interests; and 

  

	 	(c)	 the Parties shall observe and perform, and (where applicable) procure that the Sellers observe and perform
or procure that the Designated Purchasers observe and perform (as the case may be), the provisions of Part 3 of Schedule 4 in connection with the transfer of the Target Company Equity Interests in the Dutch Target Companies. 

 

	8.4	 If: 

  

	 	(a)	 the Parent fails to comply with the provisions of Part 1 of Schedule 4 in connection with the transfer of
the Target Company Equity Interests; or 

  

	 	(b)	 the Purchaser fails to comply with the provisions of Part 2 of Schedule 4 in connection with the transfer
of the Target Company Equity Interests; or 

  

	 	(c)	 either Party fails to comply with its obligations under the provisions of Part 3 of Schedule 4 in
connection with the transfer of the Target Company Equity Interests in the Dutch Target Companies, 

the Parent (in the case of non-compliance by the Purchaser) or the Purchaser (in the
case of non-compliance by the Parent) may elect (in addition and without prejudice to all other rights and remedies available to it) by notice to the other: 

  
 17 

	 	(a)	 not to complete (or procure the completion of) the sale and purchase of the Target Company Equity
Interests, in which case the provisions of clause 8.5 shall apply; or 

  

	 	(b)	 to fix a new date for First Completion (being not more than 20 Business Days after the original date for
First Completion) in which case the provisions of clauses 8.3 and Schedule 4 shall apply to First Completion as so postponed but on the basis that such postponement may occur only once. 

 

	8.5	 If the Parent or the Purchaser (as relevant) elects not to complete the sale of the Target Company Equity
Interests under clause 8.4: 

  

	 	(a)	 except for this clause 8.5 and the Surviving Provisions, all the provisions of this agreement shall lapse
and cease to have effect; and 

  

	 	(b)	 neither the lapsing of those provisions nor their ceasing to have effect shall affect any accrued rights
or liabilities of any party in respect of damages for non-performance of any obligation falling due for performance prior to such lapse and cessation. 

 

	8.6	 The exact timing of the performance by the Parties of the requirements of clause 8.3 and Schedule
4 may be adjusted by agreement in writing between the Parent and the Purchaser to enable the separation of (1) the completion of the sale and purchase of the relevant Equity Interests in the Target Companies Summer (BC) US JVCo SCSp and
Summer (BC) US JVCo GP S.a r.l from (2) the completion of the sale of the relevant Equity Interests in the other Target Companies, in order to: 

  

	 	(a)	 manage the international time zones and money flows involved in First Completion; and

  

	 	(b)	 ensure that the pre-sale distribution by US Holdco A LLC pursuant
to Step 36 of the EY Acquisition Steps Paper takes place before the completion of the sale and purchase of the relevant Equity Interests in the Target Companies Summer (BC) US JVCo SCSp and Summer (BC) US JVCo GP S.a r.l, 

provided always that all of the requirements of clause 8.3 and Schedule 4 are met on the First Completion Date. 

 

	8.7	 Following First Completion, the Parties shall execute, or procure the execution of, all documents, and
perform, or procure the performance of, all other acts and things, in each case as are required or necessary in order to implement Steps 12b, 12c and 17 to 22 (inclusive) of the EY Acquisition Steps Paper. 

 

	9.	 DEFERRED COMPLETIONS 

 

	9.1	 The Parent shall use reasonable endeavours to procure that the Deferred Completion Kantar Reorganisation
is carried out, and all legal or regulatory approvals or restrictions in connection with the transfer of any Deferred Target Subsidiary Equity Interests including any potential Non-Transferable Target
Subsidiary Equity Interests (excluding those set out in paragraph (d) of the definition thereof) (in each case in so far as it is within its power to do so and other than in respect of any Non-Wholly
Owned Target Subsidiaries) are obtained or resolved, as soon as reasonably practicable after First Completion and in any event so as to allow any Deferred Completions to occur prior to the Second Long Stop Date. 

 

	9.2	 The Parent: 

  

	 	(a)	 shall (in so far as it is able) procure that the voting rights attaching to any Equity Interests held
directly by a member of the WPP Group in a Non-Wholly Owned Target Subsidiary 

  
 18 

	 	 
and (subject to their fiduciary duties and in so far as it is so able) the voting rights of the directors or equivalent appointed by the Parent or any wholly owned member of the WPP Group to the
board of directors of a Non-Wholly Owned Target Subsidiary, are exercised; and 

  

	 	(b)	 shall provide such assistance as is reasonably necessary (and that it is reasonably able to provide),

 in each case so as to facilitate all legal or regulatory approvals or restrictions in connection with
the transfer of any Deferred Target Subsidiary Equity Interests in any Non-Wholly Owned Target Subsidiaries being obtained or resolved as soon as reasonably practicable after First Completion and in any event
so as to allow any Deferred Completions to occur prior to the Second Long Stop Date. 
  

	9.3	 The Purchaser shall use reasonable endeavours: 

 

	 	(a)	 to co-operate with the Parent and provide such assistance as is
reasonably necessary (and that it is reasonably able to provide), and to provide to the Parent or any Regulatory Authority such information as is reasonably necessary (and that it is reasonably able to provide), and in any event all information as
is necessary, in order to ensure that the Deferred Completion Kantar Reorganisation is carried out; and 

  

	 	(b)	 to obtain any other approvals (not being a Global Competition Approval, a Foreign Investment Approval or
an Other Competition Approval) which after the date of this agreement the Purchaser determines (acting reasonably) are required by the Purchaser or any other member of the Purchaser’s Group from a Regulatory Authority in relation to the
transfer of the Target Companies or the Target Subsidiary Equity Interests in the Target Subsidiaries pursuant to the terms of this agreement, 

in each case as soon as reasonably practicable after the date of this agreement and in any event so as to allow any Deferred
Completions to occur before the Second Long Stop Date. 
  

	9.4	 Once all legal or regulatory approvals or restrictions to the transfer of any Deferred Target Subsidiary
Equity Interests in a particular Deferred Target Subsidiary pursuant to the terms of this agreement are obtained or resolved, the Parent shall promptly give notice in writing to the Purchaser of the same and, subject to clause 9.5, specify a date,
being 20 Business Days after the date the notice is served, on which the Deferred Completion in respect of those Deferred Target Subsidiary Equity Interests is to take place, provided that the Parent shall be entitled to delay specifying a date on
which such Deferred Completion is to take place in order to arrange for two or more Deferred Completions to take place on the same date. 

  

	9.5	 The Parties acknowledge that, unless otherwise agreed in writing by the Parties: 

 

	 	(a)	 a Deferred Completion in respect of a particular Deferred Target Subsidiary shall not take place where
such Deferred Target Subsidiary is part of a Subsidiary Grouping until such time as all legal or regulatory approvals or restrictions relating to the transfer of all other Deferred Target Subsidiary Equity Interests in the same Subsidiary Grouping
pursuant to the Deferred Completion Kantar Reorganisation or pursuant to this agreement are obtained or resolved; 

  

	 	(b)	 there shall be no more than: (i) one Deferred Completion Date in any 20 Business Day period; and
(ii) four Deferred Completion Dates in total; and 

  

	 	(c)	 no Deferred Completion shall take place after the Second Long Stop Date or (save with the prior written
consent of the Purchaser) prior to 31 January 2020. 

  
 19 

	9.6	 For the purposes of determining the Deferred Completion Amount to be paid by the Purchaser to the Parent
on each Deferred Completion, no later than seven Business Days prior to the relevant Deferred Completion Date, a notification (a Pre-Deferred Completion Statement) shall be delivered to the Purchaser by
or on behalf of the Parent setting out (as at the relevant Deferred Completion Date): 

  

	 	(a)	 the list of Deferred Target Subsidiaries; 

 

	 	(b)	 the Deferred Base Consideration in respect of each Deferred Completion taking place on that Deferred
Completion Date; and 

  

	 	(c)	 the Deferred Profit Amount in relation to that Deferred Completion. 

The Parent will procure that each Pre-Deferred Completion Statement will be signed
(without personal liability) by the Chief Financial Officer or Deputy Chief Financial Officer of the WPP Group. 
  

	9.7	 At each Deferred Completion: 

 

	 	(a)	 the Parent shall procure that the Deferred Sellers shall execute and deliver such local law transfer
agreements and any other instruments and take such other action as may be required or necessary to transfer the Deferred Target Subsidiary Equity Interests the subject of that Deferred Completion to the Purchaser or its Designated Purchaser;

  

	 	(b)	 the Purchaser shall execute and deliver or procure the execution and delivery by its Designated Purchaser
of such local law transfer agreements and any other instruments and shall take or procure the taking of such other action as may be necessary to purchase and acquire the Deferred Target Subsidiary Equity Interests the subject of that Deferred
Completion; 

  

	 	(c)	 the Purchaser shall make, or procure that the relevant Designated Purchaser shall make, a payment in cash
to the Parent (or the relevant Deferred Seller as the Parent directs) of an amount equal to the Deferred Completion Amount, as specified in the relevant Pre-Deferred Completion Statement;

  

	 	(d)	 the Parent shall pay (on behalf of the relevant member of the Retained Group) in cash, to each Deferred
Target Subsidiary in which Deferred Target Subsidiary Equity Interests are the subject of that Deferred Completion, an amount equal to any Tax Consolidation Receivable Amount in respect of that Deferred Target Subsidiary, if and to the extent that
the entitlement of that Deferred Target Subsidiary to receive such Tax Consolidation Receivable Amount has not been satisfied before that Deferred Completion; and 

 

	 	(e)	 the Purchaser shall procure that each Deferred Target Subsidiary in which Deferred Target Subsidiary
Equity Interests are the subject of that Deferred Completion pays in cash to the Parent (on behalf of the relevant member of the Retained Group) an amount equal to any Tax Consolidation Payment Amount in respect of each such Deferred Target
Subsidiary, if and to the extent that the liability of that Deferred Target Subsidiary to pay such Tax Consolidation Payment Amount has not been discharged before that Deferred Completion. 

 

	9.8	 Prior to each Deferred Completion, the Purchaser shall execute, or procure the execution of, all
documents, and perform, or procure the performance of, all other acts and things, in each case as are required or necessary in order to implement Steps D1 to D3 (inclusive) of the EY Acquisition Steps Paper. 

  
 20 

	9.9	 Intentionally left blank. 

 

	9.10	 If, in good time before a Deferred Completion is due to take place pursuant to this agreement, either
Party considers that there is a more optimum method, in terms of legal steps, for facilitating and effecting such Deferred Completion and positioning the relevant Deferred Target Subsidiaries within the joint venture referred to in Recital
(B) to this agreement than Steps D1 to D4 (inclusive) of the EY Acquisition Steps Paper, in a way which is economically better (or at least neutral) for the Parties and which maintains (subject to any permitted issuances or transfers of
securities pursuant to the Shareholders’ Agreement between First Completion and such Deferred Completion) the 40 per cent./60 per cent. division of equity interests in such joint venture, the Parties shall discuss the matter in good
faith with a view to agreeing alternative steps and implementing such alternative steps prior to, on and following such Deferred Completion. 

  

	9.11	 The Parties intend that, subject to the terms of this agreement and the Shareholders’ Agreement,
immediately following First Completion and (subject to any permitted issuances or transfers of securities pursuant to the Shareholders’ Agreement between First Completion and Deferred Completion) each Deferred Completion, the Parent will hold a
direct or indirect equity interest of 40 per cent., and the Purchaser will hold a direct or indirect equity interest of 60 per cent., in the joint venture to be established pursuant to the EY Acquisition Steps Paper and the
Shareholders’ Agreement in respect of the Kantar Business. Each Party shall procure the execution of such documents, and perform, or procure the performance of, all further acts and things, in each case as are required, necessary or desirable
in order to give effect to this intention. 

  

	10.	 LEAKAGE 

Pre-Signing 

 

	10.1	 The Parent covenants to the Purchaser that in the period from and including the date immediately following
the Locked Box Date up to the date of this agreement: 

  

	 	(a)	 there has been no Leakage to a member of the Retained Group; and 

 

	 	(b)	 except as expressly contemplated pursuant to the terms of this agreement, no arrangement or agreement has
been made or entered into that has resulted or will result in any Leakage to a member of the Retained Group. 

Pre-First Completion 

 

	10.2	 The Parent undertakes to the Purchaser that in the period from and including the date of this agreement up
to and including the First Completion Date it shall procure (in so far as it is within its power to do so) that, in respect of any First Completion Target Subsidiary: 

 

	 	(a)	 there will be no Leakage to a member of the Retained Group; and 

 

	 	(b)	 except as expressly contemplated pursuant to the terms of this agreement, no arrangement or agreement will
be made or entered into that will result in any Leakage to a member of the Retained Group. 

  

	10.3	 Subject to clauses 10.4 and 10.5, in the event of any Leakage from a Target Company or First Completion
Target Subsidiary, the Parent shall pay (on a $ for $ and after-Tax basis) an amount in cash equal to: (i) the amount or value of such Leakage received by any member of the Retained Group which is wholly
owned directly or indirectly by the Parent; and (ii) the Parent Proportion of the amount or value of such Leakage received by any member of the Retained Group which is not wholly owned directly or indirectly by the Parent:

  
 21 

	 	(a)	 to the Target Group immediately prior to the First Completion Date if such Leakage is identified prior to
First Completion (the First Completion Settled Leakage); and 

  

	 	(b)	 to the Purchaser if such Leakage is identified after the First Completion Date, 

in each case plus interest accrued daily at a rate of 4.8 per cent. per annum (the Leakage Interest) from the
date of such Leakage to the date of payment hereunder. The Purchaser shall not be entitled to any remedy for a breach of clauses 10.1 or 10.2 other than a payment pursuant to clause 10.3(b) or clause 10.13. 

 

	10.4	 The Parent shall not have any liability for any Leakage under clauses 10.1, 10.2 or 10.3(b) unless:

  

	 	(a)	 a claim has been notified to the Parent in writing on or before the date which is six months following the
First Completion Date; and 

  

	 	(b)	 proceedings have been brought against the Parent in respect of its recovery within three months of its
being notified of a claim in respect of that Leakage in accordance with clause 10.4(a), unless the relevant claim has been agreed in writing by the Parent before that date. 

 

	10.5	 The Parent shall have no liability under clauses 10.1, 10.2 or 10.3(b) in respect of any First Completion
Settled Leakage. 

 Pre Each Deferred Completion 

 

	10.6	 The Parent undertakes to the Purchaser that in the period from and including the date of this agreement up
to and including each Deferred Completion Date it shall procure that, in respect of any Deferred Target Subsidiary which is transferred to the Purchaser or its Designated Purchaser on that Deferred Completion Date: 

 

	 	(a)	 there will be no Leakage to a member of the Retained Group; and 

 

	 	(b)	 except as expressly contemplated pursuant to the terms of this agreement, no arrangement or agreement will
be made or entered into that will result in any Leakage to a member of the Retained Group. 

  

	10.7	 Subject to clauses 10.8 and 10.9, in the event of any Leakage from a Deferred Target Subsidiary, the
Parent shall pay (on a $ for $ and after-Tax basis) an amount in cash equal to: (i) the amount or value of such Leakage received by any member of the Retained Group which is wholly owned directly or
indirectly by the Parent; and (ii) the Parent Proportion of the amount or value of such Leakage received by any member of the Retained Group which is not wholly owned directly or indirectly by the Parent: 

 

	 	(a)	 to the Target Group immediately prior to the relevant Deferred Completion Date (the Deferred Completion
Settled Leakage); and 

  

	 	(b)	 to the Purchaser if such Leakage is identified after the relevant Deferred Completion Date,

 plus interest accrued daily at a rate of 4.8 per cent. per annum from the date of such Leakage
to the date of payment hereunder. The Purchaser shall not be entitled to any remedy for a breach of clauses 10.1 or 10.6 in respect of a Deferred Target Subsidiary other than to a payment pursuant to clause 10.7(b) or clause 10.12. 

 

	10.8	 The Parent shall not have any liability for any Leakage under clauses 10.1, 10.6 or 10.7(b) unless:

  
 22 

	 	(a)	 the amount resulting from any such Leakage exceeds $9.4 million in aggregate (in which case the
Parent shall be liable for the excess only); 

  

	 	(b)	 a claim has been notified to the Parent in writing on or before the date which is six months following the
applicable Deferred Completion Date; and 

  

	 	(c)	 proceedings have been brought against the Parent in respect of its recovery within three months of its
being notified of a claim in respect of that Leakage in accordance with clause 10.9(a), unless the relevant claim has been agreed in writing by the Parent before that date. 

 

	10.9	 The Parent shall have no liability under clauses 10.1, 10.6 or 10.7(b) in respect of any Deferred
Completion Settled Leakage. 

  

	10.10	 The liability of the Parent under clauses 10.3(b), 10.7(b) and 10.12 shall be limited to:

  

	 	(a)	 the amount of any Leakage actually received by (or attributable to) any member of the Retained Group which
is wholly owned directly or indirectly by the Parent; plus 

  

	 	(b)	 the Parent Proportion of the amount of any Leakage actually received by (or attributable to) any member of
the Retained Group which is not wholly owned directly or indirectly by the Parent; minus 

  

	 	(c)	 the aggregate amount of all First Completion Settled Leakage and Deferred Completion Settled Leakage.

  

	10.11	 The Parent shall not be liable more than once in respect of the same Leakage, regardless of whether more
than one category of Leakage arises in respect of it. 

  

	10.11A	 The Parent shall be entitled to deduct from the amount of Leakage which it would otherwise be required to
pay under clause 10.7 an amount equal to any portion of the €29,144,000 referred to in subparagraph (z) of the definition of Permitted Leakage which has not been paid to members of the Retained Group (whether as part of the First
Completion Kantar Reorganisation or the Deferred Completion Kantar Reorganisation or otherwise), provided that the total amount of such deduction shall not exceed €2,798,107.51 being the amount of the €29,144,000 which has not as at the
First Completion Date been paid to members of the Retained Group as part of the First Completion Kantar Reorganisation; once so deducted such deducted amount shall no longer be Permitted Leakage within subparagraph (z) of the definition of
Permitted Leakage. 

 Retained Target Entities 

 

	10.12	 If, as at the Second Long Stop Date, any Deferred Target Subsidiary Equity Interests have not been
transferred pursuant to any Deferred Completion (the relevant Deferred Target Subsidiaries being the Retained Target Entities), subject to clause 10.13 in the event of any Leakage (for the avoidance of doubt, reading the definitions of
Leakage and Permitted Leakage as if the Retained Target Entities had always been members of the Retained Group for purposes of this agreement) having occurred from a member of the Target Group prior to First Completion or Deferred Completion (as
applicable) to any Retained Target Entity, the Parent shall pay to the Purchaser (on a $ for $ and after-Tax basis) an amount in cash equal to: (a) the amount or value of such Leakage received by any
Retained Target Entity which is wholly owned directly or indirectly by the Parent; and (b) the Parent Proportion of the amount or value of such Leakage received by any member of the Retained Group which is not wholly owned directly or
indirectly by the Parent in each case plus interest accrued daily at a rate of 4.8 per cent. per annum from the date of such Leakage to the date of payment hereunder. 

  
 23 

	10.13	 The Parent shall not have any liability for any Leakage under clause 10.12 unless: 

 

	 	(a)	 a claim has been notified to the Parent in writing on or before the date which is six months following the
Second Long Stop Date; and 

  

	 	(b)	 proceedings have been brought against the Parent in respect of its recovery within three months of its
being notified of a claim in respect of that Leakage in accordance with clause 10.14(a), unless the relevant claim has been agreed in writing by the Parent before that date. 

General 
  

	10.14	 Leakage: 

  

	 	(a)	 for, or for the benefit of, any person shall be deemed to be to, and received by, that person;

  

	 	(b)	 to or for the benefit of any director, officer or employee of the Parent or any member of the Retained
Group shall be deemed to benefit the Parent or the relevant member of the Retained Group (as applicable); 

  

	 	(c)	 within paragraph (g) or (i) (and paragraphs (h) and/or (j) as they relate to paragraph
(g) or (i)) of the definition of Leakage shall be deemed to benefit the Parent; and 

  

	 	(d)	 within paragraph (j) of the definition of Leakage shall be deemed to benefit such of the Parent or
other member of the Retained Group which received or benefitted from or is deemed to have benefitted from the Leakage to which it relates. 

  

	10.15	 The Parent shall not be liable for the payment of any Leakage Interest where the action which has caused
Leakage has been carried out in cash and either: (a) at the request of the Purchaser (provided that the Purchaser expressly agrees that Leakage Interest shall not apply in respect thereof); or (b) otherwise pursuant to the terms of this
agreement. 

  

	10.16	 If the Purchaser receives any payment under clauses 10.3(b), 10.7(b) or 10.13, the Purchaser shall (within
10 Business Days of receiving such payment) invest the amount of such payment (net of any fees, costs, expenses and/or Tax incurred by it in connection with the same) in the Company (as defined in the Shareholders’ Agreement) which owns the
member of the Target Group from which such Leakage originated, such investment to be made in such a manner as does not result in the Purchaser acquiring any new Securities (as defined in the Shareholders’ Agreement) other than worthless
deferred shares and therefore does not result in any dilution of the economic entitlements of the Purchaser and the other holders of such Securities. 

  

	10.17	 If an amount claimed that would be payable by the Parent under this clause 10 may be subject to Tax
in the hands of the recipient, then the Parent and the Purchaser shall consult in good faith for a period of not less than 10 Business Days (or such longer or shorter period as they may agree in writing) with a view to agreeing an acceptable
arrangement for satisfying the obligation to pay the amount so claimed in an efficient manner that does not prejudice the interests of any member of the Target Group or any member of the Purchaser’s Group. If the Parent and the Purchaser fail
to agree on any particular manner of doing so then the Parent shall satisfy the obligation to pay the amount so claimed under this clause 10 by way of a payment in cash. 

 

	10.18	 The Parties agree that: 

 

	 	(a)	 a misstatement in the Locked Box Accounts, which reported an amount of US$4,406,083 in “Cash and cash
equivalents” when in fact it should have been shown in the line items making up total “Net working capital”, (the Misstatement) shall be dealt with (in full and

  
 24 

	 	 
final settlement as between the Parties of any claims relating to or arising from the Misstatement) by the payment immediately prior to First Completion by the Parent or another member of the
Retained Group to the Target Group of an amount in cash of US$4,406,083, which amount shall be treated and paid as an additional amount of Leakage notwithstanding that it does not fall within the definition of Leakage in Schedule 5 except that no
Leakage Interest shall be payable on such amount; and 

  

	 	(b)	 notwithstanding any other provision of this agreement, neither the Parent nor any other member of the
Retained Group shall have any liability under any provision of this agreement other than under paragraph (a) above (including, without limitation, the Warranties) in respect of the Misstatement. 

 

	10.19	 The Parties agree that: 

 

	 	(a)	 an amount of Euro 2,347,860 being the cost of a foreign currency hedge entered into by SAP in respect of
the future receipt by SAP or CTR of the CSM Payment in Chinese Renminbi (the Hedge) shall be treated as Leakage notwithstanding that it does not fall within the definition of Leakage in Schedule 5, and the Parent shall, or shall procure that
another member of the Retained Group shall, make a payment immediately prior to First Completion to the Target Group of an amount in cash of US$ 2,584,433 (being the agreed US dollar equivalent of Euro 2,347,860) plus Leakage Interest thereon from
the date the cost of the Hedge was incurred to the date the payment is made under this subclause in an agreed amount of US$89,523, making a total payment of US$2,673,956; and 

 

	 	(b)	 notwithstanding any other provision of this agreement, neither the parent nor any other member of the
Retained Group shall have any liability under any provision of this agreement other than under paragraph (a) above in respect of the cost of the Hedge. 

  

	11.	 WRONG POCKETS 

 

	11.1	 Where between the Locked Box Date and the first anniversary of the First Completion Date (the Wrong
Pocket Period), an amount falls to be paid for by a member of the Retained Group in relation to the business or operations of the Kantar Business (but not including, for the avoidance of doubt, any amounts paid under the Tax Deed), with effect
from First Completion or Deferred Completion (as applicable) the Purchaser shall procure that a member of the Target Group shall pay such amount provided that such amount, when aggregated with all other such amounts, exceeds £250,000. Any
related rights or benefits in respect of the Kantar Business shall vest in such member of the Target Group. 

  

	11.2	 If, during the Wrong Pocket Period, a member of the Retained Group receives a cash amount from a third
party which relates to the business or operations of the Kantar Business, with effect from First Completion or Deferred Completion (as applicable) the Parent shall pay or shall procure that such member of the Retained Group pays such amount (net of
any Tax suffered by the Retained Group thereon) to the Purchaser on behalf of the member of the Target Group conducting such operations. 

  

	11.3	 Where during the Wrong Pocket Period an amount falls to be paid for by a member of the Target Group in
relation to the business or operations of a member of the Retained Group, with effect from First Completion or Deferred Completion (as applicable) the Parent shall procure that the relevant member of the Retained Group shall pay such amount provided
that such amount, when aggregated with all other such amounts, exceeds £250,000. Any related rights or benefits in respect of the business of the Retained Group shall vest in the relevant member of the Retained Group conducting such business.

  
 25 

	11.4	 If, during the Wrong Pocket Period, the Purchaser or a member of the Target Group receives a cash amount
from a third party which relates to the business or operations of the Retained Group, with effect from First Completion or Deferred Completion (as applicable) the Purchaser shall pay or procure that such member of the Target Group pays such amount
(net of any Tax suffered by the Purchaser or any member of the Target Group thereon) to the Parent on behalf of such member of the Retained Group conducting such operations. 

 

	11.5	 To the extent that the Parent or another member of the Retained Group has any interest in any asset,
Intellectual Property Right, business, agreement or right exclusively or predominantly used in the Kantar Business, the Purchaser and the Parent, acting together, shall procure that transfers of such interests are effected by the Parent or other
relevant member of the Retained Group (as the case may be) to the user for, to the extent permitted by law, £1 or, if not so permitted, for a price equivalent to market value payable by the relevant transferee which amount shall be deemed to
have been taken into account in the calculation of the Total Headline Base Consideration (which accordingly, for tax purposes, shall be adjusted commensurately) so that no actual payment is required. 

 

	11.6	 To the extent that any member of the Target Group has any interest in any asset, Intellectual Property
Right, business, agreement or right exclusively or predominantly used in the business of the Retained Group, the Purchaser and the Parent, acting together, shall procure that transfers of such interests are effected by the relevant member of the
Target Group to the user for, to the extent permitted by law, £1 or, if not so permitted, for a price equivalent to market value payable by the relevant transferee which amount shall be deemed to have been taken into account in the calculation
of the Total Headline Base Consideration (which accordingly, for tax purposes, shall be adjusted commensurately) so that no actual payment is required. 

  

	12.	 GUARANTEES AND INDEMNITIES 

 

	12.1	 The Parent shall procure that on First Completion each Target Company and each First Completion Target
Subsidiary is released from all guarantees, letters of comfort, indemnities or any other obligation akin to the foregoing (together, Group Commitments) given by that member of the Target Group in respect of any liability or obligation of any
member of the Retained Group, and pending such release the Parent shall indemnify that member of the Target Group against all liabilities arising under those Group Commitments following First Completion. 

 

	12.2	 The Purchaser shall procure that as from First Completion the Parent and each member of the Retained Group
is released from all Group Commitments given by the Parent or any member of the Retained Group in respect of any liability or obligation of any Target Company or any First Completion Target Subsidiary, and pending such release, the Purchaser shall
procure that the members of the Target Group transferred at First Completion indemnify the Parent or that member of the Retained Group against all liabilities arising under those Group Commitments following First Completion. 

 

	12.3	 The Parent shall procure that on each Deferred Completion each relevant Deferred Target Subsidiary is
released from all Group Commitments given by that member of the Target Group in respect of any liability or obligation of any member of the Retained Group, and pending such release the Parent shall indemnify that member of the Target Group against
all liabilities arising under those Group Commitments following the relevant Deferred Completion. 

  

	12.4	 The Purchaser shall procure that as from each Deferred Completion the Parent and each member of the
Retained Group is released from all Group Commitments given by the Parent or any member of the Retained Group in respect of any liability or obligation of any relevant Deferred Target Subsidiary, and pending such release, the Purchaser shall procure
that the Deferred Target Subsidiaries transferred at the relevant Deferred Completion indemnify the Parent or that member 

  
 26 

	 	 
of the Retained Group against all liabilities arising under those Group Commitments following the relevant Deferred Completion. 

 

	12.5	 To the extent that, following First Completion or a Deferred Completion (as the case may be), the Parent
or any member of the Retained Group (as applicable) has not been released from all Group Commitments given by the Parent or any member of the Retained Group (as applicable) in respect of any liability or obligation of any Target Company or any First
Completion Target Subsidiary or Deferred Target Subsidiary (as applicable): 

  

	 	(a)	 the Purchaser shall use reasonable endeavours to procure that the Parent or any member of the Retained
Group (as applicable) is released from all such Group Commitments as soon as reasonably practicable after First Completion or such Deferred Completion (as applicable); and 

 

	 	(b)	 until such release is effective, the Purchaser shall procure that any Target Company or any First
Completion Target Subsidiary or Deferred Target Subsidiary (as applicable) shall indemnify the Parent or the relevant member of the Retained Group (as applicable) against all liabilities arising under those Group Commitments. 

 

	12.6	 To the extent that, following First Completion or a Deferred Completion (as the case may be), any Target
Company, First Completion Target Subsidiary or Deferred Target Subsidiary (as applicable) has not been released from all Group Commitments given by that Target Company,First Completion Target Subsidiary or Deferred Target Subsidiary (as applicable)
in respect of any liability or obligation of any member of the Retained Group: 

  

	 	(a)	 the Parent shall use reasonable endeavours to procure that the Target Company, First Completion Target
Subsidiary or Deferred Target Subsidiary (as applicable) is released from all such Group Commitments as soon as reasonably practicable after First Completion or such Deferred Completion (as applicable); and 

 

	 	(b)	 until such release is effective, the Parent shall indemnify the Target Company, First Completion Target
Subsidiary or Deferred Target Subsidiary (as applicable) against all liabilities arising under those Group Commitments. 

  

	12.7	 Clauses 12.1, 12.3 and 12.6 may be enforced by the relevant member of the Target Group (with, where that
member is not the Purchaser, the Purchaser’s prior written consent) against the Parent under the Contracts (Rights of Third Parties) Act 1999. The provisions of clauses 12.1, 12.3 and 12.6 may be varied by agreement between the Parent and the
Purchaser (and the Purchaser may also release or compromise in whole or in part any liability in respect of rights or claims contemplated by clauses 12.1, 12.3 or 12.6) without the consent of any other member of the Target Group.

  

	12.8	 Clauses 12.2, 12.4 and 12.5 may be enforced by each relevant member of the Retained Group (with, where
that member is not the Parent, the Parent’s prior written consent) against the Purchaser under the Contracts (Rights of Third Parties) Act 1999. The provisions of clauses 12.2, 12.4 and 12.5 may be varied by agreement between the Parent and the
Purchaser (and the Parent may also release or compromise in whole or in part any liability in respect of rights or claims contemplated by clauses 12.2, 12.4 or 12.5) without the consent of any other member of the Retained Group.

  

	13.	 INTRA-GROUP LOANS AND TRADE DEBTS ON FIRST COMPLETION 

 

	13.1	 The provisions of this clause 13 shall apply to all Intra-Group Payables and Intra-Group Receivables
excluding those balances falling within First Completion KR Net Debt. 

  

	13.2	 The Parent shall procure (in so far as it is able) that: 

  
 27 

	 	(a)	 all Intra-Group Payables owed by a Target Company or a First Completion Target Subsidiary to the Parent or
a member of the Retained Group are repaid and settled before the First Completion Date using any cash held by the Target Companies and First Completion Target Subsidiaries; and 

 

	 	(b)	 all Intra-Group Receivables owed by the Parent or a member of the Retained Group to a Target Company or a
First Completion Target Subsidiary are repaid and settled before the First Completion Date in cash. 

  

	13.3	 To the extent that the Parent is unable to procure the matters set out in clause 13.2(a) and/or (b), the
Parent shall notify the Purchaser thereof and the Parties shall use reasonable endeavours to agree in good faith an alternative mechanism which is economically equivalent for them and cash-neutral for the Purchaser’s Group at First Completion.

  

	13.4	 The Parent shall procure that the Trade Debts owing by any member of the Retained Group to a Target
Company or First Completion Target Subsidiary as at First Completion shall be settled after First Completion when due in the ordinary course of business. 

  

	13.5	 The Purchaser shall procure that the Trade Debts owing by any Target Company or First Completion Target
Subsidiary to a member of the Retained Group as at First Completion shall be settled after First Completion when due in the ordinary course of business. 

  

	14.	 INTRA-GROUP LOANS AND TRADE DEBTS ON DEFERRED COMPLETIONS 

 

	14.1	 The provisions of this clause 14 shall apply to all Intra-Group Payables and Intra-Group Receivables
excluding those balances falling within Deferred Completion KR Net Debt. 

  

	14.2	 The Parent shall procure (in so far as it is able) that: 

 

	 	(a)	 all Intra-Group Payables owed by a Deferred Target Subsidiary to the Parent or a member of the Retained
Group are repaid and settled before the Deferred Completion Date using any cash held by the Deferred Target Subsidiaries; and 

  

	 	(b)	 all Intra-Group Receivables owed by the Parent or a member of the Retained Group to a Deferred Target
Subsidiary are repaid and settled before the Deferred Completion Date in cash. 

  

	14.3	 To the extent that the Parent is unable to procure the matters set out in clause 14.2(a) and/or 14.2(b),
the Parent shall notify the Purchaser thereof and the Parties shall use reasonable endeavours to agree in good faith an alternative mechanism which is economically equivalent for them and cash-neutral for the Purchaser’s Group at Deferred
Completion. 

  

	14.4	 The Parent shall procure that the Trade Debts owing by any member of the Retained Group to a Deferred
Target Subsidiary as at Deferred Completion shall be settled after Deferred Completion when due in the ordinary course of business. 

  

	14.5	 The Purchaser shall procure that the Trade Debts owing by any Deferred Target Subsidiary to a member of
the Retained Group as at Deferred Completion shall be settled after Deferred Completion when due in the ordinary course of business. 

  

	15.	 KANTAR REORGANISATION INTRA-GROUP LOANS 

The Parties shall agree in good faith a method for dealing with any First Completion KR Net Debt and Deferred Completion KR
Net Debt which is economically equivalent for them and cash-neutral 

  
 28 

 
for the Purchaser’s Group at First Completion and each Deferred Completion as if any such First Completion KR Net Debt and Deferred Completion KR Net Debt had never existed. 

 

	16.	 DEFERRED VALUE PAYMENTS 

 

	16.1	 If during the Claim Limitation Period, there is a Final Claim Determination in respect of any Litigation
Claim or any Contingent Tax Liability: 

  

	 	(a)	 where such Final Claim Determination occurs prior to First Completion (in respect of a Litigation Claim or
(as applicable) Contingent Tax Liability relating to a First Completion Target Subsidiary) or the relevant Deferred Completion (in respect of a Litigation Claim or (as applicable) Contingent Tax Liability relating to a Deferred Target Subsidiary),
the Parent shall notify UK Bidco of such Final Claim Determination and the relevant Final Claim Amount; or 

  

	 	(b)	 where such Final Claim Determination occurs after First Completion (in respect of a Litigation Claim or
(as applicable) Contingent Tax Liability relating to a First Completion Target Subsidiary) or the relevant Deferred Completion (in respect of a Litigation Claim or (as applicable) Contingent Tax Liability relating to a Deferred Target Subsidiary),
but in any event while the relevant member of the Target Group is a JV Group Company, UK Bidco shall, or shall procure that the relevant Target Subsidiary shall, notify the Parent of such Final Claim Determination and the relevant Final Claim
Amount, 

 in each case as soon as practicable and in any event within five Business Days of the later
of: (i) becoming aware of the occurrence of such Final Claim Determination; and (ii) the First Completion Date or the relevant Deferred Completion Date (as applicable) (the Final Claim Notice). 

 

	16.2	 If in respect of any Litigation Claim or (as applicable) Contingent Tax Liability the subject of a Final
Claim Notice, the Final Claim Amount is less than the Estimated Claim Amount (the relevant Pre-Sale Proportion of the difference being the Estimate Excess), then: 

 

	 	(a)	 following the delivery of the relevant Final Claim Notice, UK Bidco shall pay to the Parent or (as
directed by the Parent) the relevant Seller, or procure payment to the Parent or the relevant Seller of, an amount in cash equal to the Estimate Excess, by wire transfer in immediately available funds, on the later of the date falling: (i) 10
Business Days after delivery of the Final Claim Notice to the Parent; and (ii) 10 Business Days after First Completion or Deferred Completion (as applicable to the member of the Target Group the subject of the relevant Litigation Claim or (as
applicable) Contingent Tax Liability); and 

  

	 	(b)	 in each case, the Total Estimated Claim Amount shall be reduced by the Estimated Claim Amount in respect
of such Litigation Claim or (as applicable) Contingent Tax Liability. 

  

	16.3	 If in respect of any Litigation Claim or (as applicable) Contingent Tax Liability the subject of a Final
Claim Notice, the Final Claim Amount is the same as or exceeds the Estimated Claim Amount (the difference being the Estimate Shortfall) whether: 

  

	 	(a)	 the relevant Final Claim Notice is delivered prior to the First Completion Date (in respect of a
Litigation Claim or (as applicable) Contingent Tax Liability relating to a First Completion Target Subsidiary) or the relevant Deferred Completion Date (in respect of a Litigation Claim or (as applicable) Contingent Tax Liability relating to a
Deferred Target Subsidiary); or 

  

	 	(b)	 the relevant Final Claim Notice is delivered after the First Completion Date (in respect of a Litigation
Claim or (as applicable) Contingent Tax Liability relating to a First Completion 

  
 29 

	 	 
Target Subsidiary) or the relevant Deferred Completion Date (in respect of a Litigation Claim or (as applicable) Contingent Tax Liability relating to a Deferred Target Subsidiary),

 in neither case shall the Parent be liable to the Purchaser, UK Bidco (including any subsidiary of UK
Bidco) or any member of the Target Group or the Purchaser’s Group in respect of all or any part of such Estimate Shortfall and in each case, the Total Estimated Claim Amount shall be reduced by the Estimated Claim Amount. 

 

	16.4	 If during the Claim Limitation Period, there is an Interim Claim Reduction in respect of any Litigation
Claim or any Contingent Tax Liability: 

  

	 	(a)	 where such Interim Claim Reduction occurs prior to First Completion (in respect of a Litigation Claim or
(as applicable) Contingent Tax Liability relating to a First Completion Target Subsidiary) or the relevant Deferred Completion (in respect of a Litigation Claim or (as applicable) Contingent Tax Liability relating to a Deferred Target Subsidiary),
the Parent shall notify UK Bidco of such Interim Claim Reduction and the relevant Interim Claim Reduction Amount; or 

  

	 	(b)	 where such Interim Claim Reduction occurs after First Completion (in respect of a Litigation Claim or (as
applicable) Contingent Tax Liability relating to a First Completion Target Subsidiary) or the relevant Deferred Completion (in respect of a Litigation Claim or (as applicable) Contingent Tax Liability relating to a Deferred Target Subsidiary), but
in any event while the relevant member of the Target Group is a JV Group Company, UK Bidco shall, or shall procure that the relevant Target Subsidiary shall, notify the Parent of such Interim Claim Reduction and the relevant Interim Claim Reduction
Amount, 

 in each case as soon as practicable and in any event within five Business Days of the later
of: (i) becoming aware of such Interim Claim Reduction; and (ii) the First Completion Date or the relevant Deferred Completion Date (as applicable) (the Interim Claim Reduction Notice). 

 

	16.5	 Following the delivery of the relevant Interim Claim Reduction Notice: 

 

	 	(a)	 UK Bidco shall pay to the Parent or (as directed by the Parent) the relevant Seller, or procure the
payment to the Parent or the relevant Seller of, an amount in cash equal to the relevant Pre-Sale Proportion of the Interim Claim Reduction Amount, by wire transfer in immediately available funds, on the later
of the date falling: (i) 10 Business Days after delivery of the Interim Claim Reduction Notice to the Parent; and (ii) 10 Business Days after First Completion or Deferred Completion (as applicable to the member of the Target Group the subject of the
relevant Litigation Claim or (as applicable) Contingent Tax Liability); and 

  

	 	(b)	 in each case, the Total Estimated Claim Amount shall be reduced by the Interim Claim Reduction Amount in
respect of such Litigation Claim or (as applicable) Contingent Tax Liability. 

  

	16.6	 If a member of the Target Group ceases following First Completion (in respect of a Target Company or a
First Completion Target Subsidiary) or the relevant Deferred Completion (in respect of a Deferred Target Subsidiary), to be a JV Group Company: (i) the Final Claim Amount in respect of all Litigation Claims or (as applicable) Contingent Tax
Liabilities to which that member of the Target Group is then subject shall be deemed to be equal to the Estimated Claim Amount thereof; and (ii) the Total Estimated Claim Amount shall be reduced by the Estimated Claim Amount of all Litigation
Claims or (as applicable) Contingent Tax Liabilities to which such member of the Target Group is then subject. 

  
 30 

	16.7	 If an Exit has not then occurred, as soon as practicable after, and in any event within 5 Business Days
of, the date of the third anniversary of the final Deferred Completion Date, UK Bidco shall pay, or procure the payment of, the balance of the Total Estimated Claim Amount (as adjusted: (i) in accordance with clauses 16.2, 16.3, 16.5 and 16.6;
(ii) to reflect the relevant Pre-Sale Proportion in respect of each relevant Estimated Claim Amount; and (iii) less any amount of the Total Estimated Claim Amount which relates to any Litigation Claim(s)
against Target Subsidiaries or (as applicable) Contingent Tax Liabilities of Target Subsidiaries in which there are Non-Transferable Target Subsidiary Equity Interests) to the Parent or the relevant Seller by
wire transfer in immediately available funds. 

  

	16.8	 The provisions of Part 1 of Schedule 9 shall apply to all Litigation Claims until the earlier of, in
relation to each Litigation Claim: (i) a Final Claim Notice being served; and (ii) the expiry of the Claim Limitation Period. 

  

	16.9	 The provisions of Clause 8 (Conduct of tax claims) of the Tax Deed shall apply to all Contingent
Tax Liabilities (except any Contingent Tax Liabilities within paragraphs (g) to (m) (inclusive) of the definition of that term) until the earlier of, in relation to each Contingent Tax Liability: (i) a Final Claim Notice being served; and
(ii) the expiry of the Claim Limitation Period. 

  

	16.10	 The provisions of paragraph 8 (Third Party Claims) of Schedule 3 shall not apply to any Litigation Claim.

  

	16.11	 Notwithstanding anything to the contrary in this agreement, the maximum aggregate amount payable under
this clause 16 to the Parent and the relevant Sellers shall not exceed $65,000,000. 

  

	16.12	 In relation to all amounts payable under this clause 16: 

 

	 	(a)	 amounts payable or payments procured by UK Bidco shall be paid by way of an adjustment of the
consideration payable by UK Bidco or its subsidiaries for the Target Company Equity Interests in respect of which any of them is the Designated Purchaser; and 

 

	 	(b)	 where requested by either Party, the Parties shall use reasonable endeavours to agree in good faith an
alternative mechanism, pursuant to which the relevant direct or indirect Designated Purchaser of the member of the Target Group to which the relevant Litigation Claim or Contingent Tax Liability relates makes any payment due to be made to the Parent
under this clause 16, provided that such mechanism is in accordance with applicable law, economically equivalent and cash-neutral as between the Parent and the Purchaser. 

 

	16.13	 Clauses 16.2, 16.5 and 16.7 may be enforced by the relevant Seller against UK Bidco and/or its relevant
subsidiaries under the Contracts (Rights of Third Parties) Act 1999. The provisions of clauses 16.2, 16.5 and 16.7 may be varied by agreement between the Parent and the Purchaser (and the Parent may also release or compromise in whole or in part any
liability in respect of rights or claims contemplated by clauses 16.2, 16.5 and 16.7) without the consent of any such Seller. 

  

	17.	 DEFERRED PAYMENTS IN RESPECT OF CERTAIN ASSETS1

  

	17.1	 If, following First Completion and prior to any Exit, a member of the Target Group which is at that time a
JV Group Company receives any cash proceeds from any voluntary sale or other voluntary disposal (whether in whole or in part and directly or indirectly) of any shares, preferred shares, loan notes or other securities in Affectiva held by such member
of the Target Group as at the date of this agreement (any cash amounts received by the Target Group in respect of the foregoing, net of all 

 

	1 	 Note: subject to update to reflect agreed position on Argentinian land. 

  
 31 

	 	 
fees, costs, expenses and Tax incurred by it in connection therewith, an Affectiva Payment), then UK Bidco shall: 

 

	 	(a)	 promptly give notice of the receipt of such Affectiva Payment to the Parent; and 

 

	 	(b)	 pay to the Parent or (as directed by the Parent) the relevant Seller, or procure payment to the Parent or
the relevant Seller of, an amount in cash equal to the Pre-Sale Proportion (with the relevant member of the Target Group for the purposes of that definition being the member of the Target Group that has
received the Affectiva Payment in question) of the Affectiva Payment, by wire transfer in immediately available funds, on the date falling 10 Business Days after receipt of such Affectiva Payment, 

and for the purposes of this clause 17.1, any voluntary sale by one JV Group Company of another JV Group Company, all or
substantially all of the assets of which are comprised of shares, preferred shares, loan notes or other securities in Affectiva held by any member of the Target Group as at the date of this agreement, shall be deemed to be a direct voluntary sale of
such shares, preferred shares, loan notes or other securities in Affectiva. 
  

	17.2	 In respect of any member of the Target Group which receives all or part of the Argentinian Land
Consideration: 

  

	 	(a)	 if the Argentinian Land Consideration is received prior to the First Completion Date (if such member of
the Target Group is a First Completion Target Subsidiary) or the relevant Deferred Completion Date (if such member of the Target Group is a Deferred Target Subsidiary), the Parent shall procure that the relevant member of the Target Group shall pay
to the Parent an amount in cash equal to the relevant Pre-Sale Proportion of the Argentinian Land Consideration on or prior to the First Completion Date or the relevant Deferred Completion Date (as the case
may be), and the amount so paid shall be Permitted Leakage within paragraph (p) of the definition of Permitted Leakage, provided that; 

  

	 	(i)	 any Argentinian Land Consideration received prior to the First Completion Date by each of TNS Gallup
Argentina SA, IBOPE Argentina SA and Monitor de Medios Publicitarios SA shall be deemed to have been received by such entity following First Completion and shall be dealt with in accordance with clause 17.2(b) below; and 

 

	 	(ii)	 to the extent that any other member of the Target Group is not able to pay all or part of its portion of
the Argentinian Land Consideration to the Parent on or prior to the First Completion Date or the relevant Deferred Completion Date, any such unpaid amounts shall be deemed to have been received by a JV Group Company following First Completion or the
Relevant Deferred Completion (as applicable) and shall be dealt with in accordance with clause 17.2(b) below; or 

  

	 	(b)	 if the Argentinian Land Consideration is received by a JV Group Company following First Completion or the
relevant Deferred Completion (as applicable), but prior to any Exit, UK Bidco shall promptly give notice of such receipt to the Parent and shall pay to the Parent or the relevant Seller, or procure payment to the Parent or the relevant Seller of, an
amount in cash equal to the relevant Pre-Sale Proportion of the Argentinian Land Consideration on the date which is ten Business Days after the later to occur of: (i) the date on which the Argentinian
Land Consideration is received; and (ii) the date on which the Argentinian Land Consideration is freely payable (including by way of a distribution, loan or otherwise), directly or indirectly, by the relevant JV Group Company that received it
to UK Bidco, 

  
 32 

	 	 
and for the purposes of 17.2(b) above, any sale by one JV Group Company of another JV Group Company, all or substantially all of the assets of which are comprised of the Argentinian Land, shall
be deemed to be a direct sale of the Argentinian Land. 

  

	17.3	 In respect of all amounts payable under this clause 17: 

 

	 	(a)	 amounts payable or payments procured by UK Bidco shall be paid by way of an adjustment of the
consideration payable by UK Bidco or its subsidiaries for the Target Company Equity Interests in respect of which any of them is the Designated Purchaser; and 

 

	 	(b)	 where requested by either Party, the Parties shall use reasonable endeavours to agree in good faith an
alternative mechanism, pursuant to which the relevant member of the Target Group which receives the relevant Affectiva Payment or the Argentinian Land Consideration, or the relevant direct or indirect Designated Purchaser of such entity, makes any
payment due to be made to the Parent under this clause 17, provided that such mechanism is in accordance with applicable law, economically equivalent and cash-neutral to the Parties. 

 

	17.4	 Clauses 17.1 and 17.2 may be enforced by the relevant Seller against UK Bidco and/or its relevant
subsidiaries under the Contracts (Rights of Third Parties) Act 1999. The provisions of clauses 17.1 and 17.2 may be varied by agreement between the Parent and the Purchaser (and the Parent may also release or compromise in whole or in part any
liability in respect of rights or claims contemplated by clauses 17.1 and 17.2) without the consent of any such Seller. 

  

	18.	 DEFERRED PAYMENTS IN RESPECT OF THE CSM MATTER 

 

	18.1	 If during the Deferred Consideration Period, SAP or CTR receives, while it is a JV Group Company, all or a
part of the CSM Payment (such amount net of all fees, costs, expenses and Tax incurred by the Target Group in connection with such payment except the costs of the Hedge referred to in clause 10.19(a), the CSM Payment Receipt):

  

	 	(a)	 where such CSM Payment Receipt occurs prior to First Completion (where SAP or CTR, as applicable, is a
First Completion Target Subsidiary) or the relevant Deferred Completion (where SAP or CTR, as applicable, is a Deferred Target Subsidiary), the Parent shall notify UK Bidco of such CSM Payment Receipt; or 

 

	 	(b)	 where such CSM Payment Receipt occurs after First Completion (where SAP or CTR, as applicable, is a First
Completion Target Subsidiary) or the relevant Deferred Completion (where SAP or CTR, as applicable, is a Deferred Target Subsidiary), UK Bidco shall, or shall procure that the relevant Target Subsidiary shall, notify the Parent of such CSM Payment
Receipt, 

 in each case as soon as practicable and in any event within five Business Days of becoming
aware of the CSM Payment Receipt (a CSM Notice). 
  

	18.2	 If a CSM Notice is delivered prior to the First Completion Date (where SAP or CTR, as applicable, is a
First Completion Target Subsidiary) or the relevant Deferred Completion Date (where SAP or CTR, as applicable, is a Deferred Target Subsidiary), the Parent shall, subject to clause 18.4(a), procure that SAP or CTR, as applicable, shall pay to the
Parent an amount in cash equal to the Pre-Sale Proportion relevant to SAP or CTR (as applicable) of the relevant CSM Payment Receipt (the CSM Pre-Completion
Payment) prior to the First Completion Date or the relevant Deferred Completion Date (as the case may be) and the CSM Pre-Completion Payment shall be deemed to be Permitted Leakage. 

  
 33 

	18.3	 If a CSM Notice is delivered after the First Completion Date (where SAP or CTR, as applicable, is a First
Completion Target Subsidiary) or the relevant Deferred Completion Date (where SAP or CTR, as applicable, is a Deferred Target Subsidiary), UK Bidco shall, subject to clause 18.4(a), pay to the Parent or (as directed by the Parent) the relevant
Seller, or procure payment to the Parent or the relevant Seller of, an amount in cash equal to the Pre-Sale Proportion relevant to SAP or CTR (as applicable) of the relevant CSM Payment Receipt, by wire
transfer in immediately available funds, on the date falling 10 Business Days after delivery of the CSM Notice (the CSM Post-Completion Payment). 

  

	18.4	 Notwithstanding anything to the contrary: 

 

	 	(a)	 the first $5,000,000 per calendar year of CSM Dividend Payments will not be included within the
calculation of any CSM Pre-Completion Payment or CSM Post-Completion Payment; 

  

	 	(b)	 the maximum aggregate amount payable to the Parent and the relevant Sellers under this clause 18 shall not
exceed the CSM Cap; 

  

	 	(c)	 the maximum aggregate amount payable to the Parent and the relevant Sellers under this clause 18 in
respect of CSM Sale Payments shall be $60,000,000 minus all fees, costs, expenses and Tax incurred by the Target Group in connection with any and all CSM Sale Payments; 

 

	 	(d)	 the maximum aggregate amount payable to the Parent and the relevant Sellers under this clause 18 in
respect of CSM Dividend Payments shall be $35,000,000 minus all fees, costs, expenses and Tax incurred by the Target Group in connection with any and all CSM Sale Payments; and 

 

	 	(e)	 any CSM Dividend Payment received by CTR will only be deemed to be a CSM Payment Receipt once the relevant
amount has become, directly or indirectly, freely payable (including by way of a distribution, loan or otherwise) by CTR to the Parent or the relevant Seller (in the case of a CSM Pre-Completion Payment) or UK
Bidco (in the case of a CSM Post-Completion Payment). 

  

	18.5	 The provisions of Part 2 of Schedule 9 shall apply to the CSM Matter until the earlier of: (i) the
CSM Notice being served; and (ii) the expiry of the Deferred Consideration Period. 

  

	18.6	 The provisions of paragraph 8 (Third Party Claims) of Schedule 3 shall not apply to this clause 18.

  

	18.7	 In respect of all amounts payable under this clause 18: 

 

	 	(a)	 amounts payable or payments procured by UK Bidco shall be paid by way of an adjustment of the
consideration payable by UK Bidco or its subsidiaries for the Target Company Equity Interests in respect of which any of them is the Designated Purchaser; and 

 

	 	(b)	 where requested by either Party, the Parties shall use reasonable endeavours to agree in good faith an
alternative mechanism, pursuant to which the relevant member of the Target Group which receives the relevant CSM Payment, or the relevant direct or indirect Designated Purchaser of such entity, makes any payment due to be made to the Parent under
this clause 18, provided that such mechanism is in accordance with applicable law, economically equivalent and cash-neutral to the Parties. 

  

	18.8	 Clause 18.3 may be enforced by the relevant Seller against UK Bidco and/or its relevant subsidiaries under
the Contracts (Rights of Third Parties) Act 1999. The provisions of clause 18.3 may be varied by agreement between the Parent and the Purchaser (and the Parent may also release

  
 34 

	 	 
or compromise in whole or in part any liability in respect of rights or claims contemplated by clause 18.3) without the consent of any such Seller. 

 

	19.	 PARENT’S WARRANTIES 

 

	19.1	 The Parent warrants to the Purchaser that, except as Disclosed to the Purchaser in the Disclosed
Information, each of the statements set out in: 

  

	 	(a)	 Schedule 2 is, subject to clauses 19.2 and 19.3, true and accurate in all material respects at the date of
this agreement; and 

  

	 	(b)	 the Fundamental Warranties are at the date of this agreement, and (in respect of the First Completion
Target Subsidiaries) will at First Completion be and (in respect of any Deferred Target Subsidiaries) will at the relevant Deferred Completion Date be, true and accurate. 

 

	19.2	 Where the Target Subsidiary Equity Interests in a Non-Wholly Owned
Target Subsidiary are less than 51 per cent. of the total Equity Interests in such Non-Wholly Owned Target Subsidiary, each statement set out in Schedule 3 shall be qualified by the expression “so
far as the Parent is aware” in so far as such statement relates to such Non-Wholly Owned Target Subsidiaries. 

 

	19.3	 Clause 19.1 shall apply as if: 

 

	 	(a)	 none of the Warranties, other than those set out in sub-paragraph
1.15 of Schedule 2, relate in any way to the Properties or any of them; 

  

	 	(b)	 none of the Warranties, other than those set out in sub-paragraph
1.16 of Schedule 2, relate in any way to any Intellectual Property Right or any agreement or other arrangement in connection with any Intellectual Property Right; 

 

	 	(c)	 none of the Warranties, other than those set out in paragraph 1.24 of Schedule 2, relate in any way to
employees or employment matters; 

  

	 	(d)	 none of the Warranties, other than those set out in paragraph 3 of Schedule 2, relate in any way to
pension matters or retirement benefits; and 

  

	 	(e)	 none of the Warranties, other than those set out in paragraph 2 of Schedule 2, relate in any way to
Taxation, 

 provided however that the Warranties set out in paragraphs 1.9 (Accounts and Total FY18
Baseline EBITDA Statement), 1.10 (Locked Box Accounts and Management Accounts), 1.11 (Position since the Locked Box Date), 1.13 (Compliance with laws) and 1.21 (Litigation) shall also apply in respect of all such
matters. 
  

	19.4	 Each of the Warranties is separate and independent and, except as expressly provided to the contrary in
this agreement, is not limited by reference to any other of the Warranties or by any other provision of this agreement. 

  

	20.	 LIMITATIONS ON LIABILITY 

 

	20.1	 All Claims (but not, unless expressly provided to the contrary, Leakage claims pursuant to clause 10.3,
clause 10.7 or clause 10.13) shall be subject to the limitations and other provisions set out in Schedule 3. 

  
 35 

	20.2	 None of the limitations contained in this clause shall apply to any Claim to the extent that such Claim
arises as a result of fraud by the Parent or where such Claim would not have arisen but for fraud or wilful default by the Parent. 

  

	20.3	 Each of the Purchaser and UK Bidco shall not be liable in respect of, and there shall be disregarded for
all purposes, any claim under this agreement (other than a claim under clauses 16, 17, 18 or 21.1) or under Clause 6 (Purchaser’s Covenant) of the Tax Deed unless the aggregate amount for which it would, but for this subclause, be liable as a
result of that claim exceeds (when aggregated with all other relevant claims that arise out of the same or substantially similar facts or circumstances) £250,000. The limitation contained in this subclause shall not apply to any claim to the
extent that such claim arises as a result of fraud by the Purchaser or UK Bidco (as applicable) or where such claim would not have arisen but for fraud or wilful default by the Purchaser or UK Bidco (as applicable). 

 

	21.	 PURCHASER’S WARRANTIES AND UNDERTAKINGS 

 

	21.1	 The Purchaser warrants to the Parent that: 

 

	 	(a)	 it, and each Designated Purchaser, is a company validly existing under the laws of its jurisdiction of
incorporation and has been in continuous existence since its incorporation; 

  

	 	(b)	 it, and each Designated Purchaser, has the power to execute and deliver this agreement, and each of the
other Transaction Documents to which it is or will be a party, and to perform its obligations under each of them and has taken all action necessary to authorise such execution and delivery and the performance of such obligations;

  

	 	(c)	 this agreement constitutes, and each of the other Transaction Documents to which it is or will be a party
will, when executed, constitute legal, valid and binding obligations of the Purchaser and each Designated Purchaser in accordance with its terms; 

  

	 	(d)	 the execution and delivery by the Purchaser and each Designated Purchaser of this agreement and of each of
the other Transaction Documents to which it is or will be a party and the performance of the obligations of the Purchaser and each Designated Purchaser under it and each of them do not and will not conflict with or constitute a default under any
provision of: 

  

	 	(i)	 any agreement or instrument to which the Purchaser or any Designated Purchaser is a party; or

  

	 	(ii)	 the constitutional documents of the Purchaser or each Designated Purchaser; or 

 

	 	(iii)	 any law, lien, lease, order, judgment, award, injunction, decree, ordinance or regulation or any other
restriction of any kind or character by which the Purchaser and each Designated Purchaser is bound; 

  

	 	(e)	 except as otherwise contemplated by this agreement, all authorisations from, and notices or filings with,
any governmental or other authority that are necessary to enable the Purchaser and each Designated Purchaser to execute, deliver and perform its obligations under this agreement and each of the other Transaction Documents to which it is or will be a
party have been obtained or made (as the case may be) and are in full force and effect and all conditions of each such authorisation have been complied with; and 

 

	 	(f)	 subject to the parties to the Purchaser Finance Documents who are not members of the Purchaser’s
Group complying with their obligations thereunder, the Purchaser has 

  
 36 

	 	 
subject only to the conditions set out in the Purchaser Finance Documents and the Equity Commitment Letter (and at First Completion and each Deferred Completion will on an unconditional basis
have) immediately available the necessary cash resources to meet its obligations in full under this agreement and each of the other Transaction Documents to which it is or will be a party. 

 

	21.2	 The Purchaser undertakes to the Parent that it and each Designated Purchaser shall not take any action
which would cause it to not have sufficient available financial resources: (i) at the First Completion Date and on each Deferred Completion Date to meet its obligations under this agreement; (ii) to meet any of its other obligations under
this agreement; and (iii) to pay any and all fees and expenses required to be paid by the Purchaser in connection with the Transaction (including any fees and expenses in connection with the Purchaser Finance Documents). 

 

	21.3	 The Purchaser warrants to the Parent that it and each Designated Purchaser has made available to the
Parent accurate and complete copies of the Equity Commitment Letter and the Purchaser Finance Documents and that none of the Purchaser Finance Documents has been amended, modified or supplemented except for such amendments, modifications or
supplements that have been provided to the Parent in writing prior to the date of this agreement or which do not have an adverse effect on the Purchaser’s ability to comply with its obligations under the Transaction Documents.

  

	21.4	 The Purchaser undertakes to the Parent that it shall not agree to change, amend, terminate, waive or fail
to enforce any rights it has under the Equity Commitment Letter or the Purchaser Finance Documents in a manner which would have an adverse effect on the Purchaser’s ability to comply with its obligations under the Transaction Documents without
the prior written consent of the Parent or to use the amounts to be received under the Equity Commitment Letter or the Purchaser Finance Documents for any purpose other than the financing of the Purchaser’s obligations under this agreement and
each of the other Transaction Documents to which it is a party. 

  

	21.5	 The Purchaser shall keep the Parent reasonably informed of material developments in respect of its debt
and equity financing arrangements in connection with the Transaction and shall give the Parent prompt notice (and in any event within one Business Day) of: 

  

	 	(a)	 any breach or default by any party of the Equity Commitment Letter or any Purchaser Finance Document (or
any circumstances which could give rise to such breach or default) of which any member of the Purchaser’s Group becomes aware; and 

  

	 	(b)	 the receipt of any written notice or other written communication by any member of the Purchaser’s
Group with respect to any material breach, default, termination or repudiation by any party of the Equity Commitment Letter or any Purchaser Finance Document or any definitive document related to the debt or equity financing of the Purchaser or any
material dispute or disagreement between any parties to the Equity Commitment Letter or any Purchaser Finance Document. 

  

	21.6	 The Purchaser shall comply with all of its obligations under the Equity Commitment Letter and the
Purchaser Finance Documents and undertakes to the Parent that it shall take all action required and within its control under the Equity Commitment Letter and the Purchaser Finance Documents to obtain on or before the First Completion Date and each
Deferred Completion Date the amount which, when taken together with all amounts available to the Purchaser, is necessary to meet its payment obligations to the Parent on First Completion and each Deferred Completion under this agreement, including
taking all steps necessary to satisfy any conditions to obtaining such amount. 

  

	21.7	 Until First Completion: (A) the Purchaser shall not and shall procure that UK Bidco, US HoldCo B LLC,
US Holdco A LLC and each other entity formed by the Purchaser or any other 

  
 37 

	 	 
member of the Purchaser’s Group as contemplated by the EY Acquisition Steps Paper shall not, without the prior written consent of the Parent; and (B) the Parent shall procure that New
US JVCo and each entity formed by it or any other member of the WPP Group pursuant to the EY Acquisition Steps Paper shall not, without the prior written consent of the Purchaser, in each case undertake any of the following actions (except where
such action is required to give effect to the EY Acquisition Steps Paper or the Purchaser Finance Documents): 

  

	 	(a)	 create, allot, issue, sell, repurchase or otherwise transfer or acquire any shares or loan capital or
other security or grant any option over or right to subscribe for any share or loan capital or other security; 

  

	 	(b)	 declare or pay any dividend or other distribution; 

 

	 	(c)	 enter into any agreement for the sale, purchase or disposal of any interest in any share or loan capital
or other security of UK Bidco, US HoldCo B LLC or US Holdco A LLC or any of the entities incorporated pursuant to the EY Acquisition Steps Paper; 

  

	 	(d)	 initiate any procedure for its solvent winding up; 

 

	 	(e)	 trade or engage in any business activities; 

 

	 	(f)	 enter into any joint venture, partnership or other similar profit sharing arrangement;

  

	 	(g)	 enter into any loans or other financial facilities or debt obligations; 

 

	 	(h)	 be treated as resident for tax purposes in any other jurisdiction (including under any double taxation
arrangement) other than its jurisdiction of incorporation and will not become subject to Taxation in any other jurisdiction by virtue of having a permanent establishment or other place of business in that jurisdiction; or 

 

	 	(i)	 authorise, agree or commit to do any of the foregoing. 

 

	22.	 EMPLOYEES 

 

	22.1	 The employment of each Employee shall not terminate upon First Completion or a Deferred Completion (as the
case may be) but shall continue with the relevant member of the Target Group on the Employee’s existing terms and conditions that exist immediately before First Completion or Deferred Completion (as the case may be). 

 

	22.2	 Subject to clause 22.3, the Parent shall procure that any relevant member of the Target Group and/or the
Retained Group shall satisfy the Employment Obligations and shall keep the Purchaser reasonably informed of the status and shall not (save with the prior written consent of the Purchaser) agree to any commitments, undertakings, agreements or similar
matters with any Employees and/or the relevant trade unions, works councils, staff associations or other employee representative bodies. 

  

	22.3	 The Purchaser shall, and shall procure that its Designated Purchasers shall, co-operate in good faith and in a timely manner and use all reasonable endeavours to: 

  

	 	(a)	 provide such information to, or consult, discuss or negotiate with, the relevant trade unions, works
councils, staff associations or other employee representative bodies as may be required, necessary or desirable in order for the Parent and any relevant member of the Target Group and/or the Retained Group to satisfy the Employment Obligations; and

  
 38 

	 	(b)	 provide reasonable assistance to the Parent and any relevant member of the Target Group and/or the
Retained Group to allow it or them to comply with any employment-related filing or notification obligation (or similar obligation) in respect of any Regulatory Authority as a result of the Kantar Reorganisation and the Transaction.

  

	23.	 SEPARATION MATTERS 

 

	 	Transitional	 Services Agreement 

 

	23.1	 Until the First Completion Date, the Parent shall (at its own cost) use all commercially reasonable
efforts, and shall procure (in so far as it is able) that each other relevant member of the WPP Group shall (at the Parent’s cost) use all commercially reasonable efforts to obtain all consents, approvals, authorisations and similar matters
from any third parties (including Regulatory Authorities) which are required for it and the other members of the Retained Group to be able to provide the services to be provided or procured by them under the Transitional Services Agreements with
effect from First Completion. The Parent shall keep the Purchaser reasonably informed of the status of its efforts to obtain all such consents, approvals, authorisations and similar matters from third parties. 

 

	23.2	 To the extent requested by the Purchaser, the Parent shall use (and shall procure (in so far as it is
able) that each relevant member of the Group uses) all commercially reasonable efforts to facilitate discussions relating to service levels between the Purchaser, the Target Group and the third parties which will be providing information
technology-related services to the Target Group under the Transitional Services Agreements. 

  

	23.3	 The Parent shall use all commercially reasonable efforts to procure that, with effect from First
Completion, the Target Group will be able to operate its business in all material respects on a standalone basis without reliance on the Retained Group (save in respect of those services to be provided pursuant to the Transitional Services
Agreements). 

  

	23.4	 The Parties shall, as soon as reasonably practicable after the date of this agreement and in any case by
no later than 30 September 2019 (or such later date as the Parties may in writing agree), negotiate with each other to agree: 

  

	 	(a)	 the final form of services schedules (including service descriptions, service terms and service charges)
to the Non-IT Transitional Services Agreement; and 

  

	 	(b)	 the Reverse Transitional Services Agreement and the services schedules (including service descriptions,
service terms and services charges) thereto. 

  

	23.5	 Subject to clause 23.6, the Parties acknowledge and agree that the final form of services schedules
(including service descriptions, service terms and service charges) to the Non-IT Transitional Services Agreement shall be: 

 

	 	(a)	 in the same form as, and negotiated on the basis of, the current drafts of the services schedules to the Non-IT Transitional Services Agreement (as contained in the Non-IT Transitional Services Agreement) as at the date of this agreement, save for any provisions which are in
square-brackets or marked as requiring further discussion (or similar); and 

  

	 	(b)	 negotiated and agreed on the basis of the principles set out in clause 23.6(a)-(c) below.

  

	23.6	 The Parties acknowledge and agree that additional services schedules (including service descriptions,
service terms and service charges) not currently set out in the Non-IT Transitional Services Agreement (Additional Non-IT TSA Services Schedules) may be required
and, if 

  
 39 

	 	 
so, those Additional Non-IT TSA Services Schedules shall be negotiated and agreed on the following bases: 

 

	 	(a)	 the scope of the additional services, including the descriptions of those services, shall be:

  

	 	(i)	 consistent with the scope of the equivalent Pre-First Completion
Equivalent Non-IT TSA Service; and 

  

	 	(ii)	 no wider than is necessary to address the reasonable commercial needs of the Kantar Business;

  

	 	(b)	 the duration of the service terms for each additional service shall be no longer than is necessary to
address the reasonable commercial needs of the Kantar Business; and 

  

	 	(c)	 the charges for each additional service shall be calculated on the same basis, and at the equivalent
charge, as per the relevant FY19PF intercompany recharge as captured in the file ‘VDD Flat File database_100519’ at 8.7.1 of the Data Room. 

For the avoidance of doubt, no Additional Non-IT TSA Services Schedule shall be
agreed with respect to any Excluded Service. 
  

	23.7	 The Parties acknowledge and agree that the Reverse Transitional Services Agreement shall, in all material
respects, be on terms and conditions equivalent to the Non-IT Transitional Services Agreement (for the avoidance of doubt, including provisions relating to obtaining relevant third party consents), and the
services schedules to the Reverse Transitional Services Agreement shall be negotiated and agreed on the following bases: 

  

	 	(a)	 the scope of the services, including the descriptions of those services, shall: 

 

	 	(i)	 be consistent with the scope of the equivalent Pre-First
Completion Equivalent RTSA Service; and 

  

	 	(ii)	 be no wider than is necessary to address the reasonable commercial needs of the business of the Retained
Group; 

  

	 	(b)	 the duration of the service terms for each service shall be no longer than is necessary to address the
reasonable commercial needs of the business of the Retained Group; and 

  

	 	(c)	 the charges for each service shall be calculated on the same basis, and at the equivalent charge, as per
the relevant FY19PF intercompany recharge as captured in the file ‘VDD Flat File database_100519’ at 8.7.1 of the Data Room. 

  

	23.8	 In negotiating and agreeing: 

 

	 	(a)	 the final form of the services schedules (including service descriptions, service terms and service
charges) to the Non-IT Transitional Services Agreement pursuant to clauses 23.5 and 23.6 above, each Party shall act reasonably and in good faith, having due regard to the need for the Non-IT Transitional Services Agreement to enable continuity of services to the Kantar Business and a smooth, efficient and timely separation of the Kantar Business from the WPP Group; and 

 

	 	(b)	 the Reverse Transitional Services Agreement and the services schedules thereto pursuant to clause 23.7
above, each Party shall act reasonably and in good faith, having due regard to the need for the Reverse Transitional Services Agreement to enable continuity of 

  
 40 

	 	 
services to the business of the Retained Group and a smooth, efficient and timely separation of the business of the Retained Group from the Target Group. 

 

	23.9	 If the Parties are unable to agree, prior to 30 September 2019 (or such later date as the Parties may
agree in writing): 

  

	 	(a)	 the final form of one or more of the relevant services schedules to the
Non-IT Transitional Services Agreement; or 

  

	 	(b)	 the final form of the Reverse Transitional Services Agreement or one or more of the relevant services
schedules to the Reverse Transitional Services Agreement, 

  

	    	 then the Separation Committee shall escalate the matter to the Chief Operating Officer of the Parent (or
such other senior executive of the Parent nominated by her or him) in the case of the Parent, and the Chief Executive Officer in the case of the Purchaser, or such other person as either Party may nominate who shall each in good faith seek to
resolve the dispute by 11 October 2019 (or such later date as the Parties may agree in writing) of the date of that escalation. If notwithstanding such efforts the dispute has not been resolved by 11 October 2019, then either the Parent or
the Purchaser shall be entitled to refer the matter(s) which remain to be agreed to an independent expert for determination. The Parties shall agree on the appointment of the expert and shall agree with the expert the terms of his appointment. If
the Parties are unable to agree on the identity of the expert, the terms of the expert’s appointment or if the person proposed is unable or unwilling to act, then, within 7 days of either Party serving details of a suggested expert on the other
or the proposed expert declining to act, either Party shall then be entitled to request the President for the time being of the Centre for Effective Dispute Resolution (or a successor to that body from time to time) to appoint an expert and to agree
with the expert the terms of appointment on the application of either Party. If appointed, the expert shall determine the matter(s) which remain to be agreed in accordance with the principles set out above (the Matter for Separation Expert
Determination). 

  

	23.10	 All costs of and associated with the request for the appointment of an expert by the President for the
time being of the Centre for Effective Dispute Resolution (or a successor to that body from time to time) shall be borne as determined by the expert. 

  

	23.11	 The expert appointed may be an individual, partnership, association or body corporate and shall be
generally recognised as an expert in the Matter for Separation Expert Determination. The expert shall act on the following basis: 

  

	 	(a)	 on his appointment, the expert shall confirm his neutrality, independence and the absence of conflicts in
determining the Matter for Separation Expert Determination; 

  

	 	(b)	 no person shall be appointed as an expert who at the time of appointment (or at any time before he gives
his determination under such appointment) is a director, officeholder, employee or former employee of the Target Group, the WPP Group, the Purchaser’s Group or Bain Capital Private Equity (Europe), LLP and/or its affiliates;

  

	 	(c)	 the expert shall act as an expert and not as an arbitrator; 

 

	 	(d)	 the expert shall determine the Matter for Separation Expert Determination which may include any issue
involving the interpretation of any provision of this agreement, the expert’s jurisdiction to determine the matters and issues referred to the expert and/or the expert’s terms of reference; 

 

	 	(e)	 the expert’s determination shall (in the absence of manifest error) be final and binding on the
Parties and not subject to appeal; 

  
 41 

	 	(f)	 the expert shall decide the procedure to be followed in the determination in accordance with this
agreement and in consultation with the Parties and shall be requested to make his determination in writing, with reasons, within 30 days after his appointment; 

 

	 	(g)	 in determining the Matter for Separation Expert Determination, the expert shall take into account any
matters that the expert, in its professional judgment, considers relevant as well as any matters that this agreement expressly requires the expert to take into account; 

 

	 	(h)	 any amount payable by one Party to another as a result of the expert’s determination shall be due and
payable within seven days of the expert’s determination being notified to the Parties or as specified within the determination; 

  

	 	(i)	 any action required by the expert determination shall be implemented within 7 days following the expert
determination being notified to the Parties or as specified within the determination; 

  

	 	(j)	 the costs of the determination, including the fees and expenses of the expert (but excluding the
Parties’ own costs which shall be borne by the Party incurring those costs), shall be borne as determined by the expert; and 

  

	 	(k)	 the expert shall have no liability to the Parties for any act or omission in relation to this appointment,
save in the case of bad faith. 

  

	23.12	 The expert determination and all matters connected with it shall be confidential information and shall be
subject to the restrictions in clause 25 (Announcements and Confidentiality). 

  

	23.13	 The final form of the Reverse Transitional Services Agreement, once agreed in writing between the Parties
pursuant to this clause, or determined in accordance with the Separation Expert Determination Process, shall become the Agreed Form of the Reverse Transitional Services Agreement. 

 

	23.14	 The final form of the services schedules (including service descriptions, service terms and service
charges) to the Non-IT Transitional Services Agreement and the Reverse Transitional Services Agreement, once agreed in writing between the Parties pursuant to this clause, or determined in accordance with the
Separation Expert Determination Process, shall become part of the Non-IT Transitional Services Agreement or the Reverse Transitional Services Agreement (as applicable). 

 

	23.15	 If and to the extent that the final form of any of the services schedules to the Non-IT Transitional Services Agreement have not been agreed between the Parties or determined by the expert pursuant to this clause prior to the First Completion Date, WPP 2005 Limited shall nonetheless continue to
provide the Pre-First Completion Equivalent Non-IT TSA Services, in respect of the service(s) covered by the relevant services schedule(s) or the Additional Non-IT TSA Services Schedules which has yet to be agreed or determined, from the First Completion Date in the same manner and for the same service charges as the equivalent activities were performed and charged for
immediately prior to the First Completion Date until such time as the final form of the relevant services schedule(s) to the Non-IT Transitional Services Agreement(s) has been so agreed or determined.

  

	23.16	 If and to the extent that the final form of the Reverse Transitional Services Agreement or any of the
services schedules (including service descriptions, service terms and services charges) to the Reverse Transitional Services Agreement have not been agreed between the Parties or determined by the expert pursuant to this clause prior to the First
Completion Date, the Target Group shall nonetheless continue to provide the Pre-First Completion Equivalent RTSA Services, in respect of the service(s) covered by the relevant services schedule(s) which has
yet to be agreed or determined, from the First Completion Date in the same manner and for the same service charges as the equivalent activities were performed and charged for immediately prior to the First

  
 42 

	 	 
Completion Date until such time as the final form of the Reverse Transitional Services Agreement or the relevant services schedule(s) to the Reverse Transitional Services Agreement has been so
agreed or determined. 

  

	23.17	 For the avoidance of doubt, notwithstanding any other clause of this agreement: 

 

	 	(a)	 finalising the final form of services schedules (including service descriptions, service terms and service
charges) to the Non-IT Transitional Services Agreement; 

  

	 	(b)	 finalising the final form of the Reverse Transitional Services Agreement; and 

 

	 	(c)	 finalising the final form of services schedules (including service descriptions, service terms and service
charges) to the Reverse Transitional Services Agreement, 

  

	    	 are, neither individually nor collectively, Conditions. 

 

	23.18	 Notwithstanding any other clause of this agreement, if and to the extent that the final form of:

  

	 	(a)	 any of the services schedules to the Non-IT Transitional Services
Agreement; 

  

	 	(b)	 the Reverse Transitional Services Agreement; or 

 

	 	(c)	 any of the services schedules to the Reverse Transitional Services Agreement, 

 

	    	 have not been agreed between the Parties or determined by the expert pursuant to this clause prior to the
First Completion Date, it shall not delay or have any effect on First Completion. 

  

	23.19	 The Parties acknowledge and agree that the IT Transitional Services Agreement and the services schedules
to the IT Transitional Services Agreement (as contained in the IT Transitional Services Agreement) are in Agreed Form and, notwithstanding any other clause of this agreement, the IT Transitional Services Agreement and the services schedules to the
IT Transitional Services Agreement (as contained in the IT Transitional Services Agreement) are, neither individually nor collectively, Conditions. 

  

	23.20	 The Parties shall through the Separation Committee as soon as reasonably practicable after the date of
this agreement and in any case by no later than 30 September 2019 (the Verification Period), work together, acting reasonably and in good faith, to: 

 

	 	(a)	 agree a definitive list of Third Party Suppliers (i) on whom the Target Group has an operational
dependency and (ii) from whom, goods and services (other than information technology services) are reasonably required for the operational needs of the Kantar Business. The list shall be based on Schedule 8 and the Parties shall
act reasonably in determining whether each Third Party Supplier listed in Schedule 8 should be retained on the list and/or whether any additional Third Party Suppliers should be added to the list; and 

 

	 	(b)	 in relation to the Services (as defined in the IT Transitional Services Agreement) provided under
Schedules 2, 3 and 5 of the IT Transitional Services Agreement, agree the Third Party Contracts (as defined in the IT Transitional Services Agreement) between Parent (or a member of the Retained Group) and the subcontractors of the applicable
Services: 

  

	 	(i)	 in respect of which Parent (or a member of the Retained Group) will seek to negotiate an extension of the
term of the Third Party Contract in accordance with Clause 23.22; and 

  
 43 

	 	(ii)	 in respect of which Parent (or a member of the Retained Group) will assist the Purchaser (or member of the
Target Group) to enter a new agreement for services equivalent to those provided under the Third Party Contract in accordance with Clause 23.21. 

For the avoidance of doubt a Third Party Contract may fall under Clause 23.20(b)(i) or 23.20(b)(ii) but not both. 

 

	23.21	 The Parties acknowledge and agree that (i) the Third Party Suppliers included on the list referred to
in Clause 23.20(a) at the conclusion of the Verification Period (or at such earlier date as the list is agreed between the Parties), (ii) the subcontractors under the Third Party Contracts to which Clause 23.20(b)(ii) applies, (iii) IBM, in
respect of the Applications MSA and Infrastructure MSA and (iv) Sophos, in respect of Antivirus and Anti-Ransomware licences, together shall be the Agreed Third Party Suppliers. Parent (or a member of the Retained Group) shall provide
reasonable assistance to the Purchaser, and use reasonable endeavours to facilitate discussions between the Purchaser and each Agreed Third Party Supplier (but, in respect of (A) subcontractors under the Third Party Contracts to which Clause
23.20(b)(ii) applies, only in relation to such Third Party Contracts, (B) IBM, only in respect of the Applications MSA and Infrastructure MSA and (C) Sophos, only in respect of Antivirus and Anti-Ransomware licences), with a view to a
member of the Target Group entering into an agreement with each Agreed Third Party Supplier pursuant to which, following Completion, the Agreed Third Party Supplier shall provide goods or services to the Target Group that are equivalent to those
goods or services provided to the Target Group prior to Completion pursuant to the relevant Shared Supplier Contract. 

  

	23.22	 In circumstances where Clause 23.20(b)(i) applies or where Clause 23.23 applies, Parent (or a member of
the Retained Group) shall seek to negotiate the extension of the term of the Third Party Contract. Prior to finalising an extension of the term of the Third Party Contract, Parent (or a member of the Retained Group) shall advise the Purchaser of the
proposed charges payable under the Third Party Contract and any additional terms and conditions of the Third Party Contract that will apply during the extended term. The Purchaser shall inform Parent (or a member of the Retained Group) within a
reasonable time of receiving such information if it wishes to proceed to extend the term of the Services under the IT Transitional Services Agreement to which the Third Party Contract relates, and, if so, Parent (or a member of the Retained Group)
shall use reasonable endeavours to finalise the extension of the term of the Third Party Contract on terms that are materially the same as advised to the Purchaser and shall advise the Purchaser when the extension of the term of the Third Party
Contract has been agreed. 

  

	23.23	 If, with respect to any Third Party Contract included on the list referred to in Clause 23.20(a) and on
which the Target Group has a material operational dependency, the Purchaser has failed to enter into its own arrangements (having used reasonable endeavours to do so), the Purchaser may, by written notice to the Parent, request that the Parent seeks
an extension to that Third Party Contract (such extension to be no longer than is necessary to address the reasonable commercial needs of the Kantar Business). Following receipt of any such extension request, the Parent shall consider the extension
request in good faith. If, having considered any such extension request in good faith, the Parent agrees to seek to negotiate such extension to the relevant Third Party Contract, Clause 23.22 shall apply. 

 

	23.24	 In relation to Sophos: 

 

	 	(a)	 the Parties acknowledge that: 

 

	 	(i)	 the Parent (or a member of the Retained Group) has entered into an agreement with Sophos (Sophos
Agreement) for licences of Antivirus and Anti-

  
 44 

	 	 
Ransomware products for users (including 30,682 Target Group users) for the period up to and including 31 March 2021 (Sophos Agreement Term); and 

 

	 	(ii)	 Sophos has notified Parent (or a member of the Retained Group) that it will not permit Target Group to
continue its use of the Antivirus and Anti-Ransomware under the Sophos Agreement post First Completion, but will transfer the 30,682 Target Group user licences to the Purchaser (or member of the Target Group) in the circumstances set out in Clause
23.24(b) and Clause 23.24(c); and 

  

	 	(b)	 the Purchaser agrees that: 

 

	 	(i)	 the Target Group must pay to Parent (or a member of the Retained Group) the licence fees of £330,248
(plus any applicable taxes) in advance for use of the Anti-Ransomware up to the end of the Sophos Agreement Term; and 

  

	 	(ii)	 it will execute a licence transfer agreement with Sophos prior to First Completion in order to have
ongoing use of the Antivirus and Anti-Ransomware for 30,682 users up to the end of the Sophos Agreement Term (Sophos Transfer Agreement). The Purchaser and the Target Group shall have no right to use the Antivirus and Anti-Ransomware
under the Sophos Agreement from First Completion; and 

  

	 	(c)	 if the Purchaser (or member of the Target Group) has complied with Clause 23.24(b), licences for Antivirus
and Anti-Ransomware with a term ending on 31 March 2021 for 30, 682 users will be transferred under the Sophos Transfer Agreement to the Purchaser or member of the Target Group, as applicable. 

 

	23.25	 The Parties shall through the Separation Committee as soon as reasonably practicable after the date of
this agreement and in any case by no later than 30 September 2019 undertake to use reasonable endeavours to simplify the invoicing procedures in relation to the services to be provided under the IT Transitional Services Agreement to the extent
practicable. 

 Separation Committee 
  

	23.26	 Within 10 Business Days of the date of this agreement, the Parties will establish a separation committee
(the Separation Committee) comprising an equal number of representatives of each of the Parent, the Target Group and the Purchaser, each of sufficient seniority and expertise regarding the matters within the remit of the Separation Committee.
The Separation Committee will meet regularly until First Completion and for so long thereafter as is reasonably necessary. The main purpose of the Separation Committee will be to consult with regard to the preparation, approval and oversight of the
implementation of a plan to separate the Target Group from the Retained Group as updated and amended by mutual agreement of the Parent and the Purchaser (each acting reasonably and in good faith) from time to time. For the avoidance of doubt:
(i) the Separation Committee will be a consultative body, the decisions of which will not be binding on the Parties unless and until documented in writing and signed by and on behalf of the Parties; and (ii) the remit of the Separation
Committee will not include the finalisation, approval or implementation of the Kantar Reorganisation, which will be finalised, approved and implemented by the Parent in accordance with this agreement. 

Separation Costs 
  

	23.27	 Unless otherwise agreed by the Parties, any separation costs and expenses incurred by the Target Group
which are properly costs of the Target Group in connection with any matters required to separate the Target Group from the Retained Group (and/or any related migration of services as provided for in each Transitional Services Agreement) shall be
borne by the Target Group. Both 

  
 45 

	 	 
parties shall use reasonable endeavours to minimise and mitigate the costs and expenses incurred in respect of those separation matters. 

Intellectual Property Rights 
  

	23.28	 The Parent shall procure that, on or prior to First Completion, the right, title and interest in and to
each of the registered trade marks set out in Schedule 7 (the Transferring Registered IP) shall be assigned from the relevant member of the Retained Group to a First Completion Target Subsidiary. 

 

	23.29	 The Parent shall not, and shall procure (in so far as it is able) that each other member of the WPP Group
shall not, use the Transferring Registered IP, for any reason or purpose, without the prior written consent of the Purchaser, except for the purpose of ensuring that such Transferring Registered IP is corrected registered in the name of a Target
Group member. 

 Acquisitions of Target Group members 

 

	23.30	 In respect of any acquisition of any member of the Target Group where the relevant acquisition agreements
were entered into by a member of the Retained Group (the Acquisition Agreements), the Parent shall procure that: 

  

	 	(a)	 the Retained Group does not terminate, waive, amend, settle or compromise any rights or claims (including
in respect of any warranties, representations, indemnities, restrictive covenants or otherwise) under the Acquisition Agreements without the prior written consent of the Purchaser (not to be unreasonably withheld, conditioned or delayed); and

  

	 	(b)	 the Retained Group takes (at the cost of the Target Group) all reasonable action as the Purchaser requests
to enforce such rights and claims and accounts to the Target Group for the benefit thereof (net of any Tax payable by the Retained Group on any amounts recovered). 

Cash Pooling Arrangements 
  

	23.31	 With effect from First Completion or Deferred Completion (as applicable), the relevant Target Group
members shall cease to participate in the Cash Pooling Arrangements and: 

  

	 	(a)	 the Parent shall procure that all amounts standing to the credit of the relevant Target Group members
pursuant to the Cash Pooling Arrangements shall be paid to them; and 

  

	 	(b)	 the Purchaser shall procure that all amounts standing to the debit of the relevant Target Group members
pursuant to the Cash Pooling Arrangements shall be paid by them. 

 Insurance 

 

	23.32	 The Parent shall procure that, following First Completion or (if applicable) Deferred Completion, the
members of the Target Group shall continue to have the benefit of any insurance policies of the WPP Group which are on a: (a) “claims occurring” basis in respect of all claims arising prior thereto (whether or not notified to the relevant
insurers); and (b) “claims made” basis but only in respect of claims notified to the relevant insurers as at First Completion or (if applicable) Deferred Completion. 

 

	23.33	 Subject to clause 23.32, the Target Group shall be required to put in place its own insurances with effect
from First Completion or (if applicable) Deferred Completion. 

 Kantar Reorganisation 

  
 46 

	23.34	 The Parent shall keep the Purchaser reasonably informed of the status of the Kantar Reorganisation but,
for the avoidance of doubt, the Purchaser’s approval for any documents relating to the Kantar Reorganisation will not be required. 

Directors 
  

	23.35	 To the extent that, after First Completion and each relevant Deferred Completion, any WPP personnel remain
as directors or officers of any relevant member of the Target Group, the Purchaser shall procure that the relevant members of the Target Group will provide all reasonable assistance and information required by the Parent or any member of the
Retained Group to enable those personnel to cease to hold such offices as soon as practicable after the relevant completion. 

Novated IT Contracts 
  

	23.36	 In respect of each Novated IT Contract, with effect on and from First Completion the Parent shall procure
that the member of the Retained Group that is a party to that Novated IT Contract enters into, UK Bidco shall procure that a member of the Target Group enters into, and both the Parent and UK Bidco shall
co-operate to procure, in so far as each of them is able, that the third party to such Novated IT Contract enters into, a novation agreement under which that member of the Target Group assumes all liabilities
and obligations, obtains the benefit of all rights, and fully releases all members of the Retained Group from all liabilities and obligations, of such member(s) of the Retained Group under that Novated IT Contract (in each case whether arising or
due for performance before, on or after First Completion). 

  

	23.37	 With effect on and from First Completion, UK Bidco shall perform the obligations of the relevant member of
the Retained Group under each Novated IT Contract and shall indemnify the Parent (for itself and on behalf of each member of the Retained Group) from and against all liabilities that are, or that arise out of any failure to perform any obligations
that are, in accordance with Clause 23.36 above, to be assumed by a member of the Target Group. 

  

	23.38	 Pending completion of the novation referred to in 23.36 above, with effect on and from First Completion
the Parent shall procure that the members of the Retained Group (in each case to the extent permitted by such Novated IT Contract): (a) hold the benefit of (including all of their rights under) the Novated IT Contracts on trust for the benefit of UK
Bidco; (b) promptly account to UK Bidco for all benefits members of the Retained Group receive or benefit from under the Novated IT Contracts (if any); and (c) exercise their rights under the Novated IT Contracts as directed by UK Bidco
(acting reasonably). 

 Assistance with information 

 

	23.39	 The Purchaser shall procure that relevant members of the Target Group shall provide all information which
is within their possession or control and which is reasonably requested by members of the Retained Group from time to time in relation to the historic trading and/or financial position of companies within the Retained Group which historically were
part of the Kantar business but which have been retained within the Retained Group as they are dormant and in dissolution or identified by the Parent for future dissolution. 

New York State sales tax reimbursement 
  

	23.40	 The Parent undertakes to the Purchaser that, following a favourable Final Determination of the NY Sales
Tax Claim, the Parent shall, or shall procure that the relevant member of the Retained Group shall, pay to the Target Group an amount in cash received by the Retained Group from the relevant New York State sales tax authority in respect of the NY
Sales Tax Claim, to the extent that the 

  
 47 

	 	 
monies received relate to NY Sales Tax paid (directly or indirectly) by members of the Target Group, up to a maximum amount to be paid to the Target Group under this subclause of $1,500,000.

  

	    	 For purposes of this subclause 23.40: 

 

	 	(a)	 “Final Determination” means finally determined by the New York State sales tax authority
of competent jurisdiction in relation to the NY Sales Tax Claim (and where no appeal is possible or permitted or where no appeal is lodged within the applicable time limit); 

 

	 	(b)	 “NY Sales Tax Claim” means the claim made by one or more members of the Retained Group
for a refund of NY Sales Tax; and 

  

	 	(c)	 “NY Sales Tax” means New York State sales tax paid (directly or indirectly) by members of
the Retained Group and the Target Group on amounts invoiced for services provided to them by Microsoft and Adobe. 

  

	24.	 EMPLOYEE WORKS COUNCILS 

Transfer of the Dutch Put Option Equity Interests 
  

	24.1	 The Parties acknowledge that the execution of a binding agreement to sell the Dutch Put Option Equity
Interests is subject to the prior completion of an information and consultation procedure under the Dutch Works Councils Act (Wet op de ondernemingsraden) (the Dutch Works Council Process) and the completion of an information and
consultation process under the SER Merger Code 2015 (SER Fusiegedragsregels 2015) with any relevant trade unions (the SER Merger Process) in accordance with the terms of the Dutch Put Option Letter. Accordingly, and notwithstanding any
other provisions of this agreement, this agreement shall not constitute a binding agreement to sell the Dutch Put Option Equity Interests but only an undertaking by the Parties to procure the execution of the Dutch Put Option Letter and in
accordance with its terms, among others, the initiation and conduct of the Dutch Works Council Process and the SER Merger Process. 

  

	24.2	 The Purchaser hereby irrevocably undertakes to acquire or procure that its Designated Purchaser acquires
directly or indirectly the Dutch Put Option Equity Interests on the terms and conditions of this agreement subject only to the Purchaser receiving a notice from the relevant member of the WPP Group setting forth its decision on its behalf or on
behalf of any relevant member of the WPP Group to sell the Dutch Put Option Equity Interests pursuant to the Kantar Reorganisation and the Transaction, in accordance with the provisions of the Dutch Put Option Letter. 

 

	24.3	 If the Dutch Works Council Process and the SER Merger Process are completed and the option under the Dutch
Put Option Letter is exercised (the Dutch Put Option Exercise), the Parent shall procure that the relevant member of the WPP Group shall sell, and the Purchaser shall or shall procure that one or more of its Designated Purchasers shall,
directly or indirectly, purchase and acquire all right, title and interest in and to the Dutch Put Option Equity Interests on the First Completion Date or the relevant Deferred Completion Date (as the case may be). 

 

	24.4	 Without prejudice to paragraph 1.3 of the Dutch Put Option Letter, the Parties acknowledge that, upon the
Dutch Put Option Exercise, the sale and purchase of the Dutch Put Option Equity Interests shall be deemed to be part of, and undertaken on the same terms and conditions as, the sale and purchase of the other Target Subsidiaries under the provisions
of this agreement. 

  
 48 

 Transfer of the French Put Option Equity Interests 

 

	24.5	 The Parties acknowledge that the execution of a binding agreement to sell the French Put Option Equity
Interests is subject to: 

  

	 	(a)	 the employees’ representative bodies of Kantar TNS-MB SAS
being informed of and consulted in connection with the proposed sale in accordance with the provisions of the French Labour Code; and 

  

	 	(b)	 all the employees of Kantar Consulting SAS having duly waived in writing their right to make an offer to
purchase respectively the shares of Kantar Consulting SAS in accordance with articles L.23-10-1 et seq. of the French Commercial Code or in the absence of any such
waivers, the date of expiration of the applicable period provided under the French Commercial Code (the Hamon Law Information Process). 

  

	24.6	 Notwithstanding any other provisions of this agreement, this agreement shall not constitute a binding
agreement to sell the French Put Option Equity Interests but only an undertaking by the Parent to procure that (in so far as it is within their power to do so): (i) the employees’ representative body of Kantar
TNS-MB SAS shall be informed of and consulted in connection with the proposed sale of the French Put Option Equity Interests; and (ii) the waivers of all the employees of Kantar Consulting SAS to their
right to make an offer to purchase respectively the shares of Kantar Consulting SAS shall be obtained (in the absence of such waivers, the Parent undertakes not to transfer such entities until the date of expiration of the applicable period provided
under the French Commercial Code). 

  

	24.7	 The Purchaser hereby irrevocably undertakes to acquire or procure that its Designated Purchaser acquires
directly or indirectly the French Put Option Equity Interests on the terms and conditions of this agreement subject only to the Purchaser receiving a notice from the relevant member of the WPP Group setting forth its decision on its behalf or on
behalf of any relevant member of the WPP Group to sell the French Put Option Equity Interests pursuant to the Kantar Reorganisation and the Transaction, in accordance with the provisions of the French Put Option Letter. 

 

	24.8	 If the consultation of the employees’ representative bodies and the Hamon Law Information Process are
completed and the option under the French Put Option Letter is exercised (the French Put Option Exercise), the Parent shall procure that the relevant member of the WPP Group shall sell, and the Purchaser shall or shall procure that one or
more of its Designated Purchasers shall, directly or indirectly, purchase and acquire all right, title and interest in and to the French Put Option Equity Interests on the First Completion Date or the relevant Deferred Completion Date (as the case
may be). 

  

	24.9	 Without prejudice to paragraph 1.3 of the French Put Option Letter, the Parties acknowledge that, upon the
French Put Option Exercise, the sale and purchase of the French Put Option Equity Interests shall be deemed part of and undertaken on the same terms and conditions as the sale and purchase of the other Target Subsidiary Equity Interests under the
provisions of this agreement. 

  

	25.	 ANNOUNCEMENTS AND CONFIDENTIALITY 

 

	25.1	 Subject to clauses 25.4 and 25.5, the Parent shall (and shall procure that each other member of the
Retained Group, and, in respect of the period up to First Completion and each Deferred Completion (as applicable), each member of the Target Group and each of such person’s advisers and connected persons, shall) and the Purchaser shall (and
shall procure that each member of the Purchaser’s Group, shall): 

  

	 	(a)	 not make any announcement concerning the Transaction or any related or ancillary matter; and

  
 49 

	 	(b)	 keep confidential the provisions and subject matter of, and the negotiations relating to, each Transaction
Document. 

  

	25.2	 Subject to clauses 25.4 and 25.5, the Parent undertakes to the Purchaser that it will not (and will
procure that no other member of the Retained Group will) communicate or disclose to any person any Confidential Information or any information provided to it by or on behalf of the Purchaser or otherwise obtained by it in connection with this
agreement or any other Transaction Document which relates to any member of the Purchaser’s Group. 

  

	25.3	 Subject to clauses 25.4 and 25.5, the Purchaser: 

 

	 	(a)	 shall (and shall procure that each other member of the Purchaser’s Group shall) keep confidential all
information provided to it by or on behalf of the Parent or otherwise obtained by it in connection with this agreement or any other Transaction Document which relates to the Parent or any other member of the Retained Group; 

 

	 	(b)	 shall procure that, if after First Completion any member of the Purchaser’s Group holds confidential
information relating to the Parent or any other member of the Retained Group, such member or person shall after First Completion keep that information confidential and shall return that information to the Parent or destroy it, in either case without
retaining copies save as required by law or regulation; 

  

	 	(c)	 shall not (and shall procure that each other member of the Purchaser’s Group shall not) use any
confidential information relating to the Parent, any other member of the Retained Group or their respective customers and suppliers (other than such confidential information which relates solely to the business of the Target Group) except for the
purposes of executing the actions contemplated by this agreement and the other Transaction Documents; and 

  

	 	(d)	 shall not (and shall procure that each other member of the Purchaser’s Group and the Purchaser’s
and their respective directors, officers, employees or agents shall not) in respect of the period up to First Completion and each Deferred Completion (as applicable) contact or attempt to contact (directly or indirectly) any Non-Wholly Owned Target Subsidiary or any third party shareholder of any Non-Wholly Owned Target Subsidiary except at the written request of, or with the prior written consent
of, the Parent. 

  

	25.4	 Nothing in clauses 25.1, 25.2 or 25.3 prevents any announcement being made or any confidential information
being disclosed: 

  

	 	(a)	 in the Parent’s Circular, the AUNZ Circular or the Scangroup Circular or where such announcement is
in the Agreed Form or the confidential information disclosed comprises only information set out in an announcement in the Agreed Form; or 

  

	 	(b)	 with the written approval of the other Party, which in the case of any announcement shall not be
unreasonably conditioned, withheld or delayed; or 

  

	 	(c)	 to the extent required by applicable law, any court of competent jurisdiction or any competent regulatory
body (including, without limitation, any relevant stock exchange or listing authority), but if a person is so required to make any announcement or to disclose any confidential information, the relevant party shall promptly notify the other Party,
where practicable and lawful to do so, before the announcement is made or disclosure occurs (as the case may be) and shall co-operate with the other Party regarding the timing and content of such announcement
or disclosure (as the case may be) or any action which the other Party may reasonably elect to take to challenge the validity of such requirement. 

  
 50 

	25.5	 Nothing in clauses 25.1, 25.2 or 25.3 prevents any confidential information being disclosed to the extent:

  

	 	(a)	 required to enable any person to enforce its rights under any Transaction Document and/or the Purchaser
Financing Documents or for the purpose of any judicial proceedings; 

  

	 	(b)	 that the information is disclosed on a strictly confidential basis by a person to the Retained Group or
its professional advisers, auditors or bankers or those of a member of the Purchaser’s Group; 

  

	 	(c)	 that the information is disclosed by the Parent on a strictly confidential and need to know basis to
another member of the Retained Group or by the Purchaser on a strictly confidential and need to know basis to another member of the Purchaser’s Group; 

  

	 	(d)	 that the information is in or comes into the public domain other than as a result of the provisions of
this clause 25; 

  

	 	(e)	 that the information is disclosed by the Purchaser or any other member of the Purchaser’s Group to:
(i) any other member of the Purchaser’s Group; (ii) actual or prospective investors in funds managed and/or advised by Bain Capital Private Equity (Europe), LLP and/or its affiliates; or (iii) the extent required in connection
with any financing of the Transaction, including to the counterparties to the Purchaser Financing Documents or any other debt financing providers or prospective debt financing providers or ratings agencies and customary disclosure in connection with
an offering of high yield debt securities under Rule 144A and Regulation S of the U.S. Securities Act of 1933; or 

  

	 	(f)	 required to be disclosed to a Tax Authority in connection with the Tax affairs of the disclosing party or
any of its affiliates. 

  

	25.6	 With effect from First Completion and, with respect to any Deferred Target Subsidiary Equity Interests
only, with effect from the applicable Deferred Completion Date, the confidentiality agreement relating to the Transaction between the Parent and Bain Capital Private Equity (Europe), LLP shall be terminated and parties to it shall be released from
their obligations under that agreement, except in relation to any antecedent breach. Pending First Completion, if there is a conflict between the terms of that agreement and the terms of this agreement, the provisions of this agreement shall
prevail. 

  

	26.	 NOTICES 

 

	26.1	 Any notice or other communication to be given under this agreement or the Tax Deed must be in writing
(which does not include an Electronic Communication) and must be delivered or sent by post to the party to whom it is to be given as follows: 

  

	 	(a)	 to the Parent at: 

Sea Containers 

18 Upper Ground 

London SE1 9GL 

United Kingdom 

marked for the attention of the Chief Operating Officer and the General Counsel 

with a copy (which will not constitute notice) to: 

  
 51 

 Allen & Overy LLP 

One Bishops Square 

London E1 6AD 

United Kingdom 

marked for the attention of Gillian Holgate and Annabelle Croker; and 

 

	 	(b)	 to the Purchaser at: 

4, rue Lou Hemmer 

L-1748 Luxembourg-Findel 

Grand Duchy of Luxembourg 

marked for the attention of The Board of Managers 

with a copy (which will not constitute notice) to: 

Weil, Gotshal & Manges (London) LLP 

110 Fetter Lane 

London EC4A 1AY 

United Kingdom 

marked for the attention of Marco Compagnoni, 

or at any such other address of which it shall have given notice for this purpose to the other Party under this clause. Any
notice or other communication sent by post shall be sent by prepaid recorded delivery post (if the country of destination is the same as the country of origin) or by prepaid airmail (if the country of destination is not the same as the country of
origin). UK Bidco hereby appoints the Purchaser as its agent for purposes of receiving notices under this agreement or the Tax Deed. 
  

	26.2	 Any notice or other communication shall be deemed to have been given: 

 

	 	(a)	 if delivered, on the date of delivery; or 

 

	 	(b)	 if sent by post, on the second Business Day after it was put into the post. 

 

	26.3	 In proving the giving of a notice or other communication, it shall be sufficient to prove that delivery
was made or that the envelope containing the communication was properly addressed and posted by prepaid recorded delivery post or by prepaid airmail, as the case may be. 

 

	26.4	 This clause shall not apply in relation to the service of any claim form, notice, order, judgment or other
document relating to or in connection with any proceedings, suit or action arising out of or in connection with this agreement. 

  

	27.	 ASSIGNMENTS 

 

	27.1	 The Parent may, upon giving a notice to the Purchaser, assign all or any part of the benefit of this
agreement and/or the Tax Deed to any member of the Retained Group. 

  

	27.2	 The Purchaser and UK Bidco may, upon giving a notice to the Parent assign all or any part of the benefit
of this agreement and/or the Tax Deed: (i) to any member of the Purchaser’s Group and/or the Target Group and/or any purchaser of the Purchaser’s Securities in the Companies (each as defined in the Shareholders’ Agreement)
pursuant to the Shareholders’ Agreement; or (ii) by way 

  
 52 

	 	 
of security, to the counterparties to the Purchaser Finance Documents and/or any replacement and/or refinancing thereof. 

 

	27.3	 Except as permitted by this clause, none of the rights or obligations under this agreement or the Tax Deed
may be assigned or transferred by either Party without the prior written consent of the other Party and any such purported assignment or transfer shall be void. 

 

	27.4	 Where an assignment is made by either Party under this clause 27, the other Party shall not be under any
greater obligation or liability thereby than if such assignment had never occurred and that the amount of any loss or damage or other amount recoverable by the assignee shall be calculated as if that person had been originally named as the assignor
in this agreement (and, in particular, shall not exceed the sum which would, but for such assignment, have been recoverable hereunder by the assignor in respect of the relevant fact, matter or circumstance). 

 

	28.	 PAYMENTS 

 

	28.1	 Subject to clause 4.6 and unless otherwise expressly stated (or as otherwise agreed in the case of a given
payment), each payment to be made to the Parent or the Purchaser under this agreement or the Tax Deed shall be made in US Dollars by transfer of the relevant amount into the relevant account on the date (and, if applicable, at or before the time)
the payment is due for value on that date and in immediately available funds. The relevant account for a given payment is: 

  

	 	(a)	 if that payment is to the Parent, the account of the Parent at: 

 

			
	 bank:
	  	 CITIBANK

	 account name:
	  	 WPP PLC

	 account number:
	  	 13663043

	 SWIFT:
	  	 CITIGB2L

	 IBAN number:
	  	 GB49CITI18500813663043

	 account currency:
	  	 USD,

 or such other account as the Parent shall, not less than three Business Days before the
date that payment is due, have specified by giving notice to the Purchaser for the purpose of that payment; and 
  

	 	(b)	 if that payment is to the Purchaser, such account of the Purchaser as the Purchaser shall, not less than
three Business Days before the date that payment is due, have specified by giving notice to the Parent for the purpose of that payment. 

  

	28.2	 If a party defaults in making any payment when due of any sum payable under this agreement or under the
Tax Deed, it shall pay interest on that sum from (and including) the date on which payment is due until (but excluding) the date of actual payment (after as well as before judgment) at an annual rate of 3 per cent. above SOFR, which interest
shall accrue from day to day and be compounded monthly. 

  

	28.3	 All sums payable under this agreement shall be paid free and clear of any deductions or withholdings,
except those required by law. Subject to clause 28.4 and except in relation to any payment of interest, if a party is required by law to make a deduction or withholding in respect of any sum payable under this agreement, the party making that
payment (referred to in this clause 28.3 as the Payer) shall, at the same time as the sum which is the subject of the deduction or withholding is payable, make a payment to the party entitled to that sum (referred to in this clause 28.3 as
the Payee) of such additional amount as shall be required to ensure that the net amount received by the Payee will equal the full amount which would have been received by it had no such deduction or withholding been required to be made. If
the Payer makes an increased payment under this clause 28.3 and the Payee obtains and utilises a Relief in respect of the deduction or 

  
 53 

	 	 
withholding that gave rise to such increased payment, then the Payee shall reimburse the Payer with such sum as the Payee, acting reasonably, certifies to the Payer will leave the Payee (after
such reimbursement) in no better and no worse position than it would have been in had that deduction or withholding not been required. 

  

	28.4	 The Purchaser shall not be required to make an increased payment under clause 28.3 in relation to any
deduction or withholding of tax that it is required by law to make from the Aggregate Consideration to the extent that such deduction or withholding: 

  

	 	(a)	 is in respect of capital gains tax (or similar tax) imposed under the laws of China relating to the direct
or indirect transfer of any asset situated or company incorporated or tax resident, in China; or 

  

	 	(b)	 other than in respect of any tax described in subclause (a), would not have been required but for the
coming into force of any law, rule or regulation after the date of this agreement, and is not required by reason of a connection (other than a connection arising as a result of the entry into any transaction under or contemplated by this agreement)
between the Purchaser and the jurisdiction imposing the relevant tax; or 

  

	 	(c)	 is required to be so made from any amount in respect of the Aggregate Consideration (or any part thereof)
payable in relation to a Deferred Completion. 

  

	28.5	 The Parties intend to take the position for all Tax purposes that no requirement to withhold or deduct Tax
from the Aggregate Consideration shall apply and, accordingly, the parties shall, between the date of this agreement and First Completion (and, where applicable, any Deferred Completion) co-operate (acting
reasonably and in good faith) with a view to: (a) determining whether any deduction or withholding is required by law from the Aggregate Consideration (or any part of it) payable in accordance with this agreement (taking into account in
particular any steps taken by any member of the Retained Group in accordance with appropriate advice, which may include steps taken to pay the tax in question); and (b) complying with any procedural formalities which are necessary in order to
ensure that any legal requirement to make any such withholding or deduction is reduced or extinguished to the fullest extent reasonably practicable. 

  

	28.6	 The Parent agrees to do all things necessary to: (i) duly report, or cause to be duly reported, the
sales of Equity Interests contemplated under this agreement to the competent Taxation Authority in China; and (ii) promptly settle any and all Taxes payable under the applicable laws and regulations and pursuant to Bulletin 7 (the Bulletin 7
Tax). 

  

	28.7	 Upon the Parent’s request, the Purchaser shall provide the Parent with all reasonable assistance and
information in connection with the filings, registrations, discussion or negotiation with the competent Taxation Authority in China relating to the Bulletin 7 Tax. The Parent shall, promptly after the making of any such Tax filing, provide to the
Purchaser either a copy of the acknowledgement receipt issued by the competent Taxation Authority in China, or if no such acknowledgement receipt was issued, a written confirmation that the Bulletin 7 Tax filing has been duly submitted and a copy of
such submission. 

  

	28.8	 Subject to clause 4.6 and where lawful to do so, where any amount to be paid by one Party to another under
this agreement is denominated in a currency other than USD, it shall be converted into USD at the applicable Exchange Rate. 

  
 54 

	29.	 GENERAL 

 

	29.1	 The receipt by the Purchaser’s Solicitors or the Parent’s Solicitors of any document to be
delivered at First Completion or at any Deferred Completion (as applicable) to the Purchaser or the Parent (as applicable) shall discharge the Parent’s or the Purchaser’s (as applicable) obligation to deliver it (or procure the delivery of
it, as the case may be) to the Purchaser or the Parent (as applicable). 

  

	29.2	 Each of the obligations, warranties and undertakings set out in this agreement (excluding any obligation
which is fully performed at First Completion or the relevant Deferred Completion (as applicable)) shall continue in force after First Completion or the relevant Deferred Completion (as applicable) and shall not be affected by the waiver of any
Condition or any notice given by the Purchaser in respect of any Condition. 

  

	29.3	 Time is not of the essence in relation to any obligation under this agreement unless:

  

	 	(a)	 time is expressly stated to be of the essence in relation to that obligation; or 

 

	 	(b)	 one party fails to perform an obligation by the time specified in this agreement and another party serves
a notice on the defaulting party requiring it to perform the obligation by a specified time and stating that time is of the essence in relation to that obligation. 

 

	29.4	 Except as otherwise expressly provided in this agreement, each party shall pay the costs and expenses
incurred by it in connection with the entering into and completion of this agreement. If First Completion occurs in accordance with this agreement, the Parties agree that (to the fullest extent permissible under applicable law) the Group (as defined
in the Shareholders’ Agreement) shall pay or reimburse (as applicable) all costs and expenses (not exceeding $135 million in aggregate) incurred or paid by the Purchaser and/or the other members of the Purchaser’s Group in connection
with: 

  

	 	(a)	 the Due Diligence Investigation; 

 

	 	(b)	 the negotiation, entering into and/or completion of this agreement and (other than the Shareholders’
Agreement, the US JVCo LPA, the US GPCo Articles and the RoW Articles) the other Transaction Documents; and/or 

  

	 	(c)	 the financing of the Transaction. 

 

	29.5	 This agreement may be executed in any number of counterparts, all of which taken together shall constitute
one and the same agreement, and any party (including any duly authorised representative of a party) may enter into this agreement by executing a counterpart. 

 

	29.6	 The rights of each party under this agreement: 

 

	 	(a)	 may be exercised as often as necessary; 

 

	 	(b)	 except as otherwise expressly provided by this agreement, are cumulative and not exclusive of rights and
remedies provided by law; and 

  

	 	(c)	 may be waived only in writing and specifically. 

Delay in exercising or non-exercise of any such right is not a waiver of that right.

  
 55 

	29.7	 Except as expressly stated in this agreement, a person who is not a party to this agreement may not
enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999 and their consent is not required to any amendment to this agreement. 

  

	29.8	 The Dutch Notary is a civil law notary with the Parent’s Solicitors. In relation to the transfer of
the Target Company Equity Interests, the Purchaser acknowledges on behalf of itself, and on behalf of its Designated Purchasers, that it is aware of the provisions of the Ordinance Interdisciplinary Cooperation (Verordening Interdisciplinaire
Samenwerking) of the Royal Professional Organisation of Civil Law Notaries (Koninklijke Notariële Beroepsorganisatie). The Purchaser acknowledges and agrees on behalf of itself, and on behalf of its Designated Purchasers, that the
Parent’s Solicitors may advise and act on behalf of the Parent and the Sellers with respect to this agreement, and any agreements and/or any disputes related to or resulting from this agreement. 

 

	29.9	 The Purchaser and the Parent agree that the sale of the interests in New US JVCo shall be treated for all
United States federal, state, and local income Tax purposes as a sale of a partnership interest to the Purchaser, and Purchaser and the Parent shall treat such transaction in such manner for purposes of all Tax, accounting, and regulatory filings.

  

	30.	 AGENCY STRUCTURE 

 

	30.1	 The Parent is entering into this agreement on the basis that any covenant, obligation, warranty or
undertaking given by the Parent under this agreement is given, and any covenant, obligation, warranty or undertaking given by the Purchaser or UK Bidco under this agreement is received, by the Parent as principal and in addition, to the extent that
the relevant covenant, obligation, warranty or undertaking relates to a particular Target Company, Target Subsidiary or Deferred Target Subsidiary, as agent for the relevant Seller or (as applicable) Deferred Seller which is selling Target Company
Equity Interests or (as applicable) Deferred Target Subsidiary Equity Interests in the relevant Target Company or Deferred Target Subsidiary. 

  

	30.2	 The Purchaser is entering into this agreement on the basis that any covenant, obligation, warranty or
undertaking given by the Purchaser under this agreement is given, and any covenant, obligation, warranty or undertaking given by the Parent under this agreement is received, by the Purchaser as principal and in addition, to the extent that the
relevant covenant, obligation, warranty or undertaking relates to a particular Target Company, Target Subsidiary or Deferred Target Subsidiary, as agent for the relevant Designated Purchaser which is purchasing Target Company Equity Interests or (as
applicable) Deferred Target Subsidiary Equity Interests in the relevant Target Company or Deferred Target Subsidiary. 

  

	30.3	 To the extent that any payment is made by the Purchaser or UK Bidco to the Parent under this agreement in
respect of the Aggregate Consideration or by way of adjustment to the Aggregate Consideration (including the proportion of the Aggregate Consideration allocated to particular Target Company Equity Interests or Target Subsidiary Equity Interests),
such payment is received by the Parent as agent for and on behalf of the relevant Seller or (as applicable) Deferred Seller which is selling Target Company Equity Interests or (as applicable) Deferred Target Subsidiary Equity Interests in that
particular Target Company or Deferred Target Subsidiary (unless the Parent is itself the relevant Seller or Deferred Seller, in which case it is received by the Parent as principal), and made by the Purchaser as agent for and on behalf of the
relevant Designated Purchaser purchasing the relevant Target Company Equity Interests or Deferred Target Subsidiary Equity Interests under this agreement (unless the Purchaser is itself the Designated Purchaser, in which case it is received by the
Purchaser as principal). 

  

	30.4	 To the extent that any payment is made by the Parent under this agreement by way of adjustment to the
Aggregate Consideration (including the proportion of any price allocated to particular Target 

  
 56 

	 	 
Company Equity Interests or Target Subsidiary Equity Interests), such payment is made by the Parent as agent for and on behalf of the relevant Seller or (as applicable) Deferred Seller which is
selling Target Company Equity Interests or (as applicable) Deferred Target Subsidiary Equity Interests in that particular Target Company or Deferred Target Subsidiary (unless the Parent is itself the relevant Seller or Deferred Seller, in which case
it is made by the Parent as principal), and received by the Purchaser as agent for and on behalf of the relevant Designated Purchaser purchasing the relevant Target Company Equity Interests or Deferred Target Subsidiary Equity Interests under this
agreement (unless the Purchaser is itself the relevant Designated Purchaser, in which case it is received by the Purchaser as principal). 

  

	30.5	 For the purposes of this clause 30, a covenant, obligation, warranty or undertaking relates to a
particular Target Company, Target Subsidiary or Deferred Target Subsidiary if the relevant provision relates to or applies in respect of that Target Company, Target Subsidiary or Deferred Target Subsidiary regardless of whether or not the relevant
provision refers to it by name or applies in respect of more than one Target Company, Target Subsidiary or Deferred Target Subsidiary. 

  

	30.6	 If the Purchaser wishes to make a claim under this agreement against the Parent or a Seller or a Deferred
Seller, the Purchaser shall procure that any such claim shall only be made by the Purchaser against the Parent. 

  

	30.7	 If the Parent or a Seller wishes to make a claim under this agreement against the Purchaser, the Parent
shall procure that any such claim shall only be made by the Parent against the Purchaser. 

  

	30.8	 For the purposes of this clause 30, whichever of the Parent or the Purchaser is bringing a claim (whether
as agent or otherwise) in accordance with clause 30.6 or clause 30.7, as the case may be, is termed the Claimant Party and the other of them is termed the Defendant Party. The Parties agree that: 

 

	 	(a)	 the Defendant Party shall not raise any defence or objection to any such claim on the basis that it is
made in the name of the Claimant Party acting as agent and/or made against the Defendant Party acting as agent pursuant to the provisions of this clause 30 and shall be deemed to have waived the right to raise and to be estopped from raising any
such defence or objection; 

  

	 	(b)	 where a claim cannot, as a matter of law, be made by the Claimant Party in its own name as agent pursuant
to this clause 30, any such claim may and shall be assigned to the Claimant Party (provided that the liability of the person claimed against shall be no greater and no less than such liability would have been if the assignment had not occurred); and

  

	 	(c)	 where a claim is made by the Claimant Party against the Defendant Party and the claim results in a payment
being required to be made to the Claimant Party, the payment shall be made by the Defendant Party (as principal and/or, if applicable, as agent) to the Claimant Party (as principal and/or, if applicable, as agent). 

 

	31.	 WHOLE AGREEMENT 

 

	31.1	 This agreement as amended from time to time, the other agreements and instruments to be entered into
pursuant to this agreement (including those required to implement the EY Acquisition Steps Paper and any side agreement to this agreement that may be entered into between the Parties) and the confidentiality agreement relating to the Transaction
between the Parent and Bain Capital Private Equity (Europe), LLP contain the whole agreement between the Parties relating to the transactions contemplated by the Transaction Documents and supersedes all previous agreements,

  
 57 

	 	 
whether oral or in writing, between the Parties relating to these transactions. Except as required by statute, no terms shall be implied (whether by custom, usage or otherwise) into this
agreement. 

  

	31.2	 Each Party: 

  

	 	(a)	 acknowledges that in agreeing to enter into this agreement and the other Transaction Documents it has not
relied on any express or implied representation, warranty, collateral contract or other assurance made by or on behalf of any other party before the entering into of this agreement; 

 

	 	(b)	 waives all rights and remedies which, but for this clause 31.2, might otherwise be available to it in
respect of any such express or implied representation, warranty, collateral contract or other assurance; and 

  

	 	(c)	 acknowledges and agrees that no such express or implied representation, warranty, collateral contract or
other assurance may form the basis of, or be pleaded in connection with, any claim made by it under or in connection with this agreement. 

  

	31.3	 Nothing in this clause limits or excludes any liability for fraud. 

 

	32.	 GOVERNING LAW AND JURISDICTION 

 

	32.1	 This agreement and any non-contractual obligations arising out of
or in connection with it shall be governed by English law. 

  

	32.2	 The English courts have exclusive jurisdiction to settle any dispute arising out of or in connection with
this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and the Parties submit to the exclusive jurisdiction of the English courts.

  

	32.3	 The Purchaser irrevocably appoints Bain Capital Private Equity (Europe), LLP of Devonshire House, 1
Mayfair Place, London W1J 8AJ (marked for the attention of Bart Gombert) as its agent in England for service of process. 

  

	32.4	 The Parent irrevocably appoints WPP 2005 Limited of Sea Containers House, 18 Upper Ground, London, United
Kingdom, SE1 9GL, marked for the attention of the Chief Operating Officer and the General Counsel, as its agent in England for service of process. 

  

	32.5	 The Parties waive any objection to the English courts on grounds that they are an inconvenient or
inappropriate forum to settle any such dispute. 

  

	32.6	 Each Party irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in any legal action or proceeding arising, directly or indirectly, out of or relating to this agreement or the transactions contemplated by it and for any counterclaim therein (in each case whether based on
contract, tort or any other theory and whether predicated on common law, statute or otherwise). Each party (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party
would not, in the event of litigation, seek to enforce the foregoing waiver, and (b) acknowledges that it and the other Party have been induced to enter into this agreement by, amongst other things, the mutual waivers and certifications in this
clause. 

  
 58 

	33.	 LANGUAGE 

The language of this agreement and the transactions envisaged by it is English and all notices to be given in connection
with this agreement must be in English. All demands, requests, statements, certificates or other documents or communications to be provided in connection with this agreement and the transactions envisaged by it must be in English or accompanied by a
certified English translation; in this case the English translation prevails unless the document or communication is a statutory or other official document or communication. 

AS WITNESS this agreement has been signed by the Parties (or their duly authorised representatives) on the date stated at the
beginning of this agreement. 

  
 59 

 SCHEDULE 1 

THE SELLERS AND DESIGNATED PURCHASERS 
  

											
	 (1)

SELLERS
	 	
(2)
 SELLER

ADDRESS
	 	
(3)

TARGET
COMPANIES
	 	
(4)

NATURE OF EQUITY
INTERESTS TO BE
TRANSFERRED
	 	
(5)
 PERCENTAGE
OF
EQUITY INTERESTS IN
TARGET COMPANY TO
BE TRANSFERRED
	 	
(6)

DESIGNATED

PURCHASERS

	WPP 2005 Limited	 	The registered office of the Seller	 	Kantar Square Two B.V.	 	All classes of Equity Interests	 	Purchased Percentage	 	Purchaser
	WPP 2005 Limited	 	The registered office of the Seller	 	Research SA B.V.	 	All classes of Equity Interests	 	Purchased Percentage	 	Summer (BC) Dutch BidCo B.V.
	WPP France
Holdings SAS	 	The registered office of the Seller	 	Kantar TNS- MB SAS	 	All classes of Equity Interests	 	Purchased Percentage	 	Summer (BC) France BidCo SAS
	WPP France
Holdings SAS	 	The registered office of the Seller	 	Kantar Consulting SAS	 	All classes of Equity Interests	 	Purchased Percentage	 	Summer (BC) France BidCo SAS
	York Merger Square
2009 LLC	 	The registered office of the Seller	 	Summer (BC) US JVCo SCSp	 	All classes of Equity Interests	 	Purchased Percentage	 	Summer (BC) US BlockerCo Corp.
	WPP Diamond Head
LLC	 	The registered office of the Seller	 	Summer (BC) US JVCo GP S.à r.l	 	All classes of Equity Interests	 	Purchased Percentage	 	Summer (BC) US BlockerCo Corp.

  
 60 

 SCHEDULE 2 

PARENT’S WARRANTIES 
  

	1.	 GENERAL 

 

	1.1	 Incorporation and capacity of Parent 

The Parent is a company validly existing under the laws of Jersey with the requisite power and authority to enter into and
perform, and has taken all necessary corporate action to authorise the execution and performance of, its obligations under the Transaction Documents. 
  

	1.2	 Incorporation and capacity of the Sellers and the Deferred Sellers 

 

	(a)	 Each Seller and Deferred Seller is a company validly existing under the laws of its jurisdiction of
incorporation or organisation, and has been in continuous existence since its incorporation or organisation. 

  

	(b)	 Each Seller and each Deferred Seller will at the relevant time have the power to execute and deliver the
Wider Transaction Documents to which it will be party, and to perform its obligations under each of them, and will have taken all action necessary to authorise such execution and delivery and the performance such obligations. 

 

	(c)	 Each of the other Wider Transaction Documents to which each Seller and each Deferred Seller will be a
party will, when executed by it, constitute legal, valid and binding obligations of it. 

  

	1.3	 Valid obligations 

 

	(a)	 This agreement constitutes, and each of the other Wider Transaction Documents to which the Parent is or
will be a party will, when executed by the Parent, constitute legal, valid and binding obligations of the Parent. 

  

	(b)	 The execution and delivery by the Parent of this agreement and of each of the other Wider Transaction
Documents to which it is or will be a party and the performance of the obligations of the Parent under it and each of them do not and will not conflict with or constitute a default under any provision of: 

 

	 	(i)	 any agreement or instrument to which the Parent is a party; or 

 

	 	(ii)	 the constitutional documents of the Parent; or 

 

	 	(iii)	 any law, lien, lease, order, judgment, award, injunction, decree, ordinance or regulation or any other
restriction of any kind or character by which the Parent is bound. 

  

	1.4	 Target Subsidiaries 

The particulars relating to the Target Subsidiaries set out in the Master Entity Spreadsheet are true and accurate in all
material respects. 
  

	1.5	 Incorporation of members of the Target Group 

Each member of the Target Group: 

  
 61 

	 	(a)	 is a company validly existing under the laws of its place of incorporation or organisation;

  

	 	(b)	 has been in continuous existence since the date of its incorporation or organisation; and

  

	 	(c)	 has full power and authority to conduct its business as presently conducted. 

 

	1.6	 Constitutional documents 

The constitutional documents that are located in section 1.6 of the Data Room in respect of members of the Target Group are
true and accurate in all material respects. 
  

	1.7	 Equity Interests 

 

	(a)	 The Equity Interests described in columns E and F of the Master Entity Spreadsheet constitute the whole of
the issued and allotted equity interests of the Target Subsidiaries and are fully paid up. 

  

	(b)	 On First Completion each Seller will be entitled to transfer, and the Parent will be entitled to procure
the transfer by each Seller of, the full legal and beneficial ownership in the Target Company Equity Interests listed next to its name in columns 3, 4 and 5 of Schedule 1 on the terms and subject to the conditions set out in this agreement.

  

	(c)	 On each Deferred Completion, each relevant Deferred Seller will be entitled to transfer, and the Parent
will be entitled to procure the transfer by such Deferred Seller of, the full legal and beneficial ownership in the relevant Deferred Target Subsidiary Equity Interests on the terms and subject to the conditions set out in this agreement.

  

	(d)	 There is no Encumbrance on, over or affecting any of the Target Company Equity Interests or any of the
Target Subsidiary Equity Interests. 

  

	(e)	 So far as the Parent is aware, no person holds any option, warrant or other right to subscribe for or
acquire any equity securities in any Target Company or Target Subsidiary. 

  

	1.8	 Subsidiaries and associates 

Other than as set out in the Master Entity Spreadsheet, no member of the Target Group is the holder or beneficial owner of,
nor has agreed in writing to acquire, any shares of or interest in any other undertaking. 
  

	1.9	 Accounts and Total FY18 Baseline EBITDA Statement 

 

	(a)	 The Accounts: 

  

	 	(i)	 have been prepared in accordance with International Financial Reporting Standards, as adopted by the
European Union, modified by application of the Annexure to SIR 2000 Investment Reporting Standards Applicable to Public Reporting Engagements on Historical Financial Information issued by the UK Financial Reporting Council, as at the Accounts Date;

  

	 	(ii)	 have been prepared by aggregating all legal entities within the Target Group as of 25 June 2019,
applying the principles of consolidation to eliminate any intra-group transactions; 

  

	 	(iii)	 include the allocation of central income and expenses from the Parent and its subsidiaries to the extent
Disclosed in the Accounts; 

  
 62 

	 	(iv)	 give a true and fair view of the state of affairs of the Target Group as at the Accounts Date and of its
profits, cash flows and changes in equity for the year then ended; and 

  

	 	(v)	 have been prepared on a basis consistent, in all material respects, with the basis employed in such
accounts for the immediately preceding financial period. 

  

	(b)	 The Total FY18 Baseline EBITDA Statement has been properly compiled from the total management EBITDA
(earnings before interest, taxation, depreciation and amortisation) as reported by the Target Group in the WPP financial reporting system (SAP BFC) for the financial year ended 31 December 2018 at the WPP 2018 Constant Currency Rates.

  

	1.10	 Locked Box Accounts and Management Accounts 

 

	(a)	 The Locked Box Accounts: 

 

	 	(i)	 are not materially misleading and represent as at the Locked Box Date all legal entities within the Target
Group; 

  

	 	(ii)	 have been prepared from the same accounting records and source data from the Parent’s financial
reporting system (SAP BFC) for the Kantar Business as the Accounts as at the Locked Box Date; and 

  

	 	(iii)	 have been prepared in accordance with the accounting policies and financial reporting practices used in
the preparation of the Accounts. 

  

	(b)	 The Management Accounts were prepared on a basis consistent with the Locked Box Accounts (except that the
Management Accounts have adopted IFRS 16) and give a fair view of the financial position of the Kantar Business and the profit or loss of the Kantar Business for the periods/at the date to which they relate (having regard to the purpose for which
they were prepared and the fact that they were not prepared to an audit standard). 

  

	1.11	 Position since the Locked Box Date 

Since the Locked Box Date: 
  

	 	(a)	 there has been no material adverse change in the financial position of the Target Group, except as a
result of market conditions and other factors generally affecting similar businesses; 

  

	 	(b)	 the business of the Target Group has been carried on in the ordinary course; 

 

	 	(c)	 except for any dividends provided for in the Locked Box Accounts and any dividends or distributions paid
as part of the Kantar Reorganisation, no dividend or other distribution has been declared, paid or made by a member of the Target Group; 

  

	 	(d)	 except as part of the Kantar Reorganisation, no member of the Target Group has repaid, repurchased or
reduced any of its issued share capital; 

  

	 	(e)	 except as part of the Kantar Reorganisation, no share or loan capital has been issued or agreed in writing
to be issued by a member of the Target Group; and 

  

	 	(f)	 other than in the ordinary course of business, no material capital commitment has been entered into by a
member of the Target Group. 

  
 63 

	1.12	 Licences 

Each member of the Target Group has all material licences, permissions, authorisations and consents required for the
carrying on of the business now carried on by it in the places and in the manner in which that business is now carried on and no member of the Target Group has, since the Relevant Date, received written notice that it is, as at the date of this
agreement, materially in default under any material licence, permission or authorisation or that such material licence, permission or authorisation is being withdrawn or conditioned, in each case where such default, withdrawal or condition would
have a material adverse effect on the assets or financial position of the Target Group. 
  

	1.13	 Compliance with laws 

 

	(a)	 No member of the Target Group has, since the Relevant Date, received written notice from any Regulatory
Authority that it is in violation of, or in default with respect to, any statute, legislation, regulation, order, decree or judgment of any Regulatory Authority of the jurisdiction in which it is incorporated, where such violation or default would
reasonably be expected to have a material adverse effect on the assets or financial position of the Target Group. 

  

	(b)	 So far as the Parent is aware, no member of the Target Group has, since the Relevant Date, done or omitted
to do anything, the doing or omission of which amounts to a contravention of any statute, legislation, order, regulation or the like giving rise, or which would reasonably be expected to give rise, to any material fine, penalty or other material
liability or sanction on the part of that member of the Target Group. 

  

	(c)	 So far as the Parent is aware, no member of the Target Group, nor any director, officer or employee of any
member of the Target Group, or any agent or representative acting on the Target Group’s behalf: 

  

	 	(i)	 has engaged or engages, since the Relevant Date, in any activity, practice or conduct (or failure to act)
which is an offence under the UK Bribery Act 2010, any other Anti-Corruption Law or any Anti-Money Laundering Law; or 

  

	 	(ii)	 is or has, since the Relevant Date, been the subject of any pending or threatened investigation, formal
inquiry or enforcement proceedings by, or received any written notification from, any governmental, administrative or regulatory body alleging an offence under Anti-Corruption Laws or Anti-Money Laundering Laws. 

 

	(d)	 The Target Group maintains policies and procedures which are designed to ensure compliance by it and its
directors, officers and employees with all Anti-Corruption Laws and Anti-Money Laundering Laws. 

  

	1.14	 Sanctions 

 

	(a)	 No member of the Target Group nor any director, officer or employee of any member of the Target Group, nor
any agent or representative acting on the Target Group’s behalf: 

  

	 	(a)	 is a Sanctioned Person; 

 

	 	(b)	 has engaged in any activity, practice or conduct with a Sanctioned Person (since the Relevant Date) in
breach of Sanctions; and/or 

  

	 	(c)	 is currently in breach of any Sanctions; 

  
 64 

	 	(d)	 is or has, since the Relevant Date, been the subject of any pending or threatened investigation, subpoena
or enforcement proceedings (in all cases, to which it has been verified in writing) by, or received any written notification from, any governmental, administrative or regulatory body alleging an offence under Sanctions. 

 

	(b)	 The Target Group maintains policies and procedures which are designed to ensure compliance by it and its
directors, officers and employees with Sanctions. 

  

	1.15	 Properties 

 

	(a)	 The Properties are the only real property owned, controlled, used or occupied by any member of the Target
Group and all deeds and documents necessary to prove title to them, or a right to occupy them, are in the possession of a member of the Target Group. 

  

	(b)	 The particulars of, and copy documents relating to, the Properties in section 15 of the Data Room and
Schedule 6 are true and accurate in all material respects. 

  

	(c)	 The relevant member of the Target Group has a valid legal title to, or a right to, occupy each of the
Properties and is in occupation of the relevant Property free from all Encumbrances. 

  

	(d)	 So far as the Parent is aware, there are no material disputes affecting any of the Properties.

  

	(e)	 With respect to each of the leases (which expression includes underleases), licences or other occupation
agreements under which the Properties are held: 

  

	 	(i)	 all rents and all other sums payable by each tenant, licensee or occupier have been paid as and when they
became due and the last demand (or last receipt if issued) for rent was unqualified; and 

  

	 	(ii)	 the relevant Target Group member has complied with all of its material obligations (including covenants,
restrictions, stipulations and other encumbrances) under such lease and there has been no waiver of any of them; and 

  

	 	(iii)	 no written notice of breach of any of the material terms of such lease, licence or other occupation
agreement has been received by a Target Group member. 

  

	1.16	 Intellectual Property Rights 

 

	(a)	 The list of all patents, registered trade marks, registered service marks, registered designs or other
registered Intellectual Property Rights of which a member of the Target Group is the sole registered proprietor (and sole beneficial owner) or for which application has been made by a member of the Target Group, located in sections 14.1 and 14.2 of
the Data Room, is true and accurate in all material respects. 

  

	(b)	 All material Intellectual Property Rights used by any member of the Target Group for the purpose of
carrying on its business as currently carried on are vested solely and beneficially in or are licensed to a member of the Target Group. 

  

	(c)	 So far as the Parent is aware, there is no outstanding infringement or breach claim or threat of any claim
for infringement or breach of any Intellectual Property Rights referred to in subclause (b) above by or against a member of the Target Group and, so far as the Parent is aware, there are no facts or circumstances existing which might reasonably
be expected to give rise to such claim or threat. 

  
 65 

	(d)	 So far as the Parent is aware, no use of any Intellectual Property Rights by the Target Group or any
operation of the business by the Target Group infringes or breaches the Intellectual Property Rights of any third party. 

  

	1.17	 Information Technology 

 

	(a)	 Since the Relevant Date, there have been no performance reductions or breakdowns of any Business IT,
losses of data or, so far as the Parent is aware, cyber attacks or unauthorised disclosure of, or access to, data, in each case which have had (or are having) a material adverse effect on the operations of the Target Group as a whole.

  

	(b)	 Save for the Material Contracts, the services to be provided under the Transitional Services Agreements
and any Information Technology licences, agreements or services used in the delivery of services to be provided under the Transitional Services Agreements, the Target Group does not require any other material Information Technology licences,
agreements or services in order to operate its business in the ordinary course and as it has been operated in the 12 month period prior to the date of this Agreement. 

 

	1.18	 Data Protection 

 

	(a)	 So far as the Parent is aware, the Target Group has complied in all material respects with all Data
Protection Legislation. 

  

	(b)	 No member of the Target Group has in the three years preceding the date of this agreement received any
written notice, complaint or other written communication from any individual, data protection authority or organisation asserting that any member of the Target Group is in material breach of any Data Protection Legislation. 

 

	1.19	 Contracts 

 

	(a)	 No member of the Target Group is a party to any subsisting Material Contract which: 

 

	 	(i)	 was entered into otherwise than in the ordinary course of business; or 

 

	 	(ii)	 has an outstanding term of more than three years without provision to terminate on six months’ notice
or less; or 

  

	 	(iii)	 involves the supply of goods or services the aggregate sales value of which will represent in excess of
10 per cent. of the turnover for the current financial year of the Target Group; or 

  

	 	(iv)	 restricts its freedom to carry on the whole or any material part of its business as it does at present.

  

	(b)	 So far as the Parent is aware, no member of the Target Group has, since the Relevant Date, received
written notice that it is in default under any agreement, mortgage, charge, lien or pledge which is material to the financial position of the Target Group and no member of the Target Group has received written notification from any counterparty to a
Material Contract that it is terminating its business relationship with the Target Group. 

  
 66 

	(c)	 There are no subsisting Material Contracts to which a member of the Target Group is a party and in which
any member of the Retained Group has a material interest (other than, in the case of the Parent, its interest in the Target Subsidiary Equity Interests). 

  

	(d)	 No member of the Target Group is, or has agreed in writing to become, a member of any partnership or other
unincorporated association, joint venture or consortium (other than recognised trade associations). 

  

	(e)	 So far as the Parent is aware, all Shared Contracts are in section 12 of the Data Room and all Material
Contracts are in section 12 of the Data Room. 

  

	1.20	 Indebtedness 

 

	(a)	 So far as the Parent is aware, no member of the Target Group has, since the Relevant Date, received any
written notice: 

  

	 	(i)	 to repay any borrowings or indebtedness under any agreement relating to any borrowing (or indebtedness in
the nature of borrowing) (other than any borrowing or indebtedness owed to a member of the Retained Group or the Target Group) in each case in excess of £500,000 and which are repayable on demand; or 

 

	 	(ii)	 that an event of default has occurred and is outstanding under any agreement relating to any such
borrowing (or indebtedness in the nature of borrowing) or other credit facility of a member of the Target Group. 

  

	(b)	 The total amount borrowed by each member of the Target Group does not exceed its overdraft and other
working capital and/or trade credit facilities. 

  

	(c)	 Other than any borrowing or indebtedness owed to a member of the Retained Group or the Target Group, no
member of the Target Group has outstanding any loan capital or any money borrowed or raised (other than under its overdraft and other working capital or normal trade credits). 

 

	(d)	 No member of the Target Group has, since the Relevant Date, lent any money which is due to be repaid and
has not been repaid and no member of the Target Group owns the benefit of any debt, other than debts accrued in the ordinary course of its business. 

  

	1.21	 Litigation 

Except as claimant in the collection of debts arising in the ordinary course of business, no member of the Target Group, nor
so far as the Parent is aware any person for whom it is vicariously liable, is a claimant or defendant in or otherwise a party to any litigation, arbitration or administrative proceeding which is in progress and which is material in relation to the
Target Group or where the amount claimed exceeds $500,000 nor, so far as the Parent is aware, has any such proceeding been expressly threatened in writing by or against any member of the Target Group since the Relevant Date. 

 

	1.22	 Insurances 

The Parent has taken out insurances on behalf of the Target Group on the bases and in respect of the risks referred to in
the list of insurance cover contained in section 16 of the Data Room and: 
  

	 	(a)	 so far as the Parent is aware, such insurances are in full force and effect; 

  
 67 

	 	(b)	 so far as the Parent is aware, there are no special circumstances which might lead to any liability under
such insurances being avoided by the insurers; and 

  

	 	(c)	 since the Relevant Date no material claims which remain outstanding have been made under any such
insurances. 

  

	1.23	 Solvency 

 

	(a)	 No administrator, receiver or administrative receiver has been appointed in respect of the whole or any
part of the assets or undertaking of any member of the Target Group. 

  

	(b)	 No order has been made and no resolution has been passed for the
winding-up of any member of the Target Group and, so far as the Parent is aware, no petition has been presented for that purpose. 

 

	(c)	 No member of the Target Group is insolvent (within the meaning of the UK Insolvency Act 1986) or
unable to pay its debts and no member of the Target Group has stopped paying its debts as they fall due. 

  

	(d)	 So far as the Parent is aware, no voluntary arrangement, compromise or similar arrangement with creditors
has been proposed, agreed in writing or sanctioned in respect of a member of the Target Group. 

  

	(e)	 Outside the United Kingdom, no event or circumstance has occurred or exists analogous to those described
in paragraphs (a) to (d) above. 

  

	1.24	 Employees 

 

	(a)	 The Parent has Disclosed to the Purchaser: 

 

	 	(i)	 the employment contracts of all Senior Employees and details of remuneration payable and other principal
benefits provided to Senior Employees; 

  

	 	(ii)	 approximate numbers of Employees that are employed by each member of the Target Group and in what country
such Employees are working; 

  

	 	(iii)	 the current standard employment contracts and contracts for services under which Employees are employed or
engaged in the Principal Countries and details of the material employment benefits (including any material profit-sharing, bonus or other incentive arrangements) provided by any member of the Target Group (or which any member of the Target Group has
agreed to provide in the future) to Employees; and 

  

	 	(iv)	 brief details of current securities awards and options held by Employees of any member of the Target Group
and awarded or granted by the Parent. 

  

	(b)	 Except as Disclosed under paragraph 1.24(a), there is not outstanding any agreement or arrangement to
which a member of the Target Group is a party for profit-sharing or for payments to any Senior Employee of bonuses or for incentive payments or other similar matters and there are no other material payments to
any Senior Employee which have not been Disclosed. 

  

	(c)	 No Senior Employee has, at the date of this agreement, given or been given written notice to terminate his
or her employment. 

  
 68 

	(d)	 No dispute has arisen since the Relevant Date between a member of the Target Group and a material number
or category of its Employees or with any trade union, works council or employee representative group. 

  

	(e)	 The Parent has Disclosed to the Purchaser material details relating to all trade unions, works councils
and other employee representative groups which by law or any collective bargaining agreement have the right to be informed and/or consulted on matters which affect the Employees. 

 

	(f)	 Section 7.14 of the Data Room contains all material trade union recognition agreements, material
collective agreements and material works council agreements (other than national collective bargaining agreements and/or industry-wide collective agreements) between any member of the Target Group and trade unions, works councils and other employee
representative groups relevant to the Employees. 

  

	(g)	 The Parent has Disclosed to the Purchaser details of any ongoing or pending material redundancy and/or
restructuring programmes affecting Employees. 

  

	2.	 TAX 

  

	2.1	 Taxation liabilities 

So far as the Parent is aware, all Taxation for which a member of the Target Group is liable and which has fallen due for
payment has been duly paid within applicable time limits and no member of the Target Group is, or has been, liable to pay a penalty, surcharge, fine or interest in respect of Tax. 

 

	2.2	 Taxation returns 

So far as the Parent is aware, all computations and returns which ought to have been submitted to a Tax Authority by a
member of the Target Group (excluding for the avoidance of doubt any tax return, computation or filing in respect of any consolidated filing group of which that member of the Target Group was a member where such tax return, computation or filing was
required to be submitted by a member of the Retained Group) since the Relevant Date have been properly and duly so submitted and all such computations and returns were, and remain, true, accurate and complete in all material respects. So far as the
Parent is aware, no computation or return has been disputed by a Tax Authority. 
  

	2.3	 Investigations 

So far as the Parent is aware, no member of the Target Group has since the Relevant Date been subject to or is currently
subject to any non-routine investigation, audit or visit by any Tax Authority and no Tax Authority has indicated in writing to any member of the WPP Group that it intends to investigate the Tax affairs of any
member of the Target Group. 
  

	2.4	 Deductions and withholdings 

So far as the Parent is aware, each member of the Target Group has made all deductions in respect, or on account, of any
Taxation from any payments made by it which it is obliged to make and has accounted in full to the appropriate Tax Authority for all amounts so deducted. 
  

	2.5	 Tax residence 

No member of the Target Group is (or, so far as the Parent is aware, has been) treated for any Taxation purpose as resident
in, or (so far as the Parent is aware) has, or has had, a taxable presence 

  
 69 

 
in, a country other than the country of its incorporation or, so far as the Parent is aware, is liable to Tax in any other country by reason of having a branch, agency or permanent establishment
in that other country. 
  

	2.6	 Stamp duties 

So far as the Parent is aware, all documents which establish or are necessary to establish the rights or title of any member
of the Target Group to any asset or in the enforcement of which any member of the Target Group is or may be interested, and which are, or would be, required to have been duly stamped in order to establish that right or title or to be enforced, have
been duly stamped. 
  

	2.7	 UK Criminal Finances Act 2017 

So far as the Parent is aware, each relevant member of the Target Group has implemented reasonable prevention procedures to
mitigate the risk of facilitating a tax evasion offence as required for the purposes of the defence set out in section 45(2) and section 46(3) of the Criminal Finances Act 2017. 

 

	2.8	 Anti-avoidance 

So far as the Parent is aware, no member of the Target Group has entered into any arrangement or transaction (or series of
arrangements or transactions) which are notifiable for the purposes of Part 7 of the Finance Act 2004, the National Insurance Contribution Regulations 2007 (SI 2007/185), Schedule 11A to the Value Added Tax Act 1994, Schedule 17F to the Finance (No.
2) Act 2017, or in each case any similar or equivalent rules or law outside the United Kingdom, excluding for the avoidance of doubt any disclosure required pursuant to Council Directive (EU) 2018/822. 

 

	3.	 PENSIONS 

 

	(a)	 So far as the Parent is aware, and excluding any mandatory, statutory or state pension arrangements, no
member of the Target Group is under any material obligation to provide, in respect of its current or former employees in the Principal Countries, access to any employer funded pension scheme or plan or provide funding for any such plan in the
Principal Countries other than a scheme or plan that has been Disclosed in the Data Room and, so far as the Parent is aware, since the Relevant Date the Target Group is in material compliance with its legal obligations under such Disclosed schemes
and plans in the Principal Countries. 

  

	(b)	 So far as the Parent is aware, all amounts that have become due and payable from a member of the Target
Group to a pension scheme have been paid when they have fallen due. 

  

	(c)	 Save as Disclosed and so far as the Parent is aware, there are no material disputes to which the Target
Group is a party in respect of the provision of pensions to its employees or former employees. 

  
 70 

 SCHEDULE 3 

CLAIMS 
  

	1.	 Acknowledgement 

The Purchaser acknowledges and agrees that: 
  

	 	(a)	 the Purchaser has performed, with the assistance of professional advisers, a due diligence investigation
with respect to the members of the Target Group and their respective businesses, operations, assets, liabilities and financial condition on the basis of the information provided by the Parent, the management of the Target Group and (where
applicable) their advisers (the Due Diligence Investigation); 

  

	 	(b)	 in the Due Diligence Investigation, the Purchaser and its advisers have had sufficient opportunity to
review any and all information made available to them; 

  

	 	(c)	 the Purchaser is not actually aware of any matter or circumstance which is inconsistent with any of the
Warranties or makes any of them untrue or inaccurate (with the Purchaser’s actual awareness having the meaning set out in paragraph 4.1(f) below); and 

  

	 	(d)	 in the Due Diligence Investigation, the Purchaser and its advisers have obtained all information and
raised all questions that they deemed proper and necessary for the purposes of entering into this agreement and the Transaction Documents, through interviews, presentations and questions submitted to the Parent, the Target Group and their advisers
or, where appropriate, through searches or by means of other enquiries. 

  

	2.	 Disclosed Information 

The Data Room (which includes the Information Memorandum, all vendor due diligence reports (however named) prepared by the
Parent’s advisers for review by the Purchaser and made available to the Purchaser, the Management Presentations and the information made available to the Purchaser and its advisers in written answers to questions raised by the Purchaser or its
advisers during the course of their due diligence investigations), the EY Due Diligence Reports and the Disclosure Letter (together, the Disclosed Information), to the extent that the matters set out therein are Disclosed, shall qualify the
Warranties. 
  

	3.	 Notice 

If the Purchaser or any member of the Target Group becomes aware of a matter or circumstance which could reasonably be
expected to give rise to a Non-Tax Claim, the Parent shall not be liable in respect of it unless the Purchaser gives notice to the Parent specifying that matter or circumstance in reasonable detail (including,
without limitation and to the extent that the Purchaser is reasonably able, the Purchaser’s estimate, on a without prejudice basis, of the amount of such claim) as soon as reasonably practicable (and in any event within 30 days) after it or the
relevant member of the Target Group (as the case may be) becomes aware of that matter or circumstance. The Parent shall not be liable for any losses in respect of a Claim to the extent that they are increased, or are not reduced, as a result of any
failure by the Purchaser to give notice as contemplated by this paragraph. 

  
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	4.	 Exclusions 

 

	4.1	 The Parent shall not be liable in respect of any Warranty Claim to the extent that the matter or
circumstance giving rise to the Warranty Claim: 

  

	 	(a)	 was actually known to the Purchaser (within the Purchaser’s actual awareness having the meaning set
out in paragraph 4.1(f) below) at the date of this agreement; 

  

	 	(b)	 was Disclosed in this agreement including the schedules and/or annexes hereto; 

 

	 	(c)	 was specifically provided for in the Accounts or Locked Box Accounts (including, without limitation, by
way of provision, accrual, liability or a note or a statement in any report forming part of the Accounts or the Locked Box Accounts) or the enterprise to equity value bridge relating to the Transaction in the Agreed Form; 

 

	 	(d)	 is the subject of a claim under the Tax Deed and the Purchaser receives a payment in respect thereof under
the Tax Deed; 

  

	 	(e)	 is or arises directly or indirectly from any matter or circumstance Disclosed in the Disclosed in the
Disclosed Information; 

  

	 	(f)	 is a matter or circumstance of which the Purchaser has actual knowledge at the date of this agreement
(and, for the purpose of this Schedule 3, the Purchaser’s actual awareness and/or actual knowledge means the actual awareness of any one or more of Luca Bassi, Christophe Jacobs van Merlen, Giovanni Camera and William Bhirle, Soren Haefcke, Tom
Meacher, Jake Kaminer, Alberto de Antoni and Fatima Porras Olalla who shall be deemed to have actual knowledge of the contents of the Disclosed Information to the extent Disclosed and any due diligence report (in draft or final form) prepared by or
for any member of the Purchaser’s Group and made available to any member of the Purchaser’s Group on or before the date of this agreement); or 

  

	 	(g)	 has been or is made good or is otherwise compensated for without cost to the Purchaser or any member of
the Target Group. 

  

	4.2	 The Parent shall not be liable in respect of a Non-Tax Claim to
the extent the relevant liability would not have arisen but for: 

  

	 	(a)	 any liability for Tax arising as a result of any Event or Events (as defined in the Tax Deed) occurring,
or any profits earned, accrued or received, in each case in the ordinary course of business of a member of the Target Group in the period from the Locked Box Date until First Completion or (in relation to a Deferred Target Subsidiary) the relevant
Deferred Completion; 

  

	 	(b)	 a change in legislation or a change in the interpretation of legislation on the basis of case law made
after the date of this agreement (whether relating to Taxation, the rate of Taxation or otherwise) or any amendment to or the withdrawal of any practice previously published by a Tax Authority, in either case occurring after the date of this
agreement, whether or not that change, amendment or withdrawal purports to be effective retrospectively in whole or in part; or 

  

	 	(c)	 any change after First Completion (or in the case of any Deferred Target Subsidiaries, the relevant
Deferred Completion) of the date to which any member of the Target Group makes up its accounts or in the bases, methods, principles or policies of accounting of any 

  
 72 

	 	 
member of the Target Group other than a change which is necessary because such bases, methods, principles or policies of accounting as at the First Completion Date (or in the case of any Deferred
Target Subsidiaries, the relevant Deferred Completion Date) are not in accordance with any published accounting practice or principle then current; or 

  

	 	(d)	 any act or omission of any member of the Target Group on or before First Completion (or in the case of any
Deferred Target Subsidiary, on or before the relevant Deferred Completion) carried out at the written request of the Purchaser or any act or omission of the Purchaser, any member of the Purchaser’s Group or any member of the Target Group after
First Completion (or in the case of any Deferred Target Subsidiary, on or before the relevant Deferred Completion) but, in each case, excluding any act or omission taken by the Purchaser or any member of the Purchaser’s Group or any member of
the Target Group in compliance with any legal obligations it incurred prior to: (i) the date of this agreement in the case of the Purchaser or any member of the Purchaser’s Group; or (ii) First Completion or the relevant Deferred
Completion (as applicable) in the case of any member of the Target Group; or to bring it into compliance with applicable law or regulation; or (iii) in the ordinary course of business; or (iv) carried out at the written request of the
Parent; or 

  

	 	(e)	 any failure or omission by any member of the Target Group to make any valid claim, election, surrender or
disclaimer, to give any valid notice or consent or to do any other thing under the provisions of any enactment or regulation relating to Taxation after First Completion (or in the case of any Deferred Target Subsidiary, after the relevant Deferred
Completion), the making, giving or doing of which was taken into account in computing the provisions for Taxation in the Accounts or the Locked Box Accounts and was notified to the Purchaser in writing a reasonable period in advance of the date on
which such claim, election, surrender, disclaimer, notice or consent is required to be made or given; or 

  

	 	(f)	 any claim, election, surrender, revocation, amendment, withdrawal or disclaimer made or notice or consent
given after First Completion (or in the case of any Deferred Target Subsidiary, after the relevant Deferred Completion) by any member of the Target Group or any member of the Purchaser’s Group under the provisions of any enactment or regulation
relating to Taxation other than any claim, election, surrender, revocation, amendment, withdrawal, disclaimer, notice or consent assumed to have been made, given or done in computing the amount of any allowance, provision or reserve in the Accounts
or the Locked Box Accounts or which is made at the prior request of the Parent pursuant to its rights under the Tax Deed; or 

  

	 	(g)	 a cessation, or any change in the nature or conduct, of any trade carried on by any member of the Target
Group at First Completion (or in the case of any Deferred Target Subsidiary, at the relevant Deferred Completion), being a cessation or change occurring on or after First Completion (or in the case of any Deferred Target Subsidiary, on or after the
relevant Deferred Completion). 

  

	5.	 Financial limits 

The liability of the Parent under or in respect of any Claim and any claim under the Tax Deed shall be limited as follows:

  

	 	(a)	 the Parent shall not be liable in respect of, and there shall be disregarded for all purposes, any Claim
and any claim under the Tax Deed (other than a Fundamental Warranty Claim) unless the amount of the damages (in the case of a Claim) or the amount (in the case of a claim under the Tax Deed) to which the Purchaser would, but for this subparagraph,
be 

  
 73 

	 	 
entitled as a result of Claim or claim under the Tax Deed (as the case may be) exceeds (when aggregated with all other relevant claims that arise out of the same or substantially similar facts or
circumstances) £250,000;  

  

	 	(b)	 the Parent shall not be liable in respect of any Warranty Claim (other than a Fundamental Warranty Claim)
or any claim under the Tax Deed unless the amount of damages resulting from any and all Warranty Claims when aggregated with the amounts resulting from any and all claims under the Tax Deed (other than any
Non-Tax Claims or claims under the Tax Deed disregarded as contemplated by subparagraph (a) above) exceed in aggregate £2.5 million (in which case the Parent shall, subject to the other
provisions of this Schedule 3 be liable for the whole amount and not just the excess); 

  

	 	(c)	 the maximum aggregate liability of the Parent in respect of any and all Warranty Claims (other than a
Fundamental Warranty Claim) shall not exceed $25 million; 

  

	 	(d)	 the maximum aggregate liability of the Parent in respect of any and all Warranty Claims (other than a
Fundamental Warranty Claim) and any and all claims under the Tax Deed (other than Outside-Perimeter Tax Claims and Kantar Reorganisation/CCD Tax Claims) shall not exceed $140 million; and 

 

	 	(e)	 the maximum aggregate liability of the Parent in respect of any and all Fundamental Warranty Claims,
Outside-Perimeter Tax Claims and Kantar Reorganisation/CCD Tax Claims (with Fundamental Warranty Claims, Outside-Perimeter Tax Claims and Kantar Reorganisation/CCD Tax Claims being taken together for this purpose and not separately) shall not exceed
an amount equal to 100% of the Aggregate Consideration, 

 provided that the maximum aggregate liability
of the Parent under or in respect of this agreement and all other Transaction Documents shall not exceed an amount equal to the Aggregate Consideration received by the Parent pursuant to this agreement. 

 

	6.	 Time limits 

The liability of the Parent in respect of the Warranty Claims shall terminate (but without prejudice to the rights and
obligations of the parties under the Tax Deed): 
  

	 	(a)	 on the fourth anniversary of the date of First Completion (or, if the Warranty Claim relates to a Deferred
Target Subsidiary, the applicable Deferred Completion) in respect of any Tax Warranty Claim or Fundamental Warranty Claim; and 

  

	 	(b)	 on the date which falls 18 months after the date of First Completion (or, if the Warranty Claim relates to
a Deferred Target Subsidiary, the applicable Deferred Completion) in respect of any other Warranty Claim, 

except in respect of any Warranty Claim of which notice is given to the Parent as contemplated by paragraph 3 of this
Schedule 3 before the relevant date. The liability of the Parent in respect of any Warranty Claim shall in any event terminate if proceedings in respect of it have not been commenced within six months after the giving of notice of that Warranty
Claim as contemplated by paragraph 3 of this Schedule 3 (or, if the Warranty Claim is based on a liability which is contingent only, within three months after such contingent liability gives rise to an obligation to make a payment). 

  
 74 

	7.	 Waiver of rights 

The Parent agrees with the Purchaser, each Seller, each Deferred Seller and each employee and director of a member of the
Target Group, in the absence of fraud, dishonesty or wilful concealment by or on behalf of any member of the Target Group or any of its employees or directors, to waive any rights or claims which it may have in respect of any misrepresentation,
inaccuracy or omission in or from any information or advice supplied or given by any member of the Target Group or any of its employees or directors in connection with the giving of the Warranties and the preparation of the Disclosure Letter. 

 

	8.	 Third party claims 

 

	8.1	 If a Non-Tax Claim arises as a result of, or in connection with, a
liability or alleged liability of a member of the Target Group to a third party (a Third Party Claim), then the Parent may, at any time before any final compromise, agreement, expert determination or
non-appealable decision of a court or tribunal of competent jurisdiction is made in respect of the Third Party Claim or the Third Party Claim is otherwise disposed of, give notice to the Purchaser that it
elects to assume the conduct of any dispute, compromise, defence or appeal of the Third Party Claim and of any incidental negotiations on the following terms: 

 

	 	(a)	 the Parent shall indemnify the Purchaser and each relevant member of the Target Group against all
liabilities, charges, costs and expenses which they may incur in taking any such action as the Parent may request pursuant to subparagraphs (b) and (c) below; 

 

	 	(b)	 the Purchaser shall procure that each relevant member of the Target Group makes available to the Parent
such persons and all such information as the Parent may request for assessing, contesting, disputing, defending, appealing or compromising the Third Party Claim; 

 

	 	(c)	 the Purchaser shall procure that each relevant member of the Target Group takes such action to assess,
contest, dispute, defend, appeal or compromise the Third Party Claim as the Parent may request and does not make any admission of liability, agreement, settlement or compromise in relation to the Third Party Claim without the prior written approval
of the Parent; and 

  

	 	(d)	 the Parent shall keep the Purchaser informed of the progress of the Third Party Claim and provide the
Purchaser with copies of all relevant documents and such other information in its possession as may be requested by the Purchaser (acting reasonably), 

provided that, in the case of subparagraph (c) above, the Parent shall not be entitled to cause any member of the
Target Group to take any action which the Purchaser reasonably considers to be disproportionately adverse to the interests of the Kantar Business. 
  

	8.2	 If a Non-Tax Claim arises as a result of, or in connection with, a
Third Party Claim, the Purchaser shall, until the earlier of such time as the Parent shall give any notice as contemplated by paragraph 8.1 and such time as any final compromise, agreement, expert determination or
non-appealable decision of a court or tribunal of competent jurisdiction is made in respect of the Third Party Claim or the Third Party Claim is otherwise finally disposed of: 

 

	 	(a)	 procure that each relevant member of the Target Group consults with the Parent, and takes account the
reasonable requirements of the Parent, in relation to the conduct of any dispute, defence, compromise or appeal of the Third Party Claim; 

  
 75 

	 	(b)	 keep, or procure that each relevant Target Company keeps, the Parent promptly informed of the progress of
the Third Party Claim and provide, or procure that each relevant Target Company provides, the Parent with copies of all relevant documents and such other information in the Purchaser’s or a member of the Target Group’s possession as may be
requested by the Parent; and 

  

	 	(c)	 procure that no relevant member of the Target Group shall cease to defend the Third Party Claim or make
any admission of liability, agreement or compromise in relation to the Third Party Claim without the prior written consent of the Parent. 

  

	8.3	 Nothing in this paragraph 8 shall require the provision by any person of any information to the extent
such provision would contravene any applicable law or regulation or would breach any duty of confidentiality owed to any third party. If any information is provided by any person (the Provider) to any other person (the Recipient)
pursuant to this paragraph 8: 

  

	 	(a)	 that information shall only be used by the Recipient in connection with the Third Party Claim and clause
25 of this agreement shall in all other respects apply to that information; and 

  

	 	(b)	 to the extent that information is privileged: 

 

	 	(i)	 no privilege shall be waived by reason of or as a result of its being provided to the Recipient; and

  

	 	(ii)	 if a third party requests disclosure by the Recipient in relation to that information, if the Recipient is
the Parent or the Purchaser, the Recipient shall or, if the Recipient is a member of the Target Group, the Purchaser shall procure that the Recipient shall promptly notify the Provider and, to the extent it can do so, itself assert privilege in
opposition to that disclosure request. 

  

	8.4	 The provisions of clause 8 (Conduct of Tax Claims) of the Tax Deed shall have effect as if expressly
incorporated into this paragraph 8, so that those provisions shall apply to a Tax Warranty Claim. 

  

	9.	 Mitigation 

Nothing in this agreement shall be deemed to relieve the Purchaser from any common law duty to mitigate any loss or damage
incurred by it as a result of any matter or circumstance giving rise to a Claim. 
  

	10.	 Recovery from third parties 

If: 
  

	 	(a)	 the Parent makes a payment in respect of a Non-Tax Claim (the
Damages Payment); 

  

	 	(b)	 at any time after the making of such payment any member of the Target Group or the Purchaser receives any
sum which would not have been received but for the matter or circumstance giving rise to that Non-Tax Claim (the Third Party Sum); 

 

	 	(c)	 the receipt of the Third Party Sum was not taken into account in calculating the Damages Payment; and

  
 76 

	 	(d)	 the aggregate of the Third Party Sum and the Damages Payment exceeds the amount required to compensate the
Purchaser in full for the loss or liability which gave rise to the Non-Tax Claim in question (such excess being the Excess Recovery), 

the Purchaser shall, promptly following receipt of the Third Party Sum by it or the relevant member of the Target Group,
repay to the Parent an amount equal to the lower of (i) the Excess Recovery and (ii) the Damages Payment, after deducting (in either case) all costs incurred by the Purchaser or the relevant member of the Target Group in recovering the
Third Party Sum and any Tax incurred on the Third Party Sum by the Purchaser or the relevant member of the Target Group. 
  

	11.	 Insurance 

Without prejudice to paragraph 9 above, if in respect of any matter which would otherwise give rise to a Warranty Claim, any
member of the Target Group actually recovers (and the Purchaser shall cause the relevant member(s) of the Target Group to use all reasonable endeavours to recover) under any policy of insurance which is actually in place at the relevant time in
respect of that member of the Target Group, the amount of insurance monies which that Target Company so recovers (net of all fees, costs, expenses and Tax incurred in connection therewith) shall reduce pro tanto or extinguish that Warranty
Claim. 
  

	12.	 Target Companies and Target Subsidiaries 

The Purchaser shall refrain from doing, and with effect from First Completion or the relevant Deferred Completion (as
applicable) shall procure that the Target Companies and Target Subsidiaries shall refrain from doing, any voluntary act or thing (other than in the ordinary course of business of the Target Group and excluding anything required to be done pursuant
to a liability or obligation incurred by the Target Group prior to First Completion or the relevant Deferred Completion (as applicable)) which could reasonably be expected to give rise to a Warranty Claim which would not otherwise arise (other than,
for the avoidance of doubt, the Purchaser, any member of the Purchaser’s Group or any member of the Target Group exercising its rights under this agreement and/or the other Transaction Documents). 

 

	13.	 Contingent liabilities 

If any Claim is based upon a liability which is contingent only, the Parent shall have no obligation to make a payment in
respect thereof unless (and until) such contingent liability gives rise to an obligation to make a payment before: 
  

	 	(a)	 the fifth anniversary of the date of First Completion or Deferred Completion (as applicable) for any Tax
Warranty Claim or Fundamental Warranty Claim; or 

  

	 	(b)	 the third anniversary of the date of First Completion or Deferred Completion (as applicable) for any other
Warranty Claim. 

  
 77 

	14.	 No double recovery 

The Purchaser shall not be entitled to recover damages or otherwise obtain payment, reimbursement, restitution or indemnity
more than once in respect of the same loss whether under this agreement, a Transaction Document or otherwise. 
  

	15.	 Waiver of set off rights 

The Purchaser waives any and all rights of set off, counterclaim, deduction or retention against or in respect of any of its
payment obligations under this agreement or any of the other Transaction Documents which it might otherwise have by virtue of any Claim. 
  

	16.	 Remedy of breaches 

If the matter or circumstance giving rise to a Claim is capable of remedy, the Parent shall have no liability in respect of
that Claim unless the relevant matter or circumstance is not remedied within 30 days after the date on which the Parent is given notice as contemplated by paragraph 3 of this Schedule 3 in relation to that matter or circumstance. The Purchaser shall
procure that the Parent is given the opportunity in that 30 day period to remedy the relevant matter or circumstance and shall, without prejudice to paragraph 9 of this Schedule 3, provide, and shall procure that each relevant member of the Target
Group shall provide, all reasonable assistance to the Parent to remedy the relevant matter or circumstance. 
  

	17.	 Assessment of damages 

Any damages in respect of a Warranty Claim shall be assessed on the basis of the diminution in value of the Target Company
Equity Interests and the Deferred Target Subsidiary Equity Interests taken as a whole (which value shall not be taken to be greater than the aggregate of the Initial Base Consideration and the Deferred Base Consideration) directly attributable to
the matter or circumstance giving rise to that Warranty Claim (after taking into account all compensating factors) and not on any other basis. 
  

	18.	 Consequential loss 

The Parent shall have no liability under or in respect of any loss of business or profits, or in connection with any
indirect or consequential loss or any punitive or aggravated damages, arising out of any matter or circumstance giving rise to a Claim. 

  
 78 

 SCHEDULE 4 

COMPLETION 
 PART 1

 PARENT’S OBLIGATIONS WITH REGARD TO TARGET COMPANY EQUITY INTERESTS 

At First Completion the Parent shall procure: 
  

	(a)	 the delivery to the Purchaser of: 

 

	 	(i)	 written evidence that each of the steps in the EY Acquisition Steps Paper which are required pursuant to
this agreement and the EY Acquisition Steps Paper to be undertaken or procured by it prior to First Completion (other than Steps 0.1 to 0.8 (inclusive)) have been implemented; 

 

	 	(ii)	 where applicable, duly executed transfers in favour of the Purchaser or the relevant Designated Purchaser
of the Relevant Target Company Equity Interests together with (in the case of any company incorporated in England and Wales) a power of attorney in a form reasonably acceptable to the Purchaser in respect of all voting and other rights attached
thereto pending the Purchaser’s registration as the holder thereof; 

  

	 	(iii)	 where applicable, the share certificate(s) and equivalent documents representing the relevant Target
Company Equity Interests (or an express indemnity in a form reasonably acceptable to the Purchaser in the case of any found to be missing); 

  

	 	(iv)	 where applicable, such waivers or consents as may be necessary to enable the Purchaser or the relevant
Designated Purchaser to become the registered holder of the Relevant Target Company Equity Interests; 

  

	 	(v)	 to the extent not already in the possession or control of a Target Company, where applicable, the
certificate of incorporation, certificate of formation, common seal, minute books, statutory registers and share certificate books of each Target Company; 

  

	 	(vi)	 counterparts of the Tax Deed, the Shareholders’ Agreement and the Transitional Services Agreements
and each of the other Transaction Documents, in each case duly executed by the Parent, the Sellers or other relevant members of the Retained Group; 

  

	 	(vii)	 a copy of the resolution(s) contemplated by clause 6.1(b) as passed at a Parent General Meeting;

  

	 	(viii)	 resignation letters (including an indemnity and release of claims and otherwise in a form reasonably
acceptable to the Purchaser) of the directors of the relevant Target Companies; 

  

	 	(ix)	 a copy of the resolutions of the board of directors of each of the Parent, the Sellers or other relevant
members of the Retained Group authorising the execution of this agreement, the Tax Deed, the Shareholders’ Agreement, the Transitional Service Agreements and each of the other Transaction Documents to which it is or will be a party;

  

	 	(x)	 a copy of the resolutions of the boards of directors of each Seller authorising the transfer by it of the
Relevant Target Company Equity Interests; and 

  
 79 

	 	(xi)	 a non-foreign affidavit from each Seller of Equity Interests in
Summer (BC) US JVCo SCSp dated as of the First Completion Date, sworn under penalties of perjury and in form and substance required under the U.S. Treasury Regulations issued pursuant to Code Section 1445 stating that such Seller of Equity
Interests in Summer (BC) US JVCo SCSp is not a “foreign person” as defined in Code Section 1445; 

  

	 	(xii)	 copies of such additional documents as the Parties have agreed to provide at First Completion;

  

	(b)	 that a board meeting of each Target Company is held at which it is resolved that, to the extent applicable
and required, the transfers referred to in paragraph (a)(ii) (subject only to completion of any local legal formalities including the payment of any local transfer taxes) are approved for registration; 

 

	(c)	 in respect of the transfers of the Dutch Target Companies: 

 

	 	(i)	 the delivery to the Dutch Notary of the original shareholders’ registers of the Dutch Target
Companies; 

  

	 	(ii)	 the delivery to the Dutch Notary of powers of attorney duly executed on behalf of the relevant Seller and
the relevant Dutch Target Company, legalised and apostilled, as and where required by the Dutch Notary, authorising the Dutch Notary (and each deputy civil law notary (notaris) of Allen & Overy LLP, Amsterdam) to attend to and
execute the Dutch Deeds of Transfer; and 

  

	(d)	 the payment in cash (by or on behalf of the relevant member of the Retained Group) to each relevant Target
Company and First Completion Target Subsidiary of an amount equal to any Tax Consolidation Receivable Amount in respect of that Target Company or (as applicable) First Completion Target Subsidiary, if and to the extent that the entitlement of that
Target Company or (as applicable) First Completion Target Subsidiary to receive such Tax Consolidation Receivable Amount has not been satisfied before First Completion. 

  
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 PART 2 

PURCHASER’S OBLIGATIONS WITH REGARD TO TARGET COMPANY EQUITY INTERESTS 

At First Completion the Purchaser shall: 
  

	(a)	 deliver to the Parent written evidence that each of the steps in the EY Acquisition Steps Paper which are
required pursuant to this agreement and the EY Acquisition Steps Paper to be undertaken or procured by the Purchaser prior to First Completion have been implemented; 

 

	(b)	 make a payment in cash to the Parent of an amount equal to the First Completion Amount (as specified in
the Pre-First Completion Statement delivered pursuant to clause 8.2, as may be subsequently amended by agreement between the Parties) minus the amount represented by the
Non-Cash Proceeds plus the amount of $9,000 referred to in clause 4.1A, in accordance with clause 4; 

  

	(c)	 procure that the relevant member of the Purchaser’s Group shall issue or assign (as the case may be)
the WPP Fees receivable and the MIP receivable as referred to in and in accordance with Steps 15 and 16 of the EY Acquisition Steps Paper (in each case in the form agreed between the Parent and the Purchaser prior to First Completion);

  

	(d)	 procure that each relevant Target Company and each First Completion Target Subsidiary makes a payment in
cash to the Parent (as agent for the relevant member of the Retained Group) of an amount equal to any Tax Consolidation Payment Amount in respect of that Target Company or (as applicable) First Completion Target Subsidiary, if and to the extent that
the liability of that Target Company or (as applicable) First Completion Target Subsidiary to pay such Tax Consolidation Payment Amount has not been discharged before First Completion; 

 

	(e)	 deliver to the Parent a copy of the resolutions of the board of directors of the Purchaser and each
Designated Purchaser authorising the execution of this agreement, the Tax Deed, the Shareholders’ Agreement, the Transitional Services Agreements and each of the other Transaction Documents to which it is or is to be a party and the issue or
assignment (as the case may be) of the receivables referred to in paragraph (c) above; 

  

	(f)	 deliver to the Parent counterparts of the Tax Deed, the Shareholders’ Agreement, the Transitional
Services Agreements and each of the other Transaction Documents, in each case duly executed by the Purchaser or the Designated Purchasers; 

  

	(g)	 copies of such additional documents as the Parties have agreed to provide at First Completion; and

  

	(h)	 in respect of the transfer of the Dutch Target Companies, deliver to the Dutch Notary powers of attorney
duly executed on behalf of the Purchaser or its Designated Purchaser (as the case may be), legalised and apostilled, as and where required by the Dutch Notary, authorising the Dutch Notary (and each deputy civil law notary (notaris) of
Allen & Overy LLP Amsterdam) to attend to and execute the Dutch Deeds of Transfer. 

  
 81 

 PART 3 

GENERAL 
 At First
Completion the Purchaser and/or its Designated Purchaser(s) (as the case may be) shall execute in respect of each Dutch Target Company the relevant Dutch Deed of Transfer before the Dutch Notary, at the office of the Dutch Notary and shall procure
that the Dutch Notary shall execute such Dutch Deed of Transfer and the Parent shall procure that the relevant Dutch Target Company shall acknowledge the transfer of its Equity Interests by signing such Dutch Deed of Transfer. 

  
 82 

 SCHEDULE 5 

INTERPRETATION 
  

	1.	 In this agreement: 

Accounts means the audited combined carve-out financial statements of the
Target Group as at the Accounts Date, in the Agreed Form; 
 Accounts Date means 31 December 2018; 

Additional Non-IT TSA Services Schedules has the meaning given to it in
clause 23.6; 
 Affectiva means Affectiva, Inc. a company incorporated in Delaware with registered office at 108
West 13th Street, Wilmington DE 19801; 
 Affectiva Payment has the meaning given to it in clause 17.1; 

Aggregate Consideration has the meaning given to it in clause 4.1; 

Agreed Allocations means the agreed allocations of the Total Consideration to each Target Company and Target
Subsidiary, being: 
  

	 	(a)	 in the case of New US JVCo, consolidated with all of its Target Subsidiaries, being the US part of the
Target Group, $666,710,585; and 

  

	 	(b)	 otherwise, such amount as is agreed pursuant to clause 5.2; 

Agreed Dividends means those dividends and distributions paid, made or declared by the Target Group since the Locked
Box Date totalling $865.1 million in aggregate; 
 Agreed Form means, in relation to any document, the form of
that document which has been initialled for the purpose of identification by or on behalf of the Parent and the Purchaser or otherwise expressly agreed in writing by or on behalf of the Parent and the Purchaser to be in the agreed form, with such
changes (if any) to such document as the Parent and the Purchaser may agree in writing before First Completion; 

Agreed Third Party Suppliers has the meaning given to it in clause 23.21; 

Anti-Corruption Law means all applicable local and international laws relating to bribery, corruption and/or fraud
including the UK Bribery Act 2010 and the U.S. Foreign Corrupt Practices Act of 1977; 
 Anti-Money Laundering Law
means all applicable laws and regulations relating to money laundering and/or terrorist financing; 
 Applications
MSA has the meaning given to it in the IT Transitional Services Agreement; 
 Argentinian Land means the
following plot of land: Av. Del Libertador No. 5723/5729/5733/5737/5741/5747 at the corner of Pampa No. 1445/1449/1471/1481/1485, Buenos Aires, Argentina (Land Description: District 16, Section 25, Block 67, Plot 15C); 

  
 83 

 Argentinian Land Consideration means the cash amount of up to
$11,000,000 received by any relevant member of the Target Group from the sale of its interest in the Argentinian Land to any member of the Retained Group (net of any: (i) Tax payable or incurred by such member of the Target Group in respect of
such receipt; and (ii) fees, costs and expenses payable or incurred by such member of the Target Group in respect of such sale); 

AUNZ means WPP AUNZ Limited (registered number ACN 001 657 370), a public limited company incorporated in Australia
and whose registered office is at 1 Kent Street, Millers Point, NSW 2000, Australia; 
 AUNZ Circular means the
circular to be despatched by AUNZ to its shareholders in connection with the transfer of the Target Subsidiary Equity Interests in the Target Subsidiaries held directly or indirectly by AUNZ; 

AUNZ Majority Shareholder Deed means the majority shareholder deed between AUNZ and Cavendish Square Holdings B.V.
dated 8 April 2016 located in section 1.5.2 of the Data Room; 
 Bulletin 7 means Bulletin [2015] No. 7 –
the PRC Income Tax Treatment of an Indirect Transfer of Assets by a Non-resident Enterprise issued by the State Administration of Taxation
(《国家税务总局《关于非居民企业间接转让财产企业所得税若干问题的公告》(国家税务总局公告
2015年第7号))on 3 February 2015, as may be amended or supplemented from time to time and including any similar or
replacement law, notice, regulations, rules, circulars in respect of the same subject matter issued by the competent Taxation Authority in China and including any similar or replacement law, notice, circular or bulletin on the Tax treatment of the
indirect transfer of China taxable assets by non-Chinese tax residents; 
 Business Day means a day (other
than a Saturday or Sunday) on which banks are generally open in London, New York and Luxembourg for normal business; 

Business IT means all Information Technology which is owned or used primarily by the Target Subsidiaries and which is
material to the business of the Target Group as presently conducted; 
 Cash Pooling Arrangements has the meaning
given to it in the definition of Permitted Leakage below; 
 Claim means any claim against the Parent under or for
any breach of this agreement including any Warranty Claim but excluding any claim for Leakage in accordance with clause 10;  

CITV means China International Television Corporation, an enterprise duly incorporated and existing under the laws of
the PRC; 
 Claim Limitation Period means the period commencing on the date of this agreement and expiring on the
earlier to occur of: (i) an Exit; and (ii) the date which is the third anniversary of the First Completion Date (in respect of a Litigation Claim or (as applicable) Contingent Tax Liability relating to a First Completion Target Subsidiary)
or the relevant Deferred Completion Date (in respect of a Litigation Claim or (as applicable) Contingent Tax Liability relating to a Deferred Target Subsidiary); 

Co-Location Properties means those properties in respect of which members of
the Retained Group and members of the Target Group are sharing occupation and Co-Location Property means any of them; 

  
 84 

 Conditions means the conditions precedent to the sale and purchase
of the Target Company Equity Interests and any Deferred Target Subsidiary Equity Interests set out in clause 6.1; 

Confidential Information means all information not in the public domain which relates to the Kantar Business and
which the Parent shall have received or obtained at any time by reason of or in connection with its relationship with the Target Group; 

Contingent Tax Liability means: 
  

	 	(a)	 any liability of Kantar IBOPE Pesquisa de Midia Ltda. or Millward Brown do Brasil Ltda. to make a payment
of corporate income tax imposed in Brazil in respect of any of the tax years ending 31 December 2016, 31 December 2017 or 31 December 2018 arising in the event that deductions claimed in respect of the amortisation of goodwill
recognised in respect of or in connection with the group reorganisation carried out during 2016 are completely or partially disallowed, in respect of which, in aggregate, the Estimated Claim Amount is $6,800,000; 

 

	 	(b)	 any liability of Kantar LLC to make a payment of sales and use tax imposed in the state of New York, USA
in respect of the periods from (and including) March 2017 to (and including) December 2018 arising in the event that supplies of services in respect of the Dynamic Logic AdIndex product or Millward Brown products are determined to be taxable
supplies, rather than non-taxable or exempt supplies, in respect of which, in aggregate, the Estimated Claim Amount is $7,000,000; 

 

	 	(c)	 any liability of any member of the Target Group to make a payment of corporate income (or equivalent) tax
imposed in any jurisdiction in respect of any period ended on or before the Locked Box Date arising in the event that any adjustment is made under transfer pricing legislation to the treatment of any provision of services by a member of the Target
Group to a member of the Retained Group (or vice versa) in connection with: (i) the recharging of advisors’ fees for audit or Sarbanes-Oxley review services; (ii) the development or use of the “BrandZ” platform;
(iii) the use of software; (iv) services provided by “Coretech”; or (v) the use of shared premises and associated facilities, any provision of services by one member of the Target Group to another member of the Target Group
in connection with: (a) fees for services provided by the global or network headquarters of the Kantar business; or (b) royalties paid for the use of the TNS brand, in respect of which, in aggregate, the Estimated Claim Amount is
$3,400,000; 

  

	 	(d)	 any liability of: 

 

	 	(i)	 Infratel GmbH or Emnitel GmbH to pay any regulatory fine or other amounts in connection with the potential
indictment proceedings against a former managing director in respect of the alleged evasion of payment of social insurance contributions by those two companies in breach of Section 266a of the German Criminal Code, in respect of which, in
aggregate, the Estimated Claim Amount is $12,700,000; or 

  

	 	(ii)	 Kantar Media GmbH arising from the partially-completed social security audit that it is undergoing, in
relation to the treatment of certain wage surcharges, , in respect of which, in aggregate, the Estimated Claim Amount is $4,500,000; 

  

	 	(e)	 any liability of any of Kantar LLC, Kantar Consulting LLC, Kantar Retail LLC, or Kantar Health LLC to make
a payment of sales and use tax imposed in the states of California, Connecticut, Massachussetts, New Jersey, New York, Ohio, Pennsylvania, Texas, USA or 

  
 85 

	 	 
the District of Columbia, USA in each case in respect of any period ending on or before the Locked Box date arising in the event that supplies made by any of those entities of electronically
delivered software or online database services are determined to be taxable supplies, rather than non-taxable or exempt supplies, in respect of which, in aggregate, the Estimated Claim Amount is
$3,000,000; 

  

	 	(f)	 any liability of Kantar LLC for sales tax imposed in the state of New York, USA in respect of the periods
from (and including) December 2011 to (and including) August 2014 which arises in the event that supplies of services in respect of the Millward Brown products are determined to be taxable supplies, rather than
non-taxable or exempt supplies, in respect of which a pre-payment has been made, in respect of which , in aggregate, the Estimated Claim Amount is $2,000,000;

  

	 	(g)	 any liabilities of any member of the Target Group for corporate income (or equivalent) tax imposed in
Australia for the year ended on the Locked Box Date, in respect of which the Estimated Claim Amount is $1,700,000; 

  

	 	(h)	 any liabilities of any member of the Target Group for corporate income (or equivalent) tax imposed in
Colombia for the year ended on the Locked Box Date, in respect of which the Estimated Claim Amount is $1,900,000; 

  

	 	(i)	 any liabilities of any member of the Target Group for corporate income (or equivalent) tax imposed in
Japan for the year ended on the Locked Box Date, in respect of which the Estimated Claim Amount is $1,800,000; 

  

	 	(j)	 any liabilities of any member of the Target Group for corporate income (or equivalent) tax imposed in
Mexico for the year ended on the Locked Box Date, in respect of which the Estimated Claim Amount is $1,300,000; 

  

	 	(k)	 any liabilities of any member of the Target Group for corporate income (or equivalent) tax imposed in
Singapore for the year ended on the Locked Box Date, in respect of which the Estimated Claim Amount is $1,500,000; 

  

	 	(l)	 any liabilities of any member of the Target Group for corporate income (or equivalent) tax imposed in
Spain for the year ended on the Locked Box Date, in respect of which the Estimated Claim Amount is $1,500,000; and 

  

	 	(m)	 any liabilities of any member of the Target Group for corporate income (or equivalent) tax imposed in any
country not referred to in paragraphs (g) to (l) (inclusive) of this definition for the year ended on the Locked Box Date, in respect of which the Estimated Claim Amount is $2,200,000; 

CSM means CSM Media Research Co., Ltd, a company duly incorporated and existing under the laws of the PRC; 

CSM Cap means $95,000,000 minus all fees, costs, expenses and Tax incurred by the Target Group in connection with any
and all CSM Payments; 
 CSM Equity Transfer Agreement means the sale by SAP of a 25 per cent. interest in CSM
to CITV and certain other parties pursuant to an equity transfer agreement dated 30 December 2015 between, among others, SAP and CITV; 

  
 86 

 CSM Matter means all communications and negotiations (whether oral
or in writing) with: (i) the parties to the CSM Equity Transfer Agreement; (ii) CSM (iii) MOFCOM; and (iv) any other Regulatory Authority in the PRC, in each case in relation to the CSM Equity Transfer Agreement and any and all
ancillary documents, the CSM Payment and any matters related thereto; 
 CSM Payment means:  

 

	 	(a)	 all cash sums due and payable to SAP in respect of the sale by SAP of a 25 per cent. interest in CSM
to CITV and certain other parties pursuant to the CSM Equity Transfer Agreement (each, a CSM Sale Payment); and 

  

	 	(b)	 any cash income, dividend, bonus or other distribution or return of capital, howsoever structured,
declared made or paid by CSM to SAP or CTR (each, a CSM Dividend Payment) including, for the avoidance of doubt, the payment of the Undistributed Profits (as defined in the CSM Equity Transfer Agreement); 

CSM Post-Completion Payment has the meaning given to it in clause 18.3; 

CSM Pre-Completion Payment has the meaning given to it in clause 18.2;
 
 CTR means CTR Market Research Co Ltd., a company duly incorporated and existing under the laws of the
PRC;  
 Data Protection Legislation means all applicable data protection and privacy legislation in force
from time to time in all relevant jurisdictions including without limitation, the General Data Protection Regulation 2016/679/EC; the Data Protection Act 2018; the Privacy and Electronic Communications Directive 2002/58/EC (as updated by Directive
2009/136/EC); the Privacy and Electronic Communications Regulations 2003; the Freedom of Information Act 2000; and the guidance and codes of practice issued by relevant data supervisory authorities; 

Data Room means the information and documents contained in an electronic data room entitled ‘Summer VDR’ as
available to the Purchaser’s Group and its representatives on 10 July 2019 and hosted by Merrill Corporation (including the Q&A section of that electronic data room) as contained on the USB key initialled by or on behalf of the Parent
and the Purchaser, the contents of which are detailed in the document entitled “Data Room Index” in the Agreed Form; 

Deferred Base Consideration means the amount calculated by the following formula: 

(TC –IBC–DBC–DIV–REIN) x (A/B) 

Where: 
  

	 	•	 	 TC = Total Consideration; 

 

	 	•	 	 IBC = Initial Base Consideration; 

 

	 	•	 	 DBC = the aggregate Deferred Base Consideration of any prior Deferred Completions; 

 

	 	•	 	 DIV = the amount referred to in clause 4.1(e); 

 

	 	•	 	 REIN = the amount specified in clause 4.1(d) as at immediately following the relevant Deferred Completion;

  
 87 

	 	•	 	 A = the Agreed Allocations for all Deferred Target Subsidiaries which are delivered on the relevant Deferred
Completion; and 

  

	 	•	 	 B = (a) the Agreed Allocations for all Target Companies and Target Subsidiaries; less (b) the Agreed
Allocations for all Target Companies, First Completion Target Subsidiaries and Deferred Target Subsidiaries which were delivered pursuant to First Completion or any prior Deferred Completion; 

Deferred Completion means each completion of the sale and purchase of any Deferred Target Subsidiary Equity Interests
in accordance with this agreement; 
 Deferred Completion Amount has the meaning given to it in clause 4.3; 

Deferred Completion Date means each date on which a Deferred Completion occurs; 

Deferred Completion Kantar Reorganisation means the group reorganisation to be implemented by the Parent after the
First Completion Date in respect of the Deferred Target Subsidiaries to enable such Deferred Target Subsidiaries to be transferred to the Purchaser or a Designated Purchaser (as the case may be) pursuant to the terms of this agreement, including any
mergers, dissolutions or liquidations and name changes required, necessary or desirable to implement the group reorganisation, with the exception of: (i) certain Target Subsidiary Equity Interests in Kantar South Africa (Pty) Limited which are
held by a third party shareholder in which a member of the Retained Group has a minority stake; and (ii) any Non-Transferable Target Subsidiary Equity Interests, and any and all actions required,
necessary or desirable in connection with the foregoing; 
 Deferred Completion KR Net Debt means the aggregate net
intra-group indebtedness of the relevant Deferred Target Subsidiaries arising between the Locked Box Date and the particular Deferred Completion Date, being: 
  

	 	(a)	 the aggregate amount of indebtedness (other than Trade Debts) arising between the relevant Deferred Target
Subsidiaries to members of the Retained Group (Deferred Completion KR Intra-Group Payables) (whether or not then presently payable and for the avoidance of doubt, including all indebtedness arising in the period regardless of whether it has
been settled prior to the applicable Deferred Completion Date), including interest accrued thereon, but only to the extent such indebtedness has not been waived and excluding any amount where a payment to settle such indebtedness has been made and
included within (c) below (for the avoidance of doubt to prevent a double count of both the recognition of the liability under (a) and the payment to settle under (c)); less 

 

	 	(b)	 the aggregate amount of indebtedness (other than Trade Debts) arising between members of the Retained
Group to the relevant Deferred Target Subsidiaries (Deferred Completion KR Intra-Group Receivables) (whether or not then presently payable and for the avoidance of doubt, including all indebtedness arising in the period regardless of whether
it has been settled prior to the applicable Deferred Completion Date), including interest accrued thereon, but only to the extent such indebtedness has not been waived and excluding any amount where a payment to settle such indebtedness has been
made and included within (d) below (for the avoidance of doubt to prevent a double count of both the recognition of the receivable under (b) and the payment under (d)); plus 

 

	 	(c)	 the aggregate amount of cash or in kind payments actually paid or made (and not, for the avoidance of
doubt, merely declared) by the relevant Deferred Target Subsidiaries to members of the Retained Group (but for the avoidance of doubt excluding any cash or in 

  
 88 

	 	 
kind payments to settle any Deferred Completion KR Net Debt subsequent to the relevant Deferred Completion Date); less 

 

	 	(d)	 the aggregate amount of cash or in kind payments actually received (and not, for the avoidance of doubt,
merely agreed, undertaken or otherwise committed to be received), including for any share capitalisation or capital contribution by the relevant Deferred Target Subsidiaries from members of the Retained Group (but for the avoidance of doubt
excluding any cash or in kind receipts to settle any Deferred Completion KR Net Debt subsequent to the relevant Deferred Completion Date); plus 

  

	 	(e)	 the excess of the total aggregate cash received through the Kantar Reorganisation (under paragraph
(d) above), over the total amount of cash paid through the Kantar Reorganisation (under paragraph (c) above), 

in each case which is attributable solely and exclusively, to or has been incurred, paid or received as a result of, the
Kantar Reorganisation or any cash injection for any share capitalisation, and where applicable, converted into US Dollars at the Exchange Rate. For the avoidance of doubt: (i) any balances reported in the Locked Box Accounts and any Agreed
Dividends shall be excluded from Deferred Completion KR Net Debt; and (ii) if (a) less (b) plus (c) less (d) plus (e) is a negative number the balance is a net receivable in favour of the Target Group payable by the Retained Group and
if a positive number is a net receivable in favour of the Retained Group payable by the Target Group; 
 Deferred
Consideration Period means the period commencing on the date of this agreement and expiring upon the date of any Exit; 

Deferred Cross-held Equity Interests means such proportion of the total Equity Interests in each Target Subsidiary
which are held (directly or indirectly) by the Parent but not transferred (indirectly) by the Sellers on First Completion due to one or more outstanding legal or regulatory approvals or restrictions; 

Deferred Profit Amount means, in relation to each Deferred Completion, an amount equal to X where X = the Total
Headline Base Consideration x (A/B(a)) x C/365 x 4.8 per cent.; where “A” and “B(a)” have the meaning given thereto in the definition of Deferred Base Consideration as applicable to that Deferred Completion and “C”
is the number of days in the period beginning on (and including) the day after the Locked Box Date and ending on (and including) that Deferred Completion Date; 

Deferred Sellers means the relevant members of the WPP Group which own any Deferred Target Subsidiary Equity Interests
at the time of the relevant Deferred Completion at which such Deferred Target Subsidiary Equity Interests are sold to the Purchaser or a Designated Purchaser pursuant to this agreement, and Deferred Seller means any of them; 

Deferred Target Subsidiary means any Target Subsidiary in which there are Deferred Target Subsidiary Equity Interests;

 Deferred Target Subsidiary Equity Interests means: 

 

	 	(a)	 the Purchased Percentage of any Target Subsidiary Equity Interests that, due to any legal or regulatory
approval or restriction not being obtained or resolved, cannot be transferred as part of the First Completion Kantar Reorganisation so as to be held directly or indirectly by one of the Sellers at the First Completion Date and which therefore cannot
transfer 

  
 89 

	 	 
directly or indirectly to the Purchaser or a Designated Purchaser at First Completion, but not including any Non-Transferable Target Subsidiary Equity
Interests; and 

  

	 	(b)	 any Deferred Cross-held Equity Interests; 

Designated Purchasers means, in respect of each Target Company, the company indicated opposite its name in column 6
of Schedule 1 and, in respect of each Deferred Target Subsidiary, the Purchaser, any Target Company, any First Completion Target Subsidiary or such other entity designated by the Purchaser, in each case, to be agreed in writing between the Purchaser
and the Parent both acting reasonably, and Designated Purchaser means any of them; 
 Disclosed means fairly
disclosed to the Purchaser in the Disclosed Information (with sufficient details to identify the nature and scope of the matter disclosed); 

Disclosed Information has the meaning given to it in paragraph 2 of Schedule 3; 

Disclosure Letter means the letter of the same date as this agreement from the Parent to the Purchaser together with
any documents attached or annexed to it or otherwise incorporated in it; 
 Due Diligence Investigation has the
meaning given to it in paragraph 1 of Schedule 3; 
 Dutch Deeds of Transfer means the notarial deeds to be
executed by the Dutch Notary in respect of the transfer of the Dutch Target Companies, in a form reasonably acceptable to both Parties; 

Dutch Notary means a civil law notary (notaris) of Allen & Overy LLP of Apollolaan 15, 1077AB, Amsterdam,
The Netherlands; 
 Dutch Put Option Equity Interests means the Equity Interests in Kantar Netherlands B.V. to be
transferred under the Dutch Put Option Letter; 
 Dutch Put Option Letter means the letter dated the same date as
this agreement relating to the Dutch Put Option Equity Interests; 
 Dutch Target Companies means those Target
Companies which are incorporated in The Netherlands and Dutch Target Company means either of them; 
 Dutch
Works Council Process has the meaning given to it in clause 24.1;  
 Electronic Communication means an
electronic communication as defined in the UK Electronic Communications Act 2000; 
 Emergency Situation means a
situation which: (i) is an emergency or disaster; or (ii) has or could reasonably be expected to have a material adverse effect on any member of the Target Group; 

Employees means those individuals employed by any member of the Target Group, including, for the avoidance of doubt,
the Senior Employees, and Employee means any one of them; 
 Employment Obligations means any and all
information and consultation obligations required, necessary or desirable by applicable law or pursuant to any applicable agreement with any trade union, works council or other employee representative group arising out of or in connection with the
Kantar Reorganisation and the Transaction in any of the jurisdictions in which the Employees are currently employed (including those referred to in clause 22); 

  
 90 

 Encumbrance means any mortgage, charge (fixed or floating), pledge,
lien, option, right to acquire, right of pre-emption, assignment by way of security or trust arrangement for the purpose of providing security or other security interest of any kind (including any retention
arrangement), or any agreement to create any of the foregoing; 
 Equity Commitment Letter means the equity
commitment letter dated on or about the date of this agreement from certain funds managed and/or advised by Bain Capital Private Equity (Europe), LLP and/or its affiliates to the Parent and the Purchaser; 

Equity Interests means issued shares, shares of capital stock, quotas, membership units and interests, partnership
interests, limited partnership interests and limited liability company interests; 
 Estimate Excess has the
meaning given to it in clause 16.2; 
 Estimate Shortfall has the meaning given to it in clause 16.3; 

Estimated Claim Amount means: 
  

	 	(a)	 in respect of each Litigation Claim, the amount set out against each Litigation Claim in the Estimated
Claims Schedule; and 

  

	 	(b)	 in respect of a Contingent Tax Liability, the amount specified as such in the definition of
“Contingent Tax Liability”; 

 Estimated Claims Schedule means the document entitled
“Estimated Claims Schedule”, in the Agreed Form; 
 EU Merger Regulation means Council Regulation (EC)
No. 139/2004; 
 Exchange Rate means the closing rate of US Dollars as compared to the relevant other currency
provided by Bloomberg two Business Days prior to the applicable date or dates, or as otherwise required by applicable law; 

Excluded Services means each service defined as an ‘Excluded Service’ in either the IT Transitional
Services Agreement or the Non-IT Transitional Services Agreement; 
 Exit
has the meaning given to it in the Shareholders’ Agreement;  
 EY Acquisition Steps Paper means
the steps paper entitled “WPP – Project Summer – Acquisition Steps” prepared by EY dated 11 July 2019 in the Agreed Form or in such amended form as may be agreed in writing by the Parties after the date of this agreement;

 EY Due Diligence Reports means the vendor financial due diligence report and the vendor tax due diligence report
dated 8 March 2019 prepared by EY in connection with the Transaction; 
 Final Claim Amount means: 

 

	 	(a)	 in respect of a particular Litigation Claim, the aggregate of all damages, fines, penalties, liabilities,
losses, actions, demands, costs and reasonable out-of-pocket expenses (including reasonable fees and expenses of legal counsel and all other fees and expenses incurred
in connection with the compliance by the Target Group with the terms of Schedule 9 in respect of such Litigation Claim, including in each case any irrecoverable VAT incurred thereon, but excluding any amount previously taken into account in
calculating any Interim Claim Reduction Amount in respect of such Litigation Claim) 

  
 91 

	 	 
incurred by or on behalf of the relevant member of the Target Group in respect of the relevant Litigation Claim; or 

 

	 	(b)	 in respect of a particular Contingent Tax Liability, the aggregate of all Tax, interest, fines, penalties,
and reasonable out-of-pocket expenses (including reasonable fees and expenses of legal counsel, and all other fees and expenses, and including in each case any
irrecoverable VAT incurred thereon, but excluding any amount previously taken into account in calculating any Interim Claim Reduction Amount in respect of such Contingent Tax Liability) incurred by the relevant member of the Target Group in respect
of that Contingent Tax Liability; 

 Final Claim Determination means the expiry of the applicable
statute of limitation period or other relevant time bar in respect of a Litigation Claim or (as applicable) Contingent Tax Liability or, if earlier, the date that a Litigation Claim or (as applicable) Contingent Tax Liability is finally settled or
compromised, whether voluntarily by (or on behalf of) the relevant claimant or as a result of withdrawal, agreement, settlement or final determination by a court or regulatory or Tax authority of competent jurisdiction (and where no appeal is
possible or permitted or where no appeal is lodged within the applicable time limit) and, in the case only of a Contingent Tax Liability, the discharge of the relevant liability by a member of the Retained Group at no cost to the relevant member of
the Target Group; 
 Final Claim Notice has the meaning given to it in clause 16.1; 

First Completion means completion of the sale and purchase of the Target Company Equity Interests in accordance with
this agreement; 
 First Completion Amount has the meaning given to it in clause 4.2; 

First Completion Date means the date on which First Completion occurs; 

First Completion Kantar Reorganisation means the group reorganisation which, since the Locked Box Date has been, and
after the date of this agreement will continue to be, implemented by the Parent so as to result in the Sellers holding indirectly the Target Subsidiary Equity Interests, including the transfer to (a) Firefly Market Research India Private
Limited by Kantar Analytics India Private Limited; (b) Kantar Thailand Limited by Millward Brown Firefly Limited; and (c) PT Kantar Indonesia International by PT Wira Pamungkas Pariwara of its their respective assets and
liabilities which in each case relate exclusively to the Kantar Business and also including the transfers referred to in sub-paragraph (w) of the definition of Permitted Leakage and any mergers,
dissolutions or liquidations and name changes required, necessary or desirable to implement the group reorganisation, with the exception of: (i) certain Target Subsidiary Equity Interests in Kantar South Africa (Pty) Limited which are held by a
third party shareholder in which a member of the Retained Group has a minority stake; and (ii) any Non-Transferable Target Subsidiary Equity Interests, and any and all actions required, necessary or
desirable in connection with the foregoing; 
 First Completion KR Net Debt means the aggregate net intra-group
indebtedness of the Target Companies and First Completion Target Subsidiaries arising between the Locked Box Date and the First Completion Date, being: 
  

	 	(a)	 the aggregate amount of indebtedness (other than Trade Debts) arising between the Target Companies and
First Completion Target Subsidiaries to members of the Retained Group (First Completion KR Intra-Group Payables) (whether or not then payable and for the avoidance of doubt, including all indebtedness arising in the period regardless of
whether it has been settled prior to the First Completion Date), including interest accrued thereon, but 

  
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only to the extent such indebtedness has not been waived and excluding any amount where a payment to settle such indebtedness has been made and included within (c) below (for the avoidance
of doubt to prevent a double count of both the recognition of the liability under (a) and the payment to settle under (c)); less 

  

	 	(b)	 the aggregate amount of indebtedness (other than Trade Debts) arising between members of the Retained
Group to the Target Companies and First Completion Target Subsidiaries (First Completion KR Intra-Group Receivables) (whether or not then payable and for the avoidance of doubt, including all indebtedness arising in the prior regardless of
whether it has been settled prior to the First Completion Date), including interest accrued thereon, but only to the extent such indebtedness has not been waived and excluding any amount where a payment to settle such indebtedness has been made and
included within (d) below (for the avoidance of doubt to prevent a double count of both the recognition of the receivable under (b) and the payment under (d)); plus 

 

	 	(c)	 the aggregate amount of cash or in kind payments actually paid or made (and not, for the avoidance of
doubt, merely declared) by the Target Companies and First Completion Target Subsidiaries to members of the Retained Group (but for the avoidance of doubt excluding any cash or in kind payments to settle any First Completion KR Net Debt subsequent to
First Completion Date); less 

  

	 	(d)	 the aggregate amount of cash or in kind payments actually received (and not, for the avoidance of doubt,
merely agreed, undertaken or otherwise committed to be received), including for any share capitalisation or capital contribution by the Target Companies and the First Completion Target Subsidiaries from members of the Retained Group (but for the
avoidance of doubt excluding any cash or in kind receipts to settle any First Completion KR Net Debt subsequent to First Completion Date); plus 

  

	 	(e)	 the excess of the total aggregate cash received through the Kantar Reorganisation (under paragraph
(d) above), over the total amount of cash paid through the Kantar Reorganisation (under paragraph (c) above), 

in each case which is attributable solely and exclusively to, or has been incurred, paid or received as a result of, the
Kantar Reorganisation or any cash injection for any share capitalisation, and where applicable, converted into US Dollars at the Exchange Rate. For the avoidance of doubt: (i) any balances reported in the Locked Box Accounts and any Agreed
Dividends shall be excluded from First Completion KR Net Debt; and (ii) if (a) less (b) plus (c) less (d) plus (e) is a negative number the balance is a net receivable in favour of the Target Group payable by the Retained Group and if
a positive number is a net receivable in favour of the Retained Group payable by the Target Group; 
 First Completion
Target Subsidiaries means any Target Subsidiaries in which the Sellers hold or are deemed to hold indirectly any Target Subsidiary Equity Interests immediately prior to First Completion and which will transfer on the First Completion Date
pursuant to the terms of this agreement, and First Completion Target Subsidiary means any of them; 
 First Long
Stop Date means 12 February 2020; 
 Foreign Investment Approvals means the following approvals by a
Regulatory Authority which are mandatory under rules regulating inward foreign investment other than on competition-related grounds for the transfer of the Target Subsidiary Equity Interests pursuant to the terms of this agreement, being in respect
of the Target Subsidiaries having assets and/or operating in Germany (including Infratest dimap Gesellschaft für Trend- und Wahlforschung GmbH, a filing has been made with the German Federal Ministry for Economic Affairs and Energy (BMWi)
according to 

  
 93 

 
sec. 55 seq. of the German Foreign Trade Ordinance (AWV) and: (i) the BMWi having granted a clearance certificate (Unbedenklichkeitsbescheinigung) pursuant to sec. 58 para. 1 AWV;
(ii) a clearance certificate is deemed to be granted, because the BMWi has not opened an examination procedure within two months after receipt of the notification pursuant to sec. 58 para. 2 AWV; (iii) the three-month period for the taking
up of the procedure pursuant to sec. 55 para. 3 AWV expires without the BMWi having informed the Purchaser of the initiation of an investigation procedure; or (iv) the four-month examination period pursuant to sec. 59 para. 1 AWV expires after
receipt of the notification, in each case without the BMWi having prohibited the transfer of such Target Subsidiary Equity Interests pursuant to the terms of this agreement; 

French Commercial Code means the French Code de commerce; 

French Labour Code means the French Code du travail; 

French Put Option Equity Interests means the Equity Interests in Kantar
TNS-MB SAS, Kantar Consulting SAS and each of their direct and indirect Target Subsidiaries; 

French Put Option Letter means the letter dated the same date as this agreement relating to the French Put Option
Equity Interests; 
 Fundamental Warranties means the warranties in paragraphs 1.1, 1.2, 1.3, 1.5 and 1.7(a) to
(c) of Schedule 3; 
 Fundamental Warranty Claim means a claim by the Purchaser the basis of which is that a
Fundamental Warranty is not or is alleged not to be true and accurate; 
 Global Competition Approvals means those
antitrust approvals which are set out in clause 6.1(a); 
 Hamon Law Information Process has the meaning given to
it in clause 24.5; 
 HTA means Hindustan Thompson Associates Private Limited, a company incorporated in India with
registered number U99999MH1938PTC002771 and registered office at Peninsula Chambers, Ganpat Rao Kadam Marg, Lower Parel, Mumbai 400013, Maharashtra, India; 

HTA Demerger means the demerger of the HTA Retained Business formerly operated by HTA into a newly-incorporated
company, HTAP, pursuant to a scheme of arrangement under the Indian Companies Act 2013; 
 HTA Retained Business
means any business transferred to HTAP pursuant to the terms of the HTA Demerger; 
 HTAP means Hindustan
Thompson Advertising Private Limited, a company incorporated in India with registered number U74999MH2019FTC323334 and registered office at Peninsula Chambers, Ganpat Rao Kadam Marg, Lower Parel, Mumbai 400013, Maharashtra, India; 

IBM has the meaning given to it in the IT Transitional Services Agreement; 

Information Memorandum means the information memorandum describing the Target Group and the Kantar Business dated
15 March 2019; 
 Information Technology means computer systems, network and communication systems and
equipment, software and hardware; 

  
 94 

 Infrastructure MSA has the meaning given to it in the IT
Transitional Services Agreement; 
 Initial Base Consideration means the amount calculated by the following
formula: 
 ((TC – $666,710,585) x (A/B)) + $666,710,585 –REIN – US DIV 

Where: 

TC = Total Consideration; 

US DIV = the amount specified in clause 4.1(e); 

REIN = the amount specified in clause 4.1(d) as at immediately following First Completion; 

A = (a) the Agreed Allocations for all Target Companies and First Completion Target Subsidiaries; less (b)
$666,710,585; and 
 B = (a) the Agreed Allocations for all Target Companies and Target Subsidiaries; less (b)
$666,710,585; 
 Initial Profit Amount means an amount equal to X where X = the Total Headline Base Consideration x
(A(a)/B(a)) x (C/365) x 4.8 per cent.; where “A(a)” and “B(a)” have the meaning given thereto in the definition of Initial Base Consideration and “C” is the number of days in the period beginning on (and including)
the day after the Locked Box Date and ending on (and including) the First Completion Date;  

Intellectual Property Rights means: (i) copyright, patents, database rights and rights in trade marks, designs, know-how and confidential information (whether registered or unregistered); (ii) applications for registration, and rights to apply for registration, of any of the foregoing rights; and (iii) all other
intellectual property rights and equivalent or similar forms of protection existing anywhere in the world; 
 Interim
Claim Reduction means: 
  

	 	(a)	 in respect of a particular Litigation Claim, or any Contingent Tax Liability of a member of the Target
Group within paragraph (b), (d) (in relation to which any reference below to an amount claimed shall be taken to include any fine or other amount imposed or sought to be imposed by the relevant authority in Germany) or (f) of the definition of
“Contingent Tax Liability”: 

  

	 	(i)	 where proceedings are issued by a counterparty in respect of such Litigation Claim or Contingent Tax
Liability after the date of this agreement, the aggregate amount claimed in the relevant claim form (or equivalent document in any jurisdiction) is less than the Estimated Claim Amount; 

 

	 	(ii)	 where proceedings have been issued by a counterparty in respect of such Litigation Claim or Contingent Tax
Liability prior to the date of this agreement, the aggregate amount being claimed is subsequently reduced to below the Estimated Claim Amount, as evidenced by new or amended filings at a court of competent jurisdiction; 

 

	 	(iii)	 the actual or potential amount being claimed against the relevant member of the Target Group in respect of
such Litigation Claim or Contingent Tax Liability is 

  
 95 

	 	 
voluntarily and irrevocably reduced to below the Estimated Claim Amount, as evidenced by correspondence from the relevant counterparty’s counsel; or 

 

	 	(iv)	 a court of competent jurisdiction makes a ruling (from which no appeal is possible or permitted or where
no appeal is lodged within the applicable time limit) limiting or disallowing any part of the relevant Litigation Claim or Contingent Tax Liability, the effect of which is to reduce the amount recoverable from the relevant member of the Target Group
in respect of such Litigation Claim or Contingent Tax Liability to below the Estimated Claim Amount; or 

  

	 	(b)	 in relation to any Contingent Tax Liability of a member of the Target Group within paragraph (a) of
the definition of “Contingent Tax Liability” for a particular tax year, any of: (i) the completion of a tax audit in relation to that member of the Target Group in respect of that tax year; (ii) the expiry of applicable statute
of limitations in respect of that member of the Target Group’s corporate income tax liability in respect of that tax year, in which case the Interim Claim Reduction Amount (if any) is the amount by which the amount of corporate income tax
payable in respect of that tax year by that member of the Target Group is reduced by reason of the relevant deductions in respect of goodwill amortisation; 

  

	 	(c)	 in relation to any Contingent Tax Liability within paragraph (c) or (e) of the definition of
“Contingent Tax Liability” for a particular tax year, the earlier of: (i) the expiry of the period in which a relevant Tax Authority is entitled to open an audit in respect of a relevant member of the Target Group in relation to a
relevant Tax for that tax year; and (ii) the expiry of the applicable statute of limitations in respect of a relevant member of the Target Group in relation to a relevant Tax for that tax year, in which case the Interim Claim Reduction Amount
is the amount (if any) by which the amount of the relevant Tax payable by the relevant member of the Target Group for the relevant tax year is less than the amount included in respect thereof in the Estimated Claim Amount; and 

 

	 	(d)	 in relation to any Contingent Tax Liability within paragraphs (g) to (m) (inclusive) of the
definition of “Contingent Tax Liability”, the aggregate amount of corporate income (or equivalent) tax shown in the final tax returns of the relevant members of the Target Group for the year ended on the Locked Box Date is less than the
Estimated Claim Amount and none of the amounts in question has been disputed within one year of the filing of those returns (or at any later time there are no open disputes in relation to those returns and the amount of such tax assessed on those
members of the Target Group remains less than the Estimated Claim Amount), in which case the Interim Claim Reduction Amount is the difference between the Estimated Claim Amount and the amount shown in those returns or (as applicable) the amount so
assessed; 

 Interim Claim Reduction Amount means: 

 

	 	(a)	 in respect of a particular Litigation Claim, or any Contingent Tax Liability of a member of the Target
Group within paragraph (b), (d) (in relation to which any reference below to an amount claimed shall be taken to include any fine or other amount imposed or sought to be imposed by the relevant authority in Germany) or (f) of the definition of
“Contingent Tax Liability”, the difference between the amount being claimed against the relevant member of the Target Group following an Interim Claim Reduction (plus all
out-of-pocket expenses (including reasonable fees and expenses of legal counsel and all other fees and expenses incurred in connection with the compliance by the Target
Group with the terms of Schedule 9 in respect of such Litigation Claim), including in each case any irrecoverable VAT incurred thereon) and the Estimated Claim Amount; and 

  
 96 

	 	(b)	 in respect of a particular Contingent Tax Liability within paragraph (a), (c), (e) or (g) to (l)
(inclusive) of the definition of “Contingent Tax Liability”, the amount specified in the definition of “Interim Claim Reduction” in respect of a Contingent Tax Liability of that kind; 

Interim Claim Reduction Notice has the meaning given to it in clause 16.4; 

Intra-Group Payables means the aggregate amount of financial indebtedness (other than Trade Debts) owing by the
members of the Target Group to members of the Retained Group at the relevant time; 
 Intra-Group Receivables means
the aggregate amount of financial indebtedness (other than Trade Debts) owing by members of the Retained Group to members of the Target Group at the relevant time; 

IT Transitional Services Agreement means the technology services transitional services agreement to be entered into
between WPP 2005 Limited and such member(s) of the Purchaser’s Group and/or the Target Group as the Purchaser shall designate prior to First Completion, in the Agreed Form; 

JV Group Company means a member of the Group (as defined in the Shareholders’ Agreement); 

Kantar Business means the global data, research, consulting and analytics business of the WPP Group which will be the
subject of the joint venture between the Parent and the Purchaser pursuant to this agreement and the Shareholders’ Agreement, including the business of the Target Group; 

Kantar LLC means Kantar LLC a limited liability company incorporated in Delaware and whose registered office
is at 3411 Silverside Road, Tattnall Building #104, Wilmington, DE 19810, USA; 
 Kantar Reorganisation means,
collectively, the First Completion Kantar Reorganisation and the Deferred Completion Kantar Reorganisation; 
 Kantar
Reorganisation/CCD Tax Claim means any claim under the Tax Deed in respect of (a) a Tax Liability falling within clause 1.1(f) of the Tax Deed and/or (b) a Tax Liability arising as a result of the assignment/transfer of the compulsory
convertible debentures (the CCDs) issued by Firefly Market Research India Private Limited from WPP Singapore Pte Ltd to Kantar Singapore Pte Ltd (as referred to in subparagraph (y) of the definition of Permitted Leakage below) (and in
this definition the term “Tax Liability” has the meaning given in the Tax Deed). For the avoidance of any doubt the Parties agree that the transaction which effected such assignment/transfer of the CCDs is not part of the First Completion
Kantar Reorganisation or the Deferred Completion Kantar Reorganisation for the purposes of this agreement or the Tax Deed; 

Leakage means: 
  

	 	(a)	 any dividend (in cash or kind) or distribution declared, paid or made (whether actual or deemed) by a
member of the Target Group to or for the benefit of the Parent or any member of the Retained Group; 

  

	 	(b)	 any payment made or accrued (or future benefits granted) to or liabilities assumed, indemnified,
guaranteed, secured or incurred for the benefit of (whether direct or indirect), the Parent or any member of the Retained Group or any director, officer or employee of the Parent or any member of the Retained Group by any member of the Target Group
(but excluding, for the avoidance of doubt, any payments of base salary and accrued bonuses, 

  
 97 

	 	 
and the provision of all other emoluments, pensions and benefits, to Employees, in each case in the ordinary course of business); 

 

	 	(c)	 any payments made or agreed to be made or accrued by any member of the Target Group to or for the benefit
of the Parent or any member of the Retained Group or any director, officer or employee of the Parent or any member of the Retained Group in respect of the redemption, purchase or repayment of any share or loan capital or other securities issued by
any member of the Target Group to the Parent or any member of the Retained Group or any other return of capital; 

  

	 	(d)	 the waiver, release or discount by any member of the Target Group of any amount or obligation owed to that
member by the Parent or any member of the Retained Group or any director, officer or employee of the Parent or any member of the Retained Group; 

  

	 	(e)	 the purchase by any member of the Target Group from the Parent or any member of the Retained Group or any
director, officer or employee of the Parent or any member of the Retained Group of any assets to the extent not on arms-length-terms, or any other transaction to or for the benefit of the Parent or any member of the Retained Group or any director,
officer or employee of them to the extent not on arms-length-terms; 

  

	 	(f)	 the transfer by any member of the Target Group to the Parent or any member of the Retained Group or any
director, officer or employee of the Parent or any member of the Retained Group of any assets to the extent that such transfer is at less than market value; 

  

	 	(g)	 except where such payment or accrual is required or arises as a result of the provisions of this
agreement, any payment or accrual by any member of the Target Group of any fees, costs or expenses (including, for the avoidance of doubt and without limitation, any professional adviser costs or transaction or sale bonuses or brokerage or
commission or change of control consent fees, and whether relating to the sale of the Target Group, its separation from the Retained Group or otherwise) to any person in connection with the Transaction; 

 

	 	(h)	 any agreement or arrangement made or entered into by a member of the Target Group to do or give effect to
any matter referred to in (a) to (g) above; 

  

	 	(i)	 the Parent Specified Transaction Expenses (including, for the avoidance of doubt, any employer’s
National Insurance contributions (or any equivalent outside the United Kingdom); and 

  

	 	(j)	 any Taxation or amount in respect thereof incurred by any member of the Target Group in connection with
any matter referred to in paragraphs (a) to (i) above, 

 but excluding any Permitted Leakage, and
in each case net of (to the extent attributable to the relevant items of Leakage): (i) any amount in respect of VAT which is recoverable as input tax by a member of the Target Group or representative member of the VAT group of which that member of
the Target Group is a member in any VAT period prior to or current at First Completion or Deferred Completion (as applicable to that member of the Target Group) or the immediately subsequent accounting period (to the extent then quantifiable with
reasonable certainty); and (ii) any reduction in Taxation actually payable by a member of the Target Group in any accounting period prior to or current at First Completion or Deferred Completion (as applicable to that member of the Target
Group) or the immediately subsequent accounting period (to the extent then quantifiable with reasonable certainty); 

  
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 Leakage Interest has the meaning given in clause 10.3; 

Litigation Claim means any of the claims included in the Estimated Claims Schedule;  

Locked Box Accounts means the unaudited combined balance sheet of the Target Group as at the Locked Box Date prepared
from the data reported in the Parent’s financial reporting system (SAP BFC), in the Agreed Form; 
 Locked Box
Date means 31 December 2018; 
 Management Accounts means the excel databook presenting the Target Group
as at and for the period ended the end of each month from the Locked Box Date until 31 May 2019, in the Agreed Form; 

Management Presentations means the management presentations held between representatives of the Parent and the
Purchaser on: (i) 19 March 2019; (ii) 15 May 2019; (ii) 16 May 2019; and (iii) 29 May 2019 and the accompanying materials disclosed in the folder of the Data Room entitled ‘NEON’; 

Master Entity Spreadsheet means the document in the Agreed Form which lists each Target Subsidiary and setting out in
respect of each Target Subsidiary the following information: company name; registered number; jurisdiction of incorporation; issued capital; the names of each shareholder; and the Equity Interests held by such shareholder(s); 

Material Contracts means (a) those agreements contained in section 12 of the Data Room; and (b) all
agreements within the scope of the “Documents requested” column of Appendix 1 (Scope of review) to the legal vendor due diligence report (Volume One dated on 2 May 2019; Volume Two, Part One dated on 18 May 2019; and
Volume Two, Part Two dated on 29 May 2019) prepared by the Parent’s Solicitors (and Other Legal Counsel, as defined therein) in the rows titled “Commercial agreements – Customer”, “Commercial agreements –
Supplier” and “Commercial agreements – IT” of such Appendix, and Material Contract means any of them; 

Matter for Separation Expert Determination has the meaning given to it in clause 23.9; 

MOFCOM means the Ministry of Commerce of the PRC or its relevant local delegate authority, as appropriate, that is
competent to approve the CSM Equity Transfer Agreement; 
 New US JVCo means Summer (BC) US JVCo SCSp, which is
also referred to as the US JV SCSp in the EY Acquisition Steps Paper which the Parent undertakes to have incorporated within the WPP Group pursuant to clause 7.6; 

Non-Cash Proceeds has the meaning given in clause 3.1(d); 

Non-IT Transitional Services Agreement means the operational transitional
services agreement to be entered into between WPP 2005 Limited and such member(s) of the Purchaser’s Group and/or the Target Group as the Purchaser shall designate prior to First Completion, in the Agreed Form (subject to clauses 23.4 to
23.16); 
 Non-Tax Claim means a Warranty Claim other than a Tax Warranty
Claim; 

  
 99 

 Non-Transferable Target
Subsidiary Equity Interests means: 
  

	 	(a)	 any Target Subsidiary Equity Interests in a Non-Wholly Owned
Target Subsidiary where one or more third party shareholders in such Non-Wholly Owned Target Subsidiary elect(s) to exercise any right (whether contractual, statutory or otherwise) to acquire or effect the
acquisition of such Target Subsidiary Equity Interests or prevent the transfer of such Target Subsidiary Equity Interests pursuant to the Kantar Reorganisation or pursuant to the terms of this agreement; 

 

	 	(b)	 any Target Subsidiary Equity Interests in a Target Subsidiary where any Foreign Investment Approval, any
Other Competition Approval or any other approval by a Regulatory Authority (but not a Global Competition Approval) is not granted so as to prevent the transfer of such Target Subsidiary Equity Interests pursuant to the Kantar Reorganisation or
pursuant to the terms of this agreement; 

  

	 	(c)	 the Dutch Put Option Equity Interests where no Exercise Notice under the Dutch Put Option Letter is
received by the party to be served with such notice (as referred to in clauses 24.2 and 24.3) on or before the date falling 20 Business Days before the Second Long Stop Date (or such shorter period prior to the Second Long Stop Date as the Parties
may in writing agree); 

  

	 	(d)	 the French Put Option Equity Interests where no notice exercising the option under the French Put Option
Letter is received by the party to be served with such notice (as referred to in clauses 24.7 and 24.8) on or before the date falling 20 Business Days before the Second Long Stop Date (or such shorter period prior to the Second Long Stop Date as the
Parties may in writing agree); 

  

	 	(e)	 any Target Subsidiary Equity Interests in any Target Subsidiaries held directly or indirectly by AUNZ
where the transfer of such Target Subsidiaries pursuant to the Kantar Reorganisation and the terms of this agreement does not receive the approval of the independent board committee of AUNZ in accordance with the AUNZ Majority Shareholder Deed or an
ordinary resolution approving the transfer of such Target Subsidiaries for the purposes of Chapter 2E of the Australian Corporations Act 2001 (Cth), (unless determined not to be required by ASX Limited) ASX Listing Rule 10.1 and for all other
purposes is not passed at a duly convened meeting of shareholders of AUNZ; and 

  

	 	(f)	 any Target Subsidiary Equity Interests in any Target Subsidiaries held directly or indirectly by Scangroup
where an ordinary resolution approving the transfer of such Target Subsidiaries pursuant to the Kantar Reorganisation and this agreement is not passed at a duly convened meeting of shareholders of Scangroup; 

Non-Wholly Owned Target Subsidiary means a Target Subsidiary in which the
Parent does not (directly or indirectly) own all the Equity Interests; 
 Novated IT Contracts means: 

 

	 	(a)	 the agreement for the provision of data centre colocation services dated 4 December 2012 between WPP
2005 Limited and Cyxtera Technology UK Limited; 

  

	 	(b)	 the ELA order dated 10 July 2008 between WPP Group USA, Inc. and VMware, Inc. (VMware contract #
30193); and 

  

	 	(c)	 the ELA order dated 29 June 2009 between WPP 2005 Limited and VMware, Inc. (VMware contract # 40431),

  
 100 

 and includes, in each case, all orders, purchase orders, statements of
work, subscriptions and similar agreements entered into under any such agreement; 
 Other Competition Approvals
means any approval that the Purchaser determines in its sole discretion (acting reasonably and in good faith) is required by a Regulatory Authority on competition-related grounds for the transfer of any Target Subsidiary Equity Interests
pursuant to the terms of this agreement but not including the Global Competition Approvals;  

Outside-Perimeter Tax Claim means any claim under the Tax Deed in respect of an Actual Tax Liability falling within
clause 1.1(c)(i) of the Tax Deed, or in respect of any Deemed Tax Liability arising in circumstances where an Actual Tax Liability falling within clause 1.1(c)(i) of the Tax Deed would have arisen but for the use or
set-off of a Purchaser’s Relief (and in this definition the terms “Actual Tax Liability”, “Deemed Tax Liability” and “Purchaser’s Relief” have the meanings given in the
Tax Deed); 
 Parent Board Recommendation means a unanimous recommendation from the Parent’s directors that
the shareholders of the Parent vote in favour of the Parent Shareholder Resolution; 
 Parent General Meeting has
the meaning given to it in clause 6.1(b); 
 Parent Proportion means, in respect of any member of the Retained
Group which is not wholly owned directly or indirectly by the Parent, the proportion of its equity securities which is directly or indirectly owned by the Parent; 

Parent Specified Transaction Expenses means the transaction expenses of the Parent as specified and as expressly
stated as being “the Parent Specified Transaction Expenses” in a letter from the Parent to the Purchaser dated on or around the date of this agreement in the Agreed Form; 

Parent’s Circular means the circular to be despatched by the Parent to its shareholders in connection with the
Transaction in accordance with clause 6 (which shall include: (i) a confirmation from each of the Parent’s directors that they will exercise all of the voting rights attached to shares owned or controlled by them in favour of the
resolution approving the Transaction; and (ii) a description acceptable to the Purchaser of the drag-along rights to which the WPP Group will following First Completion be subject pursuant to the Shareholders’ Agreement); 

Parent’s Solicitors means Allen & Overy LLP of One Bishops Square, London E1 6AD; 

Permitted Leakage means: 
  

	 	(a)	 time spent and services provided by the Employees in connection with the Transaction;

  

	 	(b)	 any payments to be made to the Parent, the Sellers or any Deferred Seller pursuant to, or for breach of,
any of the Transaction Documents and/or any of the documents entered into to implement the EY Acquisition Steps Paper by any member of the Target Group; 

  

	 	(c)	 any transaction undertaken pursuant to the Kantar Reorganisation, including all dividends, distributions,
payments and cash movements and the creation of, alterations to and waivers of intra group debt balances related to such transactions, or the EY Acquisition Steps Paper; 

 

	 	(d)	 any payments to be made by or on behalf of any member of the Target Group to the Parent or any member of
the Retained Group in settlement of inter-company debt, or by way of the distribution referred to in clause 4.1(e); 

  
 101 

	 	(e)	 any payments or settlement under the cash pooling arrangements in place within the WPP Group (the Cash
Pooling Arrangements) in the ordinary course of business and consistent with past practice or in accordance with clause 23.31; 

  

	 	(f)	 any payments in respect of Agreed Dividends; 

 

	 	(g)	 any First Completion KR Net Debt and any Deferred Completion KR Net Debt; 

 

	 	(h)	 any payments, fees, costs, expenses or other amounts for which a specific provision, accrual or liability
has been expressly made in the Locked Box Accounts; 

  

	 	(i)	 any payments made or to be made by or on behalf of any member of the Target Group in respect of costs (or
Tax payments) reasonably and properly incurred by the Parent or the Retained Group on behalf and for the benefit of the Target Group either: 

  

	 	(i)	 in the ordinary course of business on an arm’s length basis at no more than fair market value; or

  

	 	(ii)	 pursuant to the terms of contracts which have been Disclosed, 

and, in either case, charged or recharged to the Target Group, but provided that this shall not apply in respect of any
fees, costs and/or expenses relating to the Transaction; 
  

	 	(j)	 the provision of goods or services (including head office costs) by either the Parent or any member of the
Retained Group or the Target Group and the payment for such goods or services by either the Parent or any member of the Retained Group or the Target Group to the extent such provision or payment is: 

 

	 	(i)	 in the ordinary course of business on an arm’s length basis at no more than fair market value; or

  

	 	(ii)	 pursuant to the terms of arrangements which have been Disclosed, 

but provided that this shall not apply in respect of any fees, costs and/or expenses relating to the Transaction; 

 

	 	(k)	 any payment to be made or liability, cost or expense incurred in connection with the preparation of any
notifications, filings or other material documentation prior to their submission to any relevant Regulatory Authority pursuant to clause 6.1 of this agreement by or on behalf of any member of the Target Group; 

 

	 	(l)	 any matter undertaken at the written request of the Purchaser before First Completion or, in respect of
any Deferred Target Subsidiary, before the relevant Deferred Completion, which in each case the Purchaser explicitly agrees at the relevant time or thereafter constitutes Permitted Leakage; 

 

	 	(m)	 the payment of any Tax Consolidation Payment Amount; 

 

	 	(n)	 any surrender of Group Relief (as defined in the Tax Deed) or payment for Group Relief, in each case in
accordance with the provisions of the Tax Deed; 

  

	 	(o)	 any payment to any member of the Retained Group to settle any third party liabilities of and incurred for
the benefit of the Target Group in the ordinary course and consistent with 

  
 102 

	 	 
past practice, but provided that this shall not apply in respect of any Tax (except to the extent that: (i) such third party liabilities consist of amounts payable in respect of recoverable
VAT; (ii) such payment is made by a Tax-Consolidated Target Group Company in respect of a Tax liability of, or attributable to income, profits or gains of, or supplies, acquisitions or importations by,
that Tax-Consolidated Target Group Company arising in the ordinary course of business between the Locked Box Date and Completion that is to be discharged under a Tax Consolidation by a member of the Retained
Group, or any fees, costs and/or expenses relating to the Transaction; 

  

	 	(p)	 the sale of the Argentinian Land to any member of the Retained Group for up to $11 million in cash
and the payment of the proceeds of such sale (net of fees, costs, expenses and Tax incurred by the Target Group in connection with such sale and payment(s)), whether by distribution or otherwise, to any member of the Retained Group;

  

	 	(q)	 the sale of the Target Group’s approximately 4.9% shareholding in Auga Technologies Limited to any
member of the Retained Group and the payment of the proceeds of such sale (net of fees, costs, expenses and Tax incurred by the Target Group in connection with such sale and payment(s)), whether by distribution or otherwise, to any member of the
Retained Group; 

  

	 	(r)	 the sale by WPP France Holdings SAS, being a member of the Retained Group, of its 25.12% shareholding in
CVDM Solutions SAS, together with its subsidiaries Planorama Brasil Ltda, Planorama Europe Kft, Planorama North America, LLC and Planorama PTE Ltd (which shareholding is included in the Locked Box Accounts as an asset) and the retention of the
proceeds of such sale by WPP France Holdings SAS; 

  

	 	(s)	 any payments made to the JWT Pension and Life Assurance Scheme due under a schedule of contributions
operating under section 227 of the Pensions Act 2004 or (up to a maximum amount of £1 million) under section 75 of the Pensions Act 1995; 

  

	 	(t)	 the payment of separation costs which are properly costs of the Target Group in relation to the separation
of the Target Group from the Retained Group in connection with the Transaction, excluding $15 million of separation costs incurred pursuant to the IT Transitional Services Agreement; 

 

	 	(u)	 any amount paid or asset transferred under clause 11; 

 

	 	(v)	 any payments made pursuant to clauses 16, 17 and/or 18; 

 

	 	(w)	 the sale by: 

  

	 	(i)	 Taylor Nelson Sofres B.V. of its entire shareholding in: (A) TNS Overseas Media Holdings for
€204,526,848 to WPP Jubilee Limited; (B) TNS Finance Limited for €8,872,280 to WPP Jubilee Limited; and (C) WPP Luxembourg Europe S.à r.l. for €302,903,000 to Arbour Square B.V.; and 

 

	 	(ii)	 TNS International Limited of its entire shareholding in TNS Overseas Media Holdings for €71,788,924,
to WPP Jubilee Limited (to be settled in British pounds sterling in an amount of £61,415,796); 

  

	 	(x)	 all payments made by or on behalf of Kantar LLC and Kantar Group Limited to Apex Financial Services
(Trustees) Limited (as trustee of the WPP Group plc UK ESOP Trust 

  
 103 

	 	 
and the WPP Group Plc Grantor Trust as applicable) pursuant to the terms and subject to the limitations of the Recharge Agreements; 

 

	 	(y)	 the payment by Kantar Singapore Pte Ltd of SGD 26,255,880 to WPP Singapore Pte Ltd (a member of the
Retained Group) as consideration for the acquisition by Kantar Singapore Pte Ltd of the compulsorily convertible debentures each of INR 100 (numbered 1 – 13,566,413) issued by Firefly Market Research India Private Limited to WPP Singapore Pte
Ltd on 24 February 2016; 

  

	 	(z)	 an amount of €29,144,000 which (i) as at the Locked Box Date was an Intra-Group Receivable
payable to Kantar Shared Services GmbH & Co KG by WPP Deutschland Holding GmbH & Co KG (a member of the Retained Group) but does not appear in the Locked Box Accounts and (ii) which has since the Locked Box Date been repaid by
WPP Deutschland Holding GmbH & Co KG, and the use of the amount repaid by members of the Target Group (a) in part to fund payments in respect of the First Completion Kantar Reorganisation or the Deferred Completion Kantar
Reorganisation and (b) in part to make additional payments to members of the Retained Group; and 

  

	 	(aa)	 the following payments made or liabilities incurred in connection with the Proposed HTA Dividend:

  

	 	(i)	 any amount of dividend distribution tax incurred in respect of the portion of the Proposed HTA Dividend
paid to WPP Holdings (Mauritius) Ltd., up to a maximum of INR 67,908,601; and 

  

	 	(ii)	 any payment in respect of the Proposed HTA Dividend made to former directors, officers or employees of HTA
who are, following the HTA Demerger, directors, officers or employees of HTAP or any other member of the Retained Group; 

PRC means the People’s Republic of China which, for the purposes of this agreement, excludes the Hong Kong SAR,
the Macau SAR and Taiwan;  
 Pre-Deferred Completion Statement has
the meaning given to it in clause 9.6; 
 Pre-First Completion Equivalent Non-IT TSA Services means the services (other than any information technology services) provided (or procured) by any member of the Retained Group to the Kantar Business prior to the First Completion Date, other
than the Excluded Services, and Pre-First Completion Equivalent Non-IT Service means any of them; 

Pre-First Completion Equivalent RTSA Services means the services provided (or
procured) by any member of the Target Group to the Retained Group prior to the First Completion Date; 
 Pre-First Completion Statement has the meaning given to it in clause 8.2; 
 Pre-Sale Proportion means, in respect of each member of the Target Group, the proportion of the Equity Interests in the relevant member of the Target Group that is directly or indirectly held by the Parent
immediately prior to First Completion or Deferred Completion (as applicable to that member of the Target Group); 

Principal Countries means Argentina, Australia, Brazil, the People’s Republic of China, Denmark France, Germany,
India, Indonesia, Italy, Korea, Mexico, The Netherlands, the Philippines, the Republic of South Africa, Singapore, Spain, Sweden, UK and USA, and Principal Country means any of them; 

  
 104 

 Project Summer Summary of Funds Flows means the spreadsheet
entitled “Project Summer – Summary of Funds Flows” dated 10 July 2019 in the Agreed Form; 

Properties means each of the properties shortly described in Schedule 6 and Property means any of them; 

Proposed HTA Dividend means the cash dividend proposed to be paid by HTA between First Completion and 31 January
2020 in an aggregate amount (excluding any amount paid by HTA which is attributable to the HTA Retained Business) of INR 446,452,834; 

Provider has the meaning given in paragraph 8.3 of Schedule 3; 

Purchased Percentage means in respect of the Equity Interests in the Target Companies and the Deferred Target
Subsidiaries, such percentage thereof which is transferred: 
  

	 	(a)	 in the case of Kantar Consulting SAS and Kantar TNS-MB SAS,
pursuant to Step 12a; 

  

	 	(b)	 in the case of Research SA B.V., pursuant to Step 15; 

 

	 	(c)	 in the case of Kantar Square Two B.V., pursuant to Step 16; 

 

	 	(d)	 in the case of New US JVCo pursuant to Step 39; 

 

	 	(e)	 in the case of Summer (BC) US JVCo GP S.à r.l, pursuant to Step 39; and 

 

	 	(f)	 in the case of the Deferred Target Subsidiary Equity Interests, pursuant to Step D4,

 in each case, in the EY Acquisition Steps Paper, as will, once all the steps in the EY Acquisition
Steps Paper have been completed in full and assuming no further issuances or transfers of securities in accordance with the Shareholders’ Agreement between First Completion and each Deferred Completion, result in the Parent indirectly holding
40 per cent. of the shares in each of the RoW JVCo, New US JVCo and New US GP Co 1 (each as referred to in the EY Acquisition Steps Paper); 

Purchaser Finance Documents means the commitment letters, term sheets, interim facilities agreements and conditions
precedent satisfaction letters in the Agreed Form; 
 Purchaser’s Group means: (a) the Purchaser, all its
subsidiary undertakings and parent undertakings and all the other subsidiary undertakings of each of its parent undertakings; and (b) Bain Capital Private Equity (Europe), LLP and its affiliates, the funds managed and/or advised by any of them,
and all affiliates of such funds, provided that the Purchaser’s Group shall not include the Target Group or any other portfolio companies of funds managed and/or advised by Bain Capital Private Equity (Europe), LLP and/or its affiliates; 

Purchaser’s Solicitors means Weil, Gotshal & Manges (London) LLP of 110 Fetter Lane, London EC4A 1AY;

 Recipient has the meaning given in paragraph 8.3 of Schedule 3; 

Recharge Agreements means the agreements between: (i) Kantar Group Limited, the Parent and Apex Financial
Services (Trustees) Limited (as trustee of the WPP Group plc UK ESOP Trust); and (ii) Kantar LLC, the Parent and Apex Financial Services (Trustees) Limited (as trustee of the WPP Group Plc Grantor Trust), each dated on or around 5 December
2019 and in the form agreed between the Parent’s Solicitors and the Purchaser’s Solicitors; 

  
 105 

 Regulatory Authority means any governmental or regulatory body, any
court, tribunal or arbitral body with competent jurisdiction; 
 Relevant Completion for a Target Company or a
Target Subsidiary shall be construed in accordance with the Tax Deed; 
 Relevant Date means, in relation to a
member of the Target Group, the latest of the following dates: (i) the date which is two years prior to the date of this agreement; (ii) the date of incorporation of that member of the Target Group; and (iii) the date that member of
the Target Group became a subsidiary or affiliate of the Parent; 
 Relevant Target Company Equity Interests means,
in relation to each Seller and each Designated Purchaser, the Target Company Equity Interests set out opposite its name in columns 3, 4 and 5 of Schedule 1; 

Relief has the meaning given to it in the Tax Deed; 

Retained Group means the Parent and all of its subsidiary undertakings (other than the members of the Target Group,
but including with effect from the Second Long Stop Date the Retained Target Entities) taken as a whole, and member of the Retained Group means any of them; 

Retained Target Entities has the meaning given to it in clause 10.13, and a Retained Target Entity means any
of them; 
 Reverse Transitional Services Agreement means the reverse transitional services agreement to be entered
into between a member of the Retained Group and a member of the Target Group; 
 RoW Articles means the articles of
association of Summer (BC) JVCO S.à r.l as amended from time to time; 
 Sanctioned Country means any
country or territory which is the target of country- or territory- wide Sanctions, being (as at the date of this agreement) Cuba, Iran, North Korea, Syria and Crimea; 

Sanctioned Person means a person or entity that is:  

 

	 	(a)	 listed on a Sanctions List; 

 

	 	(b)	 a government of a Sanctioned Country (or is part of such government); 

 

	 	(c)	 resident or domiciled in or organised under the laws of a Sanctioned Country; 

 

	 	(d)	 otherwise a target of Sanctions; or 

 

	 	(e)	 directly or indirectly owned or controlled by any persons in (a) above; 

Sanctions means any applicable trade, economic or financial sanctions laws, regulations or embargoes imposed,
administered, enacted or enforced from time to time by any Sanctions Authority; 
 Sanctions Authority means: 

 

	 	(a)	 the United States; 

  
 106 

	 	(b)	 the United Nations Security Council; 

 

	 	(c)	 the European Union (EU); 

 

	 	(d)	 any member state of the EU; 

 

	 	(e)	 the United Kingdom; and 

 

	 	(f)	 the respective governmental institutions of any of the foregoing including, without limitation, the Office
of Foreign Assets Control of the US Department of the Treasury (OFAC) and the Office of Financial Sanctions Implementation of Her Majesty’s Treasury (OFSI); 

Sanctions List means any public list or announcement of specially designated persons or entities issued, administered
and enforced by any Sanctions Authority (each as amended, supplemented and updated from time to time), including: 
  

	 	(a)	 the Specially Designated Nationals and Blocked Persons list maintained by OFAC; 

 

	 	(b)	 the Sectoral Sanctions Identifications List; 

 

	 	(c)	 the Consolidated List of Persons and Entities subject to Financial Sanctions maintained by the European
Commission; and 

  

	 	(d)	 the Consolidated List of Financial Sanctions Targets in the UK by OFSI; 

SAP means Sofres Asia Pacific SAS, a company duly incorporated and existing under the laws of France; 

Scangroup means WPP Scangroup Plc, a public limited company incorporated in Kenya and whose registered office is at
The Chancery, 5th Floor, Valley Road, Upper Hill P.O Box 34537 – 00100, Nairobi, Kenya; 
 Scangroup Circular
means the circular to be despatched by Scangroup to its shareholders in connection with the transfer of the Target Subsidiary Equity Interests in the Target Subsidiaries held directly or indirectly by Scangroup as contemplated by this agreement;

 Second Long Stop Date means 12 July 2020; 

Sellers means the companies listed in column 1 of Schedule 1 and any other member of the WPP Group who holds any
Equity Interests in a Target Company as at the First Completion Date, and Seller means any of them; 
 Senior
Employees means those Employees whose terms and conditions of employment have been disclosed in the folder of the Data Room entitled ‘NEON’; 

Separation Committee has the meaning given to it in clause 23.26; 

Separation Expert Determination Process means the process set out in clauses 23.8(b) to 23.12 (inclusive); 

SER Merger Process has the meaning given to it in clause 24.1; 

  
 107 

 Shared Contracts means those contracts and agreements entered into
by members of the Retained Group which relate (whether in whole or in part) to the Kantar Business, but excluding the contracts and agreements which are the subject of the Transitional Services Agreements; 

Shareholders’ Agreement means the securityholders’ agreement in respect of RoW JVCo and New US JVCo (each
as referred to in the EY Acquisition Steps Paper) relating to the joint venture in respect of the Kantar Business and in the Agreed Form to be entered into at First Completion between the parties thereto; 

Shared Supplier Contract means a contract entered into by an Agreed Third Party Supplier and a member of the Retained
Group; 
 SOFR means the Secured Overnight Financing Rate which shall be calculated on the appropriate
Reuters screen (or equivalent screen, if no Reuters screen is available) as the Parent may decide at or about 11.00 a.m. on the date upon which quotations would ordinarily be given by prime banks in the London interbank market for deposits in US
Dollars for a period of three months on the day specified for the determination of an interest rate; 
 Sophos
Agreement has the meaning given to it in clause 23.24(a)(i); 
 Sophos Agreement Term has the meaning given to
it in clause 23.24(a)(i); 
 Sophos Transfer Agreement has the meaning given to it in clause 23.24(b)(ii); 

subsidiary means a subsidiary for the purposes of the UK Companies Act 2006; 

Subsidiary Grouping means, in relation to a Deferred Target Subsidiary, all Deferred Target Subsidiaries which are
subsidiary undertakings or parent undertakings of that Deferred Target Subsidiary; 
 subsidiary undertaking and
parent undertaking have the meanings given in section 1162 of the UK Companies Act 2006; 
 Surviving
Provisions means clauses 1, 25 to 33 inclusive and this Schedule 5; 
 Target Companies means the entities
named in Schedule 1, and Target Company means any of them; 
 Target Company Equity Interests means such
proportion of the total Equity Interests in each of the Target Companies which is held by the relevant Seller and which is to be sold pursuant to the terms of this agreement, as set out in columns 4 and 5 of Schedule 1; 

Target Group means the Target Companies and the Target Subsidiaries taken as a whole (excluding, with effect from the
Second Long Stop Date, the Retained Target Entities), and member of the Target Group means any of them; 

Target Subsidiaries means, subject to the definition of Target Group set out above, the companies listed in column A
of the Master Entity Spreadsheet and any additional new companies incorporated within the WPP Group after the date of this agreement but before the First Completion Date in order to become the intermediate holding company of, respectively, the
existing UK and French Target Subsidiaries but excluding any Target Subsidiaries which are Target Companies pursuant to this agreement and as reflected in the EY Acquisition Steps Paper, and Target Subsidiary means any one of them; 

  
 108 

 Target Subsidiary Equity Interests means such proportion of the
total Equity Interests in each Target Subsidiary which is held either directly or indirectly by the Parent, as set out in the Master Entity Spreadsheet; 

Tax, Taxes, Taxation and Tax Authority have the meanings given to them in the Tax Deed; 

Tax Consolidation has the meaning given in the Tax Deed; 

Tax Consolidation Payment Amount in respect of a Target Company or a Target Subsidiary means any amount
reflected in the Locked Box Accounts as a liability of that Target Company or Target Subsidiary in respect of any liability for Tax-Consolidated Target Group Company Tax which any member of the Retained Group
is primarily responsible for paying or discharging on behalf of, or in respect of profits of, or in consequence of anything done by, that Target Company or (as applicable) Target Subsidiary; 

Tax Consolidation Receivable Amount in respect of a Target Company or a Target Subsidiary means any amount reflected
in the Locked Box Accounts as an asset of that Target Company or Target Subsidiary in respect of any repayment of Tax which any member of the Retained Group is primarily entitled to receive on behalf of, or in respect of tax previously paid by or on
behalf of, or in consequence of anything done by, that Target Company or (as applicable) Target Subsidiary; 
 Tax-Consolidated Target Group Company means a Target Company or a Target Subsidiary which is part of a Tax Consolidation as at the date of this agreement; 

Tax Deed means the tax deed to be entered into between the Parent, UK Bidco and the Purchaser in the Agreed
Form; 
 Tax Return means any return, declaration or report required to be filed with any Tax Authority in
connection with the determination, assessment or collection of Taxes; 
 Tax Warranty Claim means a claim in
respect of those Warranties set out in paragraph 2 (Tax) of Schedule 2 to this agreement; 
 Third Party means any
person that is not a member of the Retained Group; 
 Third Party Claim has the meaning given to it in paragraph
8.1 of Schedule 3; 
 Third Party Shareholder means any holder of Equity Interests in the Target Companies other
than the Sellers; 
 Third Party Sum has the meaning given in paragraph 10(b) of Schedule 3; 

Third Party Supplier means a Third Party (other than a Third Party that supplies information technology goods or
services) that supplies goods or services to a member of the Target Group pursuant to an agreement with a member of the Retained Group; 

Total Consideration means $3,539,000,000; 

Total Deferred Base Consideration means the aggregate of all Deferred Base Consideration paid on all Deferred
Completions; 
 Total Estimated Claim Amount means the aggregate of all Estimated Claim Amounts; 

  
 109 

 Total FY18 Baseline EBITDA means the total management EBITDA
(earnings before interest, taxation, depreciation and amortisation) as reported by the Target Group in the WPP financial reporting system (SAP BFC) for the financial year ended 31 December 2018 at the WPP 2018 Constant Currency Rates, as set
out in the Total FY18 Baseline EBITDA Statement; for this purpose the WPP 2018 Constant Currency Rates mean the Parent’s budgeted 2018 exchange rates which are applied to local currency reported results in order to derive a US
dollar-denominated income statement that excludes the impact of movements in exchange rates across the current and prior years; 

Total FY18 Baseline EBITDA Statement means the document entitled “Total FY18 Baseline EBITDA Statement”, in
the Agreed Form; 
 Total Headline Base Consideration has the meaning as set out in clause 3.1(a); 

Trade Debts means amounts owing by way of trade credit in the ordinary course of trading as a result of goods or
services supplied; 
 Transaction means, collectively, the transactions contemplated pursuant to this agreement;

 Transaction Documents means this agreement, the Disclosure Letter, the Tax Deed, the Shareholders’
Agreement, the RoW Articles, the US JVCo LPA, the US GPCo Articles, the Transitional Services Agreements, the Equity Commitment Letter, the French Put Option Letter and the Dutch Put Option Letter; 

Transferring Registered IP has the meaning given to it in clause 23.28; 

Transitional Services Agreements means: 
  

	 	(a)	 the IT Transitional Services Agreement; and 

 

	 	(b)	 the Non-IT Transitional Services Agreement; 

US HoldCo A LLC means Summer (BC) US HoldCo A LLC, which is also referred to as US HoldCo A LLC in the EY Acquisition
Steps Paper which the Purchaser undertakes to have incorporated within the Purchaser’s Group pursuant to clause 7.6; 

US HoldCo B LLC means Summer (BC) BidCo B LLC, which is also referred to as US HoldCo B LLC in the EY Acquisition
Steps Paper which the Purchaser undertakes to have incorporated in the Purchaser’s Group pursuant to clause 7.6; 

US GPCo Articles means the articles of association of Summer (BC) US JVCo GP S.À R.L., as amended and/or
restated from time to time; 
 US JVCo LPA means the limited partnership agreement of Summer (BC) US JVCo S.C.Sp.,
as amended and/or restated from time to time; 
 VAT has the meaning given in the Tax Deed; 

Verification Period has the meaning given to it in clause 23.20. 

Warranties means the statements set out in Schedule 2, and Warranty means any one of them; 

  
 110 

 Warranty Claim means a claim by the Purchaser the basis of which is
that a Warranty is not or is alleged not to be true and accurate in all material respects; 
 WPP Group means the
Parent and all of its subsidiary undertakings, and member of the WPP Group means any of them; and 
 Wrong
Pocket Period has the meaning given to it in clause 11.1. 
  

	2.	 A person shall be deemed to be connected with another if that person is connected with another
within the meaning of section 1122 of the UK Corporation Tax Act 2010. 

  

	3.	 Where any statement in Schedule 2 or in the Disclosure Letter is qualified by the expression so far as
the Parent is aware or to the best of the Parent’s knowledge, information and belief or any similar expression, that statement shall be deemed to refer to the actual knowledge of the Parent after enquiry of the following individuals:
Andrew Scott, Steve Winters, Charles van der Welle, Steve Hall, Tony Antoniou, Ric Azoulay, Andrea Harris, Mark Povey, Vicky Brown, Katherine Barltrop, Jonathan Clarke, Max Holliday, Eric Salama, Robert Bowtell, Tig Matthews, Jeff Krentz, Gillie
Abbots-Jones, John McHarry, David Pettengell, Ash Bhartia, Kier Goldson, Matthew Gutch, Scott Carter, Gordon Holtshausen, Aino Castren and Derrick Chow. 

  

	4.	 In this agreement any reference, express or implied, to an enactment (which includes any legislation in
any jurisdiction) includes: 

  

	 	(a)	 that enactment as amended, extended or applied by or under any other enactment (before or after signature
of this agreement); 

  

	 	(b)	 any enactment which that enactment re-enacts (with or without
modification); and 

  

	 	(c)	 any subordinate legislation made (before or after signature of this agreement) under that enactment,
including (where applicable) that enactment as amended, extended or applied as described in subparagraph (a), or under any enactment which it re-enacts as described in subparagraph (b), 

except to the extent that any legislation or subordinate legislation made or enacted after the date of this agreement would
create or increase the liability of the Parent under this agreement. 
  

	5.	 In this agreement: 

 

	 	(a)	 references to £ or GBP are to pounds sterling, the lawful currency of the United
Kingdom, to $ or USD are to US Dollars, the lawful currency of the United States of America, to SGD are to Singapore Dollars, the lawful currency of Singapore, to €, Euro or EUR are to Euro, the lawful
single currency of the European Union countries that have adopted the Euro and to INR are to Indian Rupees, the lawful currency of India; 

  

	 	(b)	 words denoting persons include bodies corporate and unincorporated associations of persons;

  

	 	(c)	 references to an individual or a natural person include his estate and personal representatives;

  

	 	(d)	 the phrases “to the extent” and “to the extent that” are used to
indicate an element of degree and are not synonymous with the word “if”; 

  
 111 

	 	(e)	 subject to clause 27, references to a party to this agreement include the successors or assigns (immediate
or otherwise) of that party; and 

  

	 	(f)	 in respect of any direct or indirect non-wholly owned subsidiary
undertaking, an obligation on a Party or any member of the WPP Group or Purchaser’s Group (as applicable) to “procure” that any act or thing be done or omitted to be done, shall mean exercising all of its rights (including
voting rights) as shareholder, and (subject to their fiduciary duties) procuring that any director(s) or equivalent which it or its direct or indirect wholly-owned subsidiary undertaking has appointed to the board of directors or equivalent of that
undertaking exercise all of their rights (including voting rights), in each case to procure (in so far as it is able via the exercise of those rights) that the relevant act or thing be done or omitted to be done. 

  
 112 

 SCHEDULE 6 

PROPERTIES 
 PART 1

 OWNED PROPERTIES 
  

			
	Address	 	Jurisdiction
	 	 
	 174
Uruguaiana Street. Rio de Janeiro – RJ. Zip Code: 20050-092
	 	Brazil
	 	 
	 42 São Francisco de Paula Square.
Rio de Janeiro – RJ. Zip Code: 20051-070
	 	Brazil
	 	 
	4 units (Units 6a-6d) at the Hua Ye Building, No.69, Yixueyuan Road, Guangzhou, each with its own title
deed.	 	China
	 	 
	 2 rue André Derain/2 rue Francis
Pedron, Chambourcy (78240)
	 	France
	 	 
	 via
Bolama n.11/3, Milan
	 	Italy
	 	 
	 Edificio Roma 2000, Barcelona
	 	Spain
	 	 
	
Camí Can Calders, 408173 Sant Cugat del Vallés
	 	Spain
	 	 
	 Land
and office premises at the junction of Hanger Lane and West Gate, London
	 	UK

 PART 2 

OCCUPATIONAL LEASES 
  

			
	Address	 	Jurisdiction
	 	 
	6th & 7th, Calle Suipacha No. 652/658/664/668, City of Buenos Aires (C1008AAN)	 	Argentina
	 	 
	 Levels 4, 5 & 6, 30-34 Hickson Road, Millers Point, NSW 2000
	 	Australia
	 	 
	B01 & B02/Ground & 4th & 5th/ B401, B402, B501 & B502, Av. Francisco Matarazzo, No. 1350, Zip Code: 01005-001 – Tower I and Tower II	 	Brazil
	 	 
	 Level 16, 399 Hengfeng Road, Zhabei
District
	 	China
	 	 
	
Level 12, 399 Hengfeng Road, Zhabei District
	 	China
	 	 
	15th Floor (Unit 02-06), No.26A East 3rd Ring North Road, Chaoyang District, Beijing	 	China
	 	 
	 3rd-6th Floors, 485 Fenglin Road, Xuhui District
	 	China
	 	 
	
Českomoravská 2420, Prague 9 Czech Republic 190 00
	 	Czech Republic

  
 113 

			
	Address	 	Jurisdiction
	 	 
	
2nd & 3rd Floors, Rådhuspladsen 45, 1550 København V
	 	Denmark
	 	 
	2nd - 5th floors of the Swing Life Science Center Plus’s Building C located in Keilaniemi Espoo	 	Finland
	 	 
	Basement Levels 1 to 3, G/F, 1st Flr, 2nd Flr, 3rd Flr, 4th Flr and 5th Flr, 3 Avenue Pierre Massé and 142/148 avenue Paul Vaillant
Couturier, Paris (75014)	 	France
	 	 
	1st, 2nd, 4th, 5th, 6th, 1st Basement, 60, avenue du General de Gaulle, Puteaux (92800)	 	France
	 	 
	
Friedensallee 9, Hamburg
	 	Germany
	 	 
	 Landsberger Str. 270-288, Munich
	 	Germany
	 	 
	
Thumenberger Weg 27 & Martin Albert Str. 1
	 	Germany
	 	 
	 30th Floor, 169 Electric Road, North
Point
	 	Hong Kong
	 	 
	3rd & 7th Floors (Unit 1), Plot No. 17, Software Units Layout, Madhapur, Hyderabad 500081	 	India
	 	 
	Ground, 1st & 2nd Floors, 8, Balaji Estate, Guru Ravidass Marg, Kalkaji, New Delhi - 110019	 	India
	 	 
	 Ground
Floor, Floors 1-6 Viale Milanofiori (Road 3), Milan
	 	Italy
	 	 
	 6th Floor (Area A & B), 2-1-1 Yoyogi, Shibuya-ku, Tokyo
	 	Japan
	 	 
	 8th-11th Floors, 52, Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul
	 	Korea
	 	 
	2nd Floor & Basement (Partial), 52, Gukjegeumyung-ro, Yeongdeungpo-gu,
Seoul	 	Korea
	 	 
	Ground, 12th, 13th & 7th Level Basement, Avenida Insurgentes 863, Col. Napoles, Delegación Benito Juárez, Ciudad de
México, Distrito Federal, código postal 03810	 	Mexico
	 	 
	 Level 1, 46 Sale Street, Freemans
Bay, Auckland
	 	New Zealand
	 	 
	
Amsteldok, Amsteldijk 166
	 	Netherlands
	 	 
	 2nd, 3rd & 4th Floors,
Kirkegaten 20 and Tollbugaten 17, Oslo
	 	Norway
	 	 
	8th, 801 & 803, Basement Level 2 No. 216, Av. Benavides
no.801-821-881 cor. Av. Paseo de la Republica no.5887, 5891, 5895	 	Peru
	 	 
	 6th and
7th Floors, (Premises 1 Room 8), 12 Dvintsev Street, Moscow, 127018
	 	Russia
	 	 
	1st (Room 30) and 8th Floors (Premises 1 Room 1), 12 Dvintsev Street, Moscow, Russian Federation, 127018	 	Russia

  
 114 

			
	Address	 	Jurisdiction
	 	 
	 1st
Floor (Level 2) (Partial), 50 Scotts Road
	 	Singapore
	 	 
	 3rd Floor (Level 4) (Partial), 50 Scotts
Road
	 	Singapore
	 	 
	 3012 A
– William Nicol Drive, Bryanston
	 	South Africa
	 	 
	 Calle de Rios Rosas 26, Madrid
	 	Spain
	 	 
	 1st and
2nd Floors, Vasagatan 11
	 	Sweden
	 	 
	3rd Floor, 301-307 & 311, in the Makeen Building, Airport Road, on Plot 221- 132, Dubai
International Airport Road, Dubai	 	UAE
	 	 
	
Level 4, 6 More London Place, London SE1
	 	UK
	 	 
	 Level 3, 6 More London Place,
London SE1
	 	UK
	 	 
	5th Floor, part 6th Floor and part lower Ground Floor, 4 Millbank, London SW1P 3JA	 	UK
	 	 
	Ground, 1st and 2nd Floors, Olympus Avenue, Tachbrook Retail Park, Warwick CV34 6RJ	 	UK
	 	 
	 3rd
Floor, 222-236 Gray’s Inn Road, London WC1
	 	UK
	 	 
	 6th Floor, 222-236 Gray’s Inn Road, London WC1
	 	UK
	 	 
	 Ground
Floor and 5th floor, 26-30 Uxbridge Road, Ealing, London
	 	UK
	 	 
	Part Ground Floor, 1st, 2nd, 6th - 13th floors East and West Wings and 2nd and 3rd Floors South Wing, North Building, Sea Containers 18 Upper Ground, London SE1	 	UK
	 	 
	 24-28 Bloomsbury Way, London WC1A 2SL
	 	UK
	 	 
	 6th Floor, 6101, 501 Boylston Street,
Boston, Massachusetts 02116
	 	United States
	 	 
	3rd Floor - Unit A & Portion of 4th Floor - Unit A, Space A & B, 401 Merritt 7 Corporate Park, Norwalk Connecticut 06851	 	United States
	 	 
	 4th Floor, 400, 3333 Warrenville Road,
Lisle, IL 60563
	 	United States
	 	 
	2nd, 6th, & 10th Floors, 202, 240, 605 & 1040, 600 108th Avenue NE, Bellevue, WA 98004	 	United States
	 	 
	2nd Floor/200, Penthouse & Suite E (Storage), 3400 Cahuenga Blvd, Bldg B, Studio City, CA 91604	 	United States
	 	 
	 13th
Floor, 355 Lexington Avenue, New York, New York 10017
	 	United States

  
 115 

			
	Address	 	Jurisdiction
	 	 
	
1st & 2nd Floors, 200, 700 Dresher Road, Horsham, Pennsylvania 19044
	 	United States
	 	 
	 1122 Executive Boulevard, Chesapeake,
Virginia 23320
	 	United States
	 	 
	 2/F,
685 Route 202/206, Bridgewater, New Jersey 08807
	 	United States
	 	 
	 1385 Enterprise Drive, West Chester,
Pennsylvania 19380
	 	United States
	 	 
	 3 World
Trade Center, 175 Greenwich Street, New York, New York
	 	United States
	 	 
	 303
Second St, San Francisco
	 	United States
	 	 
	 350
North Orleans Street
	 	United States

  
 116 

 SCHEDULE 7 

TRANSFERRING REGISTERED IP 
  

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	
Argentina
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	
TNS Group Holdings Limited
	 	2203780
	 Argentina
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	2203765
	
Argentina
	 	THE FUTURES COMPANY	 	 Ogilvy & Mather Argentina
S.A
	 	 Kantar Worldpanel
Argentina SA
	 	2515404
	 Argentina
	 	THE FUTURES COMPANY	 	 Ogilvy & Mather Argentina S.A.
	 	 Kantar Worldpanel Argentina SA
	 	2479408
	
Argentina
	 	THE FUTURES COMPANY	 	 Ogilvy & Mather Argentina S.A.
	 	 Kantar Worldpanel
Argentina SA
	 	2479415
	 Australia
	 	 CHARACTERLAB
	 	 WPP Properties
	 	 Taylor Nelson Sofres Asia Pacific Pty Ltd
	 	1350422
	
Australia
	 	 KANTAR
	 	 WPP Australia Trademarks Pty Ltd
	 	 Taylor Nelson
Sofres Asia Pacific Pty Ltd
	 	1804687
	 Australia (WIPO)
	 	 BRANDZ
	 	 WPP 2005 Limited
	 	 TNS Group Holdings Limited
	 	908994
	
Bangladesh
	 	
BRANDDYNAMICS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings
Limited
	 	169517
	 Bangladesh
	 	 IDEABLOG
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	169518
	
Bangladesh
	 	 LINK
	 	 WPP
Luxembourg
Gamma
S.à.r.l.

	 	 TNS Group Holdings
Limited
	 	 
	 Bangladesh
	 	 LINKEXPRESS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 
	 Bangladesh
	 	 MILLWARD BROWN
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	169520

  
 117 

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	 	 		 	 
	 Benelux
	 	BRANDZ	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 0200396

	 	 	 	 	 
	 Brazil
	 	LINKEXPRESS	 	 WPP do Brasil - Participações Ltda
	 	 Millward Brown do Brasil Ltda
	 	 831272120

	 	 		 	 
	 Brazil
	 	LINKEXPRESS	 	 WPP do Brasil - Participações Ltda
	 	 Millward Brown do Brasil Ltda
	 	 831299983

	 	 	 	 	 
	 Brazil
	 	LINKEXPRESS	 	 WPP do Brasil - Participações Ltda
	 	 Millward Brown do Brasil Ltda
	 	 831299975

	 	 		 	 
	 Brazil
	 	THE FUTURES COMPANY	 	 WPP Properties
	 	 Kantar LLC
	 	 829943080

	 	 	 	 	 
	 Brazil
	 	THE FUTURES COMPANY	 	 WPP Properties
	 	 Kantar LLC
	 	 829943137

	 	 		 	 
	 Brazil
	 	THE FUTURES COMPANY	 	 WPP Properties
	 	 Kantar LLC
	 	 829943048

	 	 	 	 	 
	 Cambodia
	 	KANTAR	 	 WPP
Luxembourg
Gamma Sarl
	 	 TNS Group Holdings Limited
	 	 43671/13

	 	 		 	 
	 Cambodia
	 	TNS	 	 WPP
Luxembourg

Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 42645/12

	 	 	 	 	 
	 Cambodia
	 	KANTAR	 	 WPP
Luxembourg

Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 43671/13

	 	 		 	 
	 Canada
	 	BRANDZ	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 TMA798317

	 	 	 	 	 
	 Canada
	 	SRDS	 	 WPP Properties
	 	 Kantar LLC
	 	 TMA681991

	 	 		 	 
	 Canada
	 	SRDS	 	 WPP Properties
	 	 Kantar LLC
	 	 TMA444706

	 	 	 	 	 
	 Canada
	 	SHOPPERSCAPE	 	 WPP

Luxembourg Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 
	 	 		 	 
	 Chile
	 	BRANDZ	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	
1255474

  
 118 

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	 	 	 	 	 
	 China
	 	 CHARACTERLAB
	 	 WPP Properties
	 	TNS Group Holdings Limited	 	 8184077

	 	 		 	 
	 China
	 	 KANTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	 5917283

	 	 	 	 	 
	 China
	 	 KANTAR (in Chinese Characters)
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	 
	 	 		 	 
	 China (WIPO)
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	TNS Group Holdings Limited	 	 908994

	 	 		 	 
	 Costa Rica
	 	 TNS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	 206817

	 	 		 	 
	 Costa Rica
	 	 TNS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	 206819

	 	 	 	 	 
	 Dominican Republic
	 	 KANTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	 
	 	 		 	 
	 Dominican Republic
	 	 KANTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	 255249

	 	 	 	 	 
	 Egypt
	 	 KANTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	 
	 	 		 	 
	 Egypt
	 	 KANTAR WORLDPANEL
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	 
	 	 	 	 	 
	 El Salvador
	 	 TNS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	 216 Book 171

	 	 		 	 
	 El Salvador
	 	 TNS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	 145 Book 175

	 	 		 	 
	 EUTM
	 	 ATRIA
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	TNS Group Holdings Limited	 	
013089081

  
 119 

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	 	 	 	 	 
	 EUTM
	 	 CancerMPact
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 014464821

	 	 		 	 
	 EUTM
	 	 CEMTRIC
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 012919338

	 	 	 	 	 
	 EUTM
	 	 CHARACTERLAB
	 	 WPP Properties
	 	 TNS Group Holdings Limited
	 	 008946667

	 	 		 	 
	 EUTM
	 	 EMNID
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 011788833

	 	 	 	 	 
	 EUTM
	 	 IBOPE
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 015092638

	 	 		 	 
	 EUTM
	 	 INSTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 013089115

	 	 	 	 	 
	 EUTM
	 	 KANTAR GALLUP
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 
	 	 		 	 
	 EUTM
	 	 LINKEXPRESS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 010054401

	 	 	 	 	 
	 EUTM
	 	 MATRIX
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 012433579

	 	 		 	 
	 EUTM
	 	 PINNAKLE
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 012983921

	 	 	 	 	 
	 EUTM
	 	 SHOPPIX
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 016756256

	 	 		 	 
	 EUTM
	 	 shoppix logo
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	
016756215

  
 120 

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	 	 	 	 	 
	 EUTM
	 	STAN Kantar’s Analytics Practice’s AI toolkit	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 
	 	 		 	 
	 EUTM
	 	VIDEOLYTICS	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 009420274

	 	 	 	 	 
	 EUTM
	 	SHOPPERSCAPE	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 018021779

	 	 		 	 
	 EUTM
	 	TGI GLOBAL QUICK VIEW	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 018024898

	 	 	 	 	 
	 Germany
	 	AdEffect	 	 WPP
Deutschland
Holding GmbH & Co. KG
	 	 Kantar Holding GmbH
	 	 39969396

	 	 		 	 
	 Germany
	 	BRANDZ	 	 WPP 2008
Limited
	 	 TNS Group Holdings Limited
	 	 30311345

	 	 	 	 	 
	 Germany
	 	EMNID & Device (B&W)	 	 WPP
Deutschland
Holding GmbH & Co. KG
	 	 Kantar Holding GmbH
	 	 2075314

	 	 		 	 
	 Germany
	 	TNS Emnid	 	 WPP
Deutschland
Holding GmbH & Co. KG
	 	 Kantar Holding GmbH
	 	 30135081

	 	 	 	 	 
	 Ghana
	 	KANTAR WORLDPANEL	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 
	 	 		 	 
	 Ghana
	 	MILLWARD BROWN	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 45033

	 	 	 	 	 
	 Ghana
	 	MILLWARD BROWN	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 45034

	 	 		 	 
	 Greece (WIPO)
	 	BRANDZ	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	
908994

  
 121 

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	 	 	 	 	 
	 Guatemala
	 	 MEDIA GURU
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 230302

	 	 		 	 
	 Hong Kong
	 	 BRANDZ (series of four)
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 300734120AC

	 	 	 	 	 
	 Hong Kong
	 	 CHARACTERLAB
	 	 WPP Properties
	 	 TNS Group Holdings Limited
	 	 301564470

	 	 		 	 
	 India
	 	 CHARACTERLAB
	 	 WPP Properties
	 	 TNS Group Holdings Limited
	 	 1947317

	 	 	 	 	 
	 India
	 	 KANTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 1488075

	 	 		 	 
	 India
	 	 KANTAR WORLDPANEL
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 
	 	 	 	 	 
	 India
	 	 KANTAR WORLDPANEL
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 2561886

	 	 		 	 
	 Indonesia
	 	 KANTAR WORLDPANEL
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 IDM000500387

	 	 	 	 	 
	 Iran
	 	 KANTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 218390

	 	 		 	 
	 Iran
	 	 MILLWARD BROWN
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 211993

	 	 	 	 	 
	 Iran
	 	 Target Group Index (TGI)
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 
	 	 		 	 
	 Ireland (WIPO)
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 908994

	 	 	 	 	 
	 Italy (WIPO)
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 908994

	 	 		 	 
	 Japan (WIPO)
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	
908994

  
 122 

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	 	 		 	 
	 Kenya
	 	 KANTAR WORLDPANEL
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 79358

	 	 		 	 
	 Kenya
	 	 MILLWARD BROWN
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 75342

	 	 		 	 
	 Malaysia
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 03002367

	 	 		 	 
	 Malaysia
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 06019641

	 	 		 	 
	 Mexico
	 	 KANTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 1669749

	 	 		 	 
	 Myanmar
	 	 BRANDDYNAMICS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 IV/13785/2016

	 	 		 	 
	 Myanmar
	 	 IDEABLOG
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 IV/13783/2016

	 	 		 	 
	 Myanmar
	 	 KANTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 IV/13782/2016

	 	 		 	 
	 Myanmar
	 	 LINK
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 IV/13786/2016

	 	 		 	 
	 Myanmar
	 	 LINKEXPRESS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 IV/13787/2016

	 	 		 	 
	 Myanmar
	 	 MILLWARD BROWN
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 IV/13789/2016

	 	 		 	 
	 Myanmar
	 	 TNS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 IV/13788/2016

	 	 		 	 
	 New Zealand
	 	 KANTAR
	 	 WPP
Luxembourg Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	
1053616

  
 123 

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	 	 		 	 
	 Nigeria
	 	 KANTAR WORLDPANEL
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 5896

	 	 		 	 
	 Nigeria
	 	 MILLWARD BROWN
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 
	 	 		 	 
	 Nigeria
	 	 MILLWARD BROWN
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 100350

	 	 		 	 
	 Pakistan
	 	 BRANDDYNAMICS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 351960

	 	 		 	 
	 Pakistan
	 	 IDEABLOG
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 351959

	 	 		 	 
	 Pakistan
	 	 LINK
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 351961

	 	 		 	 
	 Pakistan
	 	 LINKEXPRESS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 351962

	 	 		 	 
	 Pakistan
	 	 MILLWARD BROWN
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 351963

	 	 		 	 
	 Panama
	 	 TNS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 193206

	 	 		 	 
	 Panama
	 	 TNS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 193207

	 	 		 	 
	 Paraguay
	 	 KANTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 461010

	 	 		 	 
	 Philippines
	 	 CHARACTERLAB
	 	 WPP Properties
	 	 TNS Group Holdings Limited
	 	
4-2010-002792

  
 124 

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	 	 	 	 	 
	 Philippines
	 	KANTAR WORLDPANEL	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 4-2013-008070

	 	 	 	 	 
	 Puerto Rico
	 	KANTAR	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 
	 	 	 	 	 
	 Saudi Arabia
	 	BRANDDYNAMICS	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 143408953

	 	 	 	 	 
	 Saudi Arabia
	 	IDEABLOG	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 143408955

	 	 	 	 	 
	 Saudi Arabia
	 	KANTAR WORLDPANEL	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 143411533

	 	 	 	 	 
	 Saudi Arabia
	 	LINKEXPRESS	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 143408961

	 	 	 	 	 
	 Saudi Arabia
	 	MILLWARD BROWN	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 143408954

	 	 	 	 	 
	 Singapore
	 	CHARACTERLAB	 	 WPP Properties
	 	 TNS Group Holdings Limited
	 	 T1003519G

	 	 	 	 	 
	 Singapore
	 	THE FUTURES COMPANY	 	 WPP Singapore Pte Ltd
	 	 Kantar Singapore Pte Ltd
	 	 T1303143E

	 	 	 	 	 
	 South Africa
	 	BRANDZ	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 2006/23625

	 	 	 	 	 
	 South Africa
	 	BRANDZ	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 2006/23626

	 	 	 	 	 
	 South Africa
	 	CHARACTERLAB	 	 WPP Properties
	 	 TNS Group Holdings Limited
	 	 2010/05569

	 	 	 	 	 
	 South Korea
	 	TNS	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 318841

	 	 		 	 
	 South Korea  
(WIPO)
	 	BRANDZ	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	
908994

  
 125 

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	 	 		 	 
	 Spain
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 2552158

	 	 		 	 
	 Sweden
	 	 TNS SIFO
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 411344

	 	 		 	 
	 Sweden (WIPO)
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 908994

	 	 		 	 
	 Switzerland (WIPO)
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 908994

	 	 		 	 
	 Taiwan
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 01305138

	 	 		 	 
	 Turkey
	 	 MILLWARD BROWN
	 	 WPP Properties
	 	 TNS Group Holdings Limited
	 	 2002/05322

	 	 		 	 
	 Uganda
	 	 TNS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 55765

	 	 		 	 
	 Uganda
	 	 TNS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 55764

	 	 		 	 
	 Ukraine
	 	 BRANDDYNAMICS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 189242

	 	 		 	 
	 Ukraine
	 	 IDEABLOG
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 190584

	 	 		 	 
	 Ukraine
	 	 LINKEXPRESS
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 189243

	 	 		 	 
	 Ukraine
	 	 MILLWARD BROWN
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 189241

	 	 		 	 
	 United Arab Emirates
	 	 MILLWARD BROWN
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 174534

	 	 		 	 
	 United Kingdom
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	
2412520

  
 126 

									
	Country	 	Trademark	 	Owner	 	Proposed Assignee	 	Registration
No
	 	 		 	 
	 United Kingdom
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 2326284

	 	 		 	 
	 United Kingdom
	 	 SHOPPERSCAPE
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 3374818

	 	 		 	 
	 Uruguay
	 	 KANTAR
	 	 WPP
Luxembourg
Gamma S.à.r.l.
	 	 TNS Group Holdings Limited
	 	 
	 	 		 	 
	 WIPO
	 	 BRANDZ
	 	 WPP 2005
Limited
	 	 TNS Group Holdings Limited
	 	 908994

  
 127 

 SCHEDULE 8 

THIRD PARTY SUPPLIER LIST 

[Omitted] 

  
 128 

 SCHEDULE 9 

CONDUCT IN RESPECT OF DEFERRED PAYMENTS 

[Omitted] 

  
 129 

 SIGNATORIES 

 

							
	 Signed by
	  	 	)	 	  	/s/ Andrew Scott
	 for WPP PLC
	  	 	)	 
			
	 Signed by
	  	 	)	 	  	 /s/ Marie-Catherine Brunner

 

	 for SUMMER (BC) TOPCO S.À R.L.
	  	 	)	 

							
	 Signed by
	  	 	)	 	  	 /s/ Christophe Jacobs Van Merlen

 

	 for SUMMER (BC) UK BIDCO
	  	 	)	 
	 LIMITEDEX-4.30

 Exhibit 4.30 

EXECUTION VERSION 

SECURITYHOLDERS’ AGREEMENT 

DATED 5 DECEMBER 2019 

YORK MERGER SQUARE 2009 LLC 

and 
 WPP DIAMOND
HEAD LLC 
 and 

WPP 2005 LIMITED 

and 
 SUMMER (BC)
JVCO S.À R.L. 
 and 

SUMMER (BC) US JVCO S.C.Sp. 

and 
 SUMMER (BC) US
JVCo GP S.À R.L. 
 and 

SUMMER (BC) TOPCO S.À R.L. 

and 
 SUMMER (BC) US
BLOCKERCO CORP. 

 CONTENTS 
  

							
	 Clause
	 		  	 	Page	 

  

							
			
	1.	 	 Definitions and Interpretation
	 	 	2	 
	2.	 	 Business and Objectives
	 	 	2	 
	3.	 	 Compliance with and Precedence of this agreement
	 	 	3	 
	4.	 	 Board Composition and Corporate Governance
	 	 	3	 
	5.	 	 Management and Decision Making
	 	 	10	 
	6.	 	 Conflict of Interests
	 	 	13	 
	7.	 	 Business Plans, Budgets and Dividend Policy
	 	 	14	 
	8.	 	 Information Rights
	 	 	16	 
	9.	 	 Other Continuing Obligations of the Companies
	 	 	18	 
	10.	 	 Funding and Issues of Securities
	 	 	18	 
	11.	 	 Rights Offers
	 	 	20	 
	12.	 	 Emergency funding
	 	 	22	 
	13.	 	 Acquisition issues
	 	 	22	 
	14.	 	 Management Incentive Plan
	 	 	23	 
	15.	 	 Restrictions on Disposal
	 	 	23	 
	16.	 	 First offer rights on Sale
	 	 	25	 
	17.	 	 Drag rights
	 	 	28	 
	18.	 	 Tag Rights
	 	 	30	 
	19.	 	 General Provisions Relating to Issue and Transfer of Securities
	 	 	33	 
	20.	 	 Prohibited Activities
	 	 	34	 
	21.	 	 Exit
	 	 	36	 
	22.	 	 WPP Rights Reinstatement
	 	 	37	 
	23.	 	 Warranties
	 	 	38	 
	24.	 	 Anti-Corruption
	 	 	38	 
	25.	 	 Term and Termination
	 	 	39	 
	26.	 	 Confidentiality
	 	 	40	 
	27.	 	 Tax Matters
	 	 	43	 
	28.	 	 Notices
	 	 	48	 
	29.	 	 General
	 	 	50	 
	30.	 	 Disputes – Negotiation and Mediation
	 	 	53	 
	31.	 	 Jurisdiction
	 	 	55	 
	32.	 	 Governing Law
	 	 	56	 

							
	 Schedule
	 		  	 	Page	 

							
			
	1.	 	 The Companies
	 	 	57	 
		 	 Part 1        RoW JVCo
	 	 	57	* 
		 	 Part 2        US JVCo
	 	 	58	* 
		 	 Part 3        US GPCo
	 	 	59	* 
	2.	 	 Capital Structure
	 	 	58	 
		 	 Part 1        RoW JVCo
	 	 	58	 
		 	 Part 2        US JVCo
	 	 	59	 
		 	 Part 3        US GPCO
	 	 	60	 
	3.	 	 Board Meetings
	 	 	61	 
	4.	 	 Shareholders Meetings
	 	 	63	 
	5.	 	 Reserved Matters
	 	 	65	 
		 	 Part 1        Matters Requiring Shareholder
Approval
	 	 	65	 
	6.	 	 Information Rights
	 	 	67	 
		 	 Part 1        WPP Securityholders Information
Requirements
	 	 	67	 
		 	 Part 2        Information to be Provided to all
Securityholders
	 	 	69	 
	7.	 	 Form of Deed of Adherence
	 	 	71	 
	8.	 	 Fair Value
	 	 	73	 
	9.	 	 U.S. Tax Provisions
	 	 	76	 
	10.	 	 Definitions and Interpretation
	 	 	88	 
		
	Signatories	 	 	1	 

  
  

	*	 Omitted 

 THIS AGREEMENT is executed and delivered as a deed on 5 December 2019 

BETWEEN: 
  

	(1)	 SUMMER (BC) US JVCO S.C.Sp., a société en commandite spéciale
incorporated and existing under the laws of the Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register under number B239448, having its registered office at 4, rue Lou Hemmer,
L-1748 Luxembourg-Findel (US JVCo); 

  

	(2)	 SUMMER (BC) US JVCo GP S.À R.L., a société à responsabilité
limitée incorporated and existing under the laws of the Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register under number B 235133, having its registered office at 4, rue Lou Hemmer, L-1748 Luxembourg-Findel (US GPCo); 

  

	(3)	 SUMMER (BC) JVCO S.À R.L., a
société à responsabilité limitée incorporated and existing under the laws of the Grand Duchy of Luxembourg, registered with the Luxembourg
Trade and Companies Register under number B 235250, having its registered office at 4, rue Lou Hemmer, L-1748 Luxembourg-Findel (RoW JVCo, US GPCo and, together with US JVCo, the Companies
and each, a Company); 

  

	(4)	 YORK MERGER SQUARE 2009 LLC, (registered number 4713134) of 3411 Silverside Road, Tatnall Building
#104, Wilmington, Delaware 19810 (YMS 2009); 

  

	(5)	 WPP DIAMOND HEAD LLC, (registered number 7615310) of 3411 Silverside Road, Tatnall Building #104,
Wilmington, Delaware 19810 (WPP US Co and, together with YMS 2009, the WPP US Securityholders); 

  

	(6)	 WPP 2005 LIMITED, a private limited company incorporated in England and Wales (no. 01003653) with
its registered office at Sea Containers House, 18 Upper Ground, London, United Kingdom, SE1 9GL (the WPP RoW Securityholder and, together with the WPP US Securityholders, the WPP Securityholders); 

 

	(7)	 SUMMER (BC) TOPCO S.Á R.L., a private limited liability company (société
à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 4, rue Lou Hemmer, L-1748 Luxembourg-Findel,
registered with the Luxembourg Trade and Companies Register under number B 235480 (the Investor RoW Securityholder); and 

  

	(8)	 SUMMER (BC) US BLOCKERCO CORP., a corporation formed under the laws of the state of Delaware
(registered no.: 7635833), with its registered office at Suite 302, 4001 Kennett Pike, County of New Castle, Wilmington, DE 19807 (the Investor US Securityholder, and together with the Investor RoW Securityholder, the Investor
Securityholders). 

 BACKGROUND: 
  

	(A)	 The Companies are established to own and carry on the Business. Further details of the Companies are set
out in Schedule 1. 

  

	(B)	 The capital structure of each Company is as set out in Schedule 2. 

 

	(C)	 The parties have agreed that the Group is to be owned, controlled, managed and financed on the terms set
out in this agreement. 

  
 1 

	(D)	 In consideration of the mutual promises of each of the parties and the contributions they undertake to
make to the Business, the parties agree to enter into this agreement to govern their relationships. 

 IT IS AGREED
as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In addition to terms defined elsewhere in this agreement, the definitions and other provisions in Schedule
10 apply throughout this agreement, unless the contrary intention appears. 

  

	1.2	 In this agreement, unless the contrary intention appears, a reference to a clause, subclause, paragraph,
or schedule or annex is a reference to a clause, subclause, paragraph, or schedule or annex of or to this agreement. The schedules form part of this agreement. 

 

	1.3	 The headings in this agreement do not affect its interpretation. 

 

	2.	 BUSINESS AND OBJECTIVES 

 

	2.1	 Business 

 

	(a)	 The Group is to own and carry on the Business and each Company must not and must procure that each other
relevant Group Company does not carry on any other business apart from the Business, unless otherwise approved by the relevant Securityholders under clause 5.4. 

 

	(b)	 The WPP Securityholders and the Companies each severally (and not jointly or jointly and severally) agree
that they shall, and the WPP Securityholders shall procure that their Affiliates shall, and the Companies shall procure that the other Group Companies shall, refer complementary business relating, in the case of the WPP Securityholders and/or their
Affiliates, to the Group and, in case of the Group, to the WPP Group, to each other. If a WPP Securityholder and/or its Affiliate or a member of the Group refers any such business, the WPP Securityholder (and its Affiliates) or a member of the Group
(as applicable) shall not be restricted in pursuing any such business itself (or one of its Affiliates from pursuing any such business) notwithstanding the fact that a WPP Securityholder (or one of its Affiliates) or a member of the Group (as
applicable) may also be pursuing any such business. For the avoidance of doubt, no party shall be restricted from: 

  

	 	(i)	 engaging in any business which is, or is likely to become, competitive with the business of any Group
Company; 

  

	 	(ii)	 canvassing or soliciting orders from any person who is or has been at any time a customer of any Group
Company for goods of a similar type to those manufactured or dealt with by any Group Company or for services similar to those being provided by any Group Company from time to time; or 

 

	 	(iii)	 having dealings with any person who is or has been at any time a supplier of goods or services to a Group
Company. 

  

	2.2	 Objectives 

The parties acknowledge and agree that the primary objectives of the Companies are: 

 

	 	(a)	 to be the vehicles of the Securityholders to own and carry on the Business; and 

 

	 	(b)	 to further the commercial objectives of the Companies and the Business to maximise profits for the benefit
of the Securityholders. 

  
 2 

	2.3	 Management and control of the Companies 

The management and control of each Company must be exercised in Luxembourg and the relevant Securityholders must ensure that
each Company is treated for all purposes, including taxation, as resident in Luxembourg. 
  

	3.	 COMPLIANCE WITH AND PRECEDENCE OF THIS AGREEMENT 

 

	3.1	 General undertaking 

Each Securityholder must exercise all powers and rights available to that Securityholder as a holder of Securities in order
to give effect to the provisions of this agreement and to ensure (in so far as it is able by the exercise of such powers and rights) that each Company that it is a Securityholder of complies with its obligations under this agreement. References in
this agreement to the Securityholders procuring or ensuring (or any similar expression) that the Companies or each Company performs its obligations or does any other act or thing are to be interpreted accordingly. 

 

	3.2	 Agreement prevails over Articles 

Each Securityholder agrees that if any provision of the relevant Articles at any time conflicts or is inconsistent with the
provisions of this agreement: 
  

	 	(a)	 the provisions of this agreement are to prevail to the extent of the conflict or inconsistency;

  

	 	(b)	 the relevant Articles will be taken to be read and interpreted accordingly; and 

 

	 	(c)	 the relevant Articles must be amended to the extent necessary in accordance with clause 3.3.

  

	3.3	 Amendments to Articles 

 

	(a)	 Each holder of Securities in US JVCo and/or US GPCo must exercise all powers and rights available to that
Securityholder to procure the amendment of the US JVCo LPA and/or US GP Articles to the extent necessary to give effect to the provisions of this agreement. 

  

	(b)	 Each holder of Securities in RoW JVCo must exercise all powers and rights available to that Securityholder
to procure the amendment of the RoW Articles to the extent necessary to give effect to the provisions of this agreement. 

  

	4.	 BOARD COMPOSITION AND CORPORATE GOVERNANCE 

 

	4.1	 General 

 

	(a)	 Each of RoW JVCo and US GPCo shall be managed by its board of managers. US JVCo shall be managed pursuant
to the US JVCo LPA by US GPCo, as manager (gérant) and general partner of US JVCo. 

  

	(b)	 For the duration of this agreement, US GPCo shall remain the sole manager (gérant) of US
JVCo. 

  

	(c)	 Subject to any delegation of powers or committee set up in accordance with the terms of this agreement,
any matters requiring the approval of US GPCo, as manager of US JVCo, shall require the prior approval of the Board of US GPCo. 

  

	(d)	 Subject to the reserved matters set out in Schedule 5 and any matters reserved under applicable laws, this
agreement or the Articles requiring the approval of the relevant Securityholders, the 

  
 3 

	 	 
Board (with respect to RoW JVCo and US GPCo) and US GPCo (acting as manager of US JVCo) are vested with the broadest powers to perform any actions necessary or useful in connection with the
purpose of the relevant Company. 

  

	(e)	 Notwithstanding any other provision in this agreement, the parties agree that, and shall procure that,
other than in its capacity as manager of US JVCo or acting in accordance with the terms of this agreement (excluding clauses 10 to 14), neither US GPCo nor its Board shall undertake any matters or actions of any nature without the prior written
approval of each of the WPP US Securityholders and the Investor US Securityholder; provided that if any Securities are issued in US JVCo in accordance with clauses 10 to 14 and following completion of such issuance the percentage of Securities held
by each relevant Securityholder in US JVCo differs from the percentage holding of each relevant Securityholder in US GPCo, US GPCo shall issue to the relevant Securityholders such number of Securities as would result in the Securityholders’
respective holdings of US GPCo Securities being held pro rata to their respective holdings of US JVCo Securities. 

  

	4.2	 Maximum number of Directors 

The maximum number of Directors for each Board shall be eight. 

 

	4.3	 Appointment of Directors 

 

	(a)	 If at any time the WPP US Securityholders and the WPP RoW Securityholder (together with their respective
Permitted Transferees) hold in aggregate more than: 

  

	 	(i)	 10% of the Securities: (A) the WPP US Securityholders (acting jointly), in respect of US GPCo; and
(B) the WPP RoW Securityholder, in respect of RoW JVCo shall be entitled to propose for appointment at a general meeting of US GPCo or RoW JVCo (as applicable) a maximum of one Director at any one time to the Board of the relevant Company; or

  

	 	(ii)	 20% of the Securities, (A) the WPP US Securityholders (acting jointly), in respect of US GPCo; and
(B) the WPP RoW Securityholder, in respect of RoW JVCo shall be entitled to propose for appointment at a general meeting of US GPCo or RoW JVCo (as applicable) a maximum of two Directors at any one time to the Board of the relevant Company,

 any so appointed Director, a WPP Director, provided that: (A) if any such WPP Director is
appointed, they are appointed to all of the Boards; and (B) while any such WPP Director is in office as a Director, they are Employees of a member of the WPP Group. 
  

	(b)	 The Investor US Securityholder, in respect of US GPCo, and the Investor RoW Securityholder, in respect of
RoW JVCo (in each case, together with their respective Permitted Transferees) shall be entitled to propose for appointment to the Board of US GPCo or RoW JVCo (as applicable), at a general meeting of that Company, up to six Directors at any one time
(any such directors who are Employees of Bain Capital Private Equity (Europe), LLP or its Affiliates, Investor Directors) provided that: 

  

	 	(i)	 subject to paragraph (ii) below, the appointment by an Investor Securityholder of any NED shall, for
so long as the WPP Securityholders together with their respective Permitted Transferees in aggregate hold at least 10% of the Securities, be subject to prior consultation with the WPP Securityholders; 

 

	 	(ii)	 the appointment by an Investor Securityholder of any NED who is: 

 

	 	(A)	 a current officer or executive of the WPP Group or a former executive director of WPP; or

  
 4 

	 	(B)	 a current officer or executive of a competitor of the WPP Group, 

shall, in each case, be subject to the consent of the WPP Securityholders; and 

 

	 	(iii)	 if any such Director is appointed to one of the US GP Board or RoW Board, they shall also be appointed to
the other Board. 

  

	4.4	 Removal of Directors 

 

	(a)	 Notwithstanding any other provision of this agreement: 

 

	 	(i)	 a person will be automatically removed (or the relevant Securityholder will procure that a person will
resign) as a Director and as a director of each Group Company if the person is, or becomes, ineligible to be a director under any applicable law or any provision of the relevant Articles (or the articles of association/constitution of the relevant
Group Company); 

  

	 	(ii)	 if the number of Nominated Directors appointed by a Securityholder (and its Permitted Transferees, if any)
pursuant to clause 4.3 exceeds the number of Nominated Directors that that Appointer (and its Permitted Transferees, if any) are entitled to appointed pursuant to clause 4.3, such number of Nominated Directors of that Appointer will be automatically
removed (and that Securityholder will procure that such person resigns) from office (on a first-in, first-out basis) as is necessary to ensure that the number of
Nominated Directors appointed by that Appointer equals the number of Directors that that Appointer is entitled to appoint to the relevant Board and relevant Group Companies; 

 

	 	(iii)	 a Nominated Director will be automatically removed (or the relevant Securityholder will procure that such
Nominated Director shall resign) as a Director and as a director of each Group Company if that Nominated Director’s Appointer (and its Permitted Transferees, if any) ceases to hold any Securities or, in the case of a Nominated Director
appointed by a WPP Securityholder, the WPP Securityholder ceasing to have the right to appoint Directors as a result of the WPP Securityholders (and their Permitted Transferees) not holding the minimum holding of Securities as set out in clause
4.3(a); 

  

	 	(iv)	 if a Nominated Director is removed from the Board of one Company that Nominated Director will also be
removed from the Board of the other Company and the board of directors of each Group Company (and the relevant Appointer will procure that such Nominated Director resigns); and 

 

	 	(v)	 if a WPP Director ceases to be eligible for appointment as such in accordance with clause 4.3(a) then the
relevant WPP Securityholder who is his Appointer will procure that such WPP Director resigns. 

  

	(b)	 Subject to clause 4.4(a): 

 

	 	(i)	 the removal of a WPP Director appointed to the US GP Board under clause 4.3(a) will require the approval
of the WPP US Securityholders; 

  

	 	(ii)	 the removal of a WPP Director appointed to the RoW Board under clause 4.3(a) will require the approval of
the WPP RoW Securityholder; 

  

	 	(iii)	 the removal of a Director appointed to the US GP Board under clause 4.3(b) will require the approval of
the Investor US Security Holder; and 

  
 5 

	 	(iv)	 the removal of a Director appointed to the RoW Board under clause 4.2(b) will require the approval of the
Investor RoW Securityholder, 

 and, save in accordance with this clause, no Securityholder may exercise
any vote or other power to remove a Director appointed by another Securityholder. The Securityholder whose approval is required to remove a Nominated Director under this clause 4 must indemnify the relevant Company against any Loss arising as a
result of that Nominated Director’s removal from office. 
  

	(c)	 The Investor US Securityholder and the WPP US Securityholders, in respect of US GPCo, and the Investor RoW
Securityholder and the WPP RoW Securityholder, in respect of RoW JVCo (in each case, together with their respective Permitted Transferees) undertake to attend any general meeting of US GPCo or RoW JVCo (as applicable) to vote in favour of the
appointment or removal of a Director proposed for appointment or removal in accordance with clauses 4.3 or 4.4. 

  

	4.5	 Initial Directors 

From the Effective Date each Board shall comprise the Directors set out in the relevant first column of the tables below, in
each case as a Nominated Director for the Appointer set out in the second column in the tables below opposite that Director’s name: 

RoW JVCo 
  

			
	 	 
	
Director
	 	 Appointer

	 	 
	 Paul
Richardson
	 	 WPP RoW Securityholder

	 	 
	 Andrew
Scott
	 	 WPP RoW Securityholder

	 	 
	
Marie-Catherine Brunner
	 	 Investor RoW Securityholder

	 	 
	 Vishal
Jugdeb
	 	 Investor RoW Securityholder

	 	 
	 Vladimir
Mornard
	 	 Investor RoW Securityholder

	 	 
	 Eric
Salama
	 	 Investor RoW Securityholder

	 	 
	 Christophe
Jacobs
	 	 Investor RoW Securityholder

	 	 
	
Manfred Schneider
	 	 Investor RoW
Securityholder

 US GPCo 
  

			
	 	 
	
Director
	 	 Appointer

	 	 
	 Paul
Richardson
	 	 WPP US Securityholder

	 	 
	 Andrew
Scott
	 	 WPP US Securityholder

	 	 
	
Marie-Catherine Brunner
	 	 Investor US Securityholder

	 	 
	
Vishal Jugdeb
	 	 Investor US
Securityholder

  
 6 

			
	 	 
	
Director
	 	 Appointer

	 	 
	 Vladimir
Mornard
	 	 Investor US Securityholder

	 	 
	 Eric
Salama
	 	 Investor US Securityholder

	 	 
	 Christophe
Jacobs
	 	 Investor US Securityholder

	 	 
	
Manfred Schneider
	 	 Investor US
Securityholder

  

	4.6	 Process for subsequent appointment and removal of Nominated Directors 

To appoint or remove a Nominated Director under this agreement, the relevant Securityholder must give written notice to the
relevant Company specifying the identity of the person it wishes to appoint or remove. The notice must: 
  

	 	(a)	 in the case of an appointment, be accompanied by a signed written consent from that person agreeing to act
as a Director; and 

  

	 	(b)	 in the case of a removal, be accompanied by a signed written resignation from that person acknowledging
that they have no claim whatsoever against: 

  

	 	(i)	 US JVCo, US GP Co or any of its Subsidiaries from time to time, in the case of a Nominated Director
removed from the US GP Board; and/or 

  

	 	(ii)	 RoW JVCo or any of its Subsidiaries from time to time, in the case of a Nominated Director removed from
the RoW Board, 

  

	 	    	 in each case, in respect of fees, remuneration, compensation for loss of office or otherwise.

  

	4.7	 Chairman 

The initial chairman of the Group shall be a person nominated by the Investor Securityholders (with the consent of the WPP
Securityholders) to the Companies in writing. Any subsequent chairman of the Group shall be appointed and, subject to applicable law, removed and replaced by the Investor Securityholders after, for so long as the WPP Securityholders together with
their respective Permitted Transferees in aggregate hold at least 10% of the Securities, reasonable prior consultation with the WPP Securityholders. 
  

	4.8	 Director proxies 

A Director may by notice to the Company that they are appointed to: 

 

	 	(a)	 appoint another Director as their proxy; and 

 

	 	(b)	 remove such other Director appointed as their proxy. 

 

	4.9	 Directors of other Group Companies 

The board of directors of each Subsidiary of each Company is to comprise such persons as are approved by the relevant Board
from time to time in accordance with clause 5.3. 

  
 7 

	4.10	 Board meetings 

Unless otherwise approved unanimously by the relevant Board, meetings of each Board must be held and conducted in accordance
with the provisions of Schedule 3. In addition, all meetings of each Board must be held in Luxembourg with a majority of the relevant Directors physically present in Luxembourg and each Securityholder shall procure that its Nominated Directors
attend as many such meetings as possible in person in Luxembourg provided that if no Nominated Director of a Securityholder is present in person at a meeting, a Nominated Director of that Securityholder may, in accordance with paragraph 5.1 of
Schedule 3, attend by telephone so that there is a quorum at that meeting. 
  

	4.11	 Board meetings of other Group Companies 

The Companies must procure that meetings of the board of their respective Subsidiaries are held and conducted in accordance
with the provisions of Schedule 3 to the extent relevant. For this purpose, references in Schedule 3 to: 
  

	 	(a)	 Directors will be taken to be references to the directors of the relevant Subsidiary; and

  

	 	(b)	 the Board will be taken to be references to the board of directors of the relevant Subsidiary.

  

	4.12	 Fees and expenses of Directors 

 

	(a)	 No Director is entitled to any remuneration, fees or benefits from any Group Company other than those to
which the Director may be entitled as an executive, employee or NED of a Group Company. 

  

	(b)	 Each Company shall reimburse its Directors in respect of all expenses reasonably incurred by such
Directors in connection with the proper performance of their duties as a Director and, if applicable, as a director of any Subsidiary of that Company. 

  

	4.13	 Observer 

 

	(a)	 Each of the Investor Securityholders acting jointly (on the one hand), and the WPP Securityholders acting
jointly (on the other hand), may in addition to their rights to appoint Directors under clause 4.3 (if applicable) but, in the case of the WPP Securityholders, without the WPP Securityholders needing to retain any such Director appointment rights,
appoint an observer to the relevant board of one or more Group Companies (at its discretion) by written notice to the relevant Group Companies (an Observer); provided that any Observer appointed by the WPP Securityholders must be a person who
is and remains at all times while an Observer eligible for appointment as a WPP Director under clause 4.3(a) assuming that the WPP Securityholders had the right to appoint a WPP Director. Each relevant Securityholder may appoint and remove their
Observer by giving written notice to the relevant Company. 

  

	(b)	 An Observer must be given, and is entitled to, access to the same documents and information as a Director
of the relevant Company and is entitled to receive notice of and attend and speak at, but not to vote at, meetings of the relevant Board. This right extends to meetings of committees of the relevant Board. 

 

	(c)	 The Observer must keep confidential all information and documents received in their capacity as Observer,
on terms consistent with clause 26 and mandatory provisions of Luxembourg law. 

  

	(d)	 Each Company must reimburse any Observer appointed to its Board in respect of all travel, subsistence and
accommodation expenses reasonably incurred by the Observer in attending 

  
 8 

	 	 
meetings of the relevant Board or any committee of the relevant Board (or, if applicable, that Company’s share of such expenses). 

 

	4.14	 Shareholder meetings 

Shareholder meetings for each Company must be held and conducted in accordance with the provisions of Schedule 4. 

 

	4.15	 Remuneration committee 

US GP JV Board and RoW Board shall each establish and maintain a remuneration committee. The membership of the remuneration
committee of each of the US GP JV Board and the RoW Board shall comprise of at least one relevant Investor Director and, for so long as the WPP Securityholders together with their respective Permitted Transferees in aggregate hold at least 20% of
the Securities, one relevant WPP Director provided that the Directors appointed to the remuneration committee for one Company shall also sit on the remuneration committee for the other Company (or, with respect to US JVCo, US GPCo acting as its
manager). The scope and powers of each remuneration committee shall be determined from time to time by the relevant Board, but shall include: 
  

	 	(a)	 the establishment, terms of and allocation of any employee incentive plan; 

 

	 	(b)	 all questions concerning the terms of Employment of any Senior Employee (including the terms of their
bonus or other remuneration, termination or dismissal); 

  

	 	(c)	 any other arrangement between a relevant Group Company and a Senior Employee or persons connected with a
Senior Employee; 

  

	 	(d)	 the promotion or increase in remuneration of any Employee of the Group which would result in that person
becoming a Senior Employee; and 

  

	 	(e)	 such other matters as are identified in this agreement or the relevant Articles as being within the ambit
of that committee. 

  

	4.16	 Audit committee 

US GP JV Board and RoW Board shall each establish and maintain an audit committee. The membership of the audit committee of
the US GP Board and the RoW Board shall comprise of at least one Investor Director and, for so long as the WPP Securityholders together with their respective Permitted Transferees in aggregate hold at least 20% of the Securities, one WPP Director
provided that the Directors appointed to the audit committee for one Company shall also sit on the audit committee for the other Company. The scope and powers of each audit committee shall be determined from time to time by the relevant Board, but
shall include: 
  

	 	(a)	 reviewing the financial statements of the relevant Company and the consolidated financial statements of
the relevant Company and its Subsidiaries from time to time before publication and, as necessary, taking advice to be assured that the principles and policies adopted comply with statutory requirements and with the best practices in accounting
standards; 

  

	 	(b)	 consulting with the external auditors (and any internal auditors) for the relevant Company and its
Subsidiaries regarding the extent of their work and reviewing with them all major points arising from that auditors’ management letters and the response thereto; 

 

	 	(c)	 seeking to satisfy itself that the internal control and compliance environment for the relevant Company
and its Subsidiaries from time to time is adequate and effective; and 

  
 9 

	 	(d)	 recommending to the relevant Board the appointment and level of remuneration of the external auditors.

  

	4.17	 Risk and compliance committee 

US GP JV Board and RoW Board shall each establish and maintain a risk and compliance committee. The membership of the risk
and compliance committee of the US GP Board and the RoW Board shall comprise of at least one Investor Director and, for so long as the WPP Securityholders together with their respective Permitted Transferees in aggregate hold at least 20% of the
Securities, one WPP Director provided that the Directors appointed to the risk and compliance committee for one Company shall also sit on the risk and compliance committee for the other Company. The scope and powers of each risk and compliance
committee shall be determined from time to time by the relevant Board, but shall include: 
  

	 	(a)	 reviewing the governance, policy and strategy decisions with regulatory implications for the relevant
Company and its Subsidiaries; 

  

	 	(b)	 developing, implementing and monitoring appropriate policies and training in relation to Risk and
Compliance matters including but not limited to ABC, Sanctions, Corporate Behaviour; 

  

	 	(c)	 providing guidance on current, emerging and future regulatory matters and advising the relevant Board on
regulatory strategy; and 

  

	 	(d)	 reviewing the progress in relation to delivering regulatory outputs for the relevant Company and its
Subsidiaries. 

  

	4.18	 Nomination committee 

US GP JV Board and RoW Board shall each establish and maintain a nomination committee. The membership of the nomination
committee of the US GP Board and the RoW Board shall comprise of at least one Investor Director and, for so long as the WPP Securityholders together with their respective Permitted Transferees in aggregate hold at least 20% of the Securities, one
WPP Director provided that the Directors appointed to the nomination committee for one Company shall also sit on the nomination committee for the other Company. The scope and powers of each nomination committee shall be determined from time to time
by the relevant Board. 
  

	4.19	 Establishment and composition of committees 

The establishment or dissolution of any committee of the Board of each Company (or the board of directors of any other
relevant Group Company) and any change to the composition or terms of reference of any such committee shall be determined by the relevant Board 
  

	5.	 MANAGEMENT AND DECISION MAKING 

 

	5.1	 Board responsibilities and obligations 

Each Board: 
  

	 	(a)	 is responsible for the overall strategic guidance of the relevant Company and for overseeing the relevant
Company’s internal controls; 

  
 10 

	 	(b)	 must use reasonable efforts to ensure that the business of the relevant Company is managed in accordance
with this agreement, the Business Plan, the Budget and the Anti-Corruption Policies; and 

  

	 	(c)	 must make all decisions which are not part of the day-to-day management of the relevant Company or otherwise delegated to the Employees of the Group pursuant to delegations of authority to be adopted by the relevant Board. 

 

	5.2	 Investor Securityholders may appoint Chief Executive Officer 

 

	(a)	 The Investor Securityholders may after, for so long as the WPP Securityholders together with their
respective Permitted Transferees in aggregate hold at least 10% of the Securities, reasonable prior consultation with the WPP Securityholders, appoint and, subject to any applicable law, remove and replace the Chief Executive Officer of the US Group
and/or the RoW Group who must report to the relevant Board provided that if a person is so appointed or removed as the Chief Executive Officer of the RoW Group, they shall also be appointed or removed as the Chief Executive Officer of the US Group
(and vice versa). 

  

	(b)	 For so long as the WPP Securityholders together with their respective Permitted Transferees in aggregate
hold at least 10% of the Securities: 

  

	 	(i)	 if the performance of the Business deteriorates materially from the agreed investment case or Business
Plan from time to time then the Investor Securityholders and the WPP Securityholders agree that they will discuss the Chief Executive Officers’ position; and 

 

	 	(ii)	 if the performance does not improve within a certain timeframe, such timeframe and measure of performance
to be agreed between the WPP Securityholders and the Investor Securityholders as part of such discussions, 

then the WPP Securityholders shall have the right to request (but not to require) that the Chief Executive Officers be
removed and a replacement appointed. 
  

	5.3	 Matters requiring Board Approval 

Each Board shall establish a list of delegated authorities for the day-to-day management of the relevant Company, with appropriate thresholds set for matters, which shall require the approval of a simple majority of the relevant Board (Board Approval). 

 

	5.4	 Matters requiring Securityholder Approval 

 

	(a)	 Each Securityholder undertakes to exercise all its powers as a Securityholder or otherwise so as to
procure that no Group Company shall do any of the things listed in Schedule 5 (or anything which is analogous or has substantially similar effect to any of those things) without the prior written approval of the WPP Securityholders and the Investor
Securityholders, provided that, subject to clause 22, the approval of the WPP Securityholder shall not be required: 

  

	 	(i)	 in respect of any matter listed in row 10 and row 15 (insofar as row 15 relates to row 10) of Schedule 5,
if, at the applicable time, the WPP Securityholders together with their respective Permitted Transferees in aggregate hold less than 15% of the Securities; 

  

	 	(ii)	 in respect of all matters listed in Schedule 5, if, at the applicable time, the WPP Securityholders
together with their respective Permitted Transferees in aggregate hold less than 5% of the Securities, 

  
 11 

	(b)	 The approval required by this clause 5.4 is in addition to any resolution required by any applicable
statute or general law. 

  

	5.5	 Manner of giving Securityholder Approval 

Any approval required to be given under clause 5.4 by a Securityholder may be given on behalf of that Securityholder by:

  

	 	(a)	 notice in writing executed by or on behalf of that Securityholder; 

 

	 	(b)	 in the case of the WPP Securityholders, notice in writing signed by all relevant Directors appointed by
that Securityholder; 

  

	 	(c)	 in the case of the WPP Securityholders, the affirmative vote of one of the relevant Directors appointed by
that Securityholder; or 

  

	 	(d)	 the affirmative vote of that Securityholder at a general meeting of the Shareholders,

 in each case stating that the notice or vote, as the case may be, constitutes the approval of that
Securityholder for the purposes of clause 5.4 of this agreement. 
  

	5.6	 Matters in relation to which a Securityholder has an Interest 

If a Securityholder has an Interest in a matter that would otherwise require approval of that Securityholder under clause
5.4 and that Securityholder is precluded from voting on that matter in accordance with clause 6.2, then approval of that Securityholder is not required for the purposes of clause 5.4. 

 

	5.7	 Matters under the Transfer Agreement, Transaction Documents and EY Steps Plan

  

	 	(a)	 Notwithstanding any other provision in this agreement, no Securityholder Approval or Board Approval will
be required to the extent that any matter is expressly contemplated under the Transaction Documents, EY Steps Plan or the Transfer Agreement. 

  

	 	(b)	 The Securityholders agree to take, and to procure that each Company takes, all actions reasonably
necessary to implement the transactions contemplated in the Transaction Documents, EY Steps Plan or the Transfer Agreement. 

  

	5.8	 Matters in relation to Infratest 

The Companies are not to vote in a shareholders resolution or influence a Board in any manner that would have any adverse
effect on Infratest dimap Gesellschaft für Trend- und Wahlforschung GmbH (Infratest) as part of the Business as follows: 
  

	 	(a)	 impairing the independence of Infratest and its management board (Infratest Board) and the high
scientific standards of Infratest, in particular at the working level of empirical research; 

  

	 	(b)	 a move to dismiss the Infratest Board or a member of Infratest Board (as applicable) unless:

  

	 	(i)	 the Companies and WPP Securityholders resolve unanimously that they have lost confidence in such Infratest
Board, or 

  
 12 

	 	(ii)	 circumstances exist justifying summary dismissal (Kündigung aus wichtigem Grund) of a member
of the Infratest Board including where he committed any fraudulent act. 

  

	5.9	 Information duties in case of changes of interest holding in Infratest 

The Investor RoW Securityholder will promptly inform the Federal Republic of Germany in writing should the Investor RoW
Securityholder or any of its Affiliates: 
  

	 	(a)	 acquire additional directly or indirectly held voting rights in Infratest (i.e. beyond the current
interest of 51% that the Investor RoW Securityholder will have on First Completion (as defined in the Transfer Agreement)), as soon as such additional acquisitions each or in aggregate amount to 5% of the voting rights in Infratest; or

  

	 	(b)	 divest directly or indirectly held voting rights in Infratest to a non-EU/non-EFTA investor, provided that such divestment reaches or exceeds the threshold of Sec. 56 para. 1 No. 1 AWV of 10% of voting rights. Should the acquirer not be known to the Investor RoW
Securityholder (e.g. in case of an exit via the equity capital markets), informing of the divestment without providing information on the acquirer will suffice. 

 

	5.10	 Other matters relating to Infratest 

If in connection with the Investor Securityholders’ ownership of Infratest the BWMi in Germany requests or requires any
amendments to be made to this agreement, or such amendments are necessary to conform clauses 5.8 and 5.9 of this agreement to any undertakings or requests required or made (as the case may be) of the Investor Securityholder by the BMWi in relation
to Infratest, (the BMWi’s Request) the parties agree to discuss such requirements and to work together in good faith to make any such amendments to this agreement as are reasonably required to comply with the BMWi’s Request. 

 

	6.	 CONFLICT OF INTERESTS 

 

	6.1	 Directors’ Interests and voting rights 

Subject to clauses 6.2 and 6.3, if a Director has an Interest in any matter which conflicts or may conflict with the
interests of the Company of which they are a Director, US JVCo or the Business and which is to be considered or voted upon at a relevant Board meeting or which is to be subject of a written resolution of the relevant Directors: 

 

	 	(a)	 unless the Director has already given a general notice of his Interest in accordance with relevant law,
the Director must without delay declare the Interest by giving written notice to each other Director setting out the nature and extent of the Interest and the relation of the Interest to the affairs of the relevant Company or the Business; and

  

	 	(b)	 so long as the Director complies with clause 6.1(a) but subject to clause 6.2 and clause 6.3, the
Director: 

  

	 	(i)	 is entitled to attend or participate in any discussion on matters that relate to the Interest;

  

	 	(ii)	 is entitled to receive all information and advice received by the other Directors on matters that relate
to the Interest; 

  
 13 

	 	(iii)	 is entitled to vote (and be counted in a quorum at a meeting) on matters that relate to the Interest; and

  

	 	(iv)	 is entitled to retain benefits under any transaction relating to the Interest and the relevant Company
cannot avoid any such transaction merely because of the existence of the Interest. 

  

	6.2	 Conflict between Interests and Company rights 

A Securityholder or Director who has an Interest in any matter is not entitled to exercise any right or power to prevent any
relevant Group Company from enforcing its rights or defending itself in relation to that matter. 
  

	6.3	 Securityholder Interests and Directors’ voting rights 

Without prejudice to clause 6.2, if any matter to be considered or voted upon at a Board meeting relates to: 

 

	 	(a)	 any Group Company enforcing rights under or taking any action against a Securityholder (or a member of its
group) in relation to any matter arising under this agreement, the Transfer Agreement or any other agreement entered into between any relevant Group Company and a Securityholder (or a member of its group); 

 

	 	(b)	 any Group Company defending itself against any action taken against it by a Securityholder (or a member of
its group); 

  

	 	(c)	 any Group Company taking any action against a Director appointed by a Securityholder in relation to any
(or any alleged) breach of duty by that Director; or 

  

	 	(d)	 any Group Company defending itself against any action taken against it by a Director appointed by a
Securityholder, 

 then that matter must be considered at a separate meeting or meetings of the relevant
Board (notice of which must be given to each relevant Director), and all the Directors appointed by the relevant Securityholder: 
  

	 	(i)	 are not entitled to be present for the relevant part of the relevant meeting of the relevant Board
relating to such matter; 

  

	 	(ii)	 are not entitled to receive information or advice received by the relevant Company on that matter; and

  

	 	(iii)	 are not entitled to vote (or be counted in the quorum at a meeting) in relation to that matter.

 The quorum for any such meeting is a majority of the Directors then in office who are entitled to
vote on the matter. 
  

	7.	 BUSINESS PLANS, BUDGETS AND DIVIDEND POLICY 

 

	7.1	 Initial Business Plan and Budget 

The Business Plan and Budget for the Financial Year ending 31 December 2020 as adopted by the Boards will be the
Initial Business Plan and the Initial Budget, respectively. 

  
 14 

	7.2	 Subsequent Business Plans and Budgets 

 

	(a)	 The Companies shall prepare for the approval of the Boards an initial Budget, which each Board shall
submit to their relevant WPP Securityholder, WPP and the relevant Investor Securityholder not less than two calendar months before the start of the relevant Financial Year or as specified in the WPP reporting calendar for that fiscal year. A final
form of the Budget shall be prepared and submitted at such time as is reasonably required in order to meet WPP reporting and budgeting deadlines applicable to members of the WPP Group (but in any event, not earlier than the end of the first week of
January in the Financial Year to which the final Budget relates). 

  

	(b)	 The Subsidiaries of US JVCo comprising “Kantar North America” will be managed as a separate
division of the Business (Kantar North America), run by a divisional CEO who reports directly to the CEO of the relevant Board. 

  

	(c)	 In respect of each Financial Year: 

 

	 	(i)	 during the preceding calendar year, the internal board of Kantar North America will set an individual
budget for each Subsidiary comprising Kantar North America, with such individual budgets rolling up into an aggregate “North America budget” (the North America Budget); 

 

	 	(ii)	 in determining the North America Budget: 

 

	 	(A)	 the internal board of Kantar North America will hold budget review meetings with the Subsidiaries
comprising Kantar North America, following which that board will submit the North America Budget to the relevant Board; and 

  

	 	(B)	 the internal board of Kantar North America is entitled to take autonomous decisions (i.e., without input
from the relevant Board) with a view to focusing Kantar North America’s resource and efforts in a manner that will best help Kantar North America to grow and deliver against its targets, but in doing so must ensure that the North America Budget
aligns with global initiatives that are critical to the Group, such as HBG or Marketplace; 

  

	 	(iii)	 in the second full week of December in the preceding calendar year, the relevant Board and the internal
board of the North America Division will review the North America Budget; 

  

	 	(iv)	 on a monthly basis, each Subsidiary comprising Kantar North America will submit its actual results to the
internal board of Kantar North America, who will review those results against the North America Budget; and 

  

	 	(v)	 on a quarterly basis, the internal board of Kantar North America will present its conclusions arising out
of the review under clause 7.2(c)(iv) to the relevant Board. 

  

	(d)	 For so long as the WPP Securityholders together with their respective Permitted Transferees in aggregate
hold at least 20% of the Securities, the Budget shall conform to a template provided for such purpose by WPP (as updated and notified by WPP to each Company from time to time) (the WPP Format). 

 

	(e)	 The Budget for a Financial Year must include: 

  
 15 

	 	(i)	 a breakdown of monthly consolidated revenues, operating expenses, operating results, other income and
expenses, net interest expenses and net profits before taxes, and on a consolidated basis profits after taxes; 

  

	 	(ii)	 a breakdown of monthly capital expenditures and cash flow; 

 

	 	(iii)	 a breakdown by client of revenue and revenue less pass-through costs; and 

 

	 	(iv)	 an analysis of movements in monthly headcount and salaries and a breakdown of both by function.

  

	(f)	 The Budget shall be updated from time to time in accordance with paragraph 3 of Part 1 of Schedule 6.

  

	(g)	 The Board shall determine the terms of any amendment to the Business Plan. 

 

	7.3	 Dividend policy 

Subject to any Securityholder Approval being obtained as required, the Board of each Company (and/or, to the extent required
by law or, if applicable, the Articles of the relevant Company, the Shareholders’ meeting of the relevant Company) shall determine if and when any dividend or other distribution shall be declared and/or paid. 

 

	8.	 INFORMATION RIGHTS 

 

	8.1	 Accounts and periodic reporting 

Each Company must: 
  

	 	(a)	 maintain accurate and complete accounting and other financial records in accordance with all applicable
laws; 

  

	 	(b)	 for so long as the WPP Securityholders together with their respective Permitted Transferees in aggregate
hold at least 5% of the Securities, prepare the accounts, reports and information set out in Part 1 of Schedule 6, and provide copies of those accounts, reports and information to each relevant WPP Securityholder as soon as they are available and in
any event within the period specified in Part 1 of Schedule 6; 

  

	 	(c)	 keep its relevant WPP Securityholders and Investor Securityholders updated with material developments in
the business, including significant client wins and losses, in the case of the WPP Securityholders, for so long as they together with their respective Permitted Transferees in aggregate hold at least 5% of the Securities; and 

 

	 	(d)	 for so long as the WPP Securityholders together with their respective Permitted Transferees in aggregate
hold at least 5% of the Securities, provide each relevant WPP Securityholder with any other information required: 

  

	 	(i)	 to allow that WPP Securityholder to comply with the WPP Group’s reporting requirements in accordance
with the ‘associate status’ of each Company; and/or 

  

	 	(ii)	 in order to allow the WPP Group to meet its reporting obligations under any applicable listing rules or
any other applicable law, regulation or requirement. 

  
 16 

	8.2	 Other information to be provided 

Each Company must promptly provide to its Investor Securityholder and (for so long as the WPP Securityholders together with
their respective Permitted Transferees in aggregate hold at least 5% of the Securities) each of its WPP Securityholders the information set out in Part 2 of Schedule 6. 
  

	8.3	 Access to books, records and other information 

 

	(a)	 Subject to clause 8.4, each Company must give its Investor Securityholder and (for so long as the WPP
Securityholders together with their respective Permitted Transferees in aggregate hold at least 5% of the Securities) each of its WPP Securityholders and each relevant Nominated Director (without prejudice to any rights they may have under
applicable law) reasonable access on reasonable notice to: 

  

	 	(i)	 inspect the assets of the relevant Company and/or each of its Subsidiaries from time to time;

  

	 	(ii)	 inspect and take copies of documents relating to the relevant Company and/or any of its Subsidiaries from
time to time, including the statutory registers and all accounting and other financial records; and 

  

	 	(iii)	 discuss the affairs, finances and accounts of the relevant Company and/or any of its Subsidiaries from
time to time with the relevant responsible officer, any person who reports directly to that officer and the auditor of the relevant Company and/or each of its Subsidiaries from time to time. 

 

	(b)	 Subject to clause 8.4, each Company must give to its Investor Securityholder and (for so long as the WPP
Securityholders together with their respective Permitted Transferees in aggregate hold at least 5% of the Securities) each of its WPP Securityholders and each relevant Nominated Director (without prejudice to any rights they may have under
applicable law) on reasonable notice any information reasonably requested by such person. 

  

	8.4	 Exceptions to Securityholder access rights 

Nothing in clause 8.3 requires a Company to give any person access to information if to do so would, in the reasonable
opinion of the relevant Board: 
  

	 	(a)	 constitute a breach by the relevant Company and/or any of its Subsidiaries from time to time of any
obligation of confidentiality owed to a third party or imposed by law; or 

  

	 	(b)	 materially disrupt, or have a material adverse effect on, the business or operations of the relevant
Company and/or any of its Subsidiaries from time to time. 

  

	8.5	 Disclosure of information 

A Nominated Director or Observer is entitled to pass information concerning any Group Company to his Appointer or any of his
Appointer’s Affiliates or Associated Persons, so long as each recipient keeps that information confidential in accordance with clause 26. 
  

	8.6	 Equality of information 

For so long as the WPP Securityholders together with their respective Permitted Transferees in aggregate hold at least 5% of
the Securities, if any information concerning the Group is provided by any Group Company to an Investor Securityholder or a WPP Securityholder, the 

  
 17 

 
same information shall be provided at the same, or substantiality the same, time to any other Investor Securityholder and/or WPP Securityholder who did not receive such information. 

 

	9.	 OTHER CONTINUING OBLIGATIONS OF THE COMPANIES 

 

	9.1	 Compliance 

Each Company must take all reasonable steps to obtain, and must comply in all material respects with the terms of, all
governmental and other licences and consents necessary for the conduct of its business and must procure that each of their respective Subsidiaries from time to time does likewise. 

 

	9.2	 Insurance 

 

	(a)	 Each Company must keep insured, and must procure that each of their respective Subsidiaries from time to
time keeps insured, at all times with a reputable insurer: 

  

	 	(i)	 all its assets against such risks and in such manner and to such extent as accords with good commercial
practice with regard to assets of the same kind in comparable circumstances; 

  

	 	(ii)	 itself in respect of any accident, damage, injury, third-party loss, loss of profits and other risks and
to such an extent as accords with good commercial practice with regard to a business of the same kind as that of the relevant Group Company; and 

  

	 	(iii)	 to the maximum extent permitted by law, its directors and officers against any liability incurred by them
in the lawful performance of their duties, on terms approved by the relevant Board. 

  

	(b)	 Each Company must procure that its insurance policies are reviewed by its insurance brokers at least once
every year and that all reasonable recommendations made by its brokers in relation to such policies are complied with, unless the relevant Board decides otherwise. 

 

	9.3	 Data centre, ERP and IT carve-out 

The Companies will procure that the Group invests, within five years of the date of this agreement, $147m on upgrading and
remediating the Group’s Information Technology estate, including: 
  

	 	(a)	 its infrastructure and datacentres; 

 

	 	(b)	 its enterprise resource planning (ERP) system; and 

 

	 	(c)	 the investment required in order to implement the carve-out of the
Group’s Information Technology from that of the WPP Group (including the logical and physical separation of the Group’s reliance on the IBM Agreements, and the execution of a new agreement in respect of the same or substantially the same
services between one or more Group Companies and IBM (or its Affiliate)). 

  

	10.	 FUNDING AND ISSUES OF SECURITIES 

 

	10.1	 No obligation to provide funding or security 

The Securityholders intend that each Company will be self-financing and will obtain any additional funds required from third
parties without recourse to the relevant Securityholders. No Securityholder is obliged to: 

  
 18 

	 	(a)	 contribute any funds (whether in the form of debt or equity) to any Group Company; or

  

	 	(b)	 other than pursuant to the Finance Documents, give any security or provide any guarantee on behalf or for
the benefit of any Group Company. 

  

	10.2	 Further financing 

The parties acknowledge and agree that: 
  

	 	(a)	 if the relevant Board concludes that the relevant Company needs further finance for the Business or to
make any acquisition of assets or shares, such further finance shall be obtained by way of third-party debt financing, insofar as the relevant Board determines that it is reasonably practicable to do so on terms which, acting reasonably, the
relevant Board considers commercially acceptable to the relevant Company. If such funding is not available on such terms, the relevant Board will consider whether or not to seek further finance from the relevant Securityholders; and

  

	 	(b)	 any Group Company may grant Encumbrances to secure any bank facilities secured under clause 10.2(a).

  

	10.3	 Restrictions on issues of Securities 

Each Company must not issue any Securities unless the issue: 

 

	 	(a)	 is permitted by clause 10.4; or 

 

	 	(b)	 has received the relevant Board Approval and is made in accordance with the rights offer process set out
in clause 11, 

 provided in all cases that no Securities shall be issued to any person who is not a
Securityholder immediately before any such proposed issue and is not a party to this agreement, or who has not entered into a Deed of Adherence. 
  

	10.4	 Permitted issues 

 

	(a)	 Each Company may issue Securities: 

 

	 	(i)	 in accordance with clause 12; 

 

	 	(ii)	 in accordance with clause 13; 

 

	 	(iii)	 to or for the benefit of Employees of the Group provided that such issuance dilutes the Equity Proportions
of the applicable Investor Securityholders and WPP Securityholders pro rata to their Equity Proportions immediately before such issuance. If an issue of Securities under this clause 10.4(a)(iii) would cause the WPP Securityholders’ Equity
Proportion in aggregate to be reduced below 20, the WPP Securityholders or the relevant WPP Securityholder (as applicable) shall be entitled by notice to the relevant Company and the relevant Investor Securityholder given within 10 Business Days of
becoming aware of that issue to subscribe for Securities in RoW JVCo and/or US JVCo (as applicable) at a price per Security determined in accordance with the most recent Quarterly Valuation so that after such subscription the WPP
Securityholders’ Equity Proportion in aggregate would be 20. If a WPP Securityholder or the WPP Securityholders (as applicable) notify the relevant Company or Companies that they wish to subscribe for such Securities, the relevant Investor
Securityholder or Investor Securityholders shall procure that the relevant Company or Companies issue such Securities within 10 Business Days of 

  
 19 

	 	 
such notice being received by the relevant Company and the relevant Investor Securityholder; or 

  

	 	(iv)	 with the prior written consent of each relevant Securityholder. 

 

	(b)	 Where Securities are to be issued, they may be issued separately or simultaneously by each Company.

  

	(c)	 If a Company issues Securities, promptly after completing any such issuance that Company shall provide the
relevant Securityholders with copies of the share capital table (or, with respect US JVCo, the interest capital table) and register of shareholders or interestholders for the relevant Company reflecting such issuance. 

 

	11.	 RIGHTS OFFERS 

 

	11.1	 Rights offer notice 

If a Company proposes to issue any Securities pursuant to clause 10.3(b), it must first give written notice to each of its
Securityholders (an Offer Notice) as soon as reasonably practicable after the relevant Board Approval for that issue is given, inviting each of its Securityholders to subscribe for those Securities. An Offer Notice must: 

 

	 	(a)	 specify the aggregate number of Securities the relevant Company proposes to offer for subscription (the
Offer Securities), the issue price per Security (the Offer Price) (which must be in cash) and any other terms and conditions of the issue (the Offer Terms); 

 

	 	(b)	 state that, subject to the provisions of this agreement, each relevant Securityholder is entitled to
subscribe for its relevant Equity Proportion (as at the date of the Offer Notice) of the total number of Offer Securities (as at the date of Offer Notice) at the Offer Price and on the Offer Terms (Rights Entitlement); 

 

	 	(c)	 include copies of the share capital table and register of members for the relevant Company or Companies as
at the date of the Offer Notice; 

  

	 	(d)	 confirm the number of Offer Securities in the relevant Securityholder’s Rights Entitlement;

  

	 	(e)	 specify the period for which the offer is open, which must be at least ten Business Days (the Offer
Period); 

  

	 	(f)	 state that the relevant Securityholder may apply for more Offer Securities than its Rights Entitlement and
will be liable to subscribe for up to the number of Offer Securities applied for if other relevant Securityholders do not take up their full Rights Entitlement; 

 

	 	(g)	 invite the relevant Securityholder to apply for Offer Securities by giving written notice to the relevant
Company no later than 5.00 pm on the last day of the Offer Period, stating the number of Offer Securities for which the relevant Securityholder wishes to subscribe (which may be greater than, equal to or less than the relevant Securityholder’s
Rights Entitlement); and 

  

	 	(h)	 not be revoked unless otherwise decided by the relevant Board. 

  
 20 

	11.2	 Allocation of Offer Securities 

 

	(a)	 Each Securityholder that applies for Offer Securities in accordance with the provisions of this agreement
and the terms of the Offer Notice (a Subscribing Securityholder) will be issued the number of Offer Securities calculated under this clause 11.2. 

  

	(b)	 If the total number of Offer Securities applied for by all Subscribing Securityholders is less than or
equal to the total number of Offer Securities, the relevant Company must issue to each Subscribing Securityholder the number of Offer Securities that it applied for. 

 

	(c)	 If the total number of Offer Securities applied for by all Subscribing Securityholders is more than the
total number of Offer Securities, the relevant Company must issue all of the Offer Securities to the Subscribing Securityholders, so far as practicable, in proportion to the number of Securities then held by them but so that no Subscribing
Securityholder will be issued more Offer Securities than it applied for. 

  

	(d)	 A relevant Securityholder that does not apply in writing for any Offer Securities within the Offer Period
is not entitled to subscribe for any Offer Securities. 

  

	11.3	 Notice of outcome of rights offer process 

Within five Business Days after the end of the Offer Period, the relevant Company must give notice to each Subscribing
Securityholder, specifying: 
  

	 	(a)	 the number of Offer Securities to be issued to that Subscribing Securityholder (the Subscription
Securities) calculated under clause 11.2; 

  

	 	(b)	 the subscription price payable by that Subscribing Securityholder for its Subscription Securities as set
out in the Offer Terms or as determined, where applicable, in accordance with clause 11.4 (Subscription Price); and 

  

	 	(c)	 the proposed date for completion of the issue of the Offer Securities, which must be at least ten Business
Days and no more than 15 Business Days after expiry of the Offer Period (the Offer Closing Date). 

  

	11.4	 Subscription Price 

If any Securityholder elects not to subscribe for its full Rights Entitlement offered to it pursuant to an Offer Notice (an
Affected Party), an Affected Party may require, by notice to the relevant Company within two Business Days of the end of the Offer Period, that the Subscription Price for the Subscription Securities be (other than where there exists an Event
of Default) a minimum of the implied price per Security as determined by the relevant Board by reference to the most recent Quarterly Valuation. 
  

	11.5	 Quarterly Valuation 

As used in clause 11.4, Quarterly Valuation means the most recent quarterly valuation of the relevant Company
delivered to the limited partners in the Investment Funds Controlling the Investor Securityholder. 
  

	11.6	 Closing of rights offer process 

On the Offer Closing Date: 

  
 21 

	 	(a)	 each Subscribing Securityholder must pay to the relevant Company the Subscription Price for its
Subscription Securities; 

  

	 	(b)	 on receipt of such payment, the relevant Company must issue to each Subscribing Securityholder its
Subscription Securities; and 

  

	 	(c)	 the relevant Company must enter the name of each Subscribing Securityholder in the register of
shareholders or interestholders of that Company as holder of its Subscription Securities and execute and deliver to each Subscribing Securityholder a share certificate (if applicable) representing its Subscription Securities. 

 

	12.	 EMERGENCY FUNDING 

 

	(a)	 If: 

  

	 	(i)	 an event of default has occurred, and is continuing; or 

 

	 	(ii)	 in the reasonable opinion of the Investor Securityholders, would be reasonably likely to occur but for any
additional financing from the Securityholders, 

 in each case pursuant to any of the financing
arrangements of either, or both of, the Companies or their Subsidiaries (an Event of Default), the relevant Company may issue Securities not in compliance with clause 11 (EoD Securities), provided that, if reasonably practicable,
before any issuance of any such EoD Securities, the relevant Company or Companies shall provide the relevant Securityholders with copies of the current share capital table and register of members for the relevant Company or Companies. 

 

	(b)	 If any EoD Securities are issued pursuant to paragraph (a) above and a relevant Securityholder does
not subscribe for EoD Securities (a Non-Subscribing Securityholder), any such Non-Subscribing Securityholder shall have the right, for a period of 20 Business
Days following the issue of the EoD Securities, to acquire EoD Securities from the other Securityholders (equal to its respective Equity Proportion before the issue of any such EoD Securities) on the same price and terms as those that the relevant
Securityholder paid and agreed to pursuant to the issuance of the EoD Securities by notice to the relevant Securityholder. The relevant Company or Companies shall provide the Non-Subscribing Securityholder
with copies of the share capital table and register of members for the relevant Company or Companies in accordance with clause 10.4(c) within 5 Business Days of any EoD Securities being issued. 

 

	13.	 ACQUISITION ISSUES 

 

	(a)	 If it is proposed that a Group Company is to acquire a business or company from a bona fide third party
who is not an Investor Securityholder or any of their respective Affiliates and, as part of the direct or indirect consideration for the transaction, the seller of such business or company is to receive Securities, RoW JVCo and/or US JVCo and/or US
GPCo (as applicable) may issue such Securities to such seller (Acquisition Seller) provided that any issuance of Securities dilutes the Equity Proportions of the relevant Investor Securityholder and the relevant WPP Securityholders pro rata
to their Equity Proportions immediately before such issuance (an Acquisition Issuance). 

  

	(b)	 If pursuant to an Acquisition Issuance the WPP Securityholders’ Equity Proportion in aggregate would
be reduced below 20, the WPP Securityholders or the relevant WPP Securityholder (as applicable) shall be entitled by notice to the relevant Company and the Investor Securityholders given within 10 Business Days of becoming aware of that Acquisition
Issuance to subscribe for Securities in RoW JVCo and/or US JVCo and/or US GPCo (as applicable) at the same implied price, on the same terms and for the same classes of Securities as the Acquisition Seller subscribed

  
 22 

	 	 
for Securities so that after such subscription the WPP Securityholders’ Equity Proportion in aggregate would be 20. If a WPP Securityholder or the WPP Securityholders (as applicable) notify
the relevant Company or Companies that they wish to subscribe for such Securities, the relevant Investor Securityholder shall procure that the relevant Company or Companies issue such Securities within 10 Business Days of such notice being received
by the relevant Company and the Investor Securityholders. 

  

	14.	 MANAGEMENT INCENTIVE PLAN 

Subject to clause 10.4(a)(iii), if, in accordance with the terms of this agreement, it is determined that securities in a
Group Company be issued to or for the benefit of Employees of the Group pursuant to a management incentive plan or similar (a MIP), the parties agree that: 
  

	 	(a)	 any such issuance shall not result in the Investor Securityholders or the WPP Securityholders (or any of
their respective Permitted Transferees) holding any Securities in any Company other than ordinary shares or interests ranking pari passu with all other ordinary shares or interests in the relevant Company; 

 

	 	(b)	 the Companies shall not, pursuant to any MIP, issue any Securities other than ordinary shares or interests
ranking pari passu with all other ordinary shares or interests in the relevant Company; 

  

	 	(c)	 subject to paragraphs (a) and (b) above, any preference shares, preference interests or similar that
are issued by a Subsidiary of US JVCo, US GPCo or RoW JVCo pursuant to any MIP, shall only be held by a Group Company and by or for the benefit of the relevant Employees of the Group and shall not be held by any Investor Securityholder (or any of
its Affiliates) or any WPP Securityholder (or any of its Affiliates); and 

  

	 	(d)	 any such issuance by a Subsidiary of one of the Companies shall dilute the indirect holdings of the
applicable Investor Securityholder and the applicable WPP Securityholders in that Subsidiary pro rata to their Equity Proportions immediately before such issuance. 

 

	15.	 RESTRICTIONS ON DISPOSAL 

 

	15.1	 Purpose of this clause 

Each Securityholder (and, to the extent applicable, each Company): 

 

	 	(a)	 acknowledges and agrees that (i) the purpose of this clause 15 is to maintain (subject to Disposals
of Securities permitted by this agreement) the closely held nature of each Company by restricting the way in which Securityholders may Dispose of their Securities and giving Securityholders an opportunity to buy any Securities offered for sale
before those Securities are offered to any party who is not a party to this agreement and (ii) this clause 15 is in the corporate interest of the relevant Company; and 

 

	 	(b)	 must not, and must procure that its Affiliates do not, enter into any arrangement, structuring device or
other transaction (including any transfer of any direct or indirect transfer of any securities in the Securityholder) which is designed, directly or indirectly, to avoid the provisions of this clause 15 or is otherwise inconsistent with the purpose
of this clause 15; 

  

	 	(c)	 agrees, subject to (d) below, that the rights and restrictions on transfers in this agreement shall
apply to any indirect transfer of Securities by any Securityholder’s parent undertakings within the meaning of section 1162 of the Companies Act 2006; and 

  
 23 

	 	(d)	 agrees that, notwithstanding anything in this agreement to the contrary, no transfer of any:
(a) interests in any Investment Fund; and/or (b) shares in WPP, shall in each case constitute a breach of the restrictions on transfer of Securities in this agreement. 

 

	15.2	 Restrictions on Disposal of Securities before the third anniversary of the Effective Date

 Except for a Disposal: 
  

	 	(a)	 which is a transfer of Securities permitted by clause 15.5; or 

 

	 	(b)	 to which all the other Securityholders give their prior written consent, 

no Securityholder may Dispose of any Security before the third anniversary of the Effective Date. 

 

	15.3	 Restrictions on Disposal of Securities on or after the third anniversary of the Effective Date

 On or after the third anniversary of the Effective Date, a Securityholder may Dispose of some or
all of its Securities only if the Disposal: 
  

	 	(a)	 is a Disposal of the type permitted under clause 15.5; or 

 

	 	(b)	 is a sale of Securities made under clauses 16, 17 and/or 18, provided, in each case, that a Securityholder
may only Dispose of some or all (as applicable) of its Securities if it and/or its Affiliates (as applicable) transfer an equal proportion of their Securities in each Company to the same transferee pursuant to the relevant transfer.

  

	15.4	 Restrictions on Disposal of the Unlimited Partnership Interest 

US GPCo may only Dispose of its Unlimited Partnership Interest before the termination of the agreement with the prior
written consent of each of the Investor Securityholders and the WPP Securityholders. 
  

	15.5	 Permitted transfers 

Subject to clause 19, a Securityholder may transfer its Securities: 

 

	 	(a)	 pursuant to clause 15.6; 

 

	 	(b)	 to a Permitted Transferee (other than, in the case of an Investor Securityholder, any Permitted Transferee
who is a limited partner or similar in any Investment Fund Controlled by, Controlling or under common Control with, such Investor Securityholder) where the Permitted Transferee first executes and delivers to the relevant Company a Deed of Adherence;
for the avoidance of doubt, a Securityholder may transfer its Securities in accordance with this paragraph where a Tag Notice or Drag Notice has been served in accordance with this agreement provided that the provisions of clauses 17 or 18 (as
applicable) shall apply to the Permitted Transferee in place of the transferring Securityholder; or 

  

	 	(c)	 with the prior written consent of each of the Investor Securityholders and the WPP Securityholders.

  
 24 

	15.6	 Syndication 

 

	(a)	 Subject to clause 15.7, the Investor Securityholders and/or their respective Affiliates may at any time
within the 12-month period from the Effective Date, enter into a definitive written agreement to indirectly transfer to one or more third-party co-investors (the
Syndicatees) up to a maximum, in aggregate, of 10% of the aggregate of the Securities held by the Investor Securityholders and their respective Affiliates as at the Effective Date (Syndication) provided that: 

 

	 	(i)	 if the Investor Securityholders indirectly transfer Securities in one Company, they must transfer the same
proportion of Securities in the other Company to the same transferee (any such Securities being transferred pursuant to this clause 15.6 being Syndication Securities); and 

 

	 	(ii)	 the relevant Investor Securityholder remains the registered holder of the Securities at all times.

  

	(b)	 The obligations and liabilities of the other Securityholders under this agreement shall not be increased
as a result of such Syndication. Such Syndicatee shall not affect a transfer of any of its Syndication Securities, except a transfer required by the terms of this agreement or the relevant Articles. 

 

	(c)	 Each of the other parties to this agreement consents to any transfer of Securities made in accordance with
this clause 15.6. 

  

	(d)	 The parties to this agreement acknowledge and agree that, in the event of any Syndication pursuant to this
clause 15.6: 

  

	 	(i)	 no fees shall be payable by any Securityholders (other than the relevant Investor Securityholder) or any
Group Company as a result of such transfer to a Syndicatee; 

  

	 	(ii)	 clauses 16 and 18 shall not apply in respect of any such transfer to a Syndicatee; and

  

	 	(iii)	 there shall be no change in the composition of either Board following such transfer to a Syndicatee.

  

	15.7	 Restrictions on Syndication 

The provisions of clause 15.6 shall only apply where the Syndicatee is a financial investor and not where the Syndicatee is
a strategic investor. 
  

	15.8	 Retransfer by Permitted Transferee 

If a Securityholder holding Securities transferred to it under clause 15.5(b) is about to cease to be a Permitted Transferee
of the transferor that transferred those Securities to that Securityholder, it must immediately transfer all of its Securities back to that transferor or to another Permitted Transferee of that transferor. 

 

	16.	 FIRST OFFER RIGHTS ON SALE 

 

	16.1	 Sale Notice 

 

	 	(a)	 If at any time on or after the third anniversary of the Effective Date a Securityholder wishes to Dispose
of all or any of its Securities other than under clause 15.5 or clause 

  
 25 

	 	 
18, that Securityholder (a Selling Securityholder) must first give written notice to each other Securityholder, copied to each Company (a Sale Notice). A Sale Notice must:

  

	 	(i)	 specify the number of Securities the Selling Securityholder proposes to Dispose of (the Sale
Securities); 

  

	 	(ii)	 confirm the number of Sale Securities that the relevant Securityholder may make a binding offer to buy
being the relevant Securityholder’s Equity Proportion (as at the date of such Sale Notice and adjusted to exclude the Sale Securities) of the total number of Sale Securities (as at the date of such Sale Notice) (the Offer Right
Entitlement); 

  

	 	(iii)	 specify a period, which must be at least 20 Business Days, during which recipients of the Sale Notice may
make a binding offer to buy all or more than that relevant Securityholder’s Offer Right Entitlement (the Sale Period) and that the relevant Securityholder will be liable to buy up to the number of Sale Securities it offers to buy if
other relevant Securityholders do not take up in full their Offer Right Entitlement; 

  

	 	(iv)	 if the Selling Securityholder is the Majority Holder, specify whether the Selling Securityholder intends
to issue a Drag Notice pursuant to clause 17.2 in respect of such Disposal; and 

  

	 	(v)	 not be revoked unless otherwise agreed by the relevant Board. 

 

	 	(b)	 Following service of a Sale Notice, the relevant Securityholders and each relevant Company agree to
provide each Securityholder who is entitled to a Sale Notice with any reasonable assistance they require, including access to the relevant Group Companies, their Employees and their records (including financial and accounting), to allow such
Securityholders to complete reasonable due diligence of the relevant Group Companies, at all times without materially disrupting or negatively impacting the Business (or relevant part of it), scoped in a manner that has regard to the information
that the relevant Securityholder already possesses with respect to the Selling Securityholder and each relevant Company. 

  

	16.2	 Offer notice 

If at any point during the Sale Period a relevant Securityholder wishes to make a binding offer to the Selling
Securityholder for all of or more than their Offer Right Entitlement, that Securityholder (a Buying Securityholder) must give a written notice to the Selling Securityholder, copied to each Company, by 5.00pm on the last day of the Sale Period
(an Offer Notice). An Offer Notice must: 
  

	 	(a)	 state the proposed sale price per Security which must be a cash price (the Sale Price) and any
other terms and conditions of the proposed sale, which are to be terms customary for a sale by a private equity investor in the United Kingdom market (the Sale Terms); 

 

	 	(b)	 invite the Selling Securityholder to accept the offer made in the Offer Notice in full or in part by
giving written notice to the Buying Securityholder (with a copy to the relevant Company or Companies (as applicable)) by no later than 5.00 pm on the date ten Business Days after the date of issuance of the Offer Notice (an Acceptance
Notice); 

  

	 	(c)	 state that, subject to the provisions of this agreement, the Offer Notice constitutes a binding and
irrevocable offer by the Buying Securityholder to buy: (i) its Offer Right Entitlement; or (ii) more than its Offer Right Entitlement, in each case specifying the maximum number of Sale Securities it wishes to acquire;

  
 26 

	 	(d)	 include evidence that the Buying Securityholder either has immediately available cash resources to
purchase the Sale Securities notified to it by the Selling Securityholder in the Acceptance Notice at the Sale Price or “certain funds” financing on terms customary in the United Kingdom market in respect of such amount; and

  

	 	(e)	 not be revoked unless otherwise agreed by the relevant Board. 

 

	16.3	 Allocation of Sale Securities 

 

	(a)	 Subject to clause 16.3(b), if the Selling Securityholder accepts the terms of the Offer Notice, the
Selling Securityholder must sell to each relevant Buying Securityholder whose Offer Notice has been accepted in full or in part in accordance with the provisions of this agreement and the terms of the Offer Notice (an Accepted
Securityholder), and each Accepted Securityholder must buy, the number of Sale Securities calculated under this clause 16.3 at the Sale Price and on the Sale Terms. 

 

	(b)	 If the total number of Sale Securities that all Accepted Securityholders wish to buy is less than the
total number of Sale Securities, the Selling Securityholder may, but is not obliged to, sell to each Accepted Securityholder and, if the Selling Securityholder elects to sell in such a case, each Accepted Securityholder must buy the number of Sale
Securities stated in the Offer Notice given by that Accepted Securityholder. 

  

	(c)	 If the total number of Sale Securities that all Accepted Securityholders wish to buy is equal to the total
number of Sale Securities, the Selling Securityholder must sell and each Accepted Securityholder must buy the number of Sale Securities stated in the Offer Notice given by that Accepted Securityholder. 

 

	(d)	 If the total number of Sale Securities that all Accepted Securityholders wish to buy is greater than the
total number of Sale Securities, the Selling Securityholder must sell all of the Sale Securities to the Accepted Securityholders, so far as practicable and subject to clause 16.3(f), in proportion to the number of Securities then held by them, but
so that no Accepted Securityholder will be sold more Sale Securities than the number stated in the Offer Notice given by that Accepted Securityholder. 

  

	(e)	 A Securityholder that does not give an Offer Notice in accordance with clause 16.2 by 5.00 pm on the last
day of the Sale Period is not entitled to make an offer for any of the Sale Securities. 

  

	(f)	 Notwithstanding anything to the contrary, the Selling Securityholder shall be entitled to accept offers
made by competing Buying Securityholders in descending order from the highest Sale Price to the lowest Sale Price offered by them. 

  

	16.4	 Notice of outcome of sale process 

Within ten Business Days after the end of the Sale Period, the Selling Securityholder must give notice to each Accepted
Securityholder, specifying: 
  

	 	(a)	 the number of Sale Securities to be sold to that Accepted Securityholder calculated under clause 16.3 (the
Accepted Securities); and 

  

	 	(b)	 the proposed date for completion of the sale of the Accepted Securities, which must be no fewer than 20
Business Days after expiry of the Sale Period or satisfaction or waiver of the relevant conditions precedent pursuant to the Sale Terms (the Sale Completion Date). 

  
 27 

	16.5	 WPP Securityholder shareholder approval 

If the Selling Securityholder is an Investor Securityholder and it accepts any offer made by any WPP Securityholder in
accordance with clauses 16.1 to 16.4 and the transfer of the applicable Securities requires a shareholder approval of any member of the WPP Group, and that shareholder approval has not been obtained within three months of the acceptance by the
Selling Securityholder of the applicable offer, the Selling Securityholder shall be entitled to terminate the relevant transaction and at any time up to six months thereafter agree to sell to any person the Sale Securities subject to the provisions
of clauses 16.7(a) and 16.7(b). 
  

	16.6	 Completion of the sale 

On the Sale Completion Date: 
  

	 	(a)	 each Accepted Securityholder must pay to the Selling Securityholder the purchase price for its Accepted
Securities; and 

  

	 	(b)	 the Selling Securityholder must deliver to each Accepted Securityholder a duly executed transfer agreement
in favour of the Accepted Securityholder of that Accepted Securityholder’s Accepted Securities and must deliver to each Company share certificates representing all of the relevant Accepted Securities (to the extent any such certificate has been
issued). 

  

	16.7	 Sale of Sale Securities to third parties 

The Selling Securityholder may at any time up to six months after the earlier of: (i) the date of expiry of the Sale
Period; or (ii) the date that all Securityholders other than the Selling Securityholder confirm in writing to the Selling Securityholder that they will not make an offer in respect of their Offer Right Entitlement in compliance with this clause
16, sell to any third party any Sale Securities not allocated to Accepted Securityholders under clause 16.3 and thereafter complete such sale in accordance with the relevant sale and purchase agreement, so long as: 

 

	 	(a)	 those Securities are sold at a price per Security which is not less than the highest Sale Price received
in respect of those Sale Securities provided that this restriction shall not apply unless the Selling Securityholder has received offers in compliance with this clause 16 from other Securityholders in respect of all of the Sale Securities; and

  

	 	(b)	 the buyer of those Sale Securities first executes and delivers to each Company a Deed of Adherence (other
than where all Securities are to be sold to that buyer pursuant to the transaction). 

  

	17.	 DRAG RIGHTS 

 

	17.1	 Application of this clause 

This clause applies where a Sale Notice is given under clause 16.1 but: 

 

	 	(a)	 no Offer Notice is given under clause 16.2; or 

 

	 	(b)	 where an Offer Notice is given under clause 16.2, no Acceptance Notice is given under clause 16.2(b) and
16.3(a); or 

  

	 	(c)	 where the Selling Securityholder sells some (but not all) of the Sale Securities under clause 16 and
remains the Majority Holder after the sale. 

  
 28 

	17.2	 Service of a Drag Notice 

If at any time up to 5.00 pm on the date which is 60 Business Days after the date on which the Sale Period expires, the
Majority Holder agrees to sell all of its Securities to any person other than an Affiliate of the Majority Holder on arm’s length terms such that the person to whom such Securities are transferred would on completion of that agreement to sell
hold more than 50% of the Securities (Drag Transaction), then the transferring Majority Holder may (at its election) within that 60 Business Day period give written notice (a Drag Notice) to each Minority Holder at any time before
completing the proposed sale requiring each Minority Holder to sell its Securities (Drag Securities) to the proposed buyer of such Majority Holder’s Securities in accordance with this clause 17. 

 

	17.3	 Contents of Drag Notice 

A Drag Notice must: 
  

	 	(a)	 specify the number of Securities the Majority Holder proposes to sell (being all, and not some only, of
its Securities), the proposed sale price per Security (the Drag Sale Price) and any other material terms and conditions of the proposed sale (the Drag Sale Terms). If the Drag Sale Price for the Securities the subject of the sale
includes any non-cash consideration other than liquid marketable securities, the Drag Notice must include: 

  

	 	(i)	 a choice (of the relevant Minority Holder’s choosing) between: 

 

	 	(A)	 the same mix of non-cash and cash consideration as the Majority
Holder is to receive pursuant to the Drag Transaction; or 

  

	 	(B)	 cash consideration only with the non-cash component being
satisfied in cash at the Drag Value; and 

  

	 	(ii)	 the value that the Majority Holder is ascribing to the non-cash
consideration which, if the Minority Holder elects, must be the Fair Value (the Drag Value); 

  

	 	(b)	 state the name of the person to whom the Majority Holder proposes to sell its Securities (the Drag
Buyer) and, if that person is a body corporate, the Ultimate Holding Company of that person; 

  

	 	(c)	 state that it is a Drag Notice for the purposes of this agreement and that, subject to this clause 17,
each Minority Holder is required to sell each of its Securities to the Drag Buyer for the Drag Sale Price and, subject to clause 17.4, on the Drag Sale Terms; and 

 

	 	(d)	 state the Majority Holder’s reasonable best estimate of the date for completion of the sale of the
Drag Securities, which must be at least ten Business Days after the Drag Notice is given. 

  

	17.4	 Effect of Drag Notice 

If the Majority Holder gives a Drag Notice under this clause 17: 

 

	 	(a)	 each Minority Holder must, if an option is available in accordance with this clause 17, notify the
Majority Holder of its election with respect to the Drag Value within 5 Business Days of receipt of the Drag Notice. If the Minority Holder fails to make such election within such period, it shall be deemed to have accepted the value that the
Majority Holder is ascribing to the non-cash consideration pursuant to the Drag Transaction; 

  
 29 

	 	(b)	 each Minority Holder must, if an option is available in accordance with this clause 17, notify the
Majority Holder of its election with respect to the form of consideration comprising the Drag Sale Price within 15 Business Days of receipt of the Drag Notice. If the Minority Holder fails to make such election within such period, it shall be deemed
to have elected to receive the same mix of cash and non-cash consideration as the Majority Holder is receiving pursuant to the Drag Transaction; 

 

	 	(c)	 each Minority Holder must sell all of its Securities to the Drag Buyer on the terms stated in the Drag
Notice; 

  

	 	(d)	 the Minority Holder must deliver to the Drag Buyer a duly executed transfer in favour of the Drag Buyer,
together with share certificate(s) representing all of its Securities (to the extent any such certificate has been issued) and such other documents as the Majority Holder may reasonably require to give effect to the Drag Sale Terms;

  

	 	(e)	 the Minority Holder must give the same warranties as to title and capacity, and the same indemnity as to
leakage, as the Majority Holder gives to the Drag Buyer; 

  

	 	(f)	 except as provided in paragraph (e) above, the Minority Holder is not obliged to give any
representations, warranties or indemnities in relation to any Group Company; and 

  

	 	(g)	 the Majority Holder must not sell any Securities to the Drag Buyer unless at the same time the Drag Buyer
buys all of the Securities held by each Minority Holder on the terms stated in the Drag Notice; and 

  

	 	(h)	 the costs and expenses associated with the Drag Transaction, to the extent not borne by the Group, shall
be borne by the relevant selling Securityholders pro rata to the amount of proceeds (which shall include the value attributed in accordance with this clause 17 to any non-cash consideration) actually payable
to each such Securityholder. 

  

	17.5	 By way of security for performance of its obligations under this clause 17, each Minority Holder
irrevocably appoints each Investor Securityholder (severally, and not jointly or jointly and severally) as its attorney with full power and authority to do all such acts and things as the Minority Holder is required to do to comply with its
obligations under this clause 17. 

  

	18.	 TAG RIGHTS 

 

	18.1	 Application of this clause 

This clause 18 applies where: 
  

	 	(a)	 a Sale Notice is given under clause 16.1 but: 

 

	 	(i)	 no Offer Notice is given under clause 16.2; or 

 

	 	(ii)	 where an Offer Notice is given under clause 16.2, no Acceptance Notice is given under clause 16.2(b) and
16.3(a); or 

  

	 	(iii)	 where the Selling Securityholder sells some (but not all) of the Sale Securities under clause 16 and
remains the Majority Holder after the sale; and 

  

	 	(b)	 the Majority Holder wishes to sell Securities to a third party on or after the third anniversary of the
Effective Date (a Third Party Sale); and 

  
 30 

	 	(c)	 that Majority Holder has not issued a Drag Notice in respect of the Third Party Sale.

  

	18.2	 Tag Notice 

If this clause 18 applies, the Majority Holder must first give written notice (a Tag Notice) to each Minority Holder.
A Tag Notice must: 
  

	 	(a)	 specify the number of Securities the Majority Holder proposes to sell, the proposed sale price per
Security (the Tag Sale Price) and any other terms and conditions of the Third Party Sale (the Tag Sale Terms) which, if the Tag Sale Price for the Securities the subject of the Third Party Sale includes any non-cash consideration other than liquid marketable securities, must include 

  

	 	(i)	 a choice (of the relevant Minority Holder’s choosing) between: 

 

	 	(A)	 the same mix of non-cash and cash consideration as the Majority
Holder is to receive pursuant to the Third Party Sale; or 

  

	 	(B)	 cash consideration only with the non-cash component being
satisfied in cash at the Tag Value; and 

  

	 	(ii)	 the value that the Majority Holder is ascribing to the non-cash
consideration which, if the Minority Holder elects, must be the Fair Value (the Tag Value); 

  

	 	(b)	 state the name of the person to whom the Majority Holder proposes to sell its Securities (the Tag
Buyer) and, if that person is a body corporate, the Ultimate Holding Company of that person; 

  

	 	(c)	 state that each Minority Holder has an option (a Tag Option) to direct the Majority Holder to
require, as a condition of the sale of the Majority Holder’s Securities, that the Tag Buyer also buy: 

  

	 	(i)	 if the Tag Buyer (together with its Affiliates) would, following completion of the Third Party Sale, hold
50% or more of the Securities, at the Minority Holder’s election, either: (A) all of the Minority Holder’s Securities; or (B) the same proportion of the Minority Holder’s Securities as the proportion of Securities that the
Majority Holder is selling pursuant to the Third Party Sale; or 

  

	 	(ii)	 if the Tag Buyer (together with its Affiliates) would, following completion of the Third Party Sale, hold
less than 50% of the Securities, the same proportion of the Minority Holder’s Securities as the proportion of Securities that the Majority Holder is selling pursuant to the Third Party Sale, 

(any such Securities being sold by the Minority Holder being Tag Securities), at the Tag Sale Price and, subject to
clause 18.4, on the Tag Sale Terms; 
  

	 	(d)	 specify a period, which must be at least ten Business Days, during which recipients of a Tag Notice may
exercise their Tag Options (the Tag Period); and 

  

	 	(e)	 state the Majority Holder’s reasonable best estimate of the date for completion of the sale of the
Tag Securities if the Tag Option is exercised, which, unless otherwise agreed between the Majority Holder and the Minority Holder, must be at least ten Business Days after the end of the Tag Period. 

  
 31 

 A Minority Holder may elect, by notice to the Majority Holder and within
five Business Days of receipt of the Tag Notice, that the Tag Value be the Fair Value. If the Minority Holder so elects, the Tag Period shall be extended to the date ten Business Days after the date that the Fair Value is determined. 

 

	18.3	 Exercise of a Tag Option 

A Minority Holder may exercise a Tag Option by giving notice in writing to the Majority Holder (with a copy to each Company)
no later than 5.00 pm on the last day of the Tag Period. If the Tag Notice included a choice as to the form of consideration in respect of the Tag Sale Price, such notice shall also include the Minority Holder’s election with respect to the
form of such consideration. Any exercise of a Tag Option is irrevocable unless the Majority Holder otherwise agrees in writing, provided that if: 
  

	 	(a)	 the material terms of the proposed Tag Along offer change with the result that the Tag Sale Price shall be
less than the Tag Sale Price originally set forth and notified to the Minority Holders in relation to the Third Party Sale; 

  

	 	(b)	 the form of consideration differs from the form of consideration originally set forth and notified to the
Minority Holders in relation to the Third Party Sale; or 

  

	 	(c)	 the other terms and conditions shall be materially less favourable to the Minority Holders exercising
their Tag Option to those set forth and notified to such Minority Holders, 

 each Minority Shareholder
shall be permitted to withdraw their exercise of the Tag Option by written notice to the Majority Holder and upon such withdrawal shall be released from their obligations with respect to such exercise of their Tag Option. 

 

	18.4	 Effect of exercise of a Tag Option 

If a Minority Holder exercises its Tag Option in accordance with clause 18.3, then: 

 

	 	(a)	 the Majority Holder must not complete any sale of any Securities to the Tag Buyer before the expiry of the
Tag Period (as extended in accordance with clause 18.3 (if applicable)); 

  

	 	(b)	 subject to clause 18.5, the Majority Holder must not complete the Third Party Sale unless at the same time
the Tag Buyer buys each of that Minority Holder’s Tag Securities at the Tag Sale Price and, subject to this clause 18.4, on the Tag Sale Terms; 

  

	 	(c)	 the Minority Holder must sell the Tag Securities to the Tag Buyer on the terms stated in the Tag Notice;

  

	 	(d)	 the Minority Holder must give the same warranties as to title and capacity, and the same indemnity as to
leakage, as the Majority Holder gives to the Tag Buyer; 

  

	 	(e)	 except as provided in paragraph (d) above, the Minority Holder is not obliged to give any
representations, warranties or indemnities in relation to any Group Company; and 

  

	 	(f)	 the costs and expenses associated with the Third Party Sale, to the extent not borne by the Group, shall
be borne by the relevant selling Securityholders pro rata to the amount of proceeds (which shall include the value attributed in accordance with this clause 18 to any non-cash consideration) actually payable
to each such Securityholder. 

  
 32 

	18.5	 WPP Securityholder shareholder approval 

If a Minority Holder who is a WPP Securityholder elects to exercise their Tag Option in accordance with clause 18.3 and the
transfer of the applicable Tag Securities requires a shareholder approval of any member of the WPP Group, and that shareholder approval has not been obtained within two months of the relevant WPP Securityholder exercising the Tag Option, the
Majority Holder and any other Securityholders shall be entitled to complete the sale of their Securities pursuant to the Third Party Sale provided that the Majority Holder procures that the buyer pursuant to the Third Party Sale agrees to complete
the sale by the relevant WPP Securityholder within 10 Business Days of the date when the relevant WPP Securityholder obtains such shareholder approval provided it is obtained within three months of completion of the Majority Holder’s sale. 

 

	18.6	 Time limit for completion of Third Party Sale 

If the Third Party Sale has not been completed within 60 Business Days after the later of: (a) the end of the Tag
Period; and (b) satisfaction or waiver of the conditions to completion pursuant to the Tag Sale Terms, the Majority Holder must not complete the Third Party Sale without first issuing a new Tag Notice and following the procedure set out in this
clause 18. 
  

	19.	 GENERAL PROVISIONS RELATING TO ISSUE AND TRANSFER OF SECURITIES 

 

	19.1	 Registration of issues and transfers of Securities 

Each Company must not issue any Securities or register the transfer of any Securities unless: 

 

	 	(a)	 the issue or transfer is made in accordance with this agreement; and 

 

	 	(b)	 the subscriber or transferee (if not already a party to this agreement) (the New Party) first
executes and delivers a Deed of Adherence to the relevant Company or Companies (as applicable). 

  

	19.2	 710-12 of the 1915 Law 

 

	(a)	 With respect to RoW JVCo and US GPCo, each Securityholder irrevocably undertakes to each other
Securityholder, RoW JVCo and US GPCo to vote in favour of any resolutions approving a Disposal of Securities made in accordance with this agreement and the relevant Articles and further undertakes to accept any such transfer in accordance with
article 710-12 of the 1915 Law. 

  

	(b)	 If, on or after the third anniversary of the Effective Date, a Securityholder proposes to:
(i) Dispose of its Shares in RoW JVCo or US GPCo pursuant to law 710/12 of the Luxembourg Companies Law; (ii) such Disposal is not permitted under this agreement; and (iii) such Disposal is not approved by relevant Shareholders
holding at least three quarters of the all the relevant Shares, the relevant non-transferring Securityholders may, within three (3) months from the date of the refusal, acquire the relevant Shares on an
equal treatment basis (unless otherwise agreed between them) or procure the acquisition of the relevant Shares, at a price determined in accordance with clause 19.2(d), except if the transferring Securityholder decides to forego the transfer. Upon
request of the relevant Board, the three-month period can be extended by the president of the chamber of the district court of Luxembourg dealing with commercial matters and sitting as in summary proceedings, it being understood that such extension
shall not exceed six (6) months. 

  

	(c)	 To the extent that the Securityholders have not proposed to acquire the Shares pursuant to clause 19.2(b),
the relevant Company may, within the same timeframe and with the consent of the transferring Securityholder, decide to: (i) reduce its share capital by an amount corresponding to the

  
 33 

	 	 
aggregate nominal value of the relevant Shares; and (ii) repurchase and cancel such Shares at a price determined in accordance with clause 19.2(d). 

 

	(d)	 For the purposes of clauses 19.2(b) and 19.2(c), the transfer price or redemption price shall correspond
to the aggregate nominal value of the relevant Shares. 

  

	19.3	 Acceptance of New Party as party 

If a person becomes a holder of Securities, other than as a result of breach of this agreement, and the provisions of clause
19.1 are complied with, each party: 
  

	 	(a)	 accepts the New Party as a party to this agreement; and 

 

	 	(b)	 agrees and acknowledges that the New Party will be entitled to the rights and benefits of this agreement
as if the New Party were named in this agreement as a Securityholder and, in the case of an Affiliate or Permitted Transferee of (i) an Investor US Securityholder, who is an Investor Securityholder and Investor US Securityholder; (ii) an
Investor RoW Securityholder, who is an Investor Securityholder and Investor RoW Securityholder; (iii) a WPP US Securityholder, who is a WPP Securityholder and WPP US Securityholder; or (iv) a WPP RoW Securityholder and WPP Securityholder.

  

	20.	 PROHIBITED ACTIVITIES 

 

	20.1	 Interpretation 

For the purposes of this clause 20 a person engages in a business if the person or an Affiliate carries on the
business as principal or agent or: 
  

	 	(a)	 is a partner, director, employee, contractor, consultant, adviser or agent in, of or to any person who
carries on the business; 

  

	 	(b)	 has any direct or indirect financial interest (as shareholder, unit holder, financier or otherwise) in the
business or any person who carries on the business; or 

  

	 	(c)	 is a partner, director, employee, contractor, consultant, adviser or agent in, of or to any person who has
a direct or indirect financial interest (as shareholder, unit holder, financier or otherwise) in the business or any person who carries on the business. 

  

	20.2	 Prohibited activities 

 

	(a)	 Each Securityholder and each of its Affiliates (other than, in the case of an Investor Securityholder, any
portfolio or investee company in which an Investor Securityholder or any Investment Fund which Controls an Investor Securityholder has an equity interest) must not directly or indirectly induce or attempt to induce any person who is a Senior
Employee to leave the Employment of that Group Company. 

  

	(b)	 Each WPP Securityholder shall procure that, whilst appointed and for a period of 12 months after ceasing
to be appointed as a WPP Director or Observer appointed by the WPP Securityholder(s), any such person shall not engage in any activity that competes with the Business provided that any WPP senior executive who has general oversight of the WPP Group
or business shall not be subject to this prohibition. 

  
 34 

	20.3	 Duration of prohibitions 

 

	(a)	 The undertaking in clause 20.2(a) applies in relation to each Securityholder for the period starting on
the Effective Date and ending on the date that is two years after the date on which that Securityholder and all of its Affiliates cease to hold any Securities; 

 

	(b)	 The undertaking in clause 20.2(b) applies in relation to each WPP Securityholder for the period starting
on the date that the relevant WPP Securityholder appoints a WPP Director and ending on the date that is 12 months after the date on which the relevant WPP Director or Observer appointed by the WPP Securityholder(s) ceased to be a WPP Director or
Observer as applicable. 

  

	20.4	 Geographic application of prohibitions 

 

	(a)	 The undertaking in clause 20.2(a) applies within those territories and countries where the Business
operates, or operated, whilst the relevant Securityholder was a Securityholder. 

  

	(b)	 The undertaking in clause 20.2(b) applies within those territories and countries where the Business
operates, or operated, while such person is, or was, appointed a WPP Director or Observer appointed by the WPP Securityholder(s) as applicable. 

  

	20.5	 Exceptions to non-solicitation 

The prohibition in clause 20.2(a) does not prevent any Securityholder or Affiliate thereof from publishing any recruitment
advertisement in any local or national newspaper or other publication or on any website, or from negotiating with any person who replies to any such advertisement or who initiates any contact with any Securityholder. 

 

	20.6	 Operation of this clause 20 

Clauses 20.2(a) and 20.2(b) and clauses 20.3 and 20.4 have effect together as if they consisted of separate prohibitions,
each being severable from the other, and: 
  

	 	(a)	 it is the intention of the parties that each of the separate prohibitions so resulting applies separately
and independently of all of the other separate prohibitions so resulting; and 

  

	 	(b)	 if any of the separate prohibitions so resulting is invalid or unenforceable for any reason, the
invalidity or unenforceability of that prohibition does not affect the validity or enforceability of any of the other separate prohibitions so resulting. 

  

	20.7	 Acknowledgements 

Each Securityholder acknowledges that: 
  

	 	(a)	 the prohibitions in clause 20.2 are no more extensive than is reasonable in the circumstances to protect
the business interests and goodwill of the Group; and 

  

	 	(b)	 damages alone may not be an adequate remedy if any Securityholder breaches this clause 20 and, without
prejudice to any other remedy available to the relevant Company, the other Securityholders or the relevant Company may apply for injunctive relief if that Securityholder breaches or threatens to breach this clause 20 or if the other Securityholders
or the relevant Company believe that Securityholder is likely to breach this clause 20. 

  
 35 

	21.	 EXIT 

  

	(a)	 The Securityholders acknowledge and agree that it is their collective intention to pursue an Exit.

  

	(b)	 Subject to clause 21(c) and without prejudice to the rights of the parties under clauses 14 to 18
(inclusive), the timing, structure, pricing and other terms and conditions (including target leverage, listing venue, amount of primary & secondary issuance, syndicate participants, advisers, fees and governance structure) of any IPO shall
be discussed in good faith between the Investor Securityholders and the WPP Securityholders. 

  

	(c)	 At any time after the third anniversary of the Effective Date the Investor Securityholders may direct that
an IPO be undertaken and that, in connection with such IPO, each relevant Securityholder participate, and each relevant Securityholder hereby undertakes to participate, in any pre-IPO reorganisation (including
to insert a new single holding company of the Business which will be listed pursuant to the IPO) provided that such a reorganisation does not adversely affect the gross value of the Securities of any Securityholder in a manner that is
disproportionate to the effect on the gross value of the Investor Securityholders’ Securities. 

  

	(d)	 Subject to clause 21(c) and without prejudice to the rights of the parties under clauses 14 to 18
(inclusive), all parties agree to take such actions, and to procure that such actions (subject to applicable law, rules and regulations) are taken, as is reasonably requested and agreed by the WPP Securityholders and the Investor Securityholders and
the relevant Board or Boards (as applicable) to achieve any Exit, or where required by the Investor Securityholders pursuant to clause 21(c) as are determined by the Investor Securityholders to be necessary or desirable to achieve any such IPO,
including: 

  

	 	(i)	 approving the appointment by the relevant Company (and/or relevant Group Company) of professional and
corporate finance advisers approved by the relevant Board or Boards (as applicable) for and on behalf of the relevant Company (and/or relevant Group Company); 

 

	 	(ii)	 subject always to any fiduciary duties of the relevant Directors, by consenting to any Board Approvals
necessary; 

  

	 	(iii)	 assisting in the production and negotiation of such documentation as is required to effect the Exit;

  

	 	(iv)	 giving such co-operation and assistance as the relevant Board or
Boards (as applicable) reasonably requests; and 

  

	 	(v)	 in relation to a proposed IPO, discussing in good faith: 

 

	 	(A)	 such undertakings in relation to the retention, disposal or manner of disposal of their shares or
securities received as consideration for their Securities (known as ‘lock-ups’); 

  

	 	(B)	 any changes to the governance structure (including policies, standards or Anti-Corruption Policies) of the
Companies or the Group; and 

  

	 	(C)	 provisions designed to result in an orderly disposal of Securities (or securities received as
consideration for their Securities) by the Securityholders and to maximise the value from the IPO for the Securityholders, including, but not limited to, agreeing the target leverage of

  
 36 

	 	 
the Group, listing venue, amount of primary and secondary issuance, syndicate participants, fees (including fees for legal, tax and other advisers) and listing price, 

in each case, to the extent they are reasonably considered necessary or desirable by the corporate finance advisers, legal
advisers or other professional advisers advising the relevant Company or Companies (as applicable) on the Exit; and 
  

	(e)	 The parties acknowledge that, on an Exit: 

 

	 	(i)	 the Securityholders and the Directors will not give any representations, warranties or indemnities in
connection with the Group, except: 

  

	 	(A)	 on a Sale, a warranty to be given by each of the relevant Securityholders as to the title to the
Securities held by it in the capital of the relevant Company and as to its capacity to sell those Securities, as well as a customary leakage indemnity; and 

  

	 	(B)	 on an IPO, such warranties, representations and indemnities as are required by the underwriters in
accordance with customary market practice at the relevant time; 

  

	 	(ii)	 there shall be no arrangements or agreements in relation to the purchase price for an Exit, other than
those set out in the principal transaction documents giving effect to the Exit, unless otherwise agreed by the Investor Securityholders and the WPP Securityholders; and 

 

	 	(iii)	 the costs and expenses associated with any Exit, to the extent not borne by the Group shall be borne by
the relevant Securityholders pro rata to the amount of proceeds actually payable to each Securityholder; and 

  

	 	(iv)	 if the Exit is by way of an IPO: 

 

	 	(A)	 the WPP Securityholders will be given the opportunity (pro rata with the Investor Securityholder) to sell
shares in any secondary offering; 

  

	 	(B)	 the Investor Securityholders will be entitled to require the WPP Securityholders to sell up to their pro
rata share of any secondary offering to the extent that the underwriters recommend such secondary offering as necessary or desirable to create a market standard free float, provided that the WPP Securityholders (together with its Permitted
Transferees) shall not be required to sell down below a 20% shareholding (in aggregate) in the listed company; and 

  

	 	(C)	 the Investor Securityholders and the WPP Securityholders will enter into such agreements as are determined
by the Investor Securityholders (in consultation with the underwriters) to be necessary or desirable for the orderly transition of the Group onto the public markets which will treat them equally including as to
lock-up obligations and orderly marketing restrictions (with each of them being entitled to initiate sales of shares in the listed company subject to pro rata tag-along
rights for the other). 

  

	22.	 WPP RIGHTS REINSTATEMENT 

If at any point: 

  
 37 

	 	(i)	 any of the rights granted to the WPP Securityholders under this agreement cease to be exercisable by the
relevant WPP Securityholder or WPP Securityholders; and/or 

  

	 	(ii)	 any obligations of the other parties to this agreement cease to apply, 

 

	    	 in each case, as a result of the WPP Securityholders (together with their respective Permitted
Transferees) ceasing to hold an applicable minimum percentage holding of Securities as set out in this agreement (a Rights and Obligations Reduction) and subsequently the WPP Securityholders’ (together with their respective Permitted
Transferees) holding of Securities in aggregate equals or exceeds such minimum holding of Securities, the WPP Securityholders shall be entitled to the benefit of the rights removed pursuant to such Rights and Obligations Reduction and the
obligations of the other parties in respect of any obligations that ceased to apply pursuant to such Rights and Obligations Reduction shall apply. The parties agree to take such reasonable steps as are necessary to reinstate any such rights
including appointing WPP Directors as required by the relevant WPP Securityholders, or to apply any applicable obligations of the other parties. 

  

	23.	 WARRANTIES 

 

	23.1	 All party warranties 

 

	    	 Each party warrants to each other party on the date of this agreement that each of the following
statements is true, accurate and not misleading: 

  

	 	(a)	 it is a corporation validly existing under the laws of the place of its incorporation;

  

	 	(b)	 it has the power to execute and deliver, and to perform its obligations under, this agreement and each of
the other Transaction Documents to which it is or will be a party, and it has taken all necessary corporate action to authorise such execution and delivery and the performance of such obligations; 

 

	 	(c)	 its obligations under this agreement are, and its obligations under each of the other Transaction
Documents to which it is or will be a party are, or will on execution of those Transaction Documents be, legal, valid, binding and enforceable in accordance with their terms; 

 

	 	(d)	 the execution and delivery by it of this agreement and of each of the other Transaction Documents to which
it is or will be a party and the performance of its obligations under each of them do not and will not conflict with or constitute a default under any provision of: 

 

	 	(i)	 any agreement or instrument to which it is a party; 

 

	 	(ii)	 its articles of association/constitution (if any); or 

 

	 	(iii)	 any law, order, judgment, award, injunction, decree, rule or regulation by which it is bound; and

  

	 	(e)	 no Insolvency Event has occurred in relation to it. 

 

	24.	 ANTI-CORRUPTION 

 

	(a)	 Each party undertakes to each other party that: 

 

	 	(i)	 it will not engage in any activity, practice or conduct which would contravene or otherwise constitute an
offence under any applicable anti-bribery, anti-corruption, 

  
 38 

	 	 
anti-money laundering or trade-control laws, irrespective of where such activity, practice or conduct takes place; and 

 

	 	(ii)	 to the extent that it has not already done so, it will establish and at all times maintain in place
adequate procedures designed to prevent any Associated Person from undertaking any conduct that would contravene or otherwise give rise to an offence under any applicable anti-bribery and/or anti-corruption laws (Anti-Corruption Policies).

  

	(b)	 Each Company must procure that each of their respective Subsidiaries from time to time complies with the
Anti-Corruption Policies and must keep them under regular review. 

  

	(c)	 Each Company may at any time, and must upon reasonable request by an Investor Securityholder or one of the
relevant WPP Securityholders, prepare draft amendments to the Anti-Corruption Policies which it must submit to each relevant Securityholder. The relevant Investor Securityholder and the relevant WPP Securityholder must consider any draft amendments
to the Anti-Corruption Policies submitted to it under this clause 24 and must take appropriate steps with a view to it and the relevant Investor Securityholders or relevant WPP Securityholders (as applicable) or agreeing revised Anti-Corruption
Policies (with such amendments as it and the relevant Investor Securityholders or relevant WPP Securityholders (as applicable)) as soon as reasonably practicable. 

 

	25.	 TERM AND TERMINATION 

 

	25.1	 Term 

  

	(a)	 This agreement takes effect on the date of this agreement and continues until terminated in accordance
with clause 25.2. 

  

	(b)	 The parties agree that the voting undertakings and transfer restrictions set out in this agreement are in
the corporate interest of the Companies. 

  

	(c)	 In relation to any voting undertaking or waiver of voting rights to which Luxembourg law may apply a
maximum duration, such undertaking will survive until the earlier of: 

  

	 	(i)	 the date thirty (30) years from the date of this agreement; and 

 

	 	(ii)	 the maximum period permitted by Luxembourg law. 

 

	(d)	 If the duration of any voting undertaking or waiver of voting rights to which Luxembourg law may apply a
maximum duration either: 

  

	 	(i)	 would expire within one year pursuant to clause 25.1(c)(i); or 

 

	 	(ii)	 expires pursuant to clause 25.1(c)(ii), 

 

	    	 the parties undertake to each other to take all such actions and steps as are reasonably necessary to
ensure that the applicable voting undertakings or waiver of voting rights do not expire in accordance with clause 25.1(c), or agree a mutually satisfactory alternative. 

 

	25.2	 Circumstances for termination 

 

	    	 This agreement terminates: 

 

	 	(a)	 in respect of the rights and obligations of all parties: 

  
 39 

	 	(i)	 on the date on which the last Company is wound up; 

 

	 	(ii)	 on the date on which one person becomes the beneficial owner all of the Securities; 

 

	 	(iii)	 on the date on which all parties agree in writing to terminate this agreement; or 

 

	 	(iv)	 on an Exit; and 

 

	 	(b)	 in respect of the rights and obligations of a Securityholder, on the date on which that Securityholder
ceases to hold any Securities. 

  

	25.3	 Effect of termination 

 

	    	 If this agreement terminates in respect of the rights and obligations of any party: 

 

	 	(a)	 except as provided in clause 25.3(c) that party is released from its obligations to further perform this
agreement; 

  

	 	(b)	 each party retains all rights that it has against each other party in respect of any breach of this
agreement occurring before termination; and 

  

	 	(c)	 the provisions of and the rights and obligations of each party under this clause 25.3 and each of the
Surviving Clauses survive termination of this agreement. 

  

	26.	 CONFIDENTIALITY 

 

	26.1	 Confidentiality obligations 

 

	    	 Except as permitted by this clause 26: 

 

	 	(a)	 each Securityholder must keep confidential: 

 

	 	(i)	 all information made available to it by or on behalf of the relevant Company or by its Nominated Director
or Observer under clause 8.5 (whether before, on or after the date of this agreement and whether in writing, orally, electronically or in any other form or medium) which relates to the past, present or future business, operations or affairs of any
relevant Group Company; 

  

	 	(ii)	 all information made available to it by or on behalf any other Securityholder (whether before, on or after
the date of this agreement and whether in writing, orally, electronically or in any other form or medium) in connection with the arrangements contemplated by this agreement; and 

 

	 	(iii)	 the existence, terms and subject matter of, and the negotiations relating to, this agreement and each
other Transaction Document, 

 and must not disclose or cause or permit the disclosure to any person of
any such information, or use any such information for any purpose other than exercising its rights or performing its obligations under this agreement or any other Transaction Document or monitoring and making decisions regarding its investment in
the relevant Company or Companies (as applicable); and 
  

	 	(b)	 each Company must keep confidential: 

  
 40 

	 	(i)	 all information made available to it by or on behalf of any Securityholder (whether before, on or after
the date of this agreement and whether in writing, orally, electronically or in any other form or medium) in connection with the arrangements contemplated by this agreement; and 

 

	 	(ii)	 the existence, terms and subject matter of, and the negotiations relating to, this agreement and each
other Transaction Document, 

  

	    	 and must not disclose or cause or permit the disclosure to any person of any such information, or use any
such information for any purpose other than conducting the Business or exercising its rights or performing its obligations under this agreement or any other Transaction Document. 

 

	26.2	 Excluded information 

 

	    	 Clause 26.1 does not apply to any information which: 

 

	 	(a)	 is in or comes into the public domain, except through a breach of this clause 26 or through a breach by
any person of any other obligation of confidentiality; or 

  

	 	(b)	 at the time it was disclosed by one party to another was already in the lawful possession of the second
party and not held by the second party subject to an obligation of confidentiality. 

  

	26.3	 Disclosure to Affiliates or Representatives 

 

	    	 Nothing in clause 26.1 prevents any party from disclosing information to any of its Affiliates or
Representatives if: 

  

	 	(a)	 the information needs to be disclosed to that Affiliate or Representative: 

 

	 	(i)	 to enable that party to exercise its rights or perform its obligations under this agreement or any other
Transaction Document; or 

  

	 	(ii)	 where the party is a Securityholder, to enable that Securityholder to monitor and make decisions regarding
its investment in the relevant Company; and 

  

	 	(b)	 before disclosure is made that party has informed the relevant Affiliate or Representative in writing that
the information is confidential and must only be used for the purpose for which it was disclosed. 

  

	    	 A party that discloses information under this clause 26.3 must ensure that each of its Affiliates or
Representatives to whom information is so disclosed strictly complies with that party’s obligations under this clause 26 as if those obligations were imposed directly on the relevant Affiliate or Representative. 

 

	    	 In addition, an Investor Securityholder may disclose information relating to the Group to the limited
partners in the Investment Funds which Control it subject to the confidentiality provisions applicable to such limited partners in their capacity as such. 

  

	26.4	 Required disclosure 

 

	    	 Nothing in clause 26.1 prevents a party or any of its Affiliates or Representatives from disclosing
information: 

  
 41 

	 	(a)	 in the WPP Circular, the AUNZ Circular or the Scangroup Circular or where such announcement is in the
Agreed Announcement or the confidential information disclosed comprises only information set out in the Agreed Announcement; 

  

	 	(b)	 with the written approval of each other relevant party, which in the case of any announcement shall not be
unreasonably conditioned, withheld or delayed; or 

  

	 	(c)	 to the extent required by applicable law, any court of competent jurisdiction or any competent regulatory
body (including, without limitation, any relevant stock exchange or listing authority), but if a person is so required to make any announcement or to disclose any confidential information, the relevant party shall promptly notify the other parties,
where practicable and lawful to do so, before the announcement is made or disclosure occurs (as the case may be) and shall co-operate with the other party regarding the timing and content of such announcement
or disclosure (as the case may be) or any action which the other parties may reasonably elect to take to challenge the validity of such requirement. 

  

	26.5	 Legal proceedings 

 

	    	 Nothing in clause 26.1 prevents a party from disclosing information to the extent required to enable that
party to enforce the provisions of this agreement or any other Transaction Document or for the purpose of defending any proceedings brought against that party. 

 

	26.6	 Advertisements and public announcements 

 

	    	 Nothing in clause 26.1 prevents a party from disclosing information in any advertisement or public
announcement made with the written consent of each other Securityholder. 

  

	26.7	 Disclosure to potential buyers of Securities 

 

	    	 A Securityholder may disclose information relating to any Group Company to any person to whom the
Securityholder proposes to sell its Securities in the relevant Company in accordance with the provisions of this agreement, but before any such information is disclosed, the potential buyer must enter into appropriate confidentiality undertakings
enforceable by the relevant Company on terms that give at least the same level of protection for that information as this clause 26 or on such other terms as the relevant Company approves, acting reasonably. For the avoidance of doubt, this clause
26.7 does not permit any Securityholder to disclose information relating to another Securityholder or its Affiliates other than the identity of a Securityholder and its Ultimate Holding Company and its Equity Proportion at the relevant time.

  

	26.8	 Outgoing Securityholder 

 

	    	 If it is proposed that a Securityholder cease to be a Securityholder, that Securityholder must immediately
before ceasing to be a Securityholder: 

  

	 	(a)	 deliver all documents or other materials in tangible form that are in its possession or control and that
contain information of the type described in clause 26.1(a) to the party that made that information available to it; 

  

	 	(b)	 permanently delete all information of the type described in clause 26.1(a) that has been stored on any
computer, database or other electronic storage medium by it or on its behalf; and 

  
 42 

	 	(c)	 ensure that each of its Affiliates (other than any Affiliates that continue to be or become
Securityholders as a result of a transfer from the outgoing Securityholder) and Representatives to whom information has been provided under clause 26.3 does the same, 

 

	    	 except to the extent that the Securityholder or the relevant Affiliate or Representative is required to
retain such information by law, the rules of any regulatory authority or any mandatory professional standards rules or in accordance with its reasonable and bona fide internal compliance policies. 

 

	27.	 TAX MATTERS 

 

	27.1	 Definitions 

 

	(a)	 In this clause 27: 

 

	    	 Investor Securityholder Tax Consolidation means any group, consolidation, fiscal unity or other
form of association of which any Group Company is treated as part for any Tax purposes and of which an Investor Securityholder (and/or any Affiliate of an Investor Securityholder other than a Group Company) is also so treated, and pursuant to which
the Tax position of any Group Company which is so treated is or may be determined to any extent by reference to the circumstances of such Investor Securityholder and/or (as applicable) any such Affiliate of such Investor Securityholder;

  

	    	 Relief means any loss, allowance, credit, relief, deduction or
set-off in respect of, or taken into account (or capable of being taken into account) in the calculation of a liability to, Tax, or any right to a repayment of Tax; 

 

	    	 Tax Period means, in relation to any Tax, a period in respect of which a return or a payment to a
Tax Authority is required to be made in relation to a Group Company; 

  

	    	 Tax Return means any return, declaration or report required to be filed with any Tax Authority in
connection with the determination, assessment or collection of Tax; and 

  

	    	 WPP Representative means the Group Tax Director of the WPP Group, or such other person as the WPP
Securityholders may designate from time to time by notice to the other Securityholders. 

  

	(b)	 For the purposes of this clause 27, a Group Company shall be deemed to be liable for a payment of Tax, and
to make that payment of Tax, if that Group Company would be liable for a payment of Tax but for the use or setting off against profits or against a liability to pay Tax of any Relief, and such deemed payment of Tax shall be deemed to be due on the
earliest possible date on which that Tax could have been due (ignoring for this purpose any application to postpone payment of, appeal against or amendment of any assessment or other notification of that Tax) but for the use or setting off of the
Relief concerned. 

  

	27.2	 Secondary Tax Liabilities 

 

	(a)	 In this clause 27.2: 

 

	 	(i)	 a Relevant Person in relation to a Securityholder means that Securityholder and any other person
(excluding any Group Company) that may be treated for the purposes of any Tax as having been at any time on or after the date of this agreement a member of the same group of companies as, or otherwise associated with or connected with, that
Securityholder; 

  

	 	(ii)	 a Tax liability will be deemed to have been suffered by a person: 

  
 43 

	 	(A)	 if that person is required to make a payment to a Tax Authority in respect of that Tax liability; or

  

	 	(B)	 if that person would have been required to make a payment to a Tax Authority in respect of that Tax
liability but for the utilisation or offset of a Relief or repayment of Tax available to that person; and 

  

	 	(iii)	 Tax will be deemed to be attributable to a person (the Attributed Person) and not to another
person if and to the extent that it is Tax which is payable by reference to the income, profits or gains, transactions, assets, capital or liabilities of the Attributed Person and not of the other person. 

 

	(b)	 Each Securityholder covenants with each Company to pay to that Company an amount equal (on an after-Tax basis) to: 

  

	 	(i)	 any Tax liability suffered by that Company or any Group Company in which that Company directly or
indirectly holds an interest: 

  

	 	(A)	 as a result of a failure by a Relevant Person in relation to that Securityholder to discharge Tax for
which it is liable; or 

  

	 	(B)	 which is attributable to a Relevant Person in relation to that Securityholder and is not attributable to a
Group Company, 

  

	 	    	 which in each case would not have been suffered by the relevant Company or Group Company but for the
relationship, after: (I) the date of the Transfer Agreement in the case of an Investor Securityholder; or (II) the Effective Date (or, if later, the date upon which that Group Company became a Group Company) in the case of a WPP
Securityholder, of the relevant Company or that Group Company with any Relevant Person in relation to that Securityholder; and 

  

	 	(ii)	 any reasonable out-of pocket costs or expenses reasonably and
properly incurred by that Company or Group Company solely and directly in connection with any Tax liability as is referred to in clause 27.2(b)(i) or in connection with any action taken in avoiding, resisting or settling any such Tax liability or in
connection with successfully taking or defending any action under this clause 27.2(b). 

  

	(c)	 If a Company or any Group Company in which that Company directly or indirectly holds an interest receives
any notice, enquiry, demand, assessment, determination, letter or other document issued by a Tax Authority from which it appears that that Company or Group Company may suffer a Tax liability which may give rise to a claim against a Securityholder
pursuant to clause 27.2(b), then that Company shall give or procure that notice in writing is given to the relevant Securityholder as soon as is reasonably practicable. Subject to the relevant Securityholder having indemnified that Company each
relevant Group Company on an after-Tax basis to that Company’s reasonable satisfaction against any liabilities, damages, Tax, losses or
out-of-pocket costs or expenses which may be incurred thereby, that Company shall take or procure (so far as it is able to do so) that the relevant Group Company takes
such action as the relevant Securityholder may by written notice reasonably request to dispute, resist or compromise such claim, provided that: 

  

	 	(i)	 neither the Company in question nor any Group Company shall be required under this clause to take (or
procure the taking of) any action which would constitute fraudulent or negligent conduct, which would be materially prejudicial to the commercial interests of any Group Company or any other Securityholder, or the relevant Board reasonably

  
 44 

	 	 
considers could require it or any Group Company to engage in fraudulent conduct or the commission of or participation in any criminal offence or conduct; 

 

	 	(ii)	 the decision of whether to appeal any matter beyond the first appellate body (excluding the relevant Tax
Authority) shall be subject to the approval of the relevant Board at its sole discretion; and 

  

	 	(iii)	 nothing in this clause 27.2(c) shall confer on such Securityholder the right to resist the claim in the
name of the Company or Group Company (as the case may be). 

  

	(d)	 Each Securityholder (that Securityholder being referred to in this clause 27.2(d) and clause 27.2(e) as
Securityholder A) covenants with each other Securityholder (the relevant other Securityholder being referred to in this clause 27.2(d) and clause 27.2(e) as Securityholder B) to pay to Securityholder B an amount equal (on an after-Tax basis) to: 

  

	 	(i)	 any Tax liability suffered by Securityholder B or any Affiliate of Securityholder B (excluding any Group
Company): 

  

	 	(A)	 as a result of a failure by a Relevant Person in relation to Securityholder A to discharge Tax for which
it is liable; or 

  

	 	(B)	 which is attributable to a Relevant Person in relation to Securityholder A and is not attributable to
Securityholder B or any Affiliate of Securityholder B; and 

  

	 	(ii)	 any reasonable
out-of-pocket costs or expenses reasonably and properly incurred by Securityholder B or any Affiliate of Securityholder B (excluding any Group Company) solely and
directly in connection with any Tax liability as is referred to in clause 27.2(d)(i) or in connection with any action taken in avoiding, resisting or settling any such Tax liability or in connection with successfully taking or defending any action
under this clause 27.2(d). 

  

	(e)	 If Securityholder B or any of its Affiliates receives any notice, enquiry, demand, assessment,
determination, letter or other document issued by a Tax Authority from which it appears that it may suffer a Tax liability which may give rise to a claim against Securityholder A under clause 27.2(d), then Securityholder B shall give or procure that
notice in writing is given to Securityholder A as soon as is reasonably practicable. Subject to Securityholder A having indemnified Securityholder B and each relevant Affiliate of Securityholder B on an
after-Tax basis to Securityholder B’s reasonable satisfaction against any liabilities, damages, Tax, losses or out-of-pocket
costs or expenses which may be incurred thereby, Securityholder B shall take (and procure the taking of) such reasonable action as Securityholder A may by written notice request to dispute, resist or compromise such claim, provided that:

  

	 	(i)	 Securityholder B shall not be required to take (or procure the taking of) any action which would
constitute fraudulent or negligent conduct, which would be materially prejudicial to the commercial interests of Securityholder B, any of its Affiliates or any Group Company or which Securityholder B reasonably considers would require it, any of its
Affiliates or any Group Company to engage in fraudulent conduct or the commission of or participation in any criminal offence or conduct; 

  

	 	(ii)	 the decision of whether to appeal any matter beyond the first appellate body (excluding the relevant Tax
Authority) shall be subject to Securityholder A furnishing Securityholder B with the written opinion of counsel of at least ten years’ call to the effect that such appeal is more likely than not to succeed; and 

  
 45 

	 	(iii)	 nothing in this clause 27.2(e) shall confer on Securityholder A the right to resist the claim in the name
of Securityholder B, any of its Affiliates or any Group Company. 

  

	(f)	 A payment required to be made by a Securityholder under this clause 27.2 shall be made:

  

	 	(i)	 no later than ten Business Days after the date on which notice setting out the amount due is received by
that Securityholder from the relevant Company or (as relevant) the relevant other Securityholder; or 

  

	 	(ii)	 if later, in relation to any payment which arises in respect of Tax which is required to be paid to a Tax
Authority, no later than the date five Business Days prior to the last date on which that payment of Tax may be made in order to avoid incurring a liability to interest or penalties. 

 

	(g)	 For the avoidance of doubt, nothing in this clause 27.2 entitles a Company or a Securityholder to receive
payment in respect of a Tax liability, cost or expense if and to the extent that it has already received a payment under this clause 27.2 in respect of the same Tax liability, cost or expense. 

 

	27.3	 Structuring of indemnity payments 

 

	    	 Where it is agreed or determined that an amount is payable by a Securityholder to a Group Company pursuant
to this agreement, the relevant Securityholders and the relevant Company shall consult in good faith for a period of not less than ten Business Days (or such longer or shorter period as the parties may agree in writing) with a view to agreeing an
acceptable arrangement for satisfying the obligation to pay the amount so claimed in an efficient manner that does not prejudice the interests of any Group Company (which may involve among other things, and by way of example only, the relevant
Securityholder subscribing for worthless deferred shares in the relevant Company or making an additional contribution to the relevant Company in respect of existing shares in the relevant Company which are at the date of the contribution, and
continue to be, held by that Securityholder). If the Securityholders and the relevant Company fail to agree on any particular manner of payment during the course of such consultations (but not before), the party which is liable to make the payment
in question shall make that payment in cash to the person entitled to it. 

  

	27.4	 Tax returns etc 

 

	(a)	 In this clause 27.4: 

 

	    	 Relevant Period means, in relation to a Group Company, any Tax Period commencing after the
Effective Date (or, if later, the date upon which that Group Company became a Group Company); and 

  

	    	 Tax Period means, in relation to any Tax, a period in respect of which a return or a payment to a
Tax Authority is required to be made in relation to a Group Company. 

  

	(b)	 In relation to any matter relevant to the tax affairs of a Group Company for any Relevant Period
(including, without limitation, the preparation and submission of all notices, claims, consents, elections, returns and computations, the preparation and submission of all correspondence relating to such notices, claims, consents, elections, returns
and computations and the negotiation and agreement of all matters relevant to the tax position of that Group Company for any Relevant Period) each Securityholder shall take such steps as are within its power so as to ensure that:

  

	 	(i)	 provided the WPP US Securityholder and the WPP RoW Securityholder together with their respective Permitted
Transferees hold in aggregate more than 10% of the Securities, there are submitted to the WPP Representative, upon the WPP Representative’s written 

  
 46 

	 	 
request, copies of all material income Tax Returns to be submitted to the relevant Tax Authority in relation to the relevant matter (together with such other information as may be reasonably
necessary to enable the WPP Representative to consider the relevant returns, correspondence or other documents in light of all material facts) in sufficient time (and, where reasonably practicable, no less than thirty (30) Business Days) before
submission to the relevant Tax Authority to enable the WPP Representative or his advisors to comment on such Tax Returns; 

  

	 	(ii)	 following a submission to the WPP Representative as described in clause 27.4(b)(i), all reasonable
comments of the WPP Representative or his advisors received by the relevant Group Company in sufficient time (and, where reasonably practicable, no less than fifteen (15) Business Days) before the date for submission to the relevant Tax
Authority are reasonably considered by the relevant Group Company; and 

  

	 	(iii)	 provided the WPP US Securityholder and the WPP RoW Securityholder together with their respective Permitted
Transferees hold in aggregate more than 10% of the Securities, the WPP Representative is kept informed about the status of any material negotiations with the relevant Tax Authority relating to the relevant matter and, before any agreement in respect
of such matter is reached with the relevant Tax Authority, details of the proposed agreement are given to the WPP Representative in sufficient time (and, where reasonably practicable, no less than twenty (20) Business Days) before the
conclusion of such agreement to enable him or his advisors to comment on such agreement; and 

  

	 	(iv)	 provided the WPP US Securityholder and the WPP RoW Securityholder together with their respective Permitted
Transferees hold in aggregate more than 10% of the Securities, the WPP Representative (or his advisors) shall be provided as soon as reasonably practicable with any material information received by a Securityholder (other than the WPP
Securityholders) or any Group Company, or of which any such Securityholder or any Group Company otherwise becomes aware, which may be relevant to the relevant matter. 

 

	27.5	 VAT 

  

	    	 If anything done under this agreement is a supply on which VAT is chargeable, the recipient of that supply
shall pay to the maker of it (in addition to any other amounts payable under this agreement) an amount equal to any VAT for which the maker of the supply (or any member of the VAT group of which it is a member) is liable to account (against delivery
by the maker of the supply (or any member of the VAT group of which it is a member) of an appropriate VAT invoice). 

  

	27.6	 Investor Securityholder Tax Consolidations 

 

	    	 If, as a result of any acquisition of shares or securities in any entity other than a Group Company by an
Investor Securityholder or any Affiliate of an Investor Securityholder, any Group Company becomes part of any Investor Securityholder Tax Consolidation, the Investor Securityholders and the WPP Securityholders shall
co-operate in good faith and use reasonable endeavours so as to ensure that, so far as permitted by law, that Group Company is in no materially worse a Tax position than it would have been if it had not been
part of that Investor Securityholder Tax Consolidation. Such reasonable endeavours shall include, where relevant and to the extent permitted by law, not allocating disallowances of reliefs to Group Companies where the Group Companies would not have
suffered such disallowances if they were not members of the Investor Securityholder Tax Consolidation. In the event that a Group Company suffers such a disallowance because an allocation is so made and a member of the Investor Securityholder Tax
Consolidation that is not a Group Company (the “Benefitting Member”) receives a corresponding reduction (or increased reduction) in tax actually payable by it, the Investor Securityholders shall procure that the

  
 47 

	 	 
Benefitting Member shall pay to a Group Company an amount equal to such corresponding reduction (or increased reduction) in tax, provided that such payment may be deferred for so long as the
Benefitting Member does not have sufficient free cash available to it to make the payment. 

  

	27.7	 U.S. tax provisions 

 

	    	 The Parties agree that the provision of Schedule 9 hereto shall govern with respect to certain issues
material to a Securityholder’s U.S. federal, state, and local income tax consequences relating to the ownership of interests in US JVCo. 

  

	28.	 NOTICES 

 

	28.1	 Manner of giving notice 

 

	    	 Any notice or other communication to be given under this agreement must be in writing (which does not
include an Electronic Communication) and must be delivered or sent by post to the party to whom it is to be given as follows: 

  

	 	(a)	 to RoW JVCo at: 

 

	 	    	 4, rue Lou Hemmer 

	 	    	 L-1748 Luxembourg-Findel, 

	 	    	 Grand Duchy of Luxembourg 

 

	 	    	 For the attention of The Board of Managers; 

 

	 	(b)	 to US JVCo at: 

	 	    	 4, rue Lou Hemmer 

	 	    	 L-1748 Luxembourg-Findel, 

	 	    	 Grand Duchy of Luxembourg 

 

	 	    	 For the attention of US GPCo as manager of US JVCo; 

 

	 	(c)	 to US GPCo at: 

	 	    	 4, rue Lou Hemmer 

	 	    	 L-1748 Luxembourg-Findel, 

	 	    	 Grand Duchy of Luxembourg 

 

	 	    	 For the attention of The Board of Managers; 

 

	 	(d)	 to YMS 2009 at: 

 

	 	    	 Sea Containers 

	 	    	 18 Upper Ground 

	 	    	 London SE1 9GL 

	 	    	 United Kingdom 

 

	 	    	 marked for the attention of the Chief Operating Officer and the General Counsel 

 

	 	    	 with a copy (which will not constitute notice) to: 

 

	 	    	 Allen & Overy LLP 

	 	    	 One Bishops Square 

	 	    	 London E1 6AD 

  
 48 

	 	    	 United Kingdom 

 

	 	    	 marked for the attention of Stephen Lloyd; 

 

	 	(e)	 to WPP US Co at: 

 

	 	    	 Sea Containers 

	 	    	 18 Upper Ground 

	 	    	 London SE1 9GL 

	 	    	 United Kingdom 

 

	 	    	 marked for the attention of the Chief Operating Officer and the General Counsel 

 

	 	    	 with a copy (which will not constitute notice) to: 

 

	 	    	 Allen & Overy LLP 

	 	    	 One Bishops Square 

	 	    	 London E1 6AD 

	 	    	 United Kingdom 

 

	 	    	 marked for the attention of Stephen Lloyd; 

 

	 	(f)	 to WPP RoW Securityholder at: 

 

	 	    	 Sea Containers 

	 	    	 18 Upper Ground 

	 	    	 London SE1 9GL 

	 	    	 United Kingdom 

 

	 	    	 marked for the attention of the Chief Operating Officer and the General Counsel 

 

	 	    	 With a copy (which will not constitute notice) to: 

 

	 	    	 Allen & Overy LLP 

	 	    	 One Bishops Square 

	 	    	 London E1 6AD 

	 	    	 United Kingdom 

 

	 	    	 marked for the attention of Stephen Lloyd; 

 

	 	(g)	 to the Investor RoW Securityholder at: 

 

	 	    	 4, rue Lou Hemmer 

	 	    	 L-1748 Luxembourg-Findel 

	 	    	 Grand Duchy of Luxembourg 

 

	 	    	 marked for the attention of The Board of Managers 

 

	 	    	 with a copy (which will not constitute notice) to: 

 

	 	    	 Weil, Gotshal & Manges (London) LLP 

	 	    	 110 Fetter Lane 

	 	    	 London EC4A 1AY 

	 	    	 United Kingdom 

  
 49 

	 	    	 marked for the attention of Marco Compagnoni; and 

 

	 	(h)	 to the Investor US Securityholder at: 

 

	 	    	 Suite 302, 4001 Kennett Pike 

	 	    	 County of New Castle 

	 	    	 Wilmington, DE 19807 

 

	 	    	 marked for the attention of the Board 

 

	 	    	 with a copy (which will not constitute notice) to: 

 

	 	    	 Weil, Gotshal & Manges (London) LLP 

	 	    	 110 Fetter Lane 

	 	    	 London EC4A 1AY 

	 	    	 United Kingdom 

 

	 	    	 marked for the attention of Marco Compagnoni, 

 

	    	 or at any such other address of which it shall have given notice for this purpose to the other party under
this clause 28. Any notice or other communication sent by post shall be sent by prepaid recorded delivery post (if the country of destination is the same as the country of origin) or by prepaid airmail (if the country of destination is not the same
as the country of origin). 

  

	28.2	 When notice given 

 

	    	 Any notice or other communication shall be deemed to have been given: 

 

	 	(a)	 if delivered, on the date of delivery; or 

 

	 	(b)	 if sent by post, on the second Business Day after it was put into the post. 

 

	28.3	 Proof of service 

 

	    	 In proving the giving of a notice or other communication, it shall be sufficient to prove that delivery
was made or that the envelope containing the communication was properly addressed and posted by prepaid post or by prepaid airmail, as the case may be. 

  

	28.4	 Documents relating to legal proceedings 

 

	    	 This clause 28 shall not apply in relation to the service of any claim form, notice, order, judgment or
other document relating to or in connection with any proceedings, suit or action arising out of or in connection with this agreement. 

  

	29.	 GENERAL 

 

	29.1	 Amendment 

 

	    	 This agreement may only be amended in writing and where the amendment is signed by all the parties.

  
 50 

	29.2	 Assignment 

 

	    	 None of the rights or obligations under this agreement may be assigned or transferred without the prior
written consent of all the parties, save that a Securityholder may transfer its rights under this agreement to any person to whom it is permitted to transfer Securities under this agreement. 

 

	29.3	 Consents and approvals 

 

	    	 Except as otherwise expressly provided in this agreement, a party may give or withhold its consent to, or
approval of, any matter referred to in this agreement in its absolute discretion. A party that gives its consent to, or approval of, any matter referred to in this agreement is not taken to have made any warranty or representation as to any matter
or circumstance connected with the subject matter of that consent or approval. 

  

	29.4	 Time is not of the essence 

 

	    	 Time is not of the essence in relation to any obligation under this agreement unless:

  

	 	(a)	 time is expressly stated to be of the essence in relation to that obligation; or 

 

	 	(b)	 one party fails to perform an obligation by the time specified in this agreement and another party serves
a notice on the defaulting party requiring it to perform the obligation by a specified time and stating that time is of the essence in relation to that obligation. 

 

	29.5	 Fees 

  

	(a)	 The Group shall enter into the following agreements with the Investor Securityholders and the WPP
Securityholders (or any of their respective Affiliates as selected by them) all of which shall be substantially in the standard form of the relevant Affiliates of the Investor Securityholders: 

 

	 	(i)	 a transaction services agreement (relating to services provided in respect of subsequent transactions,
rather than the transaction contemplated by the Transfer Agreement) under which the fees (excluding VAT thereon, if any) payable by the Group shall be a maximum of 1% of the enterprise/other applicable value of the relevant transaction; and

  

	 	(ii)	 a consulting services agreement under which the fees (excluding VAT thereon, if any) payable by the Group
shall be a maximum of $15,000,000 per annum (such amount to be properly invoiced on an itemised basis and to be at market rates for such consulting services (including by reference to management consultants)). 

 

	(b)	 Irrespective of who performs the services under the agreements referred to in paragraph (a) above,
all fees (plus VAT thereon, if any) payable under such agreements shall be allocated between the Investor Securityholders and the WPP Securityholders (or their relevant Affiliates) pro rata to their Equity Proportions at the time of such payment
provided that, in respect of the fee (plus VAT thereon, if any) payable pursuant to the consulting service agreement referred to paragraph (a)(ii) above, the WPP Securityholders shall only be entitled to receive the amount by which the WPP
Securityholders’ pro rata portion of the fee in respect of such agreement exceeds the WPP TSA Charges. 

  

	(c)	 If a Securityholder transfers any Securities to any person other than its Affiliate in accordance with
this agreement in the circumstances where the agreements referred to in paragraph (a) above are not terminated, it shall simultaneously assign the relevant portion of its rights under such agreement to such transferee or an Affiliate thereof.

  
 51 

	(d)	 If any fees, costs or expenses are incurred by a Securityholder or its Holding Company for the benefit of
the Group or a member of the Group (including, but not limited to, credit rating fees and accounting fees) that Securityholder or Holding Company may recharge such fees, costs or expenses (plus VAT thereon, if any) to the relevant Company. Promptly
following delivery to such Company of the relevant invoice or other reasonable documentary evidence of such fees, costs or expenses, that Company will, as soon as reasonably practicable, reimburse the relevant Securityholder or Holding Company for
the amount of those fees, costs or expenses, so that they are borne by the Securityholders pro rata to their Equity Proportion; provided that no Securityholder shall be entitled to recover any such amounts under this clause 29.5(d) where the
recovery of such amount would be inconsistent with, or where that Securityholder has agreed to bear such expenses under or has made, or is entitled to make, recovery under, the Transfer Agreement (including pursuant to clause 29.4 of the Transfer
Agreement) or any other Transaction Document (as defined in the Transfer Agreement). Where the relevant Securityholder recovers such amount under such Transaction Documents (as defined in the Transfer Agreement), that Securityholder shall not
recover the same under this agreement so that there shall be no double recovery. 

  

	(e)	 Save as provided for under each of this clause 29.5 and clause 4.12, the Investor Securityholders and
their respective Affiliates shall not, and agree that their respective Nominated Directors are not entitled to, charge any fees to a Group Company. 

  

	29.6	 Costs 

  

	    	 Except as otherwise expressly provided in this agreement or any other Transaction Document, each party
must pay the costs and expenses incurred by it in connection with entering into and performing its obligations under this agreement and the other Transaction Documents. 

 

	29.7	 Entire agreement 

 

	(a)	 This agreement and the other Transaction Documents contain the entire agreement between the parties
relating to the transactions contemplated by the Transaction Documents and supersede all previous agreements, whether oral or in writing, between the parties relating to these transactions. Except as required by statute, no terms must be implied
(whether by custom, usage or otherwise) into this agreement or any other Transaction Document. 

  

	(b)	 Each Party: 

  

	 	(i)	 acknowledges that in agreeing to enter into this agreement and the other Transaction Documents it has not
relied on any express or implied representation, warranty, collateral contract or other assurance made by or on behalf of any other party before the entering into of this agreement; 

 

	 	(ii)	 waives all rights and remedies which, but for this clause 29.7(b), might otherwise be available to it in
respect of any such express or implied representation, warranty, collateral contract or other assurance; and 

  

	 	(iii)	 acknowledges and agrees that no such express or implied representation, warranty, collateral contract or
other assurance may form the basis of, or be pleaded in connection with, any claim made by it under or in connection with this agreement. 

  

	(c)	 Nothing in this clause limits or excludes any liability for fraud. 

  
 52 

	29.8	 Execution in counterparts 

 

	    	 This agreement may be executed in any number of counterparts, all of which taken together shall constitute
one and the same agreement, and any party (including any duly authorised representative of a party) may enter into this agreement by executing a counterpart. 

 

	29.9	 Exercise and waiver of rights 

 

	    	 The rights of each party under this agreement: 

 

	 	(a)	 may be exercised as often as necessary; 

 

	 	(b)	 except as otherwise expressly provided by this agreement, are cumulative and not exclusive of rights and
remedies provided by law; and 

  

	 	(c)	 may be waived only in writing and specifically, 

 

	    	 and delay in exercising or non-exercise of any such right is not a
waiver of that right. 

  

	29.10	 No partnership or agency 

 

	    	 Nothing in this agreement or the Articles will be deemed to constitute a partnership between the parties
or, unless this agreement expressly provides otherwise, constitute any party the agent of any other party for any purpose. 

  

	29.11	 Severability 

 

	    	 The provisions contained in each clause are enforceable independently of each other clause and the
validity and enforceability of any clause will not be affected by the invalidity or unenforceability of any other clause. 

  

	29.12	 No Third Party Rights 

 

	    	 Except as expressly stated in this agreement, a person who is not a party to this agreement may not
enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999 and their consent is not required to any amendment to this agreement. 

  

	30.	 DISPUTES – NEGOTIATION AND MEDIATION 

 

	30.1	 Application of this clause 

 

	    	 This clause 30 does not apply to the determination of Fair Value, or any dispute as to the Fair Value, in
respect of which the provisions of Schedule 8 must apply (an Excluded Dispute). 

  

	30.2	 Dispute resolution procedure 

 

	    	 Subject to clause 30.5(b), if any Dispute (other than an Excluded Dispute) arises then, unless the parties
otherwise agree in writing in relation to any particular Dispute: 

  

	 	(a)	 the parties must follow the negotiation procedure set out in clause 30.3; 

 

	 	(b)	 if the negotiation procedure set out in clause 30.3 does not resolve all aspects of the Dispute, the
parties must follow the mediation procedure set out in clause 30.4 in respect of any aspect of the Dispute that remains unresolved; 

  
 53 

	 	(c)	 all documents and other information disclosed by each party during or in connection with the negotiation
procedure under clause 30.3 or the mediation procedure under clause 30.4 are without prejudice and confidential and must not be used by the other party except in efforts to resolve the Dispute; and 

 

	 	(d)	 each party to the Dispute must bear its own costs in connection with the negotiation procedure under
clause 30.3 and the mediation procedure under clause 30.4, unless otherwise agreed or determined as part of the resolution of the Dispute. 

  

	30.3	 Negotiation procedure 

 

	    	 Either party may start the negotiation procedure set out in this clause 30.3 by giving written notice to
the other party (a Negotiation Notice) setting out brief particulars of the matters in dispute, including brief particulars of: (i) the facts giving rise to the Dispute; (ii) the issues in dispute; (iii) that party’s
proposed resolution; and (iv) the reasons why such resolution is proposed. If a Negotiation Notice is given: 

  

	 	(a)	 the parties must cause their respective suitably senior representatives (Negotiators) to meet and
otherwise use reasonable endeavours, acting in good faith, to resolve the Dispute by no later than ten Business Days after the day on which the Negotiation Notice is given, or such later date as the parties may agree in writing (Negotiation End
Date); and 

  

	 	(b)	 the Negotiators must be instructed to provide to the parties on the Negotiation End Date a written record,
signed by each Negotiator setting out any resolution reached in respect of the Dispute and any aspect of the Dispute that remains unresolved as at the Negotiation End Date. 

 

	30.4	 Mediation procedure 

 

	    	 If any aspect of a Dispute remains unresolved as at the Negotiation End Date, either party may start the
mediation procedure set out in this clause 30.4 by giving written notice to the other party (a Mediation Notice) requiring that the remaining issues in dispute be referred to mediation. To be valid, a Mediation Notice must be given as soon as
reasonably practicable (and in any event within ten Business Days after the Negotiation End Date). If a Mediation Notice is given: 

  

	 	(a)	 the parties must use their reasonable endeavours to agree a mediator within three Business Days after the
date on which the Mediation Notice is given, or, failing agreement, procure that a mediator is promptly appointed by the Centre for Dispute Resolution (CEDR) (on the application of either party), to conduct the mediation of the Dispute;

  

	 	(b)	 the mediation must be conducted in London and in the English language under the CEDR Model Mediation
Procedure; 

  

	 	(c)	 each party must be represented at the mediation by an individual with authority to settle the Dispute;

  

	 	(d)	 except for the purpose of implementing and/or enforcing a written legally binding settlement agreement or
as otherwise required by law, the mediation will be conducted without prejudice to the rights of the parties in any future proceedings; 

  

	 	(e)	 the costs of the mediation, including the fees and expenses of the mediator (but excluding each
party’s own costs, which must be borne by the party incurring those costs) must be borne equally by the parties, unless otherwise agreed in writing; 

  
 54 

	 	(f)	 the parties must use their reasonable endeavours to resolve the Dispute by no later than 20 Business Days
after the date on which the Mediation Notice is given or such later date as the parties and the mediator may agree in writing; and 

  

	 	(g)	 if the parties are unable to settle a Dispute referred to in a Mediation Notice within 20 Business Days
after date on which the Mediation Notice is given (or such further period as is agreed in writing between the parties before the expiry of that 20 Business Day period), or if no Mediation Notice is given by either party within ten Business Days
after the Negotiation End Date, either party may require that the Dispute be resolved in accordance with clause 31. 

  

	30.5	 Legal proceedings 

 

	    	 A party may not commence any proceedings in relation to a Dispute unless: 

 

	 	(a)	 where this clause 30 applies, it has first exhausted the procedures required under this clause 30; or

  

	 	(b)	 the proceedings are to seek urgent injunctive, interlocutory or declaratory relief in respect of a Dispute
to preserve property or rights or to avoid any losses, costs, charges, claims, liabilities or expenses which are not compensable in damages. 

  

	31.	 JURISDICTION 

 

	31.1	 Jurisdiction 

 

	    	 Subject to clause 30, the English courts have exclusive jurisdiction to settle any Dispute and each party
irrevocably submits to the exclusive jurisdiction of the English courts. 

  

	31.2	 Waiver of objections 

 

	    	 For the purposes of clause 31.1, each party waives any objection to the English courts on the grounds that
they are an inconvenient or inappropriate forum to settle any Dispute. 

  

	31.3	 Service of process agent 

 

	    	 Without prejudice to any other method of service permitted by law: 

 

	 	(a)	 each of the Investor US Securityholders and the Investor RoW Securityholder irrevocably appoints Bain
Capital Private Equity (Europe) LLP of Devonshire House, 1 Mayfair Place, London W1J 8AJ (marked for the attention of Bart Gombert/Linford Coates); 

  

	 	(b)	 each of US JVCo, US GPCo and RoW JVCo irrevocably appoints Vistra Trust Company Limited of Suite 1, 3rd
Floor, 11-12 St. James’s Square, London SW1Y 4LB; 

  

	 	(c)	 YMS 2009 irrevocably appoints WPP 2005 Limited of Sea Containers House, 18 Upper Ground, London, United
Kingdom, SE1 9GL; and 

  

	 	(d)	 WPP US Co irrevocably appoints WPP 2005 Limited of Sea Containers House, 18 Upper Ground, London, United
Kingdom, SE1 9GL, 

  

	    	 in each case, as its agent in England and Wales for service of process in relation to any Dispute.

  
 55 

	31.4	 Alternative service of process agent 

 

	    	 If any person appointed as process agent under clause 31.3 is unable for any reason to so act, the
applicable person must immediately (and in any event within ten Business Days of the event taking place) appoint another agent. Failing this, any other party may appoint another process agent for this purpose. 

 

	31.5	 Failure of notify by process agent 

 

	    	 Each party agrees that failure by a process agent to notify it of any process will not invalidate the
relevant proceedings. 

  

	31.6	 Other methods of service allowed by law 

 

	    	 This clause 31 does not affect any other method of service allowed by law. 

 

	32.	 GOVERNING LAW 

 

	    	 This agreement and any non-contractual obligations arising out of
or in connection with it are governed by English law. 

 IN WITNESS WHEREOF THIS AGREEMENT has been executed and
delivered as a deed by the parties (or their duly authorised representatives) on the date stated at the beginning of this agreement. 

  
 56 

 SCHEDULE 1 

THE COMPANIES 

[Omitted] 

  
 57 

 SCHEDULE 2 

CAPITAL STRUCTURE 

PART 1 
 ROW JVCO

  

					
	 	 	 
	Name of holder	 	 Ordinary Shares
	 	
Equity Proportion (%)

	 	 	 
	Summer (BC) Topco S.à r.l.	 	 60,000
	 	 60%

	 	 	 
	WPP 2005 Limited	 	 40,000
	 	 40%

	 	 	 
	Totals:	 	 100,000
	 	 100%

  
 58 

 PART 2 

US JVCO 
  

							
	 	 	 	 
	
Name of holder
	 	
Limited Partnership
Interests
	 	
Unlimited Partnership
Interests
	 	
Equity Proportion (%)

	 	 	 	 
	
Summer (BC) US
BlockerCo Corp.
	 	 9,071,286,480
	 	 0
	 	 60%

	 	 	 	 
	
York Merger Square
2009 LLC
	 	 4,535,643,240
	 	 0
	 	 30%

	 	 	 	 
	
WPP Diamond Head
LLC
	 	 1,511,881,080
	 	 0
	 	 10%

	 	 	 	 
	
Summer (BC) US JVCo
GP S.à r.l.
	 	 0
	 	 1
	 	 N/A

	 	 	 	 
	
Totals:
	 	 15,118,810,800
	 	 	 	 100%

  
 59 

 PART 3 

US GPCO 
  

					
	 	 	 
	Name of holder	 	 Ordinary Shares
	 	
Equity Proportion (%)

	 	 	 
	Summer (BC) US JVCo GP S.à r.l.	 	 9,000
	 	 60%

	 	 	 
	WPP Diamond Head LLC	 	 6,000
	 	 40%

	 	 	 
	Totals:	 	 15,000
	 	 100%

  
 60 

 SCHEDULE 3 

BOARD MEETINGS 
  

	1.	 Frequency of meetings 

 

	1.1	 Each Board must meet as necessary to discharge its duties but in any case no less frequently than four
times per calendar year. 

  

	1.2	 Any meeting of the RoW Board shall be held, where practicable and necessary, immediately before or
immediately following any meeting of the US GP JV Board. 

  

	2.	 Notice 

  

	    	 Except in the case of an emergency (in which case the notice convening the meeting must indicate the
nature of, and the reasons for, the emergency), at least eight days written notice of each meeting of the relevant Board must be given to each relevant Director by the relevant chairman, relevant secretary or any relevant Director.

  

	3.	 Agenda 

  

	    	 A notice of a Board meeting must be accompanied by an agenda of all the business to be transacted at the
meeting. 

  

	4.	 Location 

 

	    	 Each meeting of each Board must be held in the jurisdiction of incorporation of the relevant Company.

  

	5.	 Use of technology 

 

	5.1	 Each Board may conduct meetings, if sufficient relevant Directors to constitute a quorum are unable to
participate in the business of the meeting in person, by telephone or by any other means which will enable each relevant Director: 

  

	 	(a)	 to hear (or otherwise receive real-time communications made by) each of the other relevant Directors
participating in the meeting; and 

  

	 	(b)	 to address (or otherwise communicate in real time with) all of the other relevant Directors participating
in the meeting simultaneously, 

  

	    	 even if all the relevant Directors are not physically present in the same place. 

 

	5.2	 A Board meeting held in this manner is taken to be held at the place where the chairman of the meeting is
physically present or at such other place (being the registered office of the relevant Company or any other place, if appropriate, in its jurisdiction of incorporation), where at least one relevant Director is physically present for the duration of
the meeting, as the chairman of the meeting may decide. If a technological link fails, the relevant Board meeting will be adjourned until the failure is rectified. 

  
 61 

	6.	 Quorum 

  

	6.1	 Subject to paragraph 6.3 (in relation to the quorum of any reconvened meeting of the Directors of the
Board), the quorum for a meeting of the Directors of each Board is the presence (including participation in accordance with paragraph 5 above) or representation of a majority of the Directors then in office, of whom at least one must be a relevant
WPP Director (provided that the relevant WPP Securityholder at the time of the meeting is not restricted from appointing Directors to the relevant Company as a result of the WPP Securityholders (together with their respective Permitted Transferees)
ceasing to hold the minimum percentage of Securities required to appoint Directors in accordance with clause 4.3(a)) and at least one must be a relevant Investor Director. 

 

	6.2	 For the purposes of determining whether a quorum is present, a proxy who is present at the meeting is to
be counted as a Director for each Director on whose behalf the proxy is attending the meeting. 

  

	6.3	 If a quorum is not present at a Board meeting within 30 minutes of the time appointed for the start of the
meeting, the meeting will be adjourned to the same time and place on the following Business Day. The presence of a Director appointed by the relevant Securityholder whose Director did not attend the original meeting shall not be required for a
quorum at any reconvened meeting, such that the presence of a majority of the Directors then in office shall comprise a quorum at the reconvened meeting (regardless who appointed them). If a quorum is not present at the reconvened meeting within 30
minutes of the time appointed for the start of the meeting, the meeting will be dissolved. 

  

	7.	 Voting rights 

 

	7.1	 Each relevant Director is entitled to one vote on a resolution of the relevant Board.

  

	7.2	 In addition to a Director’s individual voting rights, that Director will have the right to vote on
behalf of each relevant Director in respect of which he or she is a proxy where his or her appointer is not present at the meeting. 

  

	7.3	 In the case of an equality of votes: 

 

	 	(a)	 the chairman will not have a second or casting vote; and 

 

	 	(b)	 any one or more of the Investor Directors who is present at any such meeting may exercise such number of
votes which equates to a majority of the total votes which may be cast at the meeting. 

  

	8.	 Board decisions 

 

	    	 Subject to any Securityholder Approval being obtained as required, all resolutions at meetings of the
Directors must be decided by a simple majority of votes cast. 

  

	9.	 Written resolutions 

 

	    	 The relevant Directors may pass a resolution without a meeting of the relevant Directors being held if all
the relevant Directors entitled to vote on the resolution sign, or indicate their approval of, a document containing a statement that they are in favour of the resolution set out in the document. The document may be in counterparts, signed or
approved by one or more relevant Directors, and may be circulated by fax or email. 

  
 62 

 SCHEDULE 4 

SHAREHOLDERS MEETINGS 
  

	1.	 Frequency and location of meetings 

 

	    	 Subject to any relevant statute or the general law, either: (i) the relevant Board; or (ii) a
relevant Investor Securityholder and a relevant WPP Securityholder of the applicable Company acting together, may call a meeting of the relevant Shareholders at a time and place that either: (i) the relevant Board; or (ii) relevant
Investor Securityholder and relevant WPP Securityholder, resolves. 

  

	2.	 Use of technology 

 

	2.1	 Subject to applicable laws, any meeting of the Shareholders may be conducted, if sufficient relevant
Shareholders to constitute a quorum are unable to participate in the business of the meeting in person, by telephone or by any other means which will enable each relevant Shareholder: 

 

	 	(a)	 to hear (or otherwise receive real-time communications made by) each of the other relevant Shareholders
participating in the meeting; and 

  

	 	(b)	 to address (or otherwise communicate in real time with) all of the other relevant Shareholders
participating in the meeting simultaneously, 

  

	    	 even if all the relevant Shareholders are not physically present in the same place. 

 

	2.2	 A Shareholder meeting held in this manner is taken to be held at the registered office where the
Shareholder with the highest number of Shares attending the meeting is physically present, provided at least one Shareholder is physically present for the duration of the meeting at the registered office. 

 

	2.3	 If a technological link fails, the relevant Shareholder meeting will be adjourned until the failure is
rectified. 

  

	3.	 Quorum 

  

	 	3.1	 Subject to paragraph 3.2 (in relation to the quorum of any reconvened meeting) and applicable laws, the
quorum for a meeting of the relevant Shareholders is the presence in person, or by proxy, representative or attorney, of at least two relevant Shareholders, of whom at least one must be or represent the relevant WPP Securityholder and at least one
must be or represent the relevant Investor Securityholder. 

  

	 	3.2	 If a quorum is not present at a meeting of the relevant Shareholders within 30 minutes of the time
appointed for the start of the meeting, the meeting will be adjourned to the same time and place on the following Business Day. The presence of the relevant Shareholder who did not attend the original meeting shall not be required for a quorum at
any reconvened meeting, such that the presence of the attending Shareholder alone shall comprise a quorum at the reconvened meeting. If a quorum is not present at the reconvened meeting within 30 minutes of the time appointed for the start of the
meeting, the meeting will be dissolved. 

  

	 	3.3	 Notwithstanding the above, where the attendance and/or affirmative vote of a Securityholder is required at
a general meeting of a Company in order to validly convene that meeting or pass a specific shareholder resolution under Luxembourg law that is 

  
 63 

	 	 
required to be passed to give effect to the specific terms of this agreement and such matter is in accordance with the terms of this agreement: 

 

	 	(a)	 provided that the matters to be considered and approved are not reserved matters set out in Schedule 5,
the relevant Securityholder shall attend that meeting and vote in favour of the resolutions proposed; or 

  

	 	(b)	 if the matters to be considered and approved are reserved matters set out in Schedule 5, the relevant
Securityholder shall attend that meeting, and may vote in favour of the resolutions proposed if it sees fit. 

  

	4.	 Voting rights 

 

	    	 On a poll, each relevant Shareholder is entitled to one vote for each Share held by that Shareholder.

  

	5.	 Shareholders decisions 

 

	    	 A resolution of the relevant Shareholders may only be carried: 

 

	 	(a)	 subject to any relevant statute or the general law and clause 5.4, if it passed by a majority of votes
entitled to be cast on the resolution; and 

  

	 	(b)	 if the passing of the resolution and the circumstances surrounding it are consistent with the terms of
this agreement. 

  

	6.	 Written resolutions 

 

	    	 Subject to clause 5.3 and applicable laws, the relevant Shareholders may pass a resolution without a
meeting of the relevant Shareholders being held if all the relevant Shareholders entitled to vote on the resolution sign, or indicate their approval of, a document stating that they are in favour of the resolution set out in the document. The
document may be in counterparts, signed or approved by one or more relevant Shareholders, and may be circulated by fax or email. 

  
 64 

 SCHEDULE 5 

RESERVED MATTERS 

MATTERS REQUIRING SHAREHOLDER APPROVAL 
  

			
	 	 
	
1.  Constitution / Articles
	  	 Amend or repeal the
constitution or adopt a new constitution, articles of association, memorandum of association or similar of any Group Company in each case in a manner that would materially and adversely affect the rights of any Securityholder disproportionately to
other Securityholders other than in accordance with clauses 3.2(c) and 3.3.

	 	 
	
2.  Variation of class rights
	  	 Vary any rights attaching to
any class of its securities of any Group Company in a manner that would: (i) materially and adversely affect the rights of any Securityholder disproportionately to other Securityholders; and/or (ii) impact WPP’s ability to account for
its share of profits or losses.

	 	 
	
3.  Issue of Securities
	  	 Issue any securities, grant
any person rights to be issued any securities (including by way of an option) or vary or exercise any discretion in relation to the terms of issue of any securities of any Group Company (other than: (i) an issue of Securities by the relevant
Company under clause 10.3; (ii) an issue of securities by one Group Company to: (x) another Group Company; or (y) if any of the issuing Group Company’s securities are held by a person who is not a Group Company, to its existing
holders of securities provided that any such issuance is made in accordance with all applicable pre-emption provisions, or is otherwise made on the same terms on a pro rata basis to all holders of securities
in the issuing Group Company); or (iii) an issue of securities in any Group Company pursuant to any MIP in accordance with clause 14.

	 	 
	
4.  Changes to capital structure
	  	 Purchase, redeem or otherwise
reorganise any Group Company’s share capital, including by way of reduction of capital, buy-back or redemption of securities, conversion of securities from one class to another or consolidation and
subdivision of shares in a manner that would materially and adversely affect the rights of any Securityholder disproportionately to other Securityholders.

	 	 
	
5.  Dividends and distributions
	  	 Declare, determine to pay or
distribute any Dividend (other than in accordance with the rights of the applicable Securities or by one Group Company to another and (if applicable) its shareholders) or reduce any other reserve of any Group Company (other than in accordance with
the rights of the applicable Securities or if done by one Group Company for the benefit of another Group Company and (if applicable) its shareholders).

	 	 
	
6.  Auditors
	  	 Change any Group
Company’s auditors.

	 	 
	
7.  Insolvency or winding-up
	  	 Appoint any administrator,
liquidator, provisional liquidator, receiver, receiver and manager or equivalent officer to any Group Company or take any step to dissolve or wind up any Group Company (other than where the board of the relevant Group Company resolves that such a
step should be taken in circumstances where the directors (having taken appropriate professional advice) hold a bona fide belief that the relevant Group Company is insolvent).

  
 65 

			
	 	 
	
8.  Sale or cessation of the Business
	  	 Sell, transfer, demerge, assign or cease to carry on all or
substantially all of the Business whether by way of sale of shares, sale of assets or some other arrangement and whether by a single transaction or series of related transactions.

	 	 
	
9.  Alteration to the Business
	  	 Make any fundamental alteration to the general nature, trade or
scope of the Business.

	 	 
	
10.  Borrowings and Refinancing
	  	 Enter into any new borrowing facility or issue any loan note,
bond or similar debt instrument or vary the terms of (including by way of a refinancing) any such existing facility or instrument (except for borrowings between Group Companies), that would result in the aggregate indebtedness of the Group exceeding
5x Pro Forma Adjusted EBITDA of the Group.

	 	 
	
11.  Anti-Corruption Policies
	  	 Make any material amendment to the Anti-Corruption Policies
other than in accordance with clause 24(c).

	 	 
	
12.  Related party transactions
	  	 Enter into any transaction with any Securityholder or any of
its Affiliates (excluding portfolio companies of Investment Funds) or vary, waive or amend any agreement with any Securityholder or any of its Affiliates (excluding portfolio companies of Investment Funds) which, in each case, is: (a) outside
the ordinary course of business; or (b) not on commercial arm’s length terms, excluding in each case the arrangements set out in clause 29.5.

	 	 
	
13.  Name change
	  	 Change any Company’s name or any business name under which
the Group trades.

	 	 
	
14.  Accounting issues
	  	 Change in any material respect the financial year end or the
basis of accounting or (except insofar as is necessary to comply with the accounting standards) the accounting principles, policies or practices of any Group Company.

	 	 
	
15.  Authorisation, agreement or negotiation
	  	 Authorise or agree to do, or
enter into negotiations with any person concerning, any of the matters referred to in this Schedule 5.

  
 66 

 SCHEDULE 6 

INFORMATION RIGHTS 

PART 1 
 WPP
SECURITYHOLDERS INFORMATION REQUIREMENTS 
  

	1.	 Each Company shall provide the WPP Securityholders with monthly “flash” numbers on both an
aggregated and an individual units basis in accordance with both IAS and IFRS. The “flash” numbers are to be delivered within four Business Days after the end of each relevant month or as specified in the WPP Group reporting calendar for
that fiscal year. The monthly “flash” is to conform to the WPP Format. The “flash” is to include information in respect of the Group’s revenue, revenue less pass-through costs, operating profit, PBIT and interest lines.

  

	2.	 Each Company shall provide the WPP Securityholders with monthly management accounts on both an aggregated
and an individual units basis in accordance with both IAS and IFRS. The management accounts are to be delivered within nine Business Days after the end of each relevant month or as specified in the WPP reporting calendar for that fiscal year. The
monthly management accounts are to conform to the WPP Format and shall include: 

  

	 	(a)	 an income statement for the month and year to date; 

 

	 	(b)	 a balance sheet, presented in accordance with the WPP chart of accounts, and including accurate detail of
all assets and liabilities; 

  

	 	(c)	 a breakdown by client of revenue and revenue less pass-through costs; 

 

	 	(d)	 a breakdown of movements in headcount and (on a quarterly basis) a breakdown of headcount and salaries by
function; 

  

	 	(e)	 information on any investments made by the Group; and 

 

	 	(f)	 a commentary by the relevant Board(s) on the state of the business of the Group. 

 

	3.	 Each Company shall prepare for the approval of the relevant Board a draft reforecast for the current
financial year for the Group on both an aggregated and an individual units basis and in accordance with both IAS and IFRS (Reforecast) which it shall submit to the WPP Securityholder not less than 12 Business Days after the relevant quarter
end or as specified in the WPP reporting calendar for that fiscal year. The quarterly Reforecast is to conform to the WPP Format. The Reforecast shall include: 

 

	 	(a)	 a breakdown of monthly aggregated revenues, operating expenses, operating results, other income and
expenses, net interest expenses and net profits before taxes, and on a consolidated basis profits after taxes; 

  

	 	(b)	 a breakdown of monthly capital expenditures for the balance of the year; 

 

	 	(c)	 a breakdown by client of revenue and revenue less pass-through costs; and 

 

	 	(d)	 a breakdown of movements in monthly headcount and salaries and a breakdown of both by function.

  

	4.	 Each Company shall provide the WPP Securityholders with the following: 

  
 67 

	 	(a)	 analysis of any related party transactions with any Subsidiary of WPP, to be provided within one month of
WPP’s year-end; 

  

	 	(b)	 any other information necessary to enable WPP to comply with the disclosure requirements of IAS and IFRS
and any other relevant legislation in its annual report and accounts, to be provided within two months of WPP’s year-end; 

 

	 	(c)	 commentary from the relevant Board in the WPP Format on the state of the Business, which shall include an
explanation in such reasonable detail to explain revenue, operating profit and profit before interest and tax variances against comparatives; 

  

	 	(d)	 in addition to paragraph 4(b) above, within one month of each
quarter-end, the Chief Financial Officer of each Company or the Companies (as applicable) will meet with the Group Financial Controller of WPP and provide a detailed analysis and commentary of year to date
actual and full year reforecast financial performance; and 

  

	 	(e)	 such other financial or management information as each WPP Securityholder may reasonably request from time
to time (including without limitation for the purposes of enabling a WPP Securityholder to complete and file any Tax Return and satisfying the WPP Group audit requirements). 

 

	5.	 The Investor Securityholders shall provide the WPP Securityholders with, as soon as practicable (and, in
respect of the Financial Year ending on 31 December 2019, by 30 June 2020 and, in respect of the Financial Year ending on 31 December 2020 and each subsequent Financial Year, in any event within three months following the end of the
relevant Financial Year), the audited consolidated financial statements of the Group for that year with a reconciliation from the year end management accounts if different. The audited consolidated financial statements are to be in accordance with
both IAS and IFRS. 

  

	6.	 Each Company shall procure that: 

 

	 	(a)	 the Group maintains accurate and complete accounting and other financial records in accordance with best
practices for a company the size and stature of one such as each Company; and 

  

	 	(b)	 the accounting records are, during normal business hours and with at least a week’s prior notice,
available for inspection by each relevant WPP Securityholder or each relevant Investor Securityholder or its respective authorised representatives; and 

  

	 	(c)	 all reporting submissions to WPP (including monthly “flash” numbers, monthly management
accounts, quarterly reforecasts and annual budgets) shall be submitted using WPP’s financial consolidation system (currently SAP BFC (Cartesis)), as well as to each Securityholder directly. WPP will provide appropriate access to its financial
consolidation system to relevant financial personnel in each Company in order for them to meet these reporting requirements. 

  
 68 

 PART 2 

INFORMATION TO BE PROVIDED TO ALL SECURITYHOLDERS 
  

			
	 	 
	Reporting required	 	Timing
	 	 
	
1.   Monthly management accounts of the Group, such accounts to be presented in
the same way as they were presented in the 12 months before the date of this agreement, and:
  

(a)   to include an aggregated income statement, statement of financial position
and cash flow statement for the Group;
  

(b)   to refer to any material matter occurring in or relating to the period in
question;
  

(c)   to include a comparison of all such information with the projections and
forecasts in the relevant Budget and with the corresponding information for the same period in the preceding year, together with a statement of any material variation from the Budget;

 

(d)   to itemise all material transactions referred to in the statement of
projected capital expenditure included in the relevant Budget and entered into by the Group during that period;
  

(e)   to have been approved by the finance director and one other Director, as
evidenced by their signature of the accounts; and
  

(f)   to include commentary by the Chief Executive Officer of the US Group and the
Chief Executive Officer of the RoW Group on the state of the business of the Group.
	 	
To be provided at the same,
or substantially the same,
time as the monthly
management accounts
are
provided to the WPP
Securityholders in
accordance with paragraph
2 of Part 1 of Schedule 6.

	 	 
	
2.   The audited consolidated annual financial statements and annual report of
the Group for each Financial Year.
	 	 To be provided at the same,
or substantially
the same,
time as the annual financial
statements are provided to
the WPP Securityholders in
accordance with paragraph
5 of Part 1 of Schedule 6.

	 	 
	
3.   Business Plan and Budget.
	 	 Promptly and in any event
within 10 days of
adoption
or any material
amendment.

	 
	Additional information required
	 
	
4.   Notice of any event, occurrence or change which has or could reasonably be
expected to have a material effect (positive or negative) on the business, assets, liabilities, financial or trading position,

  
 69 

			
	 
	
       profitability or prospects of any Group
Company.

	
5.   Notice of any offer received from a third party that could reasonably be
expected to lead to a disposal of all of the shares or the whole or a substantial part of the undertaking or assets of any Group Company.

  
 70 

 SCHEDULE 7 

FORM OF DEED OF ADHERENCE 
 THIS DEED
is made on [●] 
 BY: [●] of [●] (the New Party). 

IN FAVOUR OF: Those persons specified in paragraph 4 of this deed. 

BACKGROUND: 
  

	(A)	 The New Party proposes to [purchase][subscribe for] [●] [ordinary] shares in the capital of
[●] (the Company) [from [●]]. 

  

	(B)	 This agreement is made by the New Party in compliance with clause 19.1 of a Securityholders’
Agreement dated [●] 2019 made between the Company, Summer (BC) US JVCo S.à r.l., Summer (BC) US JVCo GP S.à r.l., Summer (BC) JVCo S.à r.l., Summer (BC) Topco S.à r.l., Summer (BC) US BlockerCo Corp., WPP
2005 Limited, York Merger Square 2009 LLC and WPP Diamond Head LLC (the Securityholders’ Agreement). 

 THIS
DEED WITNESSES as follows: 
  

	1.	 The New Party confirm[s] that [he][it] has been supplied with a copy of the Securityholders’
Agreement. 

  

	2.	 [The New Party hereby subscribes for [●] [ordinary shares] in the capital of the Company at a
subscription price of [●] per share and agrees to become a member of the Company and to hold the shares subject to the Securityholders’ Agreement and the articles of association of the Company.] OR [The New Party has agreed to
purchase from [insert seller party details] [●] [ordinary shares] in the capital of the Company at a purchase price of [●] per share and agrees to become a member of the Company and to hold the shares subject to the
Securityholders’ Agreement and the articles of association of the Company.] 

  

	3.	 The New Party undertakes to be bound by the Securityholders’ Agreement in all respects as if the New
Party was a party to the Securityholders’ Agreement and named in it as a Securityholder [who is an Investor Securityholder] and to observe and perform all the provisions and obligations of the Securityholders’ Agreement applicable to or
binding on a Securityholder under the Securityholders’ Agreement insofar as they fall to be observed or performed on or after the date of this deed. 

  

	4.	 This deed is made for the benefit of: 

 

	 	(a)	 the parties to the Securityholders’ Agreement; and 

 

	 	(b)	 every other person who after the date of the Securityholders’ Agreement (and whether before or after
the execution of this deed) assumes any rights or obligations under the Securityholders’ Agreement or accedes to it. 

  

	5.	 The address of the New Party for the purposes of clause 28 of the Securityholders’ Agreement is as
follows: 

Address:                   
   [●] 
 For the attention of:    [●]. 

  
 71 

	6.	 This deed and any non-contractual obligations arising out of or in
connection with it are governed by the law of England. 

  

	7.	 Any Dispute arising out of or in connection with this deed must be settled in accordance with clause 30 of
the Securityholders’ Agreement, which is deemed to be incorporated in full into this deed. 

 IN WITNESS of
which this deed has been executed and has been delivered on the date which appears first on page 1. 
  

							
	 [For use by individuals]
	 				 	
	 SIGNED, SEALED AND DELIVERED by

[INSERT NAME OF INDIVIDUAL] in the

presence of:
	 	 
 
 
	 )

)
 )
	 
  
  
	 	
			
	      
	 				 	      

	 Signature of witness
	 				 	 Signature

			
	      
	 				 	      

	 Name of witness
	 				 	
			
	 [For use by companies]
	 				 	
	 EXECUTED AS A DEED by [COMPANY

NAME]
	 	 
 
	)
 )
	 
  
	 	
			
	      
	 				 	      

	 Signature of director
	 				 	 Signature of [director]/[company secretary][witness]

			
	      
	 				 	      

	 Name of director
	 				 	 Name of [director]/[company secretary][witness]

  
 72 

 SCHEDULE 8 

FAIR VALUE 
  

	1.	 If in accordance with either clause 17 or clause 18 the Drag Value or Tag Value respectively is to be the
Fair Value in respect of any illiquid non-cash consideration (Illiquid Securities), the Fair Value in respect of any Illiquid Securities is such price per Illiquid Security as may be the price per
Illiquid Security determined by a valuation expert in accordance with paragraphs 2 to 8 below. 

  

	2.	 If the terms of this agreement require that the Fair Value of any Illiquid Securities is to be determined
in accordance with this Schedule 8 by a valuation expert (the Valuer), the Valuer must be a valuation expert working for an internationally recognised reputable investment bank which does not have a conflict of interest with any of the
parties, as may be: 

  

	 	(a)	 agreed between the Investor Securityholders and the WPP Securityholders by no later than ten Business Days
after the date that the Minority Holder notifies the Majority Holder that the Fair Value is required to be determined in accordance with clause 17 or clause 18; or 

 

	 	(b)	 failing such agreement within such ten Business Day period, or if the agreed Valuer is unable or unwilling
to act, appointed in accordance with paragraph 3 below. 

 The Valuer must (if practicable) have
experience and expertise in valuing companies (including joint venture companies) operating in the same (or similar) business sectors and geographic areas as the company or group of companies to which the Illiquid Securities relate. 

 

	3.	 If paragraph 2(b) above applies, the Investor Securityholders or the WPP Securityholders may request the
Valuer be a Banker as determined by the Academy of Experts (the Academy) upon application of any party to nominate a neutral and independent Valuer, in which case: 

 

	 	(a)	 each relevant Securityholder must take all such actions as are reasonably necessary to enable the Academy
to nominate a Valuer in accordance with the policies and procedures of the Academy; 

  

	 	(b)	 if the Academy nominates one individual, the Valuer for the purposes of this agreement will be that
individual; 

  

	 	(c)	 if the Academy nominates a shortlist which includes more than one individual, the Valuer for the purposes
of this agreement will be: 

  

	 	(i)	 such individual from that shortlist as the Investor Securityholders and the WPP Securityholders may agree
within two Business Days after receipt of the shortlist; or 

  

	 	(ii)	 failing such agreement, the individual who appears first on the shortlist; and 

 

	 	(d)	 the costs of the Academy, including fees and expenses, are to be borne by the relevant Company or
Companies. 

  

	4.	 The Investor Securityholders and WPP Securityholders must agree the terms of engagement of the firm
employing the Valuer as soon as reasonably practicable after the Valuer is selected and must not withhold or delay their consent to those terms if they are reasonable and consistent with the provisions of this agreement. The Investor Securityholders
and WPP Securityholders must counter-sign the terms of engagement as soon as they are agreed. 

  
 73 

	5.	 The Fair Value for each Illiquid Security will be the value which the Valuer states in writing to be in
his opinion the fair value of the Illiquid Security concerned on a sale as between a willing seller and a willing buyer. For the purposes of determining the Fair Value, the Investor Securityholders and the WPP Securityholders must instruct the
Valuer to conduct the valuation on the following basis: 

  

	 	(a)	 in accordance with valuation standards, practices and principles of the International Valuations Standards
Council (IVSC); 

  

	 	(b)	 using the IVSC definition of “market value” to determine the Fair Value; 

 

	 	(c)	 if the company or group of companies that the Illiquid Securities relate to are then carrying on business
as a going concern, assuming that they (and the rest of the relevant group at that time) will continue to do so; 

  

	 	(d)	 subject to the above, on any basis the Valuer considers appropriate; and 

 

	 	(e)	 the Fair Value must be expressed as a single amount and not as a range of values. 

 

	6.	 The Investor Securityholders must promptly provide, and must procure that each relevant group company to
which the Illiquid Securities relate promptly provides, to the Valuer: 

  

	 	(a)	 all information and assistance (including assistance from its employees); and 

 

	 	(b)	 access to and the right to take copies of books and records of account, documents, files, working papers
and information stored electronically, 

 which the Valuer reasonably requires to make his determination.

 Nothing in this Schedule 8 entitles the Securityholders or the Valuer to any information or document which, in the
reasonable opinion of the relevant Board, falls within the scope of clause 8.4(a) mutatis mutandis as if clause 8.4(a) applied to the company or group of companies to which the Illiquid Securities relate. 

 

	7.	 The Investor Securityholders and WPP Securityholders may, within 20 Business Days of the Valuer’s
appointment, make written submissions and/or send documents to the Valuer. The Valuer must send copies of one Securityholder’s submissions to each of the WPP Securityholders and the Investor Securityholders (as applicable) for comment.

  

	8.	 The Valuer must be engaged to act on the following basis: 

 

	 	(a)	 the Valuer must act as expert and not as arbitrator; 

 

	 	(b)	 the terms of reference of the Valuer must be as set out in paragraph 5 above; 

 

	 	(c)	 the Valuer is entitled (to the extent he considers it appropriate) to base his determination on the
information provided under paragraph 6 above, any written submissions made under paragraph 7 above and on the accounting and other records of the company or group of companies to which the Illiquid Securities relate; 

 

	 	(d)	 the Valuer must be instructed to deliver his determination of Fair Value as soon as reasonably practicable
and in any event within 40 Business Days of his appointment or, if later, within 30 Business Days after his receipt of written submissions under paragraph 7 above; 

  
 74 

	 	(e)	 the determination of the Valuer will (in the absence of fraud or manifest error) be final and binding on
the Investor Securityholders and the WPP Securityholders and may not be challenged or appealed; and 

  

	 	(f)	 the costs of determination, including fees and expenses of the Valuer (but excluding the parties’ own
costs, which must be borne by the party incurring those costs) must be borne by the relevant Company or Companies. 

  
 75 

 SCHEDULE 9 

U.S. TAX PROVISIONS 

This Schedule 9, inter alia, sets forth principles under which items of income, gain, loss, deduction, and credit of US JVCo shall be
allocated among its Securityholders solely for US federal, state, and local income tax purposes. This Schedule 9 also provides for (i) the determination and maintenance of Capital Accounts in accordance with the Treasury Regulations promulgated
under Code Section 704(b) and shall be read and interpreted consistent with such purpose, (ii) certain covenants of the Securityholders with respect to the sale, exchange, or other disposition of securities in any Corporate Investment
Vehicle, and (iii) certain other elections and covenants of the Securityholders that relate to and impact US federal, state, and local tax matters. Capitalized terms not otherwise defined in this Schedule 9 shall have the meanings given in
Schedule 10 of this agreement unless the context requires otherwise. 
  

	1	 DEFINITIONS 

“Applicable Tax Rate” means, for any Taxable Year, the greater of (a) 53% and (b) such other rate that
is the maximum combined US federal, state, and local income tax rate applicable to any individual or corporation resident in California or New York City (whichever is highest for the relevant Taxable Year), including any Taxes imposed under Code
Section 1411 and taking into account the character of US JVCo’s and its Subsidiaries’ income, as determined by the US GP JV Board based on the information available to it and using such other assumptions as the US GP JV Board may
reasonably determine. 
 “Book Value” means, with respect to any US JVCo property, US JVCo’s adjusted
basis in such property for US federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Sections 1.704-1(b)(2)(iv), except that (i) in
the case of any property contributed (or deemed contributed) to US JVCo, the Book Value of such property shall initially equal the Fair Market Value of such property, (ii) in the case of any property distributed by US JVCo, the Book Value of
such property shall be adjusted immediately prior to such distribution to equal its Fair Market Value at such time, and (iii) any adjustments to the adjusted basis of any asset of US JVCo pursuant to Code Sections 734(b), or 743(b) shall be
taken into account in determining such asset’s Book Value in a manner consistent with Treasury Regulation Sections 1.704 1(b)(2)(iv)(m). 

“Capital Account” means the capital account maintained for a Securityholder pursuant to paragraph 3.2(a) and
the other applicable provisions of this agreement. 
 “Capital Contribution” means any cash, cash
equivalents, or the Fair Market Value of property that a Securityholder contributes (or is deemed to contribute) to US JVCo in respect of Securities. 

“Code” means the US Internal Revenue Code of 1986, as amended. 

“Corporate Investment Vehicle” means any corporation (or entity that has elected to be treated as a
corporation) for US federal income tax purposes that is formed by Bain Capital, L.P. or any Affiliate thereof and that holds, directly or indirectly, Securities in US JVCo and each of its respective transferees or Affiliates designated by an
Investor Securityholder to be included as a Corporate Investment Vehicle. For the avoidance of doubt, as of the date hereof, Investor US Securityholder shall be a Corporate Investment Vehicle. 

“Covered Tax Proceeding” means an examination, audit or other proceeding of US JVCo with respect to
(i) the contribution or deemed contribution of assets to US JVCo (or any of its predecessors for US federal income tax purposes) pursuant to the transactions contemplated by the Sale and Purchase

  
 76 

 
Agreement or (ii) the allocation of partnership liabilities described in paragraph 4.3(d) of this Schedule 9. 

“Entity Taxes” has the meaning set forth in paragraph 4.6 of this Schedule 9. 

“Estimated Tax Amount” has the meaning set forth in paragraph 4.4(c) of this Schedule 9. 

“Fair Market Value” means the value of any specified interest or property, which shall not in any event be
less than zero (US $0), that would be obtained in an arm’s length transaction for cash between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to purchase or sell, respectively, and
without regard to the particular circumstances of the buyer or seller, as determined by the US GP JV Board (except to the extent inconsistent with paragraph 5.5(d) of this Schedule 9). 

“Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(1) and 1.704-2(c). 

“Partnership Representative” has the meaning set forth in paragraph 5.3 of this Schedule 9. 

“Partnership Tax Audit Rules” means Code Sections 6221 through 6241, together with any guidance issued
thereunder or successor provisions and any similar provisions of state and local tax laws. 
 “Quarterly Estimated
Tax Amount” has the meaning set forth in paragraph 4.4(c) of this Schedule 9. 
 “Sale and Purchase
Agreement” means that certain sale and purchase agreement entered into between WPP PLC, Summer (BC) Topco S.a.r.l. and Summer (BC) UK Bidco Limited dated 12 July 2019. 

“Securityholder Minimum Gain” has the meaning set forth for “partner nonrecourse debt minimum
gain” in Treasury Regulations Section 1.704-2(i)(3). 

“Securityholder Nonrecourse Debt” has the meaning set forth for “partner nonrecourse debt” in
Treasury Regulations Section 1.704-2(b)(4). 
 “Securityholder
Nonrecourse Deductions” has the meaning set forth for “partner nonrecourse deductions” in Treasury Regulations Sections 1.704-2(i)(1) and
1.704-2(i)(2). 
 “Securities” has the meaning given to it in
Schedule 10 of this agreement, with references in that definition to “any Company” being deemed references to US JV Co (and no other Company). 

“Tax Amount” has the meaning set forth in paragraph 4.4(b) of this Schedule 9. 

“Tax Distribution” has the meaning set forth in paragraph 4.4(a) of this Schedule 9. 

“Treasury Regulations” means the regulations promulgated by the United States Department of the Treasury
pursuant to, and in respect of, provisions of the Code. 
 “Taxable Year” means the calendar year unless
the US GP JV Board shall determine otherwise. 
 “US JVCo Minimum Gain” has the meaning set forth for
“partnership minimum gain” in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d). 

  
 77 

	2	 ORGANIZATIONAL MATTERS 

 

	 	2.1	 Classification as a Partnership. The Securityholders intend that US JVCo shall be
treated as a partnership for US federal and, if applicable, state and local income tax purposes, and each Securityholder and US JVCo shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent
with such treatment. 

  

	3	 CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS 

 

	 	3.1	 Capital Contributions; Schedule of Securityholders. Each Securityholder of US JVCo has
made or has been deemed to have made Capital Contributions to the US JVCo in the amount shown next to such Securityholder’s name as shown on Schedule 2. The ownership by a Securityholder of Securities shall entitle such Securityholder to
allocations of profits and losses and other items and Tax Distributions as set forth in paragraph 4. 

  

	 	3.2	 Capital Accounts. 

 

	 	(a)	 Maintenance of Capital Accounts. A separate capital account (a “Capital
Account”) shall be maintained for each Securityholder in accordance with Code Section 704(b) and Treasury Regulations Sections 1.704-1(b) and 1.704-2. The
Capital Account of each Securityholder shall be adjusted: 

  

	 	(i)	 by adding any additional Capital Contributions made by such Securityholder in consideration for the
issuance of Securities; 

  

	 	(ii)	 by deducting any amounts paid to such Securityholder in connection with the redemption or other
repurchase by US JVCo of Securities; 

  

	 	(iii)	 by adding any profits allocated in favor of such Securityholder and subtracting any losses allocated
in favor of such Securityholder; and 

  

	 	(iv)	 by deducting any distributions paid in cash or other assets to such Securityholder by US JVCo.

  

	 	(b)	 Computation of Income, Gain, Loss and Deduction Items. For purposes of computing the amount of
any item of US JVCo income, gain, loss or deduction to be allocated pursuant to paragraph 4 and to be reflected in the Capital Accounts, the determination, recognition and classification of any such item shall be the same as its determination,
recognition and classification for US federal income tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose); provided that: 

 

	 	(i)	 The computation of all items of income, gain, loss and deduction shall include those items described
in Code Section 705(a)(1)(B) or Code Section 705(a)(2)(B) and Treasury Regulations Section 1.704 1(b)(2)(iv)(i), without regard to the fact that such items are not includable in gross income or are not deductible for US federal income
tax purposes; 

  

	 	(ii)	 If the Book Value of any US JVCo property is adjusted pursuant to Treasury Regulations
Section 1.704 1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property; 

  

	 	(iii)	 Items of income, gain, loss or deduction attributable to the disposition of US JVCo property having a
Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property; 

  

	 	(iv)	 Items of depreciation, amortization and other cost recovery deductions with respect to US JVCo
property having a Book Value that differs from its adjusted 

  
 78 

	 	 
basis for US federal income tax purposes shall be computed by reference to the property’s Book Value in accordance with Treasury Regulations Section 1.704 1(b)(2)(iv)(g) or Treasury
Regulations Section 1.704-3(d)(2), if applicable; 

  

	 	(v)	 To the extent an adjustment to the adjusted tax basis of any US JVCo asset pursuant to Code Sections
734(b) or 743(b) is required pursuant to Treasury Regulations Section 1.704 1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if
the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis); 

  

	 	3.3	 Negative Capital Account. No Securityholder shall be required to pay to any other Securityholder or
US JVCo any deficit or negative balance that may exist from time to time in such Securityholder’s Capital Account (including upon and after the dissolution of US JVCo). 

 

	 	3.4	 Adjustments to Book Value. US JVCo shall adjust the Book Value of its assets to Fair Market
Value in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) as of the following times: (a) at the US GP JV Board’s discretion in connection with the issuance of Securities for a
more than de minimis Capital Contribution to US JVCo; (b) at the US GP JV Board’s discretion in connection with the distribution by US JVCo to a Securityholder of more than a de minimis amount of US JVCo assets, including money as
consideration for an interest in US JVCo; (c) at the US GP JV Board’s discretion in connection with the issuance of Securities (other than a de minimis interest) as consideration for the provision of services to or for the benefit of US
JVCo by an existing Securityholder acting in a Securityholder capacity, or by a new Securityholder acting in a Securityholder capacity or in anticipation of being a Securityholder; and (d) the liquidation of US JVCo within the meaning of
Treasury Regulations Section 1.704 1(b)(2)(ii)(g). 

  

	 	3.5	 Modifications. This Schedule 9 is intended to comply with Treasury Regulation Sections 1.704-1(b) and 1.704-2 and shall be interpreted and applied in a manner consisted with such Treasury Regulations and any amendments or successor provision thereto. If the US
GP JV Board reasonably determines that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to comply with such Treasury Regulations, the US GP JV Board may make such modification.

  

	 	3.6	 Transfer of Capital Accounts. If a Securityholder transfers an interest in US JVCo to a new or
existing Securityholder in accordance with this agreement, the transferee Securityholder shall succeed to that portion of the transferor’s Capital Account that is attributable to the transferred interest. Any reference in this agreement to a
Capital Contribution of or distribution to a Securityholder that has succeeded any other Securityholder shall include any Capital Contributions or distributions previously made by or to the former Securityholder on account of the Securities of such
former Securityholder transferred to such Securityholder. 

  

	4	 ALLOCATIONS; CERTAIN DISTRIBUTIONS 

 

	 	4.1	 Allocation of Profits and Losses. After applying paragraph 4.2, all remaining profits or
losses (or items thereof) for any Taxable Year (or portion thereof) shall be allocated among the Securityholders in such a manner as to cause the Capital Account of each Securityholder to equal, to the greatest extent possible, (i) the amount
that would be distributed to such Securityholder if (x) US JVCo were to sell all of its assets for an amount equal to their Book Values, (y) all US JVCo’s liabilities were satisfied and (z) US JVCo were to distribute the
remaining proceeds pursuant to this agreement minus (ii) such Securityholder’s share of US JVCo Minimum Gain (as determined according to Treasury Regulations Section 1.704-2(g)) and
(iii) such Securityholder’s Securityholder Minimum Gain. 

  

	 	4.2	 Regulatory and Special Allocations. 

  
 79 

	 	(a)	 Minimum Gain Chargeback. If there is a net decrease in US JVCo Minimum Gain during any Taxable
Year, each Securityholder shall be specially allocated profits for such Taxable Year (and, if necessary, subsequent Taxable Years) in an amount equal to such Securityholder’s share of the net decrease in US JVCo Minimum Gain, determined in
accordance with Treasury Regulations Section 1.704-2(g). The items to be so allocated shall be determined in accordance with Treasury Regulations Sections
1.704-2(f)(6) and 1.704-2(j)(2). This paragraph 4.2(a) is intended to comply with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

  

	 	(b)	 Securityholder Nonrecourse Debt Minimum Gain Chargeback. Losses attributable to Securityholder
Nonrecourse Debt shall be allocated in the manner required by Treasury Regulation Section 1.704 2(i). Except as otherwise provided in Treasury Regulations Section 1.704-2(i)(4), if there is a net
decrease in Securityholder Minimum Gain during any Taxable Year, each Securityholder that has a share of such Securityholder Minimum Gain shall be specially allocated profits for such Taxable Year (and, if necessary, subsequent Taxable Years) in an
amount equal to that Securityholder’s share of the net decrease in Securityholder Minimum Gain. Items to be allocated pursuant to this paragraph shall be determined in accordance with Treasury Regulations Sections
1.704-2(i)(4) and 1.704-2(j)(2). This paragraph 4.2(b) is intended to comply with the minimum gain chargeback requirements in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

  

	 	(c)	 Qualified Income Offset. If any Securityholder unexpectedly receives any adjustments,
allocations or distributions described in Treasury Regulations Sections 1.704 1(b)(2)(ii)(d)(4), (5) or (6), profits shall be specially allocated to such Securityholder in an amount and manner sufficient to eliminate the adjusted capital account
deficit (determined according to Treasury Regulations Section 1.704 1(b)(2)(ii)(d)) created by such adjustments, allocations or distributions as quickly as possible. This paragraph 4.2(c) is intended to comply with the qualified income offset
requirement in Treasury Regulations Section 1.704 1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

  

	 	(d)	 Nonrecourse Deductions. Nonrecourse Deductions for any Taxable Year shall be allocated to the
Securityholders ratably in accordance with their ownership of Securities. Securityholder Nonrecourse Deductions shall be allocated in the manner required by Treasury Regulations Section 1.704-2(i).

  

	 	(e)	 Ordering Rules. Notwithstanding anything contained in this agreement to the contrary,
allocations for any Fiscal Year or other period of Nonrecourse Deductions and Securityholder Nonrecourse Deductions (pursuant to paragraph 4.2(d)) or of items required to be allocated pursuant to the minimum gain chargeback requirements contained in
paragraph 4.2(a) and paragraph 4.2(b), shall be made before any other allocations hereunder (other than the allocations pursuant to paragraph 4.2(c)). 

  

	 	(f)	 Offsetting Allocations. If, and to the extent that, any Securityholder is deemed to recognize
any item of income, gain, deduction or loss as a result of any transaction between such Securityholder and US JVCo pursuant to Code Sections 1272-1274, 7872, 483, 482 or 83 or any similar provision now or hereafter in effect, and the US GP JV Board
determines in good faith that any corresponding profits or losses of the Securityholder who recognizes such item should be allocated to such Securityholder in order to reflect the Securityholder’s economic interest in US JVCo, then the US GP JV
Board may so allocate such profits or losses, to the extent permissible under applicable law. 

  

	 	(g)	 Reallocation. The allocations set forth in paragraph 4.2(a) through paragraph 4.2(d) of this
Schedule 9 (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations under Code Section 704. The Regulatory 

  
 80 

	 	 
Allocations may not be consistent with the manner in which the Securityholders intend to allocate profits and losses or make distributions. Accordingly, notwithstanding the other provisions of
this paragraph 4, but subject to the Regulatory Allocations, income, gain, deduction and loss shall be reallocated among the Securityholders so as to eliminate the effect of the Regulatory Allocations and thereby to cause the respective Capital
Accounts of the Securityholders to be in the amounts (or as close thereto as possible) they would have been if profits and losses (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory
Allocations. In general, the Securityholders anticipate that this will be accomplished by specially allocating other profits and losses (and such other items of income, gain, deduction and loss) among the Securityholders so that the net amount of
the Regulatory Allocations and such special allocations to each such Securityholder is zero. 

  

	 	4.3	 US Tax Allocations.  

 

	 	(a)	 Except as provided in paragraph 4.3(b), for US federal, state and local income tax purposes, each item of
income, gain, loss or deduction shall be allocated among the Securityholders in the same manner and in the same proportion that the corresponding items have been allocated among the Securityholders’ for purposes of computing their respective
Capital Accounts. 

  

	 	(b)	 In accordance with Code Section 704(c) and the Treasury Regulations thereunder, income, gain,
loss and deduction with respect to any property contributed (or deemed contributed) to the capital of US JVCo shall be allocated among the Securityholders so as to take account of any variation between the adjusted basis of such asset for US federal
income tax purposes and its initial Book Value. Such allocations shall be made using any method allowed by Code Section 704(c) and the Treasury Regulations thereunder as determined by the US GP JV Board in its discretion; provided that US JVCo
shall use the “traditional method” described in Treasury Regulations Section 1.704-3(b) with respect to allocations required to be made by US JVCo with respect to the transactions contemplated
by Sale and Purchase Agreement. In the event the Book Value of any US JVCo asset is adjusted pursuant to paragraph 3.4, subsequent allocations of income, gain, loss and deduction with respect to such asset shall take into account any variation
between the adjusted basis of such asset for federal income tax purposes and its Book Value in a manner consistent with Code Section 704(c) and the Treasury Regulations thereunder. Such allocation shall be made based on the method the US GP JV
Board determines in its discretion. 

  

	 	(c)	 Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated to
the Securityholders according to their interests in such items as determined by the US GP JV Board in its reasonable discretion, taking into account the principles of Treasury Regulations
Section 1.704-1(b)(4)(ii). 

  

	 	(d)	 For purposes of determining a Securityholder’s share of the “excess nonrecourse
liabilities” of US JVCo within the meaning of Treasury Regulations Section 1.752 3(a)(3), US JVCo shall adopt the “additional method” described therein to the maximum extent permitted by law first with respect to the WPP
Securityholders and then with respect to the Investor US Securityholder. 

  

	 	4.4	 Tax Distributions. 

 

	 	(a)	 Notwithstanding anything to the contrary contained in this agreement but subject to applicable law,
the availability of cash and any payment restrictions contained in any credit agreements entered into by US JVCo (or any of its Subsidiaries), beginning with the first quarter-end after the date hereof, US
JVCo shall distribute (and shall cause its Subsidiaries to distribute, as applicable) or make upstream loans (and shall cause its Subsidiaries to make upstream loans, as applicable) four times per year (no

  
 81 

	 	 
later than the date on which quarterly estimated tax payments are due for a corporation or individual, whichever is earlier, for US federal income tax purposes) to each Securityholder an amount
of cash equal to such Securityholder’s Quarterly Estimated Tax Amount for such quarter of the Taxable Year (each, a “Tax Distribution”). To the extent that any Tax Distribution is limited for any reason (e.g., by applicable
law, the availability of cash or any payment restrictions contained in any credit agreements entered into by US JVCo (or any of its Subsidiaries)), such Tax Distribution shall be made in proportion to the Tax Amounts of each Securityholder. Tax
Distributions shall be treated as advances against (and shall not be in addition to) the amount of any distributions to each such Securityholder. For the avoidance of doubt, no Tax Distributions (whether pursuant to this agreement or any prior
agreement) shall be made on or after the date of this agreement with respect to any profits or losses that relate to periods (or portions thereof) prior to and through the date of this agreement. 

 

	 	(b)	 A Securityholder’s “Tax Amount” for a Taxable Year shall be equal to the
product of (i) the Applicable Tax Rate, multiplied by (ii) the taxable income allocated by US JVCo to such Securityholder for such Taxable Year (which, for this purpose, shall exclude any adjustment to the tax basis of US JVCo’s (or
any of its Subsidiaries’) assets pursuant to Code Sections 734(b) or 743(b). 

  

	 	(c)	 An “Estimated Tax Amount” for a Taxable Year shall be a Securityholder’s Tax
Amount for such Taxable Year as estimated from time to time by the US GP JV Board. A Securityholder’s “Quarterly Estimated Tax Amount” for any quarter of a Taxable Year shall be equal to the excess, if any, of (i) the
product of (A) one-fourth (1⁄4) in the case of the first quarter of the Taxable Year,
one-half (1⁄2) in the case of the second quarter of the Taxable Year, three-fourths
(3⁄4) in the case of the third quarter of the Taxable Year or one (1) in the case of the fourth quarter of the Taxable Year, multiplied by (B) such
Securityholder’s Estimated Tax Amount for such Taxable Year, over (ii) all prior Distributions of Quarterly Estimated Tax Amounts for such Taxable Year. 

 

	 	(d)	 For each Taxable Year, (i) the excess (if any) of (A) a Securityholder’s actual Tax
Amount for such Taxable Year (based on amounts reflected on such Securityholder’s Schedule K-1 or equivalent) over (B) the total Tax Distributions received by such Securityholder in respect of the
applicable Taxable Year shall be distributed and treated as a Tax Distribution for all purposes to such Securityholder on the Tax Distribution date next following the issuance of such Securityholder’s Schedule
K-1 (or equivalent), and (ii) conversely, the excess (if any) of (A) a Securityholder’s total Tax Distributions received by such Securityholder in respect of the applicable Taxable Year over
(B) such Securityholder’s actual Tax Amount (based on amounts reflected on such Securityholder’s Schedule K-1 or equivalent) shall be credited against and reduce the amount to be distributed to
such Securityholder on the Tax Distribution date(s) next following the issuance of the Schedule K-1 (or equivalent). 

  

	 	4.5	 Section 754 Election. US JVCo shall (and shall cause each of its Subsidiaries that
is classified as a partnership for US federal income tax purposes to) elect to adjust the basis of its assets for US federal income tax purposes in accordance with Code Section 754 for the Taxable Year that includes the date of this agreement.

  

	 	4.6	 Indemnification and Reimbursement for Payments on Behalf of a Securityholder.

  

	 	(a)	 US JVCo is authorized to withhold from any payment made or to be made to, or any amounts allocable or
otherwise distributable to a Securityholder any Taxes or other similar amounts required by law to be withheld with respect to such payments or amounts. 

  

	 	(b)	 If US JVCo (or any other Person in which US JVCo holds a direct or indirect interest) is obligated to
make any payment to a governmental entity or body or to any other 

  
 82 

	 	 
Person (or otherwise makes a payment) that is specifically attributable to a Securityholder (including with respect to income allocable to such Securityholder) or a Securityholder’s status
as such (including US federal, state, or local withholding Taxes, state personal property Taxes, state unincorporated business Taxes and Taxes arising under the Partnership Tax Audit Rules) (“Entity Taxes”), then such Securityholder
shall indemnify and contribute to US JVCo in full for the entire amount paid (including interest, penalties and related expenses). Such contribution shall not increase such Securityholder’s Capital Contribution and no additional Securities will
be issued to such Securityholder in respect thereof. The US GP JV Board may offset distributions to which a Securityholder is otherwise entitled under this agreement against such Securityholder’s obligation to indemnify US JVCo under this
paragraph 4.6(b), in which case such Securityholder shall be treated as having received all distributions (whether before or upon termination) unreduced by the amount of such Entity Tax. A Securityholder’s obligation to indemnify and make
contributions to US JVCo under this paragraph 4.6(b) shall survive any transfer (including by way of redemption) of a Securityholder’s Securities and the termination, dissolution, liquidation and winding up of US JVCo, and for purposes of this
paragraph 4.6, US JVCo shall be treated as continuing in existence. For the avoidance of doubt, any Entity Taxes that are imposed under the Partnership Tax Audit Rules payable by US JVCo or any fiscally transparent entity in which US JVCo owns an
interest shall be treated as specifically attributable to the Securityholders, and the US GP JV Board shall use commercially reasonable efforts to allocate the burden of (or any diminution in distributable proceeds resulting from) any such Entity
Taxes to those Securityholders to whom such amounts are specifically attributable (whether as a result of their status, actions, inactions or otherwise), as determined by the US GP JV Board. Each Securityholder acknowledges that, notwithstanding the
transfer (including by way of redemption) after the date hereof of all or any portion of its interest in US JVCo, it will remain liable for Entity Taxes with respect to its allocable share of income and gain of US JVCo for Taxable Years (or portions
thereof) before such transfer pursuant to this paragraph 4.6. 

  

	5	 OTHER TAX MATTERS 

 

	 	5.1	 In General. The US JVCo shall prepare and file all necessary US federal, state, and local tax
returns. Any such income tax return shall be prepared by an independent public accounting firm selected by the US GP JV Board. Each Securityholder shall furnish to US JVCo or its applicable tax return preparer all pertinent information in its
possession relating to US JVCo’s operations that is necessary to enable US JVCo’s income tax returns to be prepared and filed. 

  

	 	5.2	 US Tax Return Filings.  

 

	 	(a)	 The US JVCo shall use commercially reasonable efforts to deliver or cause to be delivered as soon as
reasonably practicable after the end of each Taxable Year, to each person who was a Securityholder at any time during such Taxable Year, all information necessary for the preparation of such person’s US federal, state, and local income tax
returns, including without limitation any Schedule K-1 (or corresponding or similar forms for state or local income tax purposes) or equivalent schedule. The US JVCo shall use commercially reasonable efforts
to cause an estimated Schedule K-1 to be prepared and delivered to the Securityholders by no later than March 30 following the end of the Taxable Year, and a final version thereof to be delivered to the
Securityholders by no later than June 30 following the end of the Taxable Year. 

  

	 	(b)	 The parties agree to discuss in good faith the request of the WPP Securityholders to receive the
information and rights set out on Schedule 12 and, if and to the extent any agreement is reached in respect of such requests, amend this agreement to reflect any agreement reached in respect of such requests. 

  
 83 

	 	(c)	 The parties agree to negotiate in good faith to complete Schedule 2 (Capital Structure) and a
new Schedule 11 (Purchase Price Allocation Methodologies) to this Agreement, contemplated by this Schedule 9 following the Closing. 

  

	 	5.3	 Tax Audits. The Investor US Securityholder is hereby designated as the “partnership
representative” of US JVCo for purposes of the Partnership Tax Audit Rules and shall serve in any related role for purposes of applicable state, local, or non-US tax law (in each such capacity, the
“Partnership Representative”). In addition, the US GP JV Board is hereby authorized to take, or cause the US JVCo to take, such other actions as may be necessary or advisable pursuant to Treasury Regulations or other guidance to
ratify the designation, pursuant to this paragraph 5.3, of the Investor US Securityholder as the Partnership Representative. The Partnership Representative shall be authorized to represent US JVCo (at US JVCo’s expense) in connection with all
examinations of US JVCo’s affairs by applicable tax authorities, including resulting administrative and judicial proceedings, and to expend US JVCo funds for professional services incurred in connection therewith and to enter into settlements
and other agreements with such agencies (including with respect to proceedings under the Partnership Tax Audit Rules) as the Partnership Representative deems necessary or advisable; provided that with respect to any such proceeding that is a Covered
Tax Proceeding, the Partnership Representative shall provide the WPP Securityholder, at the WPP Securityholder’s sole cost and expense, reasonable participation rights with respect to such Covered Tax Proceeding and shall not enter into any
settlement of, or otherwise compromise, any such Covered Tax Proceeding without the prior written consent of the WPP Securityholder (which consent shall not be unreasonably withheld, conditioned or delayed). The Partnership Representative shall keep
the US GP JV Board fully informed as to the progress of any such examinations, audits or proceedings. Each Securityholder agrees to cooperate with the Partnership Representative and to do or refrain from doing any or all things reasonably requested
by the Partnership Representative with respect to the conduct of such proceedings. The Partnership Representative shall not be liable to US JVCo or any of the Securityholders as a result of the Partnership Representative performing its obligations
under the Partnership Tax Audit Rules or pursuant to this paragraph 5.3. US JVCo shall reimburse the Partnership Representative for all costs and expenses (including legal and accounting fees) incurred in performing its obligations under the
Partnership Tax Audit Rules or pursuant to this paragraph 5.3. 

  

	 	5.4	 Code Section 7704 Safe Harbor. In order to permit US JVCo to qualify for the
benefit of a “safe harbor” under Code Section 7704, notwithstanding anything to the contrary in this agreement, no transfer of any Securities or economic interest shall be permitted or recognized by US JVCo or the US GP JV Board
(within the meaning of Treasury Regulations Section 1.7704-1(d)) if and to the extent that such transfer would cause (or create substantial risk of causing) US JVCo to have more than 100 partners (within
the meaning of Treasury Regulations Section 1.7704-1(h), including the look-through rule in Treasury Regulations Section 1.7704-1(h)(3)). Further, no transfer
of any Security or economic interest shall be permitted if such transfer would otherwise create, in the US GP JV Board’s reasonable discretion, a risk that US JVCo would be treated as a “publicly traded partnership” within the meaning
of Code Section 7704. 

  

	 	5.5	 US Tax Treatment. 

 

	 	(a)	 Each Securityholder agrees that, for US federal (and applicable state and local) income tax purposes,
the US acquisition steps contemplated by the EY deck dated December 3, 2019, or any subsequent final iteration thereof (the “Sell-Side Structure Steps”) are intended to be classified in the following manner (and are intended to
occur in the following order) and defined terms used in this paragraph 5.5(a) and not otherwise defined in the Securityholders’ Agreement or this Schedule 9 refer to the entities described in the Sell Side Structure Steps:

  

	 	(i)	 first, US Holdco B LLC borrows cash from the external lenders under the Finance Documents and US
Holdco A LLC and US Holdco B LLC merge with 

  
 84 

	 	 
WPP Blitz and WPP Dash, respectively, with US Holdco A LLC being treated as a continuation of WPP Blitz within the meaning of Code Section 708; 

 

	 	(ii)	 second, US Holdco B LLC distributes the cash it borrowed to US Holdco A LLC, which is treated as
having borrowed and distributed under Treas. Reg. Section 1.163-8T the same, pro rata, to the WPP Securityholders as a tax-free distribution of cash under Code
Section 731, except to the extent of the excess (if any) of the cash over the WPP Securityholders’ share of the debt, as determined under Treas. Reg. Section 1.707-5(b) (but, for the avoidance
of doubt, without taking into account any subsequent reduction in the WPP Securityholders’ share of the debt that occurs as a result of the acquisition of interests in US JVCo by the Investor US Securityholder); 

 

	 	(iii)	 third, US JVCo is treated as a continuation of US Holdco A LLC within the meaning of Code
Section 708; and 

  

	 	(iv)	 fourth, Investor US Securityholder acquires partnership interests in US JVCo from the WPP
Securityholders for cash (including amounts described in Section 752(d)) in a transaction described in Code Section 741 (and for which a basis adjustment under Code Section 743(b) is available) and the parties shall determine Investor
US Securityholder’s share of US JVCo built-in-gain under Treasury Regulation Section 1.704-3(a)(7) and for
Section 743(b) purposes using the relative fair market value of the partnership interests acquired by Investor US Securityholder from the WPP Securityholders (such paragraphs (i) through (iii), collectively, the “Intended Tax
Treatment”). 

  

	 	(b)	 The Securityholders and US JVCo (x) shall not (and shall ensure their Affiliates shall not) take
any action (other than actions in connection with the transactions contemplated by this agreement) that would reasonably be expected to prevent the Intended Tax Treatment from so qualifying and (y) shall not take any position inconsistent with
the Intended Tax Treatment (whether in tax contests, tax returns, or otherwise) unless required to do so by applicable law. 

  

	 	(c)	 Within thirty (30) days of the Closing Date, the relevant Investor Securityholder(s) shall
provide US JVCo with a statement in form and substance as described under Treasury Regulation Section 1.743-1(k)(2). 

 

	 	(d)	 The amount of the aggregate consideration allocated to the purchase of US JVCo equity under the Sale
and Purchase Agreement, as finally determined thereunder (plus any assumed liabilities and other items required to be taken into account for US federal income tax purposes) shall be allocated among the assets of the US JVCo and its Subsidiaries (as
determined for US federal income tax purposes) in accordance with the principles of Code Section 755 and the Treasury Regulations thereunder and the methodologies set forth in Schedule 11 (the “Allocation”). The Investor
Securityholders shall deliver to the WPP Securityholders a draft allocation within sixty (60) days after the First Completion Date (as defined in the Sale and Purchase Agreement) (the “Draft Allocation”). The WPP
Securityholders shall review the Draft Allocation and provide the Investor Securityholders with comments within thirty (30) days of the date that WPP Securityholders received the Draft Allocation. Thereafter, the WPP Securityholders and the
Investor Securityholders shall seek in good faith to resolve any differences which they may have with respect to the Allocation; provided that the WPP Securityholders and the Investor Securityholders shall submit to an independent tax expert for
resolution any and all matters (but only such matters) which remain in dispute after fifteen (15) days or such longer period as agreed by the parties. The Investor Securityholders shall, as soon as reasonably practicable, prepare the final
allocation schedule reflecting the agreement by the WPP Securityholders and the Investors Securityholder or final determination of the expert, as applicable (the “Final 

  
 85 

	 	 
Allocation”). The Securityholders (i) shall file or cause to be filed all tax returns in a manner consistent with the Final Allocation and (ii) shall not take any position that
is inconsistent with the Final Allocation, except, in each case, as required pursuant to a “determination” within the meaning of Section 1313(a) of the Code (or any similar provision of state, local or
non-US tax law). If the Total Consideration (as defined in the Sale and Purchase Agreement) is adjusted pursuant to the Sale and Purchase Agreement, the Final Allocation shall be adjusted as appropriate and
the WPP Securityholders and the Investor Securityholders shall cooperate in good faith in making any such adjustments. 

  

	 	5.6	 Midco US Tax Appendix. The parties agree that the limited partnership agreement or the
shareholders agreement for Summer (BC) US Midco SCSp (“Midco”) shall include a Schedule that is substantially the same as this Schedule 9, except that the following modifications shall be made: 

 

	 	(a)	 The following shall be added to paragraph 4.1 (Allocation of Profits and Losses):

 For the avoidance of doubt, Midco is entitled to make allocations like those described in Proposed
Treasury Regulations Section 1.704-1(b)(4)(xii)(c) and, once required by applicable final or temporary guidance, allocations of profits and losses will be made in accordance with Proposed Treasury
Regulations Section 1.704-1(b)(4)(xii)(c) or any successor provision or guidance. 
  

	 	(b)	 The following shall be added to paragraph 4.3(d) (US Tax Allocations): 

; provided that, (x) for purposes of determining a partner’s share of partnership liabilities under Treasury
Regulation Section 1.707-5 only, the parties shall agree on a methodology for allocating such liabilities which minimizes the amount treated as consideration (if any) and (y) for purposes of Treasury
Regulations Section 1.752-3(b) the parties shall agree to allocate partnership liabilities among the assets in a manner that maximizes the amount of debt available to be allocated by Midco among its
partners under the “additional method” described in Treasury Regulations Section 1.752-3(a)(3). Midco and its partners agree to treat any amount that would otherwise be treated as consideration,
to the maximum extent permissible by Law, as a reimbursement of preformation capital expenditures within the meaning of Treasury Regulation Section 1.707-4(d). 

 

	 	(c)	 The following shall be added as a new paragraph 5.6: 

 

	 	5.7	 Code Section 83 Safe Harbor 

 

	 	(a)	 By executing this agreement, each partner authorizes and directs Midco to elect to have the
“Safe Harbor” described in the proposed Revenue Procedure set forth in Internal Revenue Service Notice 2005-43 (the “Notice”) apply to any interest transferred to a service provider
by Midco on or after the effective date of such Revenue Procedure in connection with services provided to Midco, including pursuant to any MIP. For purposes of making such Safe Harbor election, US JVCo is hereby designated as the “Partner who
has responsibility for federal income tax reporting” by Midco and, accordingly, execution of such Safe Harbor election by US JVCo constitutes execution of a “Safe Harbor Election” in accordance with Section 3.03(1) of the Notice.
Midco and each partner hereby agrees to comply with all requirements of the Safe Harbor described in the Notice, including the requirement that each partner shall prepare and file all federal income Tax returns reporting the income Tax effects of
each interest issued by Midco that qualifies for the Safe Harbor in a manner consistent with the requirements of the Notice. 

  
 86 

	 	(b)	 Each partner authorizes US JVCo to amend paragraph 5.6(a) to the extent necessary to achieve
substantially the same tax treatment with respect to any interest in Midco transferred to a service provider by Midco in connection with services provided to Midco as set forth in Section 4 of the Notice (e.g., to reflect changes from the rules
set forth in the Notice in subsequent Internal Revenue Service guidance), provided that such amendment is not materially adverse to such partner (as compared with the after tax consequences that would result if the provisions of the Notice applied
to all interests of Midco transferred to a service provider by Midco in connection with services provided to Midco). 

  

	6	 IPO; SALE OF JVCO; CORPORATE INVESTMENT VEHICLES 

 

	 	6.1	 Public Offering. If any interests in US JVCo are owned, directly or indirectly through a Corporate
Investment Vehicle, if requested by the Investor Securityholders, any IPO of US JVCo shall be structured by using such Corporate Investment Vehicle as the vehicle for such IPO, by merging such Corporate Investment Vehicle into the vehicle used for
the IPO, by causing such Corporate Investment Vehicle to become a subsidiary of the vehicle used for the IPO, or through another structure that is tax-efficient for the Investor Securityholders or any other
shareholders that hold an interest in US JVCo through such Corporate Investment Vehicle; provided that, such restructuring shall be subject to the terms of Section 21(c) in the event of an IPO occurring after the third anniversary of the
Effective Date. Subject to Section 21(c), each Securityholder other than such Corporate Investment Vehicle shall consent to, and cooperate fully with, any such structure (and shall raise no objections thereto). 

 

	 	6.2	 Sale of US JVCo. Notwithstanding anything to the contrary in this agreement, if any interests
in US JVCo are owned, directly or indirectly, through a Corporate Investment Vehicle, then if requested by the Investor Securityholders, any disposal, sale or other transfer of Securities as may be permitted or contemplated under this agreement
(including under clauses 16, 17, 18, or 19) shall be effected through a transfer of equity, debt, options or other securities issued by such Corporate Investment Vehicle (which represent an indirect beneficial interest in the Securities to be
transferred). In connection with any disposal sale, or other transfer of Securities of the US JVCo, or in connection with any other change of control transaction or liquidity event with respect to US JVCo, each Securityholder of US JVCo (other than
such Corporate Investment Vehicle) shall consent to and cooperate fully with (and shall raise no objections to) any such transfer of equity, debt, options or other securities issued by such Corporate Investment Vehicle as contemplated by this
paragraph 6.2. 

  
 87 

 SCHEDULE 10 

DEFINITIONS AND INTERPRETATION 
  

	1.	 Definitions 

In this agreement: 

1915 Law means the Luxembourg law of 10 August 1915 on commercial companies, as amended from time to time; 

Acceptance Notice has the meaning given in clause 16.2(b); 

Accepted Securities has the meaning given in clause 16.4(a); 

Accepted Securityholder has the meaning given in clause 16.3(a); 

Affiliate means, in respect of any entity, a second entity that: 

 

	 	(i)	 Controls the first entity; 

 

	 	(ii)	 is under the Control of the first entity; or 

 

	 	(iii)	 is under the Control of a third entity that Controls the first entity, 

provided however that neither: (A) the Company nor any other member of the Group; or (B) any portfolio company of
any Investment Fund, shall in each case be an Affiliate of any Securityholder or any of its other Affiliates; 
 Agreed
Announcement means any announcement made by any party or their Affiliates under the terms of the Transfer Agreement; 

Anti-Corruption Policies has the meaning given in clause 24; 

Appointer means, in relation to a Nominated Director, the person who is entitled to propose the appointment of that
Director at a general meeting of the Company in accordance with clause 4.3; 
 Articles means the US JVCo LPA, US
GP Co Articles and RoW Articles; 
 Asset Sale means a sale by the Group or any other member of the Group of all of
the Group’s business, assets and undertakings to a single buyer or to one or more buyers as part of a single transaction or series of connected transactions (other than as part of a Reorganisation Transaction); 

Associated Person means, in relation to a body corporate, a person (including an employee, agent or Subsidiary of
that body corporate) who performs services for or on behalf of that body corporate; 
 AUNZ means WPP AUNZ Limited
(registered number ACN 001 657 370), a public limited company incorporated in Australia and whose registered office is at 1 Kent Street, Millers Point, NSW 2000, Australia; 

AUNZ Circular means the circular to be despatched by AUNZ to its shareholders in connection with the transfer of
certain interests in certain entities held directly or indirectly by AUNZ in accordance with the Transfer Agreement; 

  
 88 

 Board Approval has the meaning given in clause 5.3; 

Boards means the US GP Board, US GP JV Board and the RoW Board and Board means any of them; 

Budget means the budget for a Financial Year for: 

 

	 	(a)	 the Group on an aggregated basis; and 

 

	 	(b)	 for each of the Companies and their respective Subsidiaries from time to time on an aggregated and
individual units basis, 

 in each case in accordance with both IAS and IFRS and set under clause 7;

 Business means global data, research, consulting and analytics business known as ‘Kantar’ as
the same may be developed from time to time; 
 Business Day means a day other than a Saturday, Sunday or public
holiday on which banks are generally open in London and Luxembourg for normal business; 
 Business Plan means the
business plan of the Group for a Financial Year set under clause 7; 
 Buying Securityholder has the meaning given
in clause 16.2; 
 CEDR has the meaning given in clause 30.4; 

Chief Executive Officers means: 
  

	 	(a)	 the chief executive officer of the US Group; and 

 

	 	(b)	 the chief executive officer of the RoW Group, 

in each case, from time to time and Chief Executive Officer shall mean that one of them which the context requires;

 Control means: 
  

	 	(a)	 owning or controlling (directly or indirectly) more than 50% of the voting share capital of the relevant
undertaking; or 

  

	 	(b)	 being able to direct the casting of more than 50% of the votes exercisable at general meetings of the
relevant undertaking on all, or substantially all, matters; or 

  

	 	(c)	 having the right to appoint or remove directors of the relevant undertaking holding a majority of the
voting rights at meetings of the board on all, or substantially all, matters; or 

  

	 	(d)	 having the power to determine the conduct of business affairs of an undertaking (whether through ownership
of equity interest or partnership or other ownership interests, by contract or otherwise), 

 in each
case whether directly or indirectly, and Controlled, Controlling and Controlling Interest shall have a corresponding meaning; 

  
 89 

 Deed of Adherence means a deed of adherence to this agreement to be
executed by any transferee of or subscriber for a Security substantially in the form set out in Schedule 7; 

Director means a director or a manager (as applicable) of RoW JVCo and/or US GPCo; 

Dispose means, in relation to any Security: 

 

	 	(a)	 to sell, transfer, assign, swap, surrender, gift, declare a trust over, or otherwise dispose of, deal with
or Encumber, any legal or equitable interest in the Security; 

  

	 	(b)	 to do any thing which has the effect of placing a person in substantially the same position as that person
would have been in, had any of the things mentioned in paragraph (a) above been done; or 

  

	 	(c)	 to authorise, agree to or attempt to do any of the things mentioned in paragraph (a) or (b) above,

 and the term Disposal has a corresponding meaning; 

Dispute means any dispute, claim, difference or controversy arising out of, relating to or having any connection with
this agreement, including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non-contractual
obligations arising out of or in connection with it; 
 Dividend includes a dividend, bonus issue or other
distribution in kind or in cash; 
 Drag Buyer has the meaning given in clause 17.3; 

Drag Notice has the meaning given in clause 17.2; 

Drag Sale Price has the meaning given in clause 17.3; 

Drag Sale Terms has the meaning given in clause 17.3; 

Drag Securities has the meaning given in clause 17.2; 

Drag Transaction has the meaning given in clause 17.2; 

Effective Date means the date of this agreement; 

Electronic Communication means an electronic communication as defined in the UK Electronic Communications Act 2000;

 Employee means an employee, secondee, consultant, contractor, officer, partner or director (other than Nominated
Directors) and the terms Employed and Employment shall be construed accordingly;  

Encumbrance means any security interest and any option, right to acquire, right of
pre-emption, assignment by way of security, trust arrangement for the purpose of providing security, retention arrangement or other security interest of any kind, and any agreement to create any of the above,
and the term Encumber has a corresponding meaning; 
 EoD Securities has the meaning given in clause 12(a);

  
 90 

 Equity Proportion means, in relation to a Securityholder, the total
number of Securities held by that Securityholder divided by the total number of Securities in issue, expressed as a percentage; 

Event of Default has the meaning given in clause 12(a); 

Excluded Dispute has the meaning given in clause 30.1; 

Exit means a Sale, Asset Sale, or IPO; 

EY Steps Plan means the steps plan prepared by Ernst & Young LLP entitled ‘Project Summer –
Acquisition Steps’ as updated from time to time; 
 Fair Value means, in respect of any Security, the amount
determined in accordance with Schedule 8; 
 Finance Documents has the meaning given to it in the senior facilities
agreement dated 26 November 2019 and entered into in connection with the transactions contemplated by the Transfer Agreement between Summer (BC) Bidco B LLC (as US Bidco), Summer (BC) Holdco B S.à r.l. (as RoW Bidco), Bank of America
Merrill Lynch International Designated Activity Company among others (as Mandated Lead Arrangers), and Wilmington Trust (London) Limited (as Agent and Security Agent) as from time to time amended, modified, supplemented, extended, renewed,
refinanced or replaced; 
 Financial Year means a period starting on 1 January of any year and ending on
31 December of the same year; 
 FSMA means the Financial Services and Markets Act 2000; 

Group means the Companies and their respective Subsidiaries from time to time and Group Company means any of
them; 
 group means an Ultimate Holding Company and its Subsidiaries and group member has a corresponding
meaning; 
 Holding Company has the meaning given in paragraph 2 below; 

IBM means International Business Machines Corporation; 

IBM Agreements means: 
  

	 	(a)	 the master services agreement for application services between WPP 2005 Limited and IBM dated
30 September 2015 as amended from time to time; and 

  

	 	(b)	 master services agreement for infrastructure services between WPP 2005 Limited and IBM dated
30 September 2014 as amended from time to time; 

 Information Technology has the meaning
given in the Transfer Agreement; 
 Initial Budget has the meaning given in clause 7.1; 

Initial Business Plan has the meaning given in clause 7.1; 

  
 91 

 Insolvency Event means, in respect of any person: 

 

	 	(a)	 the person is unable to, or states that it is unable to, pay its debts as they fall due or stops or
threatens to stop paying its debts as they fall due; 

  

	 	(b)	 any indebtedness of the person is subject to a moratorium; 

 

	 	(c)	 a liquidator, provisional liquidator or administrator has been appointed to any property of the person or
an event occurs which gives any other person a right to seek such an appointment; 

  

	 	(d)	 an order has been made, a resolution has been passed or proposed in a notice of meeting or in an
announcement to any recognised securities exchange, or an application to court has been made for the winding-up or dissolution of the person or for the entry into of any arrangement, compromise or composition
with, or assignment for the benefit of, creditors of the person or any class of them; 

  

	 	(e)	 a security interest becomes enforceable or is enforced over, or a writ of execution, garnishee order,
mareva injunction or similar order has been issued over or is affecting, all or a substantial part of the assets of the person; or 

  

	 	(f)	 the person has otherwise become, or is otherwise taken to be, insolvent in any jurisdiction or an event
occurs in any jurisdiction in relation to the person which is analogous to, or which has a substantially similar effect to, any of the events referred to in paragraphs (a) to (e) above; 

Interest means, in relation to any person, any direct or indirect interest (other than a financial or commercial
interest) of that person or its Affiliates arising from any existing or proposed arrangement, contract, litigation or other proceeding between any Group Company and that person or any of its Affiliates; 

Investment Fund means any bank, company, unit trust, investment trust, investment company, limited, general or other
partnership, industrial provident or friendly society, any collective investment scheme (as defined by FSMA), any investment professional (as defined in article 19(5)(d) of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2001
(the FPO)), any high net worth company or unincorporated association or high value trust (as defined in article 49(2) (a) to (c) of the FPO), any pension fund or insurance company or any person who is an authorised person under FSMA, but
shall exclude the Companies and their respective Subsidiaries from time to time; 
 Investor Directors has the
meaning given in clause 4.3(b); 
 IPO means the admission of the whole of any class of the issued share capital of
any Group Company (including any New Holding Company) to trading on a regulated market (as defined in Directive 2004/93/EC on markets in financial instruments (MiFiD)) or other internationally recognised investment exchange (including, without
limitation, any prescribed market (as defined in the Financial Services and Markets Act 2000 (Prescribed Markets and Qualifying Investments) Order 2001 (SI 2001/996), as amended); 

Loss means all losses, damages, costs, expenses, charges and other liabilities whether present or future, fixed or
unascertained, actual or contingent; 
 Limited Partnership Interests means the limited partnership interests
issued by US JVCo; 

  
 92 

 Majority Holder means any Securityholder that together with its
Affiliates holds more than 50% of the Securities of each Company; 
 Mediation Notice has the meaning given in
clause 30.4; 
 Minority Holder means any Securityholder other than the Majority Holder; 

NED means a non-executive director of any member of the Group who is not an
Employee of Bain Capital Private Equity (Europe), LLP or one of its Affiliates or an Employee of the Group; 

Negotiation End Date has the meaning given in clause 30.3; 

Negotiation Notice has the meaning given in clause 30.3; 

Negotiators has the meaning given in clause 30.3; 

New Holding Company means any new holding company of any or all Companies, formed for the purpose of facilitating a
Reorganisation Transaction or an IPO; 
 Nominated Director means a Director appointed under clause 4.3 (and
includes any proxy of that Director); 
 Non-Subscribing Securityholder has
the meaning given in clause 12(b); 
 Observer has the meaning given in clause 4.13; 

Offer Closing Date has the meaning given in clause 11.3(c); 

Offer Notice has the meaning given in clause 11.1; 

Offer Period has the meaning given in clause 11.1(e); 

Offer Price has the meaning given in clause 11.1(a); 

Offer Right Entitlement has the meaning given in clause 16.1(a)(ii); 

Offer Securities has the meaning given in clause 11.1(a); 

Offer Terms has the meaning given in clause 11.1(a); 

Other Parties means Subscribing Securityholders who are subscribing for their full Rights Entitlement; 

Partnership Interests means the Unlimited Partnership Interest and the Limited Partnership Interests; 

Permitted Transferee means, in relation to a Securityholder, any of its Affiliates; 

Pro Forma Adjusted EBITDA has the meaning given to such term in the offering memorandum dated 23 October 2019
relating to the €1,000,000,000 5.750% senior secured noted due 2026 to be issued by Summer (BC) Holdco B S.à r.l. and the €475,000,000 9.250% senior notes due 2027 to be issued by Summer (BC) Holdco A S.à r.l.; 

Quarterly Valuation has the meaning given in clause 11.5; 

  
 93 

 Reorganisation Transaction means a reorganisation of the Group by
any means including the acquisition of one or more Companies by a New Holding Company or any other reorganisation of the Group involving the Group’s share or debt capital (including the conversion, consolidation,
sub-division or redesignation (as appropriate) of the Shares, Limited Partnership Interests or Unlimited Partnership Interests respectively into a single class of ordinary shares) in preparation for an Exit or
acquisition of another business by a Group Company; 
 Representative means, in relation to a person, any director,
officer or employee of, and any accountant, auditor, financier, financial adviser, legal adviser, technical adviser or other expert adviser or consultant to, that person; 

Rights and Obligations Reduction has the meaning given in clause 22; 

Rights Entitlement has the meaning given in clause 11.1(b); 

RoW Articles means the articles of association of RoW JVCo as amended from time to time; 

RoW Board means the board of directors of RoW JVCo; 

RoW Group means RoW JVCo and its Subsidiaries from time to time; 

Sale means the sale of all the Securities to a third party on arm’s length terms as part of a single transaction
or a series of related transactions; 
 Sale Completion Date has the meaning given in clause 16.4(b); 

Sale Notice has the meaning given in clause 16.1; 

Sale Period has the meaning given in clause 16.1(a)(iii); 

Sale Price has the meaning given in clause 16.2(a); 

Sale Securities has the meaning given in clause 16.1(a)(iii); 

Sale Terms has the meaning given in clause 16.2(a); 

Scangroup means WPP Scangroup Plc, a public limited company incorporated in Kenya and whose registered office is at
The Chancery, 5th Floor, Valley Road, Upper Hill P.O Box 34537 – 00100, Nairobi, Kenya; 
 Scangroup Circular
means the circular to be despatched by Scangroup to its shareholders in connection with the transfer of certain interests in certain entities held directly or indirectly by Scangroup as contemplated by and in accordance with the Transfer
Agreement; 
 Securities means: 
  

	 	(a)	 Shares, Limited Partnership Interests, Unlimited Partnership Interests or any other class of shares or
interests (whether limited, unlimited or otherwise) in any Company or any other equity securities in any Company; and 

  

	 	(b)	 options, warrants, notes, bonds or other securities or debt: (i) convertible into, or exchangeable
for, Shares, Limited Partnership Interests, Unlimited Partnership Interests or any other class of shares or interests (whether limited, unlimited or otherwise) or any 

  
 94 

	 	 
other equity securities in any Company; or (ii) containing equity features or containing profit participation features; 

Securityholder means a registered holder of Securities who is party to this agreement as an original party or by
having executed a Deed of Adherence in accordance with clause 19; 
 Securityholder Approval means an approval
given in accordance with clauses 5.4 and 5.5; 
 Selling Securityholder has the meaning given in clause 16.1; 

Senior Employee means: Eric Salama; Robert Bowtell; Richard Ingleton; David Sandberg; Andrea Wilson; Rosie Hawkins;
Gonzalo Fuentes; James Brooks; Andy Brown; Olivier Lefranc; Richard Wallace; Antonio Wanderley; Caroline Frankum; Mitchell McCauley; Marc Ryan; Josep Montserrat; Ian Dunkley; Luis Simoes; Phil Smiley; Jake Barton; David Morton; John McHarry; Wayne
Levings; Tim Kelsall; Nick Nyhan; Jeff Krentz; Sean Toland; Lynnette Cooke; Ed Ceraso; Michelle Harrison; David Errington; Michael Davis; Andreas Velter; Tim Kidd; Richard Poustie or any of their respective replacements from time to time; 

Share means an ordinary share in the capital of a Company; 

Shareholder mean a registered holder of Shares; 

Subscribing Securityholder has the meaning given in clause 11.2(a); 

Subscription Price has the meaning given in clause 11.3(a); 

Subscription Securities has the meaning given in clause 11.3(b); 

Subsidiary has the meaning given in paragraph 2 below; 

Surviving Clauses means clause 26, clause 28, clause 29 and clause 32; 

Tag Buyer has the meaning given in clause 18.2; 

Tag Notice has the meaning given in clause 18.2; 

Tag Option has the meaning given in clause 18.2; 

Tag Period has the meaning given in clause 18.2; 

Tag Sale Price has the meaning given in clause 18.2; 

Tag Sale Terms has the meaning given in clause 18.2; 

Tag Securities has the meaning given in clause 18.2; 

Tax means all taxes, levies, duties, imposts and any charges, deductions or withholdings in the nature of tax
including taxes on gross or net income, profits or gains and taxes on receipts, sales, use, occupation, development, franchise, employment, value added and personal property, together with all penalties, charges and interest relating to any of them
or to any failure to file any return required for the purposes of any of them; 
 Tax Authority means any authority
responsible for the collection or management of any Tax; 

  
 95 

 Third Party Sale has the meaning given in clause 18.1; 

Transaction Documents means: 
  

	 	(a)	 this agreement; 

 

	 	(b)	 the Transfer Agreement; 

 

	 	(c)	 the Transaction Documents (as defined in the Transfer Agreement); and 

 

	 	(d)	 the Articles; 

Transfer Agreement means the transfer agreement dated 12 July 2019 between WPP and the Investor RoW
Securityholder in relation to companies comprising the Business, as amended and/or restated from time to time; 

Ultimate Holding Company means a Holding Company which is not itself a Subsidiary; 

US Articles means the articles of association of US JVCo as amended and/or restated from time to time; 

US GPCo Articles means the articles of association of US GPCo as amended and/or restated from time to time; 

US GP Board means the board of directors of US GPCo; 

US GP JV Board means the board of directors of US GPCo acting in their capacity as manager of US JVCo; 

US Group means US GPCo, US JVCo and each of their respective Subsidiaries from time to time; 

US JVCo LPA means the limited partnership agreement of US JVCo, as amended and/or restated from time to time; 

Unlimited Partnership Interest mean one unlimited partnership interest issued by US JVCo, 

VAT means: 
  

	 	(a)	 any Tax imposed in compliance with the council directive of 28 November 2006 on the common system of
value added tax (EC Directive 2006/112); 

  

	 	(b)	 to the extent not included in paragraph (a) above, any value added tax imposed by the Value Added Tax
Act 1994 and legislation and regulations supplemental thereto; and 

  

	 	(c)	 any other Tax of a similar nature to the Taxes referred to in paragraphs (a) and (b) above, whether
imposed by a member state of the European Union in substitution for, or levied in addition to, the Taxes referred to in paragraph (a) or paragraph (b) above, or imposed elsewhere. 

WPP means WPP plc (registered number 111714); 

WPP Circular means the circular to be despatched by WPP to its shareholders in connection with and in accordance with
the Transfer Agreement; 

  
 96 

 WPP Directors has the meaning given in clause 4.3(a); 

WPP Format has the meaning given in clause 7.2(a); 

WPP Group means WPP and all of its subsidiary undertakings (within the meaning of section 1162 of the Companies Act
2006), and member of the WPP Group means any of them; and 
 WPP TSA Charges means the charges relating to
internal time and services, including time and services provided by the WPP team known as the ‘Coretech’ team (excluding, for the avoidance of doubt all the third party recharged services) provided by the WPP Group to the Group under the
terms of the Transitional Services Agreements (as defined in the Transfer Agreement). 
  

	2.	 Subsidiary and Holding Company 

For the purposes of this agreement: 
  

	 	(a)	 A company is a Subsidiary of another company, its Holding Company, if that other company:

  

	 	(i)	 holds a majority of the voting rights in it; or 

 

	 	(ii)	 is a member of it and has the right to appoint or remove a majority of its board of directors; or

  

	 	(iii)	 is a member of it and controls alone, pursuant to an agreement with other members, a majority of the
voting rights in it, 

 or if it is a Subsidiary of a company that is itself a Subsidiary of that other
company. 
  

	 	(b)	 In this paragraph 2, company includes any body corporate. 

 

	3.	 Things required to be done other than on a Business Day 

Unless otherwise indicated, where the day on which any act, matter or thing is to be done is a day other than a Business
Day, that act, matter or thing must be done on or by the next Business Day. 
  

	4.	 Several liability 

Where any obligation, representation, warranty or undertaking in this agreement is expressed to be made, undertaken or given
by two or more parties, those parties will be taken to be severally liable in respect of it, unless this agreement expressly provides otherwise. 
  

	5.	 Other rules of interpretation 

In this agreement: 
  

	 	(a)	 except to the extent the contrary intention appears, any reference, express or implied, to any legislation
in any jurisdiction includes: 

  

	 	(i)	 that legislation as amended, extended or applied by or under any other legislation made before or after
execution of this agreement; 

  

	 	(ii)	 any legislation which that legislation re-enacts with or without
modification; and 

  
 97 

	 	(iii)	 any subordinate legislation made before or after execution of this agreement under that legislation,
including (where applicable) that legislation as amended, extended or applied as described in paragraph 5(a)(i) above, or under any legislation which it re-enacts as described in paragraph 5(a)(ii) above;

  

	 	(b)	 references to a transfer of a Security include the disposal of any direct or indirect economic
interest in that Security (including the creation of any security interest or other third party right over any interest in that Security, the disposal of any indirect or direct entity to whom that Security has previously been transferred and any
renouncement in favour of another person of any right to the allotment or transfer of that Security); 

  

	 	(c)	 references to indemnify any person against any circumstance shall include indemnifying and keeping
that person harmless, on an after-Tax basis, from all actions, claims and proceedings from time to time made against her and all loss, damage, payments, costs or expenses suffered made or incurred by her as a
consequence of that circumstance; 

  

	 	(d)	 any indemnity or covenant to pay (the Payment Obligation) being given on an after-Tax basis or expressed to be calculated on an after-Tax basis means that the amount payable pursuant to such Payment Obligation (the Payment) shall be
calculated in such a manner as will ensure that, after taking into account: 

  

	 	(i)	 any Tax required to be deducted or withheld from the Payment; 

 

	 	(ii)	 the amount and timing of any additional Tax which becomes payable by the recipient of the Payment as a
result of the Payment’s being subject to Tax in the hands of the recipient of the Payment; and 

  

	 	(iii)	 the amount and timing of any Tax benefit which is obtained by the recipient of the Payment to the extent
that such Tax benefit is attributable to the matter giving rise to the Payment Obligation or to the receipt of the Payment; 

(which amount and timing is to be determined by the auditors of the recipient at the shared expense of both Parties and is
to be certified as such to the Party making the Payment), the recipient of the Payment is in the same position as that in which it would have been if the matter giving rise to the Payment Obligation had not occurred; 

 

	 	(e)	 references to costs and/or expenses incurred by a person shall not include any amount in
respect of VAT comprised in such costs or expenses for which either that person or, if relevant, any other member of the VAT group to which that person belongs is entitled to credit as input tax; 

 

	 	(f)	 references to persons or entities include natural persons, bodies corporate, partnerships, trusts and
unincorporated and incorporated associations of persons; 

  

	 	(g)	 references to an individual or a natural person include his estate and personal representatives;

  

	 	(h)	 subject to clause 29.2, references to a party to this agreement include the successors or assigns
(immediate or otherwise) of that party; 

  

	 	(i)	 references to any English legal term for any action, remedy, method or judicial or arbitral proceeding,
legal document, legal status, court, arbitral tribunal, official or any legal concept or thing must, in respect of any jurisdiction other than England, be taken to include what most nearly approximates in that jurisdiction to the English legal term;

  
 98 

	 	(j)	 a reference to any instrument or document includes any variation or replacement of it;

  

	 	(k)	 unless otherwise indicated, a reference to any time is a reference to London time; 

 

	 	(l)	 a reference to £ or GBP is to pounds sterling or its equivalent in any other relevant currency and
to $ or USD is to US dollars or its equivalent in any other relevant currency; 

  

	 	(m)	 the phrases “to the extent” and “to the extent that” are used to indicate an element
of degree and are not synonymous with the word “if”; 

  

	 	(n)	 singular words include the plural and vice versa; 

 

	 	(o)	 a word of any gender includes the corresponding words of any other gender; 

 

	 	(p)	 if a word or phrase is defined, other grammatical forms of that word have a corresponding meaning;

  

	 	(q)	 general words must not be given a restrictive meaning by reason of the fact that they are followed by
particular examples intended to be embraced by the general words, and references to “includes” mean “includes without limitation”; and 

  

	 	(r)	 nothing is to be construed adversely to a party just because that party put forward this agreement or the
relevant part of this agreement. 

 **Signature pages to follow** 

  
 99 

 SIGNATORIES 

 

					
	EXECUTED as a DEED by SUMMER (BC) US JVCO S.C.S.p	 	)      	 	
	 acting by its general partner, Summer (BC) US JVCo GP
	 	)      	 	 /s/ Anne Ehrismann

 

	 S.à r.l., represented by A. Ehrismann, as manager,

acting under the authority of that Company, in the
 presence
of:
	 		 	
		 	)      	 	 Manager

  

					
	 Witness’s Signature
	  	 /s/ Alysson Havard

 
	  	
			
	 Name:
	  	 Alysson Havard

 
	  	
			
	 Address:
	  	 	  	
			
	     
	  	 	  	
		  		  	

  
  
  

 
 [Signature Page to the SHA] 

					
	EXECUTED as a DEED by SUMMER (BC) US JVCO GP S.À R.L.	 	)      	 	
	 represented by A. Ehrismann, as general manager,
	 	)      	 	 /s/ Anne Ehrismann

 

	acting under the authority of that Company, in the presence of:	 		 	
		 	)      	 	 Manager

  

					
	 Witness’s Signature
	  	 /s/ Alysson Havard

 
	  	
			
	 Name:
	  	 Alysson Havard

 
	  	
			
	 Address:
	  	 	  	
			
		  	 	  	

  
  
  

 
 [Signature Page to the SHA] 

					
	EXECUTED as a DEED by SUMMER (BC) JVCO S.À R.L.	 	 )      

)      
	 	
	 acting by Paul Stasiulis, its Vice President - Tax Counsel,
	 	)      	 	/s/ Paul Stasiulis
	an authorised signatory, acting under the authority of that Company, in the presence of:	 	 )      

)      
	 	
		 	)      	 	
		 		 	
			
		 		 	
		 		 	

  

					
	 Witness’s Signature
	  	/s/ Kinisha De Los Rios	  	
			
	 Name:
	  	Kinisha De Los Rios	  	
			
	 Address:
	  	 	  	
			
		  	 	  	

  
  
  

 
 [Signature Page to the SHA] 

					
	EXECUTED as a DEED by YORK MERGER SQUARE 2009 LLC	 	)      	 	
	 acting by Paul Stasiulis, its Vice President - Tax Counsel,
	 	)      	 	/s/ Paul Stasiulis
	an authorised signatory, acting under the authority of that Company, in the presence of:	 		 	
		 	)      	 	 Signature

  

					
	 Witness’s Signature
	  	 /s/ Kinisha De Los Rios

 
	  	
			
	 Name:
	  	 Kinisha De Los Rios

 
	  	
			
	 Address:
	  	 	  	
			
		  	 	  	

  
  
  

 
 [Signature Page to the SHA] 

					
	EXECUTED as a DEED by SUMMER (BC) JVCO S.À R.L.	 	)      	 	
	 acting by Marie-Catherine Brunner and
	 	)      	 	/s/ Marie-Catherine Brunner
	 Vladimir Mornard, as managers, acting under the authority of that Company, in

the presence of:
	 		 	
		 	)      	 	 /s/ Vladimir Mornard

  

					
	 Witness’s Signature
	  	/s/ Anna Sasiadek	  	
			
	 Name:
	  	Anna Sasiadek	  	
			
	 Address:
	  	 	  	
			
		  	 	  	

  
  
  

[Signature Page to the SHA] 

					
	 EXECUTED as a DEED by WPP 2005 LIMITED
	 	)      	 	
	acting by Charles Van Der Welle, a director,	 	)      	 	 /s/ Charles Van Der Welle

 

	in the presence of:	 		 	
		 	)      	 	 Director

  

					
	 Witness’s Signature
	 	 /s/ Denise Ingram

 
	  	
			
	 Name:
	 	 Denise Ingram

 
	  	
			
	 Address:
	 	 	  	
			
		 	 	  	

  
  
  

[Signature Page to the SHA] 

					
	EXECUTED as a DEED by SUMMER (BC) TOPCO S.À R.L.	 	 )      

)      
	 	
	 acting by Marie-Catherine Brunner and
	 	)      	 	/s/ Marie-Catherine Brunner
	Vladimir Mornard, as Managers, acting under the	 	)      	 	
	 authority of that Company, in the presence of:
	 	)      	 	 Signature of Manager

		 	)      	 	
			
		 		 	/s/ Vladimir Mornard
			
		 		 	Signature of Manager

  

					
	 Witness’s Signature
	 	/s/ Anna Sasiadek	  	
			
	 Name:
	 	Anna Sasiadek	  	
			
	 Address:
	 	 	  	
			
		 	 	  	

  
  
  

[Signature Page to the SHA] 

					
	EXECUTED as a DEED by SUMMER (BC) US BLOCKERCO CORP.	 	 )      

)      
	 	
	 acting by David Humphrey, its
	 	)      	 	/s/ David Humphrey
	Vice President, an authorised	 	)      	 	
	 signatory, acting under the authority of that Company,
	 	)      	 	 Signature

	 in the presence of:
	 	)      	 	
		 	)      	 	

  

					
	 Witness’s Signature
	 	/s/ Kelly Milanette	  	
			
	 Name:
	 	Kelly Milanette	  	
			
	 Address:
	 	 	  	
			
		 	 	  	

  
  
  

[Signature Page to the SHA]

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