Document:

Exhibit 10.1

 

SEVENTH
AMENDMENT TO CREDIT AGREEMENT

 

This SEVENTH AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”), dated as of August 14, 2020, is entered into by and among INTERCONTINENTAL
EXCHANGE, INC., a Delaware corporation (the “Borrower”), the Lenders (as hereinafter defined) party hereto,
and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent.

 

RECITALS

 

A.       The
Borrower, the several lenders from time to time party thereto (the “Lenders”), and the Administrative Agent
are party to the Credit Agreement, dated as of April 3, 2014 (as amended by the First Amendment to Credit Agreement, dated as of
May 15, 2015, the Second Amendment to Credit Agreement, dated as of November 9, 2015, the Third Amendment to Credit Agreement,
dated as of November 13, 2015, the Fourth Amendment to Credit Agreement, dated as of August 18, 2017, the Fifth Amendment to Credit
Agreement, dated as of August 18, 2017, and the Sixth Amendment to Credit Agreement, dated as of August 9, 2018, the “Credit
Agreement”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit
Agreement as amended by this Amendment.

 

B.       The
Borrower has requested that the Required Lenders amend the Credit Agreement and the Required Lenders are willing to consent to
such amendments to the Credit Agreement on the terms and subject to conditions set forth herein.

 

STATEMENT OF AGREEMENT

 

NOW, THEREFORE,
in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

ARTICLE
I 

 

AMENDMENTS
TO CREDIT AGREEMENT

 

Effective upon the
Seventh Amendment Effective Date (as hereinafter defined), the Credit Agreement is hereby amended as follows:

 

1.1             
The following new definitions are hereby inserted in Section 1.1 of the Credit Agreement in proper alphabetical order:

 

““Ellie Mae”
means Ellie Mae Intermediate Holdings I, Inc., a Delaware corporation.”

 

““Ellie Mae Acquisition”
means the proposed Acquisition by the Borrower of all the equity interests of Ellie Mae from the existing equityholder of Ellie
Mae pursuant to the Ellie Mae Acquisition Agreement.”

 

““Ellie Mae Acquisition
Agreement” means the Stock Purchase Agreement, dated as of August 6, 2020, among the Borrower, Ellie Mae and Ellie Mae
Parent, LP (including all schedules and exhibits thereto).”

 

“”Ellie Mae Acquisition
Date” means the date on which the Ellie Mae Acquisition is consummated.”

 

     

     

    

 

““Ellie Mae Acquisition
Related Conditions” means the conditions set forth in Sections 3.3(a), 3.3(b), 3.3(c), 3.3(d),
3.3(e), 3.3(f), 3.3(g) and 3.3(j).”

 

““Ellie Mae Borrowing”
means a Borrowing of Revolving Loans in Dollars the proceeds of which are to be used to (i) finance a portion of the consideration
paid by the Borrower to consummate the Ellie Mae Acquisition, (ii) refinance all or a portion of the existing Indebtedness of Ellie
Mae and its Subsidiaries, and/or (iii) pay fees, costs, commissions and expenses in connection with the Ellie Mae Transactions.”

 

““Ellie Mae Bridge
Arrangers” means Wells Fargo Securities, LLC, Credit Suisse Loan Funding LLC and Goldman Sachs Bank USA.”

 

““Ellie Mae Bridge
Facility” means that certain senior unsecured bridge credit facility providing for up to $10,650,000,000 in senior unsecured
bridge loans available to the Borrower arranged by the Ellie Mae Bridge Arrangers and used to (i) finance a portion of the consideration
paid by the Borrower to consummate the Ellie Mae Acquisition, (ii) refinance all or a portion of the existing Indebtedness
of Ellie Mae and its Subsidiaries, and/or (iii) pay fees, costs, commissions and expenses in connection with the Ellie Mae Transactions,
all as contemplated in that certain commitment letter, dated as of August 6, 2020, among Wells Fargo, Credit Suisse AG, the Ellie
Mae Bridge Arrangers and the Borrower.”

 

““Ellie
Mae Transactions” means, collectively, (a) the Ellie Mae Acquisition, (b) the issuance or incurrence of Indebtedness
(including the making of Loans) to finance a portion of the consideration paid by the Borrower to consummate the Ellie Mae Acquisition,
(c) the issuance of Capital Stock of the Borrower to the equityholder of Ellie Mae as consideration for the Ellie Mae Acquisition,
(d) the refinancing all or a portion of the existing Indebtedness of Ellie Mae and its Subsidiaries, (e) the preparation, execution
and delivery of the Seventh Amendment of this Agreement, (f) the preparation, execution and delivery of the Eighth Amendment of
this Agreement, (g) the preparation, execution and delivery of the definitive documentation relating to the Term Loan Facility,
and (h) the payment of fees, costs, commissions and expenses in connection with each of the foregoing.”

 

““Holdings”
has the meaning given to such term in Section 3.3(g).”

 

““Leverage
Increase Period” has the meaning given to such term in Section 6.1.”

 

““Pre-Closing
Funded Amount” has the meaning given to such term in Section 2.23.”

 

““Pre-Closing
Funding Account” means an account in the name of (i) the Administrative Agent or an Affiliate of the Administrative
Agent or (ii) a financial institution (in its capacity as escrow agent) designated by the Administrative Agent and approved
by the Borrower, which account has been identified as the “Pre-Closing Funding Account” by notice in writing from the
Borrower to the Administrative Agent, and which account shall have terms reasonably satisfactory to the Administrative Agent and
the Borrower.”

 

““Pre-Closing
Funding Date” means the Business Day specified as such in a Notice of Borrowing in which a Pre-Closing Funding Election
has been made.”

 

““Pre-Closing
Funding Election” means an election by the Borrower to cause the Pre-Closing Funded Amount to be funded into the Pre-Closing
Funding Account on the Pre-Closing Funding Date pursuant to Section 2.23.”

 

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““Return
Amount” has the meaning given to such term in Section 2.23.”

 

““Seventh
Amendment” means that certain Seventh Amendment to Credit Agreement, dated as of August 14, 2020, among the Borrower,
the Administrative Agent and the Lenders party thereto.”

 

““Seventh
Amendment Effective Date” means August 14, 2020.”

 

““Seventh
Amendment Initial Arranger” means Wells Fargo Securities, LLC.”

 

““Term
Loan Facility” means that certain senior unsecured delayed draw term loan facility providing for up to $2,000,000,000
in term loans available to the Borrower to be used to (i) finance a portion of the consideration paid by the Borrower to consummate
the Ellie Mae Acquisition, (ii) refinance all or a portion of the existing Indebtedness of Ellie Mae and its Subsidiaries, and/or
(iii) pay fees, costs, commissions and expenses in connection with the Ellie Mae Transactions, all as contemplated in that certain
Project Endeavor Commitment Letter, dated as of August 6, 2020, among Wells Fargo, Wells Fargo Securities, LLC and the Borrower.”

 

1.2             
Each of the following definitions in Section 1.1 of the Credit Agreement is hereby amended as follows:

 

(a)              
The definition of “Aggregate Dollar Revolving Credit Exposure” is hereby amended by (i) replacing the word
“and” at the end of clause (ii) thereof substituting therefor a comma and (ii) replacing the period at the
end of such definition with the following: “and (iv) the aggregate amount of the Pre-Closing Funded Amount funded on
account of Dollar Revolving Loans that is held in the Pre-Closing Funding Account at such time.”

 

(b)              
The definition of “Aggregate Multicurrency Revolving Credit Exposure” is hereby amended by (i) replacing
the word “and” at the end of clause (ii) thereof substituting therefor a comma and (ii) replacing the period
at the end of such definition with the following: “and (iv) the aggregate amount of the Pre-Closing Funded Amount funded
on account of Multicurrency Revolving Loans that is held in the Pre-Closing Funding Account at such time.”

 

(c)              
The definition of “Dollar Revolving Credit Exposure” is hereby amended by (i) replacing the word “and”
at the end of clause (ii) thereof substituting therefor a comma and (ii) replacing the period at the end of such definition
with the following: “and (iv) the aggregate amount of any portion of the Pre-Closing Funded Amount funded by such Lender
on account of Dollar Revolving Loans that is held in the Pre-Closing Funding Account at such time.”

 

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(d)              
The definition of “Multicurrency Revolving Credit Exposure” is hereby amended by (i) replacing the word
“and” at the end of clause (ii) thereof substituting therefor a comma and (ii) replacing the period at the
end of such definition with the following: “and (iv) the aggregate amount of any portion of the Pre-Closing Funded Amount
funded by such Lender on account of Multicurrency Revolving Loans that is held in the Pre-Closing Funding Account at such time.”

 

(e)              
The definition of “Revolving Credit Exposure” is hereby amended by (i) replacing the word “and”
at the end of clause (ii) thereof substituting therefor a comma and (ii) replacing the period at the end of such definition
with the following: “and (iv) the aggregate Dollar Amount of any portion of the Pre-Closing Funded Amount funded by
such Lender that is held in the Pre-Closing Funding Account at such time.”

 

1.3             
Section 1.1 of the Credit Agreement is hereby amended by amending and restating the following definition:

 

““Total
Leverage Ratio” means, with respect to any Reference Period, the ratio of (i) Consolidated Total Funded Debt as
of the last day of such Reference Period to (ii) Consolidated EBITDA for such Reference Period; provided that Consolidated
Total Funded Debt shall not include (x) Indebtedness permitted pursuant to Section 7.2(iv), 7.2(v) or 7.2(vi)
except to the extent such Indebtedness has been outstanding, as of such determination date, for more than 45 days since the borrowing
thereof and (y) any Indebtedness incurred (1) to repay, prepay, redeem, repurchase, discharge, defease or otherwise refinance other
Indebtedness (solely in the amount necessary for such repayment, prepayment, redemption, repurchase, discharge, defeasance or other
refinancing) to the extent the proceeds of such Indebtedness are earmarked for such purpose and actually so applied or (2) at any
time prior to the date of consummation of an Acquisition (or the date that is 30 days following the date of termination of the
related acquisition agreement), to the extent that the net proceeds of such Indebtedness are held as cash or Cash Equivalents by
the Borrower (or any Subsidiary thereof) (whether held in deposit or securities accounts or otherwise) to finance such Acquisition
until the consummation of such Acquisition (or the date that is 30 days following the date of termination of the related acquisition
agreement) and such proceeds are required to be applied to repay, prepay, redeem, repurchase, discharge or defease such Indebtedness
in the event such Acquisition is not consummated (or the related acquisition agreement is terminated). For the avoidance of doubt,
for purposes of determining the Total Leverage Ratio at any time prior to the Ellie Mae Acquisition Date (or the date that is 30
days following the date of termination of the Ellie Mae Acquisition Agreement), the Consolidated Total Funded Debt shall not include
any Indebtedness incurred or issued by the Borrower on or prior to the Ellie Mae Acquisition Date to the extent that the net proceeds
of such Indebtedness are held as cash or Cash Equivalents by the Borrower (or any subsidiary thereof) (whether held in deposit
or securities accounts or otherwise) to finance the Ellie Mae Acquisition until the consummation of the Ellie Mae Acquisition (or
the date that is 30 days following the date of termination of the Ellie Mae Acquisition Agreement) and such proceeds are required
to be applied to repay, prepay, redeem, repurchase, discharge or defease such Indebtedness in the event the Ellie Mae Acquisition
is not consummated (or the Ellie Mae Acquisition Agreement is terminated).”

 

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1.4             
Section 2.9(a)(iii) of the Credit Agreement is hereby amended by deleting the first word thereof and replacing it with the
following:

 

“(iii)Subject
to Section 2.23, to”

 

1.5             
Section 2.9(a)(iv) of the Credit Agreement is hereby amended by deleting the first word thereof and replacing it with the
following:

 

“(iv)Subject
to Section 2.23, to”

 

1.6             
Article II of the Credit Agreement is hereby amended by inserting a new Section 2.23 as follows:

 

“2.23Pre-Funding
of Ellie Mae Acquisition Date Borrowings. Notwithstanding any provision in this Agreement to the contrary, if the Borrower
requests an Ellie Mae Borrowing, the Borrower may make a Pre-Closing Funding Election by specifying such election in the Notice
of Borrowing delivered in respect of such Revolving Loans (which Notice of Borrowing shall also specify the anticipated Ellie Mae
Acquisition Date). Such Notice of Borrowing shall be delivered (i) not later than 12:00 noon, Charlotte, North Carolina time,
three Business Days prior to the Pre-Closing Funding Date, for Revolving Loans to be comprised of LIBOR Loans, and (ii) not
later than 12:00 noon, Charlotte, North Carolina time, on the Pre-Closing Funding Date for Revolving Loans to be comprised of Base
Rate Loans. If a Pre-Closing Funding Election has been made, subject solely to the satisfaction, or waiver in accordance with the
terms of this Agreement, of each of the conditions set forth in Section 3.3 other than the Ellie Mae Acquisition Related
Conditions, each Lender shall, not later than 1:00 p.m., Charlotte, North Carolina time, on the requested Pre-Closing Funding Date
set forth in the Notice of Borrowing, fund into the Pre-Closing Funding Account an amount, in immediately available funds, equal
to the amount of the Revolving Loan or Revolving Loans to be made by such Lender (such amounts, the “Pre-Closing Funded
Amount”) pursuant to the applicable Notice of Borrowing. Each Lender authorizes the Administrative Agent to release all
amounts deposited by the Lenders into the Pre-Closing Funding Account and make such funds available to the Borrower on the Ellie
Mae Acquisition Date subject solely to the satisfaction (or waiver in accordance with the terms of this Agreement) of the Ellie
Mae Acquisition Related Conditions, whereupon the Administrative Agent will make the Pre-Closing Funded Amount available to the
Borrower in accordance with Section 2.3 and in like funds as received by the Administrative Agent. Interest shall accrue
on the Pre-Closing Funded Amount from and including the Pre-Closing Funding Date as if the Pre-Closing Funded Amount had been advanced
to the Borrower as one or more Revolving Loans hereunder, and no commitment fees pursuant to Section 2.9(a)(iii) or
2.9(a)(iv) shall accrue on any date on which the Pre-Closing Funded Amount is held in the Pre-Closing Funding Account in
respect of the applicable Commitment of any Lender attributable to the portion of the Pre-Closing Funded Amount funded by such
Lender. In the event the satisfaction (or waiver in accordance with the terms of this Agreement) of all conditions set forth in
Section 3.3 does not occur by 1:00 p.m., Charlotte, North Carolina time, on or before the date that is three Business
Days after the anticipated Ellie Mae Acquisition Date specified in the Notice of Borrowing (or such longer period not to exceed
three Business Days as may be agreed between the Borrower and the Administrative Agent in the event of a delay in the anticipated
Ellie Mae Acquisition Date) (the “Return Date”), the Pre-Closing Funded Amount shall be returned to the respective
Lenders on the Return Date, and the Borrower shall simultaneously therewith pay interest accrued thereon from the Pre-Closing Funding
Date to the Return Date, together with any amounts due thereon pursuant to Section 2.17, calculated as if the return
of such funds was a prepayment of Loans in an equal principal amount on the Return Date; provided that for the avoidance
of doubt and notwithstanding anything to the contrary in this Agreement, if the entire Pre-Closing Funded Amount has been returned
to the Lenders in accordance with this sentence, the Borrower shall not be prohibited from submitting a subsequent Notice of Borrowing
in respect of Revolving Loans to be used to (i) finance a portion of the consideration paid by the Borrower to consummate the Ellie
Mae Acquisition, (ii) refinance certain existing Indebtedness of Ellie Mae and its Subsidiaries, and/or (iii) pay fees, costs,
commissions and expenses in connection with each of the foregoing, in accordance with Section 2.2 or this Section 2.23.
For the avoidance of doubt, (x) the funding of the Pre-Closing Funded Amount shall not constitute a Borrowing of Loans by
the Borrower until such amount has been released to the Borrower on the Ellie Mae Acquisition Date in accordance with this Section 2.23,
and (y) any return of the Pre-Closing Funded Amount to the Lenders in accordance with this Section 2.23 shall
not constitute a prepayment of any Revolving Loans.”

 

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1.7             
Article III of the Credit Agreement is hereby amended by inserting a new Section 3.3 as follows:

 

“3.3Conditions
of Borrowing for Ellie Mae Acquisition. Notwithstanding anything to the contrary contained herein (including in Section
3.2) or in any other Credit Document, the obligation of each Lender (i) to make any Revolving Loans as a portion of an
Ellie Mae Borrowing is subject to the satisfaction (or waiver by the Administrative Agent) of the following conditions precedent,
and only the following conditions precedent, on the relevant Borrowing Date, and (ii) to pre-fund any Revolving Loans as a
portion of an Ellie Mae Borrowing is subject to the satisfaction (or waiver by the Administrative Agent) of the following conditions
precedent, and only the following conditions precedent (in each case in this clause (ii), other than the Ellie Mae Acquisition
Related Conditions), on the Pre-Closing Funding Date:

 

(a)              
The Borrowing of such Loans shall occur on the Ellie Mae Acquisition Date, which shall be on or before the earlier to occur
of (i) the termination or expiration of the Ellie Mae Acquisition Agreement in accordance with its terms, and (ii) the “Outside
Date” (as defined in the Ellie Mae Acquisition Agreement as in effect on August 6, 2020) as such date may be extended in
accordance with the Ellie Mae Acquisition Agreement as in effect on August 6, 2020 (but in any event not later than August 6, 2021);

 

(b)              
The Administrative Agent shall have received a certificate of the chief financial officer of the Borrower as to the solvency
of the Borrower and its Subsidiaries, on a consolidated basis, after giving effect to the Ellie Mae Transactions, in the form of
Exhibit F;

 

(c)              
Since the date of the Ellie Mae Acquisition Agreement, no “Company Material Adverse Effect” (as defined in the
Ellie Mae Acquisition Agreement) shall have occurred that is continuing as of the Ellie Mae Acquisition Date;

 

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(d)              
The Ellie Mae Acquisition shall have been consummated substantially concurrently with the Borrowing of such Loans, and substantially
in accordance with the terms and conditions of the Ellie Mae Acquisition Agreement without giving effect to any waiver, modification
or consent thereunder that is materially adverse to the Lenders or the Seventh Amendment Initial Arranger (as reasonably determined
by the Seventh Amendment Initial Arranger) unless approved by the Seventh Amendment Initial Arranger (which approval shall not
be unreasonably withheld, conditioned or delayed), it being understood and agreed that, without limiting the generality of the
foregoing, (1) any decrease in the Ellie Mae Acquisition consideration shall not be materially adverse to the Lenders or the Seventh
Amendment Initial Arranger, (2) any increase in the purchase price shall not be materially adverse to the Lenders or the Seventh
Amendment Initial Arranger so long as such increase is funded solely by an increase in the amount of the Capital Stock of the Borrower
issued to the equityholder of Ellie Mae as consideration for the Ellie Mae Acquisition and (3) any change to the definition of
“Company Material Adverse Effect” or the “Xerox” provisions shall be deemed to be a modification which
is materially adverse to the Lenders and the Seventh Amendment Initial Arranger;

 

(e)              
The representations and warranties made by or with respect to Ellie Mae and its Subsidiaries in the Ellie Mae Acquisition
Agreement as are material to the interests of the Lenders shall be true and correct, but only to the extent that the Borrower or
any of its Affiliates has the right to terminate its obligations under the Ellie Mae Acquisition Agreement, or to decline to consummate
the Ellie Mae Acquisition pursuant to the Ellie Mae Acquisition Agreement, as result of a breach of any such representations and
warranties or any such representations and warranties not being accurate (in each case, determined without regard to any notice
requirement). The representations and warranties of the Borrower set forth in Sections 4.1(i), 4.1(ii)
(but only with respect to the Borrower’s power and authority to execute, deliver and perform the Credit Documents to which
it is a party), 4.2, 4.3 (but only with respect to clause (i) therein), 4.7, 4.11, 4.12 (but
only with respect to the Borrower’s use of proceeds) and 4.13 shall be true and correct in all material respects (except
that any representation and warranty qualified as to materiality or Material Adverse Effect shall be true and correct in all respects);

 

(f)               
No Event of Default under Section 8.l(a), 8.l(f) or 8.l(g), nor any “event of default”
or similar condition under the Bridge Facility, the Term Loan Facility, or any other Indebtedness in excess of the Threshold Amount
in the aggregate (but only insofar as such “event of default” or similar condition relates to bankruptcy or insolvency,
or the nonpayment of principal, interest or fees) shall have occurred and be continuing on such date, both immediately before and
immediately after giving effect to the Loans to be made on such date;

 

(g)              
On the Ellie Mae Acquisition Date, after giving effect to the Ellie Mae Transactions, the obligations of Ellie Mae, Inc.
and its subsidiaries under (i) that certain Senior Secured First Lien Credit Agreement, dated as of April 17, 2019 (as amended
by the First Incremental Amendment to Senior Secured First Lien Credit Agreement, dated as of November 1, 2019), among Ellie
Mae, Inc., as borrower, EM Eagle Purchaser, LLC, a Delaware limited liability company (“Holdings”), the lenders
from time party thereto, and Jefferies Finance LLC, as administrative agent, collateral agent and an L/C issuer, and (ii) that
certain Senior Secured Second Lien Credit Agreement, dated as of April 17, 2019, among Ellie Mae, Inc., as borrower, Holdings,
the lenders from time party thereto, and Cortland Capital Market Services LLC, as administrative agent and collateral agent, shall
have been repaid in full;

 

    	 	 7	 

     

    

 

(h)              
The Administrative Agent shall have received a Notice of Borrowing in accordance with Section 2.2(b);

 

(i)                
The aggregate principal of such Loans shall not exceed the aggregate Unutilized Commitments at such time (determined without
giving effect to such Loans); and

 

(j)                
All fees and (to the extent invoiced at least two Business Days prior to the Ellie Mae Acquisition Date) expenses due to
the Seventh Amendment Initial Arranger, the Administrative Agent and the Lenders required to be paid on the Ellie Mae Acquisition
Date (including the fees and expenses of counsel for the Seventh Amendment Initial Arranger and the Administrative Agent) will
have been paid.”

 

1.8             
Article IV of the Credit Agreement is hereby amended by inserting a new Section 4.13 as follows:

 

“4.13Solvency.
In the event (and only in the event) that any Borrowing is requested to be made on the Ellie Mae Acquisition Date in accordance
with Section 3.3, immediately after giving effect to the consummation of the Ellie Mae Transactions on the applicable Borrowing
Date, the Borrower and its Subsidiaries on a consolidated basis will be solvent. For purposes of the preceding sentence, “solvent”
means that (i) the fair value of the assets of the Borrower and it is Subsidiaries on a consolidated basis, at a fair valuation,
will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a
consolidated basis; (ii) the present fair saleable value of the property of the Borrower and its Subsidiaries on a consolidated
basis will be greater than the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries
on a consolidated basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and
other liabilities become absolute and matured; (iii) the Borrower and its Subsidiaries on a consolidated basis will be able to
pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and
matured; and (iv) the Borrower and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which
to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following
the Ellie Mae Acquisition Date. As of the Ellie Mae Acquisition Date, immediately after giving effect to the consummation of the
Ellie Mae Transactions, the Borrower does not intend to, and the Borrower does not believe that it or any of its Subsidiaries will,
incur debts beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash to be received
by it or any such Subsidiary and the timing and amounts of cash to be payable on or in respect of its debts or the debts of any
such Subsidiary.”

 

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1.9             
Article VI of the Credit Agreement is hereby amended by amending and restating Section 6.1 thereof in its entirety as follows:

 

“6.1Maximum Total Leverage Ratio.
The Total Leverage Ratio as of the last day of any fiscal quarter shall not be greater than the ratio of 3.50 to 1.00; provided,
that, if the Ellie Mae Acquisition Date shall have occurred, the Total Leverage Ratio as of the last day of any fiscal quarter
set forth below shall not be greater than the ratio set forth opposite such date below:

 

	Date	Total Leverage Ratio
	The last day of each of the first four fiscal quarters ending on or after the Ellie Mae Acquisition Date	4.50:1.00
	The last day of each of the fifth through eighth fiscal quarters ending on or after the Ellie Mae Acquisition Date	4.00:1.00
	The last day of each fiscal quarter ending thereafter	3.50:1.00

 

provided that, (a) if
the Ellie Mae Acquisition has not occurred, at any time, and (b) if the Ellie Mae Acquisition has occurred, at any time after
the later of (x) the last day of the eighth fiscal quarter ending after the Ellie Mae Acquisition Date, and (y) the last day of
the first fiscal quarter of the Borrower occurring after the Ellie Mae Acquisition Date as of which the Total Leverage Ratio as
of the end of such fiscal quarter has been equal to or less than 3.50:1.00, (i) upon the consummation of a Qualified Acquisition,
the maximum Total Leverage Ratio shall increase to 4.00 to 1.00 as of the end of the fiscal quarter in which such Qualified Acquisition
is consummated and the three full fiscal quarters immediately following the consummation of such Qualified Acquisition (such four
fiscal quarter period, the “Leverage Increase Period”), (ii) except with respect to the first designation
of a Qualified Acquisition, the Borrower may not designate an Acquisition as a “Qualified Acquisition” unless the Total
Leverage Ratio as of the end of a single fiscal quarter of the Borrower since the commencement of the first Leverage Increase Period
has been equal to or less than 3.50:1.00; (iii) no more than two Leverage Increase Periods may be elected by the Borrower
during the term of this Agreement; and (iv) immediately after the end of a Leverage Increase Period, the maximum Total Leverage
Ratio as of the last day of the then applicable fiscal quarter shall automatically revert to 3.50 to 1.00.”

 

1.10         
A new Exhibit F to the Credit Agreement is hereby added in the form of Exhibit F attached hereto and the list of exhibits
following the Table of Contents of the Credit Agreement is hereby amended by adding a reference to “Exhibit FForm of
Solvency Certificate”.

 

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ARTICLE
II 

 

CONDITIONS
OF EFFECTIVENESS

 

2.1             
The amendments set forth in Article I shall become effective as of the date (the “Seventh Amendment Effective
Date”) when, and only when, each the Administrative Agent shall have received an executed counterpart of this Amendment
from each of the Borrower and Lenders constituting the Required Lenders.

 

ARTICLE
III 

 

REPRESENTATIONS
AND WARRANTIES

 

The Borrower hereby
represents and warrants, on and as of the Seventh Amendment Effective Date, that (i) the representations and warranties contained
in the Credit Agreement (except the representation set forth in Section 4.8 thereof with respect to clauses (i) and (ii) of the
definition of “Material Adverse Effect” only) and the other Credit Documents qualified as to materiality are true and
correct and those not so qualified are true and correct in all material respects, both immediately before and after giving effect
to this Amendment (except to the extent any such representation or warranty is expressly stated to have been made as of a specific
date, in which case such representation or warranty is true and correct (if qualified as to materiality) or true and correct in
all material respects (if not so qualified), in each case only on and as of such specific date), (ii) this Amendment has been duly
authorized, executed and delivered by the Borrower and constitutes the legal, valid and binding obligation of the Borrower enforceable
against it in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting creditors’ rights generally, by general equitable principles or by principles of good faith
and fair dealing (regardless of whether enforcement is sought in equity or at law) and (iii) no Default or Event of Default shall
have occurred and be continuing on the Seventh Amendment Effective Date, both immediately before and immediately after giving effect
to this Amendment and the amendments contemplated hereby.

 

ARTICLE
IV 

 

ACKNOWLEDGEMENT
AND CONFIRMATION

 

Each party to this
Amendment hereby confirms and agrees that, after giving effect to this Amendment and the amendments contemplated hereby, and except
as expressly modified hereby, the Credit Agreement and the other Credit Documents to which it is a party remain in full force and
effect and enforceable against such party in accordance with their respective terms and shall not be discharged, diminished, limited
or otherwise affected in any respect.

 

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ARTICLE
V 

 

MISCELLANEOUS

 

5.1             
Governing Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the
State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice
of law and conflicts of law rules).

 

5.2             
Credit Document. As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,”
and words of similar import shall, unless the context otherwise requires, mean the Credit Agreement after amendment by this Amendment.
Any reference to the Credit Agreement or any of the other Credit Documents herein or in any such documents shall refer to the Credit
Agreement and the other Credit Documents as amended hereby. This Amendment is limited to the matters expressly set forth herein,
and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement
except as expressly set forth herein. This Amendment shall constitute a Credit Document under the terms of the Credit Agreement.

 

5.3             
Expenses. The Borrower shall pay all reasonable and documented out-of-pocket fees and expenses of counsel to the
Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment.

 

5.4             
Severability. To the extent any provision of this Amendment is prohibited by or invalid under the applicable law
of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such
jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this
Amendment in any jurisdiction.

 

5.5             
Successors and Assigns. This Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective
successors and permitted assigns of the parties hereto.

 

5.6             
Construction. The headings of the various sections and subsections of this Amendment have been inserted for convenience
only and shall not in any way affect the meaning or construction of any of the provisions hereof.

 

5.7             
Counterparts; Integration. This Amendment may be executed and delivered via facsimile or electronic mail with the
same force and effect as if an original were executed and may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures hereto were upon the same instrument. The words “execution,” “signed,”
“signature,” and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. For the avoidance of doubt,
the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent of a manually
signed letter which has been converted into electronic form (such as scanned into “.pdf” format), or an electronically
signed letter converted into another format, for transmission, delivery and/or retention. This Amendment constitutes the entire
contract among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings,
oral or written, relating to the subject matter hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	 	 11	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed by their duly authorized officers as of the date first above written.

 

	 	INTERCONTINENTAL EXCHANGE INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Martin Hunter	 
	 	Name:	Martin Hunter	 
	 	Title:	SVP, Tax and Treasurer	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

                                                                         as the Primary Administrative Agent, the Multicurrency Agent,

                                                                         an Issuing Lender, a Swingline Lender and a Lender

	 	 	 	 
	 	 	 	 
	 	By:	/s/ Clifford Milner	 
	 	Name:	Clifford Milner	 
	 	Title:	Vice President	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	BANK OF AMERICA, N.A., as the Backup

                                                                         Administrative Agent, a Swingline Lender and a Lender

	 	 	 	 
	 	 	 	 
	 	By:	/s/ Sherman Wong	 
	 	Name:	Sherman Wong	 
	 	Title:	Director	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	MUFG Bank, Ltd., as a Lender	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Jacob Ulevich	 
	 	Name:  	Jacob Ulevich	 
	 	Title:	Director	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	Bank of Montreal, as a Lender	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Adam Tarr	 
	 	Name:	Adam Tarr	 
	 	Title:	Director	 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A,
	 	NEW YORK BRANCH, as a Lender	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Brian Crowley	 
	 	Name:	Brian Crowley	 
	 	Title:	Managing Director	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Miriam Trautmann	 
	 	Name:	Miriam Trautmann	 
	 	Title:	Senior Vice President	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	FIFTH THIRD BANK, NATIONAL ASSOCIATION,

                                                                         as a Lender

	 	 	 	 
	 	 		 
	 	By:	/s/ Jonathan James	 
	 	Name:	Jonathan James	 
	 	Title:	Senior Vice President	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	Industrial and Commercial Bank of China LTD,
	 	  New York Branch, as a Lender	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Letian Yan	 
	 	Name:	Letian Yan	 
	 	Title:	Relationship Manager	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Jeffrey Roth	 
	 	Name:	Jeffrey Roth	 
	 	Title:	Executive Director	 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	MIZUHO BANK, LTD., as a Lender	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Donna DeMagistris	 
	 	Name:	Donna DeMagistris	 
	 	Title:	Authorized Signatory	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Devin Faddoul	 
	 	Name:	Devin Faddoul	 
	 	Title:	Assistant Vice President	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	CITIBANK, N.A., as a Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Maureen Maroney	 
	 	Name:	Maureen Maroney	 
	 	Title:	Vice President	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

                                                                         as a Lender

	 	 	 	 
	 	 	 	 
	 	By:	/s/ Doreen Barr	 
	 	Name:	Doreen Barr	 
	 	Title:	Authorized Signatory	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Komal Shah	 
	 	Name:	Komal Shah	 
	 	Title:	Authorized Signatory	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	J.P. Morgan Chase Bank, NA, as a Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Courtney Furillo	 
	 	Name:	Courtney Furillo	 
	 	Title:	Vice President	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	SOCIETE GENER ALE, as a Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Richard Bernal	 
	 	Name:	Richard Bernal	 
	 	Title:	Managing Director	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

	 	Goldman Sachs Bank USA, as a Lender	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Jamie Minieri	 
	 	Name:	Jamie Minieri	 
	 	Title:	Authorized Signatory	 

 

    SIGNATURE PAGE TO
SEVENTH AMENDMENT TO CREDIT AGREEMENT

     

    

 

Exhibit
F

Form of Solvency Certificate

 

[ ], 2020

 

This Solvency Certificate
is delivered pursuant to Section 3.3(b) of the Credit Agreement, dated as of April 3, 2014 (as amended by the First Amendment to
Credit Agreement, dated as of May 15, 2015, the Second Amendment to Credit Agreement, dated as of November 9, 2015, the Third Amendment
to Credit Agreement, dated as of November 13, 2015, the Fourth Amendment to Credit Agreement, dated as of August 18, 2017, the
Fifth Amendment to Credit Agreement, dated as of August 18, 2017, the Sixth Amendment to Credit Agreement, dated as of August 9,
2018, and the Seventh Amendment to Credit Agreement, dated as of August 14, 2020, and as the same may be further amended, restated,
amended and restated, supplemented or otherwise modified, the “Credit Agreement”), among INTERCONTINENTAL EXCHANGE,
INC., a Delaware corporation (the “Borrower”), the lenders party hereto from time to time, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Administrative Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement.

 

The undersigned hereby
certifies, solely in his capacity as an officer of the Borrower and not in his individual capacity, as follows:

 

1.       I
am the Chief Financial Officer of the Borrower. I am familiar with the Ellie Mae Transactions, and have reviewed the Credit Agreement,
the audited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows for the Borrower
and its subsidiaries filed with the Securities and Exchange Commission, as of the date hereof, for the three years ended December
31, 2017, 2018 and 2019 and the six months ended June 30, 2020 and such documents and made such investigation as I have deemed
relevant for the purposes of this Solvency Certificate.

 

2.       As
of the date hereof, immediately after giving effect to the consummation of the Ellie Mae Transactions, on and as of such date (i)
the fair value of the assets of the Borrower and it is Subsidiaries on a consolidated basis, at a fair valuation, will exceed the
debts and liabilities, direct, subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a consolidated basis;
(ii) the present fair saleable value of the property of the Borrower and its Subsidiaries on a consolidated basis will be greater
than the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries on a consolidated basis
on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become
absolute and matured; (iii) the Borrower and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities,
direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Borrower
and its subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which
they are engaged as such businesses are now conducted and are proposed to be conducted following the Ellie Mae Acquisition Date.

 

3.       As
of the date hereof, immediately after giving effect to the consummation of the Ellie Mae Transactions, the Borrower does not intend
to, and the Borrower does not believe that it or any of its Subsidiaries will, incur debts beyond its ability to pay such debts
as they mature, taking into account the timing and amounts of cash to be received by it or any such subsidiary and the timing and
amounts of cash to be payable on or in respect of its debts or the debts of any such Subsidiary.

 

This Solvency Certificate
is being delivered by the undersigned officer only in his capacity as Chief Financial Officer of the Borrower and not individually
and the undersigned shall have no personal liability to the Administrative Agent or the Lenders with respect thereto.

 

 

[Remainder of Page Intentionally Left
Blank]

 

    F-1 

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Solvency Certificate on the date first written above.

 

	 	INTERCONTINENTAL EXCHANGE, INC.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	Chief Financial OfficerExhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: Up to $300,000	Dated
    as of November 27, 2019
	 	New York, New York

 

Starboard Value Acquisition Corp., a Delaware
corporation and blank check company (the “Maker”), promises to pay
to the order of SVAC Sponsor LLC or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of the United States of America,
on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available
funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in
accordance with the provisions of this Note.

 

1.       Principal.
The principal balance of this Note shall be payable by the Maker on the earlier of: (i) October 31, 2020 or (ii) the date on which
Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no circumstances
shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally
for any obligations or liabilities of the Maker hereunder.

 

2.       Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3.       Drawdown
Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably
related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time
prior to the earlier of: (i) October 31, 2020 or (ii) the date on which Maker consummates an initial public offering of its securities,
upon written request from Maker to Payee (each, a “Drawdown Request”).
Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000)
unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than five (5) business days after receipt
of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Three Hundred
Thousand Dollars ($300,000). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests
even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request
by Maker.

 

4.       Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the
collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the
payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

5.       Events
of Default. The following shall constitute an event of default (“Event of
Default”):

 

(a)       Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b)       Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)       Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

6.       Remedies.

 

(a)       Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)       Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

7.       Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of
dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or
future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property,
from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment
obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any
order desired by Payee.

 

    2

     

    

 

8.       Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may
be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.       Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered:
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.       Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

11.       Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

12.       Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title,
interest or claim of any kind (“Claim”) in or to any distribution of
or from the trust account to be established in which the proceeds of the initial public offering (the “IPO”)
to be conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the
warrants to be issued in a private placement to occur prior to the closing of the IPO are to be deposited, as described in greater
detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with
the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account
for any reason whatsoever.

 

13.       Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

14.       Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of
law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

[Signature page follows]

 

    3

     

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	Starboard Value Acquisition Corp.
	 	 
	 	 
	 	By:	/s/
    Kenneth  Marlin
	 	 	Name: 	Kenneth
     Marlin
	 	 	Title:	Chief Financial Officer

 

Accepted and agreed this 27 day of November, 2019

 

	SVAC
    Sponsor LLC	 
	 	 
	 	 
	By:	/s/
    Kenneth R. Marlin	 
	 	Name: 	Kenneth
    R. Marlin	 
	 	Title:	Authorized
    Signatory

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