Document:

Document

Exhibit 10.1

			
	FORM OF
MASTER TRANSACTION AGREEMENT
dated as of [   ]
between
SAP SE
and
QUALTRICS INTERNATIONAL INC.

TABLE OF CONTENTS
									
	ARTICLE I DOCUMENTS AND ITEMS TO BE DELIVERED ON THE IPO DATE	1
			
	Section 1.1	Documents to be delivered by SAP	1
	Section 1.2	Documents to be delivered by Qualtrics	2
			
	ARTICLE II THE IPO AND ACTIONS PENDING THE IPO	2
			
	Section 2.1	Transactions Prior to the IPO	2
	Section 2.2	Cooperation	3
	Section 2.3	Conditions Precedent to Consummation of the IPO	3
			
	ARTICLE III COVENANTS AND OTHER MATTERS	5
			
	Section 3.1	Other Agreements	5
	Section 3.2	Consent of Holders of Class B Common Stock	5
	Section 3.3	Agreement for Exchange of Information	7
	Section 3.4	Auditors and Audits; Financial Statements; Accounting Matters	9
	Section 3.5	Confidentiality	13
	Section 3.6	Privileged Matters	15
	Section 3.7	Cooperation in Future Litigation and Other Proceedings	16
	Section 3.8	Mail and Other Communications	16
	Section 3.9	Dispute Resolution	17
	Section 3.10	Governmental Approvals	18
	Section 3.11	Compliance and Other Policies	18
	Section 3.12	Termination of Intercompany Agreements	21
	Section 3.13	Guaranties	22
	Section 3.14	Tax-Free Distribution	22
			
	ARTICLE IV Mutual releases; indemnification	23
			
	Section 4.1	Release of Pre-IPO Date Claims	23
	Section 4.2	Indemnification by Qualtrics	24
	Section 4.3	Indemnification by SAP	24
	Section 4.4	Ancillary Agreement Liabilities	25
	Section 4.5	Reductions for Insurance Proceeds and other Recoveries	25
	Section 4.6	Procedures for Defense, Settlement and Indemnification of the Third Party Claims	27
	Section 4.7	Additional Matters	28
	Section 4.8	Survival of Indemnities	29
			

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	ARTICLE V MISCELLANEOUS	29
			
	Section 5.1	Consent	29
	Section 5.2	Limitation of Liability	30
	Section 5.3	Entire Agreement	30
	Section 5.4	Governing Law and Jurisdiction	30
	Section 5.5	Consent to Jurisdiction	30
	Section 5.6	Waiver of Jury Trial	30
	Section 5.7	Termination; Amendment	31
	Section 5.8	Notices	31
	Section 5.9	Counterparts	32
	Section 5.10	Binding Effect; Assignment	32
	Section 5.11	Severability	32
	Section 5.12	Failure or Indulgence not Waiver; Remedies Cumulative	33
	Section 5.13	Authority	33
	Section 5.14	Interpretation	33
	Section 5.15	Conflicting Agreements	33
	Section 5.16	Third Party Beneficiaries	33
	Section 5.17	Publicity	34
	Section 5.18	Specific Performance	34
			
	ARTICLE VI DEFINITIONS	34
			
	Section 6.1	Defined Terms	34

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MASTER TRANSACTION AGREEMENT
This Master Transaction Agreement is dated as of the [__] day of [__], 202[_], between SAP SE, a European Company (Societas Europaea), registered in accordance with the corporate laws of Germany and the European Union (“SAP”), and Qualtrics International Inc., a Delaware corporation (“Qualtrics”, with each of SAP and Qualtrics a “Party,” and together, the “Parties”).  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in ARTICLE VI hereof.
RECITALS
WHEREAS, SAP is the indirect beneficial owner of all the issued and outstanding Class B common stock of Qualtrics;
WHEREAS, SAP, through Qualtrics, is engaged in the business of experience management software and services, including providing a technology platform for organizations to collect, manage, analyze and take action on experience data, as more completely described in a Registration Statement on Form S-1 (File No. [  ]) filed with the Securities and Exchange Commission (“Commission”) under the Securities Act (the “IPO Registration Statement”);
WHEREAS, SAP and Qualtrics currently contemplate that Qualtrics will make an initial public offering (“IPO”) of its Class A common stock pursuant to the IPO Registration Statement; and
WHEREAS, the Parties intend in this Agreement to set forth the principal arrangements between SAP and Qualtrics regarding the relationship of the Parties from and after the filing of the IPO Registration Statement and the consummation of the IPO.
NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and provisions of this Agreement, SAP and Qualtrics mutually covenant and agree as follows:
ARTICLE I
DOCUMENTS AND ITEMS TO BE DELIVERED ON THE IPO DATE
Section 1.1Documents to be delivered by SAP.  On or prior to the closing of the IPO (the “IPO Date”), SAP will deliver, or will cause its appropriate Subsidiaries to deliver, to Qualtrics all of the following items and agreements:
(a)a duly executed Administrative Services Agreement, substantially in the form attached to the IPO Registration Statement as Exhibit 10.2 (the “Administrative Services Agreement”);
(b)a duly executed Tax Sharing Agreement, substantially in the form attached to the IPO Registration Statement as Exhibit 10.3 (the “Tax Sharing Agreement”);

(c)a duly executed Employee Matters Agreement, substantially in the form attached to the IPO Registration Statement as Exhibit 10.4 (the “Employee Matters Agreement”);
(d)a duly executed Intellectual Property Matters Agreement, substantially in the form attached to the IPO Registration Statement as Exhibit 10.5 (the “Intellectual Property Matters Agreement”);
(e)a duly executed Distribution Agreement, substantially in the form attached to the IPO Registration Statement as Exhibit 10.6 (the “Distribution Agreement”);
(f)a duly executed Insurance Matters Agreement, substantially in the form attached to the IPO Registration Statement as Exhibit 10.7 (the “Insurance Matters Agreement”); 
(g)a duly executed Stockholders’ Agreement, substantially in the form attached to the IPO Registration Statement as Exhibit 10.8 (the “Stockholders’ Agreement”); 
(h)a duly executed Real Estate Matters Agreement, substantially in the form attached to the IPO Registration Statement as Exhibit 10.9 (the “Real Estate Matters Agreement”); and
(i)such other agreements, documents or instruments as Qualtrics may reasonably require.
Section 1.2Documents to be delivered by Qualtrics.  On or prior to the IPO Date, Qualtrics will deliver to SAP all of the following items and agreements:
(a)a duly executed counterpart of each agreement or instrument referred to in Section 1.1; 
(b)(i) a duly executed promissory note, substantially in the form attached to the IPO Registration Statement as Exhibit 10.10 (“Note 1”), in a principal amount equal to the IPO Dividend Amount (as defined below), and (ii) a duly executed promissory note, substantially in the form attached to the IPO Registration Statement as Exhibit 10.11 (“Note 2”), in a principal amount of $500 million; and
(c)such other agreements, documents or instruments as SAP may reasonably require.
ARTICLE II
THE IPO AND ACTIONS PENDING THE IPO
Section 2.1Transactions Prior to the IPO.  Subject to the occurrence of the events described in this ARTICLE II, SAP intends to cause Qualtrics to consummate the IPO and take, or cause to be taken, the actions specified in this Section 2.1.
(a)Registration Statement.  Qualtrics has filed the IPO Registration Statement, and intends to file such amendments or supplements thereto as may be necessary in 

order to cause the same to become and remain effective as required by law or by the managing underwriters for the IPO (the “Underwriters”), including filing such amendments or supplements to the IPO Registration Statement as may be required by the underwriting agreement to be entered into among Qualtrics and the Underwriters (the “Underwriting Agreement”), the Commission or federal, state or foreign securities laws.  Qualtrics also intends to prepare, file with the Commission and cause to become effective a registration statement registering the Class A common stock of Qualtrics under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and any registration statements or amendments thereof which are required to reflect the establishment of, or amendments to, any employee benefit and other plans necessary or appropriate in connection with the IPO or the other transactions contemplated by this Agreement. SAP shall cooperate with Qualtrics in furtherance of the foregoing.
(b)Underwriting Agreement.  Qualtrics shall enter into the Underwriting Agreement, which shall in form and substance be satisfactory to SAP and Qualtrics, and Qualtrics shall comply with its obligations thereunder.
(c)NASDAQ Listing.  Qualtrics shall prepare, file and use its reasonable best efforts to make effective, an application for listing of its Class A common stock issued in the IPO on the Nasdaq Stock Market (“Nasdaq”), subject to official notice of issuance.
(d)Charter and Bylaws.  Immediately prior to the IPO Date, the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws of Qualtrics, each substantially in the forms attached to the IPO Registration Statement as Exhibits 3.1 and 3.2, respectively, shall be in effect. 
Section 2.2Cooperation.  Qualtrics shall consult with, and cooperate in all respects with, SAP in connection with the pricing and marketing, including any roadshow presentations, of the Class A common stock of Qualtrics to be offered in the IPO and shall, at SAP’s direction, promptly take any and all actions necessary or desirable to consummate the IPO as contemplated by the IPO Registration Statement and the Underwriting Agreement.
Section 2.3Conditions Precedent to Consummation of the IPO.  The obligations of the Parties to consummate the IPO shall be conditioned on the satisfaction of the following conditions (collectively, the “IPO Conditions”):
(a)Registration Statement.  The IPO Registration Statement shall have been declared effective by the Commission (the time of such effectiveness being the “IPO Effective Time”), and there shall be no stop-order in effect with respect thereto;
(b)Blue Sky.  The actions and filings with regard to applicable securities and blue sky laws of any state (and any comparable laws under any foreign jurisdictions) shall have been taken and, where applicable, have become effective or been accepted;
(c)NASDAQ Listing.  The Class A common stock of Qualtrics to be issued in the IPO shall have been accepted for listing on the Nasdaq, subject only to official notice of issuance;

(d)Underwriting Agreement.  Qualtrics shall have entered into the Underwriting Agreement and all conditions to the obligations of Qualtrics and the Underwriters shall have been satisfied or waived by the party that is entitled to the benefit thereof;
(e)Rollover Shortfall Shares.  In the event that holders of the Cash-Settled Equity Awards elect to exchange less than 100% of Cash-Settled Equity Awards for New Share-Settled Equity Awards in the exchange offer by Qualtrics that is described in the IPO Registration Statement, (i) Qualtrics will increase the number of shares of Class A common stock to be sold pursuant to the IPO by such Rollover Shortfall Shares and (ii) the proceeds to Qualtrics from the sale of such Rollover Shortfall Shares will remain on Qualtrics’ balance sheet and there shall not be a corresponding increase in the principal amount of Note 1 or Note 2. “Cash-Settled Equity Awards” shall mean equity-based awards issued to employees of Qualtrics by Qualtrics and/or SAP that are to be settled in cash. “New Share-Settled Equity Awards” shall mean equity-based awards issued by Qualtrics in exchange for Cash-Settled Equity Awards that are to be settled by the issuance of shares of Class A common stock. “Rollover Shortfall Shares” shall mean such additional number of shares of Class A common stock that would have been required to be issued in respect of any Cash-Settled Equity Awards that were not exchanged, or not elected to be exchanged, for New Share-Settled Equity Awards in the exchange offer referred to above and that remain outstanding as of the time of sale of the Firm Shares, if such Cash-Settled Equity Awards had so been exchanged or elected to be exchanged;
(f)Intercompany Notes.  After the IPO Effective Time, and prior to the IPO Date, Qualtrics shall have issued Note 1 and Note 2 as a dividend payable to all holders of record of Common Stock as of immediately prior to the IPO Effective Time (other than any such holder of Common Stock who shall have waived its right to receive such dividend) in an amount equal to (i) the amount by which the sum of the anticipated net proceeds to Qualtrics in the IPO (but excluding proceeds received in respect of Rollover Shortfall Shares), plus the proceeds to Qualtrics from all sales of Class A common stock in private placement transactions after the filing of the IPO Registration Statement and occurring substantially concurrent with or prior to the IPO Date, minus anticipated transaction expenses, exceeds $500 million (such amount, the “IPO Dividend Amount”), payable in the form of a promissory note in the form of Note 1, and (ii) $500 million, payable in the form of a promissory note in the form of Note 2;
(g)No Legal Restraints.  No order, injunction or decree issued by any court or agency of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the IPO or any of the other transactions contemplated by this Agreement or any Intercompany Agreement shall be in effect;
(h)Deliveries.  Each Party shall have made the deliveries required pursuant to Section 1.1 and Section 1.2, respectively; and
(i)Other Actions.  Such other actions as either Party may reasonably request to be taken prior to the IPO, in order to assure the successful completion of the IPO, shall have been taken.

Qualtrics shall use its reasonable best efforts to satisfy, or cause to be satisfied, the IPO Conditions, it being understood and acknowledged by the Parties that SAP shall have absolute discretion to proceed with or abandon the IPO.
ARTICLE III
COVENANTS AND OTHER MATTERS
Section 3.1Other Agreements.  SAP and Qualtrics agree to negotiate, execute and deliver, or cause to be negotiated, executed and delivered by the appropriate parties, as appropriate, such other agreements, instruments and other documents as SAP may reasonably deem necessary or desirable in order to effect the purposes of this Agreement and the Intercompany Agreements.
Section 3.2Consent of Holders of Class B Common Stock.  
(a)In addition to any other vote required by law or by the Amended and Restated Certificate of Incorporation of Qualtrics, prior to the Operative Date (as defined in the Amended and Restated Certificate of Incorporation of Qualtrics), the prior affirmative vote of the holders of a majority of the outstanding shares of the Class B common stock, voting separately as a class, shall be required to authorize Qualtrics to (and (in the case of clauses (iii) through (x) and (xiii) below) to authorize or permit any Subsidiary of Qualtrics to), in each case whether directly or indirectly and whether by merger, consolidation, division, operation of law or otherwise:
(i)adopt or implement any stockholder rights plan or similar takeover defense measure; 
(ii)consolidate or merge with or into any Person; 
(iii)permit any Subsidiary to consolidate or merge with or into any Person (other than (a) a consolidation or merger of a Wholly-Owned Subsidiary with or into Qualtrics or with or into another Wholly-Owned Subsidiary or (b) in connection with a Permitted Acquisition);
(iv)directly or indirectly acquire Stock, Stock Equivalents or assets (including, without limitation, any business or operating unit) of any Person (other than Qualtrics or its Subsidiaries), in each case in a single transaction or series of related transactions, involving consideration (whether in cash, securities, assets or otherwise, and including Indebtedness assumed by Qualtrics or any of its Subsidiaries and Indebtedness of any entity so acquired) paid or delivered by Qualtrics and its Subsidiaries in excess of $100,000,000; provided, however, that this Section 3.2(a)(iv) shall not require the vote of the holders of Class B common stock in connection with acquisitions of securities pursuant to portfolio investment decisions in the ordinary course of business or transactions to which Qualtrics and one or more Wholly-Owned Subsidiaries are the only parties;

(v)issue any Stock or any Stock Equivalents, except (A) the issuance of shares of Stock of a Wholly-Owned Subsidiary of Qualtrics to Qualtrics or another Wholly-Owned Subsidiary of Qualtrics, (B) pursuant to the IPO or in private placement transactions after the filing of the IPO Registration Statement and occurring substantially concurrent with or prior to the IPO Date or (C) the issuance of shares of Class A common stock or options or other rights to purchase or acquire Class A common stock pursuant to employee benefit plans or programs, including in connection with any exchange offer that occurs at the time of or substantially concurrent with the IPO, or dividend reinvestment plans approved by the Qualtrics board of directors (the “Qualtrics Board”) (provided, however, that notwithstanding the provision of this clause (C), the prior affirmative vote of the holders of a majority of the outstanding shares of the Class B common stock, voting separately as a class, shall be required to authorize any increase in the number of shares reserved and available for issuance under such employee benefit plans or programs in any year in excess of 5% of the outstanding number of shares of Class B common stock and Class A common stock on the immediately preceding December 31);
(vi)conduct any business other than the business of enterprise software and other businesses ancillary thereto;
(vii)make or commit to make any individual or series of related capital expenditures or commitments in excess of $100,000,000;
(viii)create, incur, assume or permit to exist any Indebtedness or guarantee the Indebtedness of any other Person, or permit any Subsidiary to create, incur, assume or permit to exist any Indebtedness or guarantee any Indebtedness of any other Person, in excess of an aggregate principal amount at any time outstanding of $100,000,000;
(ix)make any loan to any other Person or purchase any debt securities of any other Person, in excess of an aggregate principal amount at any time outstanding of $50,000,000;
(x)redeem, purchase or otherwise acquire (or pay into or set aside funds for a sinking fund for such purpose) any shares of Stock or Stock Equivalents of Qualtrics or a Subsidiary (other than a Wholly-Owned Subsidiary); provided, however, that this restriction shall not apply to the repurchase of shares of Common Stock from employees, officers, directors, consultants or other persons performing services for Qualtrics or any Wholly-Owned Subsidiary pursuant to agreements under which Qualtrics has the option to repurchase such shares upon the occurrence of certain events, such as the termination of employment, or through the exercise of any right of first refusal or the conversion or reclassification of any shares of Class B common stock pursuant to clause (vi) of Article IV, Section C of the Amended and Restated Certificate of Incorporation of Qualtrics;
(xi)dissolve, liquidate or wind up Qualtrics;

(xii)declare dividends on any class or series of the capital stock of Qualtrics;
(xiii)enter into any joint venture or any other arrangement or agreement with any Person to provide or license on an exclusive basis any products or services of such Person that are substantially equivalent to products and services offered by the SAP Group; and
(xiv)alter, amend, change, terminate or repeal, or adopt any provision inconsistent with (A) this Agreement, (B) Articles V or VI or Sections A, or C through D of Article VII of the Amended and Restated Certificate of Incorporation of Qualtrics or (C) Sections 2.2, 2.4, 2.6, 2.8(B), 2.11, 3.2, 3.9, 3.11, 6.9 or 8.1 of the Amended and Restated Bylaws of Qualtrics.
(b)Qualtrics shall not undertake any action or conduct that would have the effect of indirectly engaging Qualtrics in activities that the provisions of this Section 3.2 would otherwise prohibit.
Section 3.3Agreement for Exchange of Information.
(a)Generally.  SAP agrees to provide, or cause to be provided, to Qualtrics, at any time, as soon as reasonably practicable after request therefor, any Information in the possession or under the control of SAP that Qualtrics reasonably needs (i) to comply with reporting, disclosure, filing or other requirements imposed on Qualtrics (including under applicable securities laws) by a Governmental Authority having jurisdiction over Qualtrics, including, as required by Nasdaq requirements, (ii) to comply with its obligations under this Agreement or any Intercompany Agreement or (iii) to conduct the ongoing Qualtrics Business; provided, however, that in the event that SAP determines that any such provision of Information could be commercially detrimental, violate any law or agreement, or waive any attorney-client privilege, the Parties shall take all reasonable measures to permit the compliance with such obligations in a manner that avoids any such harm or consequence.  Qualtrics agrees to provide, or cause to be provided, to SAP, at any time, as soon as reasonably practicable after request therefor, all reports and other Information regularly provided by Qualtrics to SAP prior to the IPO Date and any Information in the possession or under the control of Qualtrics that SAP reasonably needs (A) to comply with reporting, disclosure, filing or other requirements imposed on SAP (including under applicable securities laws) by a Governmental Authority having jurisdiction over SAP, including, as required by German, New York Stock Exchange and Frankfurt Stock Exchange requirements, (B) to comply with its obligations under this Agreement or any Intercompany Agreement or (C) to conduct the ongoing SAP Business; provided, however, that in the event that Qualtrics determines that any such provision of Information could be commercially detrimental, violate any law or agreement, or waive any attorney-client privilege, the Parties shall take all reasonable measures to permit the compliance with such obligations in a manner that avoids any such harm or consequence.  Each of SAP and Qualtrics agree to make their respective personnel available to discuss the Information exchanged pursuant to this Section 3.3.

(b)Internal Accounting Controls; Financial Information.  Except as otherwise provided in the Administrative Services Agreement, after the IPO Date, (i) each Party shall maintain in effect at its own cost and expense adequate systems and controls for its business to the extent necessary to enable the other Party to satisfy its reporting, tax return, accounting, audit and other obligations, and (ii) each Party shall provide, or cause to be provided, to the other Party and its Subsidiaries in such form as such requesting Party shall reasonably request, at no charge to the requesting Party, all financial and other data and information as the requesting Party reasonably determines necessary or advisable in order to prepare its financial statements and reports or filings with any Governmental Authority, in each case including as required by German, New York Stock Exchange, Nasdaq and Frankfurt Stock Exchange requirements (and, to the extent a Party provides the other Party with access to its finance and accounting systems, the Party provided with access must agree to comply with all requirements and policies of the Party providing access that are generally applicable to third parties provided with system access).
(c)Ownership of Information.  Any Information owned by a Party that is provided to a requesting Party pursuant to this Section 3.3 shall be deemed to remain the property of the providing Party.  Unless specifically set forth herein, nothing contained in this Agreement shall be construed as granting or conferring rights of license or otherwise in any such Information.  Notwithstanding the foregoing, this Section 3.3(c) shall not restrict the use of any Information by a Party to the extent such Party requires such information in connection with its stock exchange reporting requirements and otherwise as required by applicable law.
(d)Record Retention.  To facilitate the possible exchange of Information pursuant to this Section 3.3 and other provisions of this Agreement, each Party agrees to use its reasonable best efforts to retain all Information in its respective possession or control substantially in accordance with and for not less than the period required by its respective record retention policies and/or practices as in effect on the IPO Date, and for such longer period as may be required by any Governmental Authority, any litigation matter, any applicable law, any provision of this Agreement (including Section 3.4(f)) or any Intercompany Agreement.  However, except as set forth in the Tax Sharing Agreement, each Party may amend its respective record retention policies at such Party’s discretion at any time; provided, however, that if a Party desires to effect any such amendment in a way that shortens the duration of its record retention prior to the date that is three years after the termination of this Agreement, the amending Party must give 30 days prior written notice (to the extent permitted by law) of such change in the policy to the other Party to this Agreement. In the event either Party desires to discard or destroy any such Information prior to the expiration of the period required by its respective record retention policies and or practices, each Party agrees to give the other Party 30 days written notice prior to discarding or destroying any such Information and, if the other Party so requests, the Party seeking to discard or destroy such Information shall allow the other Party to take possession of such Information at such other Party’s sole cost and expense.
(e)Limitation of Liability.  Each Party will use its reasonable best efforts to ensure that Information provided to the other Party hereunder is accurate and complete; provided, however, no Party shall have any liability to any other Party in the event that any Information exchanged or provided pursuant to this Section 3.3 is found to be inaccurate, in the 

absence of gross negligence or willful misconduct by the party providing such Information.  No Party shall have any liability to any other Party if any Information is destroyed or lost after the relevant Party has complied with the provisions of Section 3.3(d).
(f)Other Agreements Providing for Exchange of Information.  The rights and obligations granted under this Section 3.3 are subject to any specific limitations, qualifications or additional provisions on the sharing, exchange, ownership, retention or confidential treatment of Information set forth in this Agreement and any Intercompany Agreement.
(g)Production of Witnesses; Records; Cooperation.  For a period from the IPO Date until the date that is seven years after the first date upon which members of the SAP Group cease to own at least 20% of the then outstanding number of shares of Common Stock, and except in the case of an Action in which Qualtrics (or any of its Subsidiaries or any of its or their respective officers or directors) and SAP (or any of its Subsidiaries or any of its or their respective officers or directors) are adverse parties, each Party shall use its reasonable best efforts to make available to each other Party, upon written request, the former, current and future directors, officers, employees, other personnel and agents of such Party as witnesses and any books, records or other documents within its control or which it otherwise has the ability to make available, to the extent that any such directors, officers, employees, other personnel and agents (giving consideration to their business demands) or books, records or other documents may reasonably be required in connection with any legal, administrative or other proceeding in which the requesting Party may from time to time be involved, regardless of whether such legal, administrative or other proceeding is a matter with respect to which indemnification may be sought hereunder.  Notwithstanding the foregoing, during the seven year period after the first date upon which the members of the SAP Group hold shares of Common Stock representing less than a majority of the votes entitled to be cast by all holders of Common Stock, the obligations of this Section 3.3(g) shall not apply in instances where doing so would be materially against the best interest of such Party.  The requesting Party shall bear all costs and expenses in connection therewith. 
Section 3.4Auditors and Audits; Financial Statements; Accounting Matters.  Each Party agrees that:
(a)Selection of Auditors. 
(i)Qualtrics shall select the independent certified public accountants (“Qualtrics’ Auditors”) used by SAP to serve as its (and its Subsidiaries’) independent certified public accountants (“SAP’s Auditors” and, for the avoidance of doubt, should SAP at any time change the accounting firm serving as its independent certified public accountants, “SAP’s Auditors” shall thereafter mean the new firm serving as SAP’s independent certified public accountants) for purposes of providing an opinion on its consolidated financial statements; provided, however, that Qualtrics’ Auditors may be different from SAP’s Auditors if necessary to comply with applicable laws, regulations or rules regarding auditor independence and qualifications (provided, however, that Qualtrics shall use commercially reasonable efforts to ensure that neither it nor its directors, officers or employees take any actions that could reasonably be expected to 

require Qualtrics to engage auditors other than SAP’s Auditors).  The foregoing shall not be construed after Qualtrics conducts an IPO so as to unlawfully limit any responsibility of the audit committee of the Qualtrics Board, pursuant to Rule 10A-3(b)(2), to appoint, compensate, retain and oversee the work of the registered public accounting firm Qualtrics engages.
(ii)Each Party shall provide the other Party as much prior notice as reasonably practical of any change in Qualtrics’ Auditors for purposes of providing an opinion on its consolidated financial statements.
(b)Date of Auditors’ Opinion and Quarterly Reviews.  During the term of this Agreement and thereafter to the extent necessary for the purpose of preparing financial statements or completing a financial statement audit (but in no event after the date that is ten years after the first date upon which the members of the SAP Group hold shares of Common Stock representing less than a majority of the votes entitled to be cast by all holders of Common Stock), Qualtrics shall use its reasonable best efforts to enable Qualtrics’ Auditors to complete their audit such that they will date their opinion on Qualtrics’ audited annual financial statements on the same date that SAP’s Auditors date their opinion on SAP’s audited annual financial statements, and to enable SAP to meet its timetable for the printing, filing and public dissemination of SAP’s annual financial statements.  During the term of this Agreement and thereafter to the extent necessary for the purpose of preparing financial statements or completing a financial statement audit, Qualtrics shall use its reasonable best efforts to enable Qualtrics’ Auditors to complete their annual audit and quarterly review procedures such that they will provide clearance on Qualtrics’ annual and quarterly financial statements on the same date that SAP’s Auditors provide clearance on SAP’s annual and quarterly financial statements.  During the term of this Agreement, Qualtrics shall ensure that its periodic earnings announcements will be made after the close of market of the Nasdaq on the trading day before the scheduled date for SAP’s earnings announcements for the corresponding period, unless either (i) otherwise consented to in advance by SAP in writing or (ii) the Qualtrics Board shall determine that Qualtrics is required to do otherwise under applicable law, regulations, rules or listing requirements.
(c)Annual and Quarterly Financial Statements.  During the term of this Agreement, Qualtrics shall not change its fiscal year and shall, upon request, provide to SAP on a timely basis all Information that SAP reasonably requires from Qualtrics to meet its schedule for the preparation, printing, filing, and public dissemination of SAP’s annual, quarterly and monthly financial statements and reports.  Without limiting the generality of the foregoing, Qualtrics will provide, upon request, all required financial Information with respect to Qualtrics to Qualtrics’ Auditors in a sufficient and reasonable time, and in sufficient detail, to permit Qualtrics’ Auditors to take all steps and perform all reviews necessary to provide sufficient assistance to SAP’s Auditors with respect to financial Information to be included or contained in SAP’s annual, quarterly and monthly financial statements.  Similarly, SAP shall, upon request, provide to Qualtrics on a timely basis all financial Information that Qualtrics reasonably requires to meet its schedule for the preparation, printing, filing, and public dissemination of Qualtrics’ annual, quarterly and monthly financial statements.  Without limiting the generality of the 

foregoing, SAP will provide, upon request, all required financial Information with respect to SAP and its Subsidiaries to Qualtrics’ Auditors in a sufficient and reasonable time, and in sufficient detail, to permit Qualtrics’ Auditors to take all steps and perform all reviews necessary to provide sufficient assistance to Qualtrics’ Auditors with respect to Information to be included or contained in Qualtrics’ annual and quarterly financial statements.
(d)Certifications and Attestations.
(i)During the term of this Agreement and thereafter to the extent necessary for the timely filing by SAP of annual and quarterly reports under the Exchange Act or in connection with any investigations of prior periods, Qualtrics shall cause its principal executive officer and principal financial officer to provide to SAP on a timely basis and as reasonably requested by SAP (A) any certificates requested as support for the certifications and attestations required by Sections 302, 906 and 404 of the Sarbanes-Oxley Act of 2002, as amended, to be filed with such annual and quarterly reports, (B) any certificates requested as may be necessary under German legal requirements, (C) any certificates or other written Information which such principal executive officer or principal financial officer received as support for the certificates provided to SAP and (D) a reasonable opportunity to discuss with such principal financial officer and other appropriate officers and employees of Qualtrics any issues reasonably related to the foregoing.
(ii)During the term of this Agreement and thereafter to the extent necessary for the timely filing by Qualtrics of annual and quarterly reports under the Exchange Act or in connection with any investigations of prior periods, SAP shall cause its appropriate officers and employees to provide to Qualtrics on a timely basis and as reasonably requested by Qualtrics (A) any certificates requested as support for the certifications and attestations required by Sections 302, 906 and 404 of the Sarbanes-Oxley Act of 2002, as amended, to be filed with such annual and quarterly reports, (B) any certificates or other Information which such appropriate officers and employees received as support for the certificates provided to Qualtrics and (C) a reasonable opportunity to discuss with such appropriate officers and employees any issues reasonably related to the foregoing.
(e)Identity of Personnel Performing the Annual Audit and Quarterly Reviews.  During the term of this Agreement and thereafter to the extent such information and cooperation is necessary for the preparation of financial statements or completing a financial statements audit, Qualtrics shall authorize Qualtrics’ Auditors to make available to SAP’s Auditors both the personnel who performed or will perform the annual audits and quarterly reviews of Qualtrics and work papers related to the annual audits and quarterly reviews of Qualtrics, in all cases within a reasonable time prior to Qualtrics’ Auditors’ opinion date, so that SAP’s Auditors are able to perform the procedures they consider necessary to take responsibility for the work of Qualtrics’ Auditors as it relates to SAP’s Auditors’ report on SAP’s financial statements, all within sufficient time to enable SAP to meet its timetable for the printing, filing and public dissemination of SAP’s annual and quarterly statements.  Similarly, SAP shall 

authorize SAP’s Auditors to make available to Qualtrics’ Auditors both the personnel who performed or will perform the annual audits and quarterly reviews of SAP and work papers related to the annual audits and quarterly reviews of SAP, in all cases within a reasonable time prior to SAP’s Auditors’ opinion date, so that Qualtrics’ Auditors are able to perform the procedures they consider necessary to take responsibility for the work of SAP’s Auditors as it relates to Qualtrics’ Auditors’ report on Qualtrics’ statements, all within sufficient time to enable Qualtrics to meet its timetable for the printing, filing and public dissemination of Qualtrics’ annual and quarterly financial statements.
(f)Access to Books and Records.  During the term of this Agreement and thereafter, until all governmental audits are complete and the applicable statute of limitations for tax matters has expired, in each case only to the extent such information and cooperation is necessary for the preparation of financial statements or completing a financial statements audit, Qualtrics shall provide SAP’s internal auditors, counsel and other designated representatives of SAP access, upon request, to (i) the premises of Qualtrics during normal business hours and all Information (and duplicating rights) within the knowledge, possession or control of Qualtrics and its Subsidiaries and (ii) the officers and employees of Qualtrics and its Subsidiaries, so that SAP may conduct reasonable audits relating to the financial statements provided by Qualtrics pursuant hereto as well as to the internal accounting controls and operations of Qualtrics.  Similarly, SAP shall provide Qualtrics’ internal auditors, counsel and other designated representatives of Qualtrics access during normal business hours to (A) the premises of SAP and its Subsidiaries and all Information (and duplicating rights) within the knowledge, possession or control of SAP and its Subsidiaries and (B) the officers and employees of SAP and its Subsidiaries, so that Qualtrics may conduct reasonable audits relating to the financial statements provided by SAP pursuant hereto as well as to the internal accounting controls and operations of SAP and its Subsidiaries.
(g)Accounting Policies and Principles.  During the term of this Agreement and thereafter if a change in accounting principles by a Party would affect the historical financial statements of the other Party, (i) Qualtrics shall be subject to the SAP’s Global Revenue Recognition Guidelines and Group Accounting Guidelines, as in effect from time to time (the “SAP Accounting Policies”), (ii) Qualtrics shall not make or adopt any changes in its accounting estimates or accounting principles from those in effect on the IPO Date without SAP’s prior consent (not to be unreasonably withheld or delayed) and (iii) SAP shall not make or adopt any changes in the SAP Accounting Policies or its accounting estimates or accounting principles (in each case as they apply to Qualtrics) from those in effect on the IPO Date without first giving Qualtrics as much prior notice as reasonably practical and consulting with Qualtrics and, if requested by Qualtrics, consulting with the Qualtrics’ Auditors, with respect thereto; provided, that SAP may make or adopt any changes in its sole discretion after such consultation.  
(h)Conflict with Third-Party Agreements.  Nothing in Section 3.3 or Section 3.4 shall require either Party to violate any agreement with any third party regarding the confidentiality of confidential and proprietary information relating to that third party or its business; provided, however, that in the event that such Party is required under Section 3.3 or 

Section 3.4 to disclose any such Information, such Party shall use its reasonable best efforts to seek to obtain such third party’s consent to the disclosure of such information.
Section 3.5Confidentiality.
(a)SAP and Qualtrics shall hold and shall cause each of their respective Subsidiaries to hold, and shall each cause its and their respective officers, employees, agents, consultants and advisors to hold, in strict confidence and shall not disclose or release without the prior written consent of the other Party, any and all Confidential Information (as defined below) concerning the other Party and/or its respective Subsidiaries.  Notwithstanding the foregoing sentence, the Parties may disclose, or may permit disclosure of, Confidential Information (i) to their respective Affiliated Companies, auditors, attorneys, financial advisors, bankers and other consultants and advisors who have a need to know such information and, in each case, are informed of their obligation to hold such information confidential to the same extent as is applicable to the Parties and in respect of whose failure to comply with such obligations, Qualtrics or SAP, as the case may be, will be responsible, or (ii) if the Parties or any of their respective Affiliated Companies are required to disclose any such Confidential Information by applicable law, or judicial or administrative process; provided, that the Party required to disclose such Confidential Information (the “Notifying Party”) shall, to the extent permitted by law or court order, promptly notify the other Party of the existence of such requirement, and shall provide the other Party a reasonable opportunity to seek an appropriate protective order or other remedy, which the Notifying Party will reasonably cooperate in obtaining.  In the event that an appropriate protective order or other remedy is not obtained, then to the extent permitted by law or court order, the Notifying Party shall furnish, or cause to be furnished, only that portion of the Confidential Information that is required to be disclosed and shall use its reasonable best efforts to obtain reasonable assurances that confidential treatment will be accorded to such Information.
(b)As used in this Section 3.5, “Confidential Information” shall mean all non-public information, data, or material that is marked confidential or that should reasonably be understood to be confidential under the circumstances, including (i) scientific, engineering, mathematical or design information, data and material of the Disclosing Party, including, but not limited to, specifications, ideas, concepts, models, and strategies for products or services, quality assurance policies, procedures and specifications, source code and object code and all other know-how, methodology, processes, procedures, techniques and trade secrets related to product or service design, development, manufacture, implementation, use, support, and maintenance and (ii) all other non-public information, data or material of the Disclosing Party, including, but not limited to training materials and information, proprietary earnings reports and forecasts, proprietary macro-economic reports and forecasts, proprietary business plans, proprietary general market evaluations and surveys, proprietary financing and credit-related information, customer information and risk and insurance information, in each case that, prior to, on or following the IPO Date, has been disclosed by one Party or its Subsidiaries (the “Disclosing Party”) to the other Party or its Subsidiaries (the “Receiving Party”).  Confidential Information includes any modifications or derivatives prepared by the Receiving Party that contain or are based upon any Confidential Information obtained from the Disclosing Party, including any analyses, reports, or summaries of the Confidential Information.  Confidential Information may also include 

information disclosed to a Disclosing Party by third parties.  Confidential Information shall not, however, include any information which (A) is or becomes publicly known through no improper action or inaction by the Receiving Party; (B) was in the possession of or known by the Receiving Party without restriction prior to receipt from the Disclosing Party; (C) is obtained by the Receiving Party from a third party without a breach of the Receiving Party’s obligations hereunder or such third party’s obligations of confidentiality; or (D) is independently developed by the Receiving Party without use of or reference to the Disclosing Party’s Confidential Information, in each case as established by documentary evidence.
(c)Nothing in this Section 3.5 shall restrict (i) the Disclosing Party from using, disclosing, or disseminating its own Confidential Information in any way, or (ii) the Disclosing Party from reassigning any of its employees that have had access to Confidential Information to businesses of the Receiving Party that may engage in the same or similar business activities or lines of business as the Disclosing Party or that do business with any client or customer of the Disclosing Party.  Moreover, nothing in this Section 3.5 supersedes any restriction imposed by third parties on their Confidential Information, and there is no obligation on the Disclosing Party to conform third party agreements to the terms of this Agreement except as expressly set forth therein.
(d)Notwithstanding anything to the contrary set forth herein, (i) SAP and its Subsidiaries, on the one hand, and Qualtrics and its Subsidiaries, on the other hand, shall be deemed to have satisfied their obligations hereunder with respect to Confidential Information if they exercise the same degree of care (but no less than a reasonable degree of care) as they take to preserve confidentiality for their own similar Information and (ii) confidentiality obligations provided for in any agreement between SAP or its Subsidiaries, or Qualtrics or any of its Subsidiaries, on the one hand, and any employee of SAP or any of its Subsidiaries, or Qualtrics or any of its Subsidiaries, on the other hand, shall remain in full force and effect.
(e)Confidential Information of SAP and its Subsidiaries, on the one hand, or Qualtrics and its Subsidiaries, on the other hand, in the possession of and used by the other as of the IPO Date may continue to be used by such Party or its Subsidiaries in possession of the Confidential Information in and only in the operation of the SAP Business or the Qualtrics Business, as the case may be, and may be used only so long as the Confidential Information is maintained in confidence and not disclosed in violation of Section 3.5(a). The disclosure of Confidential Information from one Party to the other Party does not include a license or other substantive rights in the Confidential Information except to the extent such a license or rights are granted elsewhere in this Agreement or an Intercompany Agreement.  Notwithstanding the foregoing, (i) in the event there is any conflict or inconsistency between this Section 3.5 and any provision of the Intellectual Property Matters Agreement, the terms and conditions of the Intellectual Property Matters Agreement shall govern and control, and (ii) any use of Confidential Information that constitutes use of Intellectual Property Rights (as defined in the Intellectual Property Matters Agreement) that is addressed in the Intellectual Property Matters Agreement shall be governed by the Intellectual Property Matters Agreement and any such use must be within the scope of the licenses and covenants therein.  Such continued right to use Confidential Information may only be transferred to a third party (A) to the extent expressly 

permitted by the Intellectual Property Matters Agreement for Confidential Information that constitutes use of Intellectual Property Rights and (B) where such third party expressly agrees in writing to be bound by the provisions of this Section 3.5.  
Section 3.6Privileged Matters.
(a)SAP and Qualtrics agree that their respective rights and obligations to maintain, preserve, assert or waive any or all privileges belonging to either Party or its Subsidiaries, including but not limited to the attorney-client privilege, the work product immunity, and any other privilege or immunity from production (collectively, “Privileges”), shall be governed by the provisions of this Section 3.6.  With respect to Privileged Information (as defined below) of SAP, SAP shall have sole authority in perpetuity to determine whether to assert or waive any or all Privileges, and Qualtrics shall use its reasonable best efforts to ensure that it takes no action (nor permit any of its Subsidiaries to take action) without the prior written consent of SAP that would be reasonably likely to result in any waiver of any Privilege that could be asserted by SAP or any of its Subsidiaries under applicable law and this Agreement.  With respect to Privileged Information of Qualtrics arising after the IPO Date, Qualtrics shall have sole authority in perpetuity to determine whether to assert or waive any or all Privileges, and SAP shall use its reasonable best efforts to ensure that it takes no action (nor permit any of its Subsidiaries to take action) without the prior written consent of Qualtrics that would be reasonably likely to result in any waiver of any Privilege that could be asserted by Qualtrics or any of its Subsidiaries under applicable law and this Agreement.  The rights and obligations created by this Section 3.6 shall apply to all Information as to which SAP or Qualtrics or their respective Subsidiaries would be entitled to assert or have asserted a Privilege (“Privileged Information”).  
(b)Upon receipt by SAP or Qualtrics, as the case may be, of any subpoena, discovery or other request from any third party that actually or arguably calls for the production or disclosure of Privileged Information of the other, or if SAP or Qualtrics, as the case may be, obtains knowledge that any current or former employee of SAP or Qualtrics, as the case may be, has received any subpoena, discovery or other request from any third party that actually or arguably calls for the production or disclosure of Privileged Information of the other, SAP or Qualtrics, as the case may be, shall promptly notify the other of the existence of the request and shall, to the extent possible, provide the other a reasonable opportunity to review the Information and to assert any rights it may have under this Section 3.6 or otherwise to prevent the production or disclosure of Privileged Information.  SAP or Qualtrics, as the case may be, will not produce or disclose to any third party any of the other’s Privileged Information under this Section 3.6 unless (i) the other has provided its express written consent to such production or disclosure or (ii) a court of competent jurisdiction has entered an order not subject to interlocutory appeal or review finding that the Information is not entitled to protection from disclosure under any applicable privilege, doctrine or rule.
(c)Each and all of the Parties’ transfer of books and records and other Information to each other and each Party’s agreement to permit the other Party to obtain Information existing prior to the IPO Date are made in reliance on SAP’s and Qualtrics’ 

respective agreements, as set forth in Section 3.5 and this Section 3.6, to maintain the confidentiality of such Information and to take the steps provided herein for the preservation of all Privileges that may belong to or be asserted by SAP or Qualtrics, as the case may be.  The access to Information, witnesses and individuals being granted pursuant to Section 3.3 and Section 3.4 and the disclosure to Qualtrics and SAP of Privileged Information relating to the Qualtrics Business or the SAP Business pursuant to this Agreement shall not be asserted by SAP or Qualtrics to constitute, or otherwise be deemed, a waiver of any Privilege that has been or may be asserted under this Section 3.6 or otherwise.  Nothing in this Agreement shall operate to reduce, minimize or condition the rights granted to SAP and Qualtrics in, or the obligations imposed upon SAP and Qualtrics by, this Section 3.6.
Section 3.7Cooperation in Future Litigation and Other Proceedings.  Subject to the other terms and conditions of this Agreement and excluding any circumstance in which Qualtrics (or any of its Subsidiaries or any of its or their respective officers or directors) and SAP (or any of its Subsidiaries or any of its or their respective officers or directors) are adverse parties in an Action:  (a) in the event that Qualtrics (or any of its Subsidiaries or any of its or their respective officers or directors) or SAP (or any of its Subsidiaries or any of its or their respective officers or directors) at any time after the date hereof initiates or becomes subject to any Action with respect to which the Parties have no prior agreements (as to indemnification or otherwise), the Party (and its Subsidiaries and its and their respective officers and directors) that has not initiated and is not subject to such Action shall comply, at the other Party’s expense, with any reasonable requests by the other Party for assistance in connection with such Action (including by way of provision of information, compliance with subpoenas and making available of associates or employees as witnesses); and (b) unless otherwise provided in this Agreement, another Intercompany Agreement or any other contract between the Parties, in the event that Qualtrics (or any of its Subsidiaries or any of its or their respective officers or directors) and SAP (or any of its Subsidiaries or any of its or their respective officers or directors) at any time after the date hereof initiate or become subject to any Action with respect to which the Parties have no prior agreements (as to indemnification or otherwise), each Party (and its officers and directors) shall, at its own expense, coordinate with the other Party with respect to strategies and actions with respect to such Action to the extent such coordination would not be detrimental to their respective interests and shall comply, at the expense of the requesting Party, with any reasonable requests of the other Party for assistance in connection therewith (including by way of provision of information, compliance with subpoenas and making available of employees as witnesses).
Section 3.8Mail and Other Communications.  After the IPO Date, each of SAP and Qualtrics may receive mail, facsimiles, packages and other communications properly belonging to the other.  Accordingly, at all times after the IPO Date, each of SAP and Qualtrics authorizes the other to receive and open all mail, facsimiles, packages and other communications received by it and not unambiguously intended for the other Party or any of the other Party’s officers or directors, and to retain the same to the extent that they either (i) relate to the business of the receiving Party or (ii) do not relate to the business of the other Party.  In the event that a Party shall receive mail, facsimiles, packages or other communications that are either unambiguously intended for the other Party or any of the other Party’s officers or directors or that (x) relate to the business of the other Party and (y) do not relate to the business of the 

receiving Party, the receiving Party shall promptly deliver such mail, facsimiles, packages or other communications to the other Party as provided for in Section 5.8 hereof.  The provisions of this Section 3.8 are not intended to, and shall not, be deemed to constitute (a) an authorization by either SAP or Qualtrics to permit the other to accept service of process on its behalf and neither Party is or shall be deemed to be the agent of the other for service of process purposes or (b) a waiver of any Privilege with respect to Privileged Information contained in such mail, facsimiles, packages or other communications.
Section 3.9Dispute Resolution.
(a)In the event of any dispute, controversy or claim arising between the Parties out of or relating to this Agreement or any Intercompany Agreement or the breach, termination or validity thereof (“Dispute”), upon the provision of notice by either Party to the other party in accordance with the terms of this Agreement (which notice shall include a summary of the Dispute and appropriate supporting materials), such Dispute shall first be negotiated between appropriate senior executives of each Party who shall have the authority to resolve the matter.  Such executives shall meet to attempt in good faith to negotiate a resolution of the Dispute prior to pursuing other available remedies, within ten days of receipt by a Party of notice of a Dispute, which date of receipt shall be referred to herein as the “Dispute Resolution Commencement Date.”  Discussions and correspondence relating to trying to resolve such Dispute shall be treated as Confidential Information and Privileged Information of each of SAP and Qualtrics developed for the purpose of settlement and shall be exempt from discovery or production and shall not be admissible in any subsequent proceeding between the Parties.  
(b)If the senior representatives of the two Parties are unable to resolve the Dispute within 120 days from the Dispute Resolution Commencement Date, on the request of any Party, the Dispute will be mediated by a mediator appointed pursuant to the mediation rules of the American Arbitration Association.  Both Parties will share the administrative costs of the mediation and the mediator’s fees and expenses equally, and each Party shall bear all of its other costs and expenses related to the mediation, including but not limited to attorney’s fees, witness fees, and travel expenses.  The mediation shall take place in New York unless the Parties agree on an alternative forum.
(c)If the mediation does not result in resolution of the Dispute within six months from the date a request for mediation is made to the American Arbitration Association, on the request of any Party, the Dispute will be submitted for binding arbitration before an arbitrator appointed pursuant to the arbitration rules of the American Arbitration Association; provided, however, if the matter or matters in Dispute involve claimed amounts in excess of $25,000,000, there shall be three arbitrators: one appointed by SAP, one appointed by Qualtrics, and one appointed by the other two arbitrators.  Both Parties will share the administrative costs of the arbitration and the arbitrator’s or arbitrators’ fees and expenses equally, and each Party shall bear all of its other costs and expenses related to the arbitration, including but not limited to attorney’s fees, witness fees, and travel expenses.  The arbitration shall take place in New York or in whatever alternative forum on which the Parties may agree.

(d)Notwithstanding the foregoing, if either Party requires emergency relief such that the timeline described above is reasonably likely to result in material additional harm to such Party, then such Party may immediately submit the applicable Dispute for binding arbitration pursuant to Section 3.9(c) without following the steps and timelines described above in Sections 3.9(a) through (c).
(e)Notwithstanding anything to the contrary in this Section 3.9, Disputes arising under the Distribution Agreement or the IP Matters Agreement shall be subject to the Dispute resolution provisions of those agreements, as applicable.
(f)Unless otherwise agreed in writing, the Parties will continue to provide service and honor all other commitments under this Agreement and each Intercompany Agreement during the course of dispute resolution pursuant to the provisions of this Section 3.9 with respect to all matters not subject to such Dispute.
Section 3.10Governmental Approvals.  To the extent that any of the transactions contemplated by this Agreement requires any Governmental Approvals, the Parties will use their reasonable best efforts to obtain any such Governmental Approvals.
Section 3.11Compliance and Other Policies.  
(a)SAP Policies.  The Qualtrics Group members and, as applicable, all software and services provided or distributed by the Qualtrics Group, shall be subject to the SAP global compliance policies listed on Schedule 3.11(a)(i), as in effect from time to time and generally applicable to SAP’s Subsidiaries (the “SAP Compliance Policies”), or such equivalent Qualtrics policies as Qualtrics may adopt and SAP may approve (such approval not to be unreasonably withheld or delayed) from time to time (the “Qualtrics Equivalent Compliance Policies”), and the SAP policies (including product policies) listed on Schedule 3.11(a)(ii), as in effect from time to time and generally applicable to SAP’s Subsidiaries (the “SAP Other Policies” and, together with the SAP Compliance Policies, the “SAP Policies”), or such equivalent policies as Qualtrics may adopt and SAP may approve (such approval not to be unreasonably withheld or delayed) from time to time (the “Qualtrics Equivalent Other Policies” and, together with the Qualtrics Equivalent Compliance Policies, the “Qualtrics Equivalent Policies”).  The Qualtrics Board shall approve and adopt the SAP Policies or Qualtrics Equivalent Policies, as applicable, on an annual basis. 
(b)Provisions Applicable to SAP Policies; SAP Role in Implementation and Oversight of SAP Policies. 
(i)Qualtrics shall be responsible for ensuring compliance with and implementation of all SAP Policies or Qualtrics Equivalent Policies, as applicable, including by developing appropriate and reasonable training materials (which, to the extent they relate to SAP Compliance Policies, shall be in coordination with SAP), conducting appropriate training (which may be provided by SAP pursuant to the Administrative Services Agreement) and implementing reasonable systems for tracking training.  

(ii)SAP may amend or modify the SAP Policies from time to time with prior written notice to Qualtrics; provided that SAP shall provide Qualtrics with reasonable time to implement such changes before the policy changes go into effect.  SAP may add or modify SAP Policies to address changes in applicable law that impose responsibility on SAP for, or that have a reasonable potential to cause SAP to incur liability or other adverse consequences resulting from, the conduct of the Qualtrics Group, or in connection with ordinary course updates to the SAP Policies, which shall be applicable to Qualtrics and, if required, approved and adopted by the Qualtrics Board or replaced with additional or modified Qualtrics Equivalent Policies as Qualtrics may adopt and SAP may approve (such approval not to be unreasonably withheld or delayed). Qualtrics may amend or modify Qualtrics Equivalent Policies from time to time with the approval of the Qualtrics Board, if required, and shall amend or modify Qualtrics Equivalent Policies as directed by SAP in order to reflect changes made to the corresponding global SAP Policies. Qualtrics may make modifications to SAP Policy documentation and Qualtrics Equivalent Policy documentation to reflect Qualtrics’ branding, formatting, style or business needs without changing the substance or content of such policies, unless such substance or content is clearly not applicable to U.S. subsidiaries of SAP. 
(iii)Qualtrics shall work with SAP to implement policies and procedures as necessary for the Qualtrics Group to comply with the SAP Compliance Policies or Qualtrics Equivalent Compliance Policies, as applicable.  SAP and Qualtrics shall jointly be responsible for implementing Qualtrics’ compliance functions in the areas covered by the SAP Compliance Policies or Qualtrics Equivalent Compliance Policies, as applicable, until Qualtrics develops its own compliance infrastructure.  As Qualtrics develops its own compliance infrastructure, SAP’s role will transition to providing oversight and resources as reasonably necessary to support ongoing compliance until such time as Qualtrics has fully developed its own compliance infrastructure. Such oversight shall consist of the rights and obligations set forth in Section 3.11(f) below. 
(c)Qualtrics Policies.  For applicable matters that are not subject to SAP Policies or Qualtrics Equivalent Policies, the Qualtrics Board and management shall establish and maintain Qualtrics compliance policies (the “Qualtrics Policies”) and controls as it determines appropriate, which may include for the matters listed on Schedule 3.11(c). 
(d)Access.  SAP shall provide the Qualtrics Group with access at all times to current versions of the SAP Policies and the SAP Accounting Policies, and Qualtrics shall make the SAP Policies, SAP Accounting Policies or Qualtrics Equivalent Policies, as applicable, available to Qualtrics Group employees on the Qualtrics internal network.  Qualtrics shall, upon request, provide individuals identified by SAP with such access as they may request to current versions of the Qualtrics Equivalent Policies.
(e)Chief Compliance Officer.  The Qualtrics Board or management shall be responsible for hiring or appointing, firing and determining compensation of the Qualtrics chief compliance officer (“CCO”), and for delegating power and authority to the CCO or other 

personnel designated by the Qualtrics Board.  The power and authority delegated to the CCO shall include the power to delegate responsibility for certain compliance functions to other personnel.  The CCO or other personnel designated by the Qualtrics Board or by the CCO shall be responsible for administering a compliance program applicable to the subject matter of each SAP Compliance Policy and Qualtrics Equivalent Compliance Policy, and for coordinating with the SAP Group Chief Compliance Officer or such other SAP personnel designated by SAP as responsible for each SAP Compliance Policy or the subject matter of the applicable Qualtrics Equivalent Compliance Policy.  
(f)Compliance Reporting; Audits.  
(i)Qualtrics shall, upon request, provide SAP with periodic reports regarding compliance with SAP Compliance Policies or Qualtrics Equivalent Compliance Policies, as applicable, with such frequency (which, except as provided in clause (ii) below, shall be no more frequently than quarterly without the agreement of Qualtrics) and format as may be reasonably required by SAP.  SAP, upon reasonable prior written notice, shall have the right to review Qualtrics’ compliance status and processes to ensure adequacy and consistency with each SAP Compliance Policy and Qualtrics Equivalent Compliance Policy.  SAP’s compliance and internal audit functions may audit Qualtrics’ compliance management systems upon reasonable prior written notice.  Qualtrics shall also provide SAP with access, upon reasonable prior written notice, to Qualtrics’ books, records, systems and employees as reasonably necessary in connection with any regulatory audit involving the SAP Group.  Qualtrics will support any such review or audit in good faith.   
(ii)Without limiting the generality of the foregoing sentence, upon request, the CCO shall work with SAP’s designated compliance officer to provide the SAP Group Chief Compliance Officer or such other officer of SAP designated for such purpose with regular reports on the status of Qualtrics’ compliance program applicable to the subject matter of each SAP Compliance Policy and Qualtrics Equivalent Compliance Policy, as reasonably required by SAP to enable the SAP Group Chief Compliance Officer or such other officer of SAP designated for such purpose to meet its internal reporting obligations to the extent and for so long as those reporting obligations require the SAP Group Chief Compliance Officer or such other officer of SAP designated for such purpose to report on Qualtrics to SAP’s senior management or supervisory board.  
(g)Breach Reporting and Response.  Qualtrics and SAP shall establish mechanisms for (i) Qualtrics to report breaches of SAP Compliance Policies or Qualtrics Equivalent Compliance Policies, as applicable, to the appropriate authority, which may include the audit committee of the Qualtrics Board  and/or SAP, (ii) the response to (including communications with applicable Governmental Authorities), and the conduct of investigations of, any actual, reported or suspected breaches of SAP Compliance Policies or Qualtrics Equivalent Compliance Policies, as applicable, and (iii) consequence management and remediation required as a result of any breaches of SAP Compliance Policies or Qualtrics Equivalent Compliance Policies, as applicable.  SAP shall reasonably and fairly allocate to 

Qualtrics, and Qualtrics shall be responsible for, all costs, fines and penalties incurred by Qualtrics and SAP (including all attorneys’, accountants’, consultants’ and other professionals’ fees and expenses) that are attributable to any actual, reported or suspected breach by Qualtrics of SAP Compliance Policies or Qualtrics Equivalent Compliance Policies, as applicable, as allocated to Qualtrics.
(h)Governmental Investigations and Proceedings.  Notwithstanding anything herein to the contrary, unless prohibited by applicable legal requirements or by a Governmental Authority, SAP shall have, in its sole discretion, the right to direct (or, at SAP’s election, participate in) Qualtrics’ conduct of any investigation by any Governmental Authority and defense of any other Action brought by any Governmental Authority involving the subject matter of a SAP Compliance Policy or Qualtrics Equivalent Compliance Policy, as applicable, and to control all communications with applicable Governmental Authorities in connection with any such investigation or other Action, except where such investigation, defense, or communications relate solely to the actions or conduct of the Qualtrics Group and do not involve the SAP Group, and are not reasonably likely to materially affect the SAP Group, other than in its capacity as a shareholder of Qualtrics, as determined by SAP in its sole discretion.  SAP shall reasonably and fairly allocate to Qualtrics, and Qualtrics shall be responsible for, all costs, fines and penalties incurred by Qualtrics and SAP (including all attorneys’, accountants’, consultants’ and other professionals’ fees and expenses) in connection with any investigation by any Governmental Authority or any other Action brought by any Governmental Authority that are attributable to any actual, reported or suspected breach by Qualtrics of a SAP Compliance Policy or Qualtrics Equivalent Compliance Policy, as applicable, as allocated to Qualtrics.  For the avoidance of doubt, this Section 3.11(h) applies to investigations and Actions brought by a Governmental Authority and not to Third Party Claims initiated by other third parties that are merely brought before or through a Governmental Authority.
(i)Certifications.  Qualtrics shall, upon request, provide all certifications and representation letters (that are related to or applicable to Qualtrics and its Subsidiaries) regarding SAP Policies, SAP Accounting Policies and Qualtrics Equivalent Policies as required by SAP to enable SAP to provide all required regulatory certifications required by any Government Authorities.
(j)SAP Assistance.  SAP shall provide assistance to Qualtrics on a transitional basis in fulfilling its obligations under this Section 3.11 for the duration and in the manner described on Schedule 3.11(j).
Section 3.12Termination of Intercompany Agreements.  Except for (a) this Agreement and the Intercompany Agreements and (b) as set forth on Schedule 3.12, in furtherance of the releases and other provisions of Section 4.1, effective immediately prior to the IPO Date, SAP for itself and as agent for each other member of the SAP Group, on the one hand, and Qualtrics for itself and as agent for each other member of the Qualtrics Group, on the other hand, hereby terminate any and all agreements, arrangements, commitments and understandings, oral or written (“Existing Intercompany Agreements”) between such parties and in effect as of the IPO Date.  No such terminated Existing Intercompany Agreement (including any provision 

thereof that purports to survive termination) shall be of any further force or effect after the IPO Date.  Each Party shall, at the reasonable request of the other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing.  The Parties, on behalf of the members of their respective Groups, hereby waive any advance notice provision or other termination requirements with respect to any Existing Intercompany Agreement.  For the avoidance of doubt, intercompany accounts payable and receivable among the Parties and their Subsidiaries shall continue in effect after the IPO Date.
Section 3.13Guaranties.  Except as otherwise provided in the Real Estate Matters Agreement, SAP and Qualtrics shall each use their reasonable efforts to cause each member of the SAP Group to be removed and released, effective as of the IPO Date, in respect of all obligations under each guarantee, indemnity, surety bond, letter of credit and letter of comfort (each, a “Guarantee”), given or obtained by any member of the SAP Group for the benefit of any member of the Qualtrics Group or the Qualtrics Business. If the Parties are unable to effect any such substitution, removal, release and termination with respect to any such Guarantee as of the IPO Date then, following the IPO Date, Qualtrics shall effect such substitution, removal, release and termination as soon as reasonably practicable after the IPO Date; provided, that from and after IPO Date, Qualtrics shall indemnify, hold harmless and promptly reimburse the members of the SAP Group for any payments made by members of the SAP Group and for any and all Liabilities of the members of the SAP Group arising out of, or in performing, in whole or in part, any performance obligation in accordance with the underlying obligation under any such Guarantee.
Section 3.14Tax-Free Distribution.  
(a)Tax-Free Distribution Generally.  At any time after the IPO Date, if SAP, in its sole and absolute discretion, advises Qualtrics that SAP intends to pursue any Tax-Free Distribution, Qualtrics agrees to take all reasonable action requested by SAP to facilitate such Tax-Free Distribution.
(b)SAP’s Sole Discretion.  SAP shall, in its sole and absolute discretion, determine whether to proceed with any Tax-Free Distribution, the date of the consummation of such Tax-Free Distribution and all terms of such Tax-Free Distribution, including the form, structure and terms of any transaction(s) and/or offering(s) to effect such Tax-Free Distribution and the timing of and conditions to the consummation of such Tax-Free Distribution.  In addition, SAP may at any time and from time to time until the completion of any Tax-Free Distribution, modify or change the terms of such Tax-Free Distribution, including by accelerating or delaying the timing of the consummation of all or part of such Tax-Free Distribution.  Qualtrics shall reasonably cooperate with SAP in all respects to accomplish any Tax-Free Distribution and shall, at SAP’s direction, promptly take any and all reasonable actions that SAP reasonably deems necessary or desirable to effect such Tax-Free Distribution.  Without limiting the generality of the foregoing, Qualtrics shall, at SAP’s direction, reasonably cooperate with SAP, and execute and deliver, or use its reasonable best efforts to cause to have executed and delivered, all instruments, and to make all filings with, and to obtain all consents, approvals or authorizations of, any Governmental Authorities as SAP may reasonably deem necessary or 

desirable in order to consummate and make effective any Tax-Free Distribution.  If, in connection with any Tax-Free Distribution, SAP makes a Request (as defined in the Stockholders’ Agreement) for a Demand Registration (as defined in the Stockholders’ Agreement), the terms and the conditions of the Stockholders’ Agreement shall govern.
(c)This Section 3.14 shall not be interpreted as limiting the provisions of Section 5.2(a) of the Tax Sharing Agreement.
ARTICLE IV
MUTUAL RELEASES; INDEMNIFICATION
Section 4.1Release of Pre-IPO Date Claims.
(a)Qualtrics Release.  Except as provided in Section 4.1(c), as of the IPO Date, Qualtrics does hereby, for itself and as agent for each member of the Qualtrics Group, and on behalf of any Person acting through the Qualtrics Group in a shareholder or derivative action or otherwise, remise, release and forever discharge the SAP Indemnitees from any and all Liabilities whatsoever, whether at law or in equity (including any right of contribution), whether arising in tort or under any contract or agreement or otherwise, by operation of law or otherwise, existing or arising from any past acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the IPO Date, including in connection with the transactions and all other activities to implement the IPO.
(b)SAP Release.  Except as provided in Section 4.1(c), as of the IPO Date, SAP does hereby, for itself and as agent for each member of the SAP Group, and on behalf of any Person acting through the SAP Group in a shareholder or derivative action or otherwise, remise, release and forever discharge the Qualtrics Indemnitees from any and all Liabilities whatsoever, whether at law or in equity (including any right of contribution), whether arising in tort or under any contract or agreement or otherwise, by operation of law or otherwise, existing or arising from any past acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the IPO Date, including in connection with the transactions and all other activities to implement the IPO.
(c)No Impairment.  Nothing contained in Section 4.1(a) or Section 4.1(b) shall limit or otherwise affect any Party’s rights or obligations pursuant to or contemplated by this Agreement or any Intercompany Agreement, in each case in accordance with its terms including any obligations relating to indemnification, including indemnification pursuant to Section 4.2 and Section 4.3 of this Agreement, and any Insurance Proceeds under any of SAP’s Insurance Policies relating to the Qualtrics Business which Qualtrics is entitled to be paid.
(d)No Actions as to Released Pre-IPO Date Claims.  Qualtrics agrees, for itself and as agent for each member of the Qualtrics Group, not to make any claim or demand, or commence any Action asserting any claim or demand, including any claim of contribution or any indemnification, against SAP or any member of the SAP Group, or any other Person released pursuant to Section 4.1(a), with respect to any Liabilities released pursuant to Section 4.1(a).  

SAP agrees, for itself and as agent for each member of the SAP Group, not to make any claim or demand, or commence any Action asserting any claim or demand, including any claim of contribution or any indemnification, against Qualtrics or any member of the Qualtrics Group, or any other Person released pursuant to Section 4.1(b), with respect to any Liabilities released pursuant to Section 4.1(b).
(e)Further Instruments.  At any time, at the request of any other Party, each Party shall cause each member of its respective SAP Group or Qualtrics Group, as applicable, to execute and deliver releases reflecting the provisions hereof.
Section 4.2Indemnification by Qualtrics.  Except as otherwise provided in this Agreement, including Section 4.7(f) hereof, Qualtrics shall, for itself and as agent for each member of the Qualtrics Group, indemnify, defend (or, where applicable, pay the defense costs for) and hold harmless the SAP Indemnitees from and against, and shall reimburse such SAP Indemnitees with respect to, any and all Losses that any third party, including any Person acting through the Qualtrics Group in a shareholder or derivative action or otherwise, seeks to impose upon the SAP Indemnitees, or which are imposed upon the SAP Indemnitees, that relate to, arise or result from, whether prior to or following the IPO Date, any of the following items (without duplication):
(a)any Qualtrics Liability;
(b)any breach by Qualtrics or any member of the Qualtrics Group of this Agreement or any of the Intercompany Agreements; and
(c)any Liabilities relating to, arising out of or resulting from any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information (i) contained in the IPO Registration Statement, any issuer free writing prospectus or any preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement (other than written information provided by SAP to Qualtrics), (ii) contained in any public filings made by Qualtrics with the Commission following the IPO Date (other than written information provided by SAP to Qualtrics) and (iii) provided by Qualtrics to SAP specifically for inclusion in SAP’s annual or quarterly reports and other regulatory reports following the IPO Date.
(d)In the event that any member of the Qualtrics Group makes a payment to the SAP Indemnitees hereunder, and any of the SAP Indemnitees subsequently diminishes the Liability on account of which such payment was made, either directly or through a third-party recovery (other than a recovery indirectly from SAP), SAP will promptly repay (or will procure SAP Indemnitee to promptly repay) such member of the Qualtrics Group the amount by which the payment made by such member of the Qualtrics Group exceeds the actual cost of the associated indemnified Liability.
Section 4.3Indemnification by SAP.  Except as otherwise provided in this Agreement, SAP shall cause SAP America to, for itself and as agent for each member of the SAP 

Group, indemnify, defend (or, where applicable, pay the defense costs for) and hold harmless the Qualtrics Indemnitees from and against, and shall reimburse such Qualtrics Indemnitee with respect to, any and all Losses that any third party, including any Person acting through the SAP Group in a shareholder or derivative action or otherwise, seeks to impose upon the Qualtrics Indemnitees, or which are imposed upon the Qualtrics Indemnitees, that relate to, arise or result from, whether prior to or following the IPO Date, any of the following items (without duplication):
(a)any SAP Liability (in each case excluding the Qualtrics Liabilities);
(b)any breach by SAP or any member of the SAP Group of this Agreement or any of the Intercompany Agreements; and
(c)any Liabilities relating to, arising out of or resulting from any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information (i) contained in the IPO Registration Statement, any issuer free writing prospectus or any preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement provided by SAP specifically for inclusion therein and (ii) provided by SAP to Qualtrics specifically for inclusion in Qualtrics’ annual or quarterly reports following the IPO Date.
(d)In the event that any member of the SAP Group makes a payment to the Qualtrics Indemnitees hereunder, and any of the Qualtrics Indemnitees subsequently diminishes the Liability on account of which such payment was made, either directly or through a third-party recovery (other than a recovery indirectly from Qualtrics), Qualtrics will promptly repay (or will procure a Qualtrics Indemnitee to promptly repay) such member of the SAP Group the amount by which the payment made by such member of the SAP Group exceeds the actual cost of the associated indemnified Liability.
Section 4.4Ancillary Agreement Liabilities.  Notwithstanding any other provision in this Agreement to the contrary, any Liability specifically assumed by, or allocated to, a Party in any of the Intercompany Agreements shall be governed exclusively by the terms of such Intercompany Agreement.  For the avoidance of doubt, the allocation between the Parties of Liabilities for Taxes shall be governed exclusively by the Tax Sharing Agreement.
Section 4.5Reductions for Insurance Proceeds and other Recoveries. 
(a)Insurance Proceeds.  The amount that any Indemnifying Party is or may be required to provide indemnification to or on behalf of any Indemnitee pursuant to Section 4.2 or Section 4.3, as applicable, shall be reduced (retroactively or prospectively) by any Insurance Proceeds or other amounts actually recovered from third parties by or on behalf of such Indemnitee in respect of the related Loss.  The existence of a claim by an Indemnitee for monies from an insurer or against a third party in respect of any indemnifiable Loss shall not, however, delay any payment pursuant to the indemnification provisions contained herein and otherwise determined to be due and owing by an Indemnifying Party.  Rather, the Indemnifying Party shall 

make payment in full of the amount determined to be due and owing by it against an assignment by the Indemnitee to the Indemnifying Party of the entire claim of the Indemnitee for Insurance Proceeds or against such third party.  Notwithstanding any other provisions of this Agreement, it is the intention of the Parties that no insurer or any other third party shall be (i) entitled to a benefit it would not be entitled to receive in the absence of the foregoing indemnification provisions, or (ii) relieved of the responsibility to pay any claims for which it is obligated.  If an Indemnitee has received the payment required by this Agreement from an Indemnifying Party in respect of any indemnifiable Loss and later receives Insurance Proceeds or other amounts in respect of such indemnifiable Loss, then such Indemnitee shall hold such Insurance Proceeds or other amounts in trust for the benefit of the Indemnifying Party (or Indemnifying Parties) and shall pay to the Indemnifying Party, as promptly as practicable after receipt, a sum equal to the amount of such Insurance Proceeds or other amounts received, up to the aggregate amount of any payments received from the Indemnifying Party pursuant to this Agreement in respect of such indemnifiable Loss (or, if there is more than one Indemnifying Party, the Indemnitee shall pay each Indemnifying Party, its proportionate share (based on payments received from the Indemnifying Parties) of such Insurance Proceeds).
(b)Tax Cost/Tax Benefit.  The amount that any Indemnifying Party is or may be required to provide indemnification to or on behalf of any Indemnitee pursuant to Section 4.2 or Section 4.3, as applicable, shall be (i) increased to take account of any net Tax cost incurred by the Indemnitee arising from the receipt or accrual of an indemnification payment hereunder (grossed up for such increase) and (ii) reduced to take account of any net Tax benefit realized by the Indemnitee arising from incurring or paying such loss or other liability.  In computing the amount of any such Tax cost or Tax benefit, the Indemnitee shall be deemed to recognize all other items of income, gain, loss, deduction or credit before recognizing any item arising from the receipt or accrual of any indemnification payment hereunder or incurring or paying any indemnified Loss.  Any indemnification payment hereunder shall initially be made without regard to this Section 4.5(b) and shall be increased or reduced to reflect any such net Tax cost (including gross-up) or net Tax benefit only after the Indemnitee has actually realized such cost or benefit.  For purposes of this Agreement, an Indemnitee shall be deemed to have “actually realized” a net Tax cost or a net Tax benefit to the extent that, and at such time as, the amount of Taxes payable by such Indemnitee is increased above or reduced below, as the case may be, the amount of Taxes that such Indemnitee would be required to pay but for the receipt or accrual of the indemnification payment or the incurrence or payment of such Loss, as the case may be.  The amount of any increase or reduction hereunder shall be adjusted to reflect any Final Determination with respect to the Indemnitee’s liability for Taxes, and payments between such indemnified parties to reflect such adjustment shall be made if necessary.  Notwithstanding any other provision of this Agreement, to the extent permitted by applicable law, the Parties agree that any indemnity payment made hereunder shall be treated as a capital contribution by SAP America to Qualtrics or dividend distribution by Qualtrics to SAP America, as the case may be, immediately prior to the IPO Date and, accordingly, not includible in the taxable income of the recipient or deductible by the payor.

Section 4.6Procedures for Defense, Settlement and Indemnification of the Third Party Claims.
(a)Notice of Claims.  If an Indemnitee shall receive notice or otherwise learn of the assertion by a Person who is not a member of the SAP Group or the Qualtrics Group of any claim or of the commencement by any such Person of any Action (collectively, a “Third Party Claim”) with respect to which an Indemnifying Party may be obligated to provide indemnification, SAP and Qualtrics (as applicable) will ensure that such Indemnitee shall give such Indemnifying Party written notice thereof within 30 days after becoming aware of such Third Party Claim.  Any such notice shall describe the Third Party Claim in reasonable detail.  Notwithstanding the foregoing, the delay or failure of any Indemnitee or other Person to give notice as provided in this Section 4.6(a) shall not relieve the related Indemnifying Party of its obligations under this ARTICLE IV, except to the extent that such Indemnifying Party is actually and substantially prejudiced by such delay or failure to give notice.
(b)Defense by Indemnifying Party. An Indemnifying Party shall be entitled to participate in the defense of any Third Party Claim and, to the extent that it wishes, at its cost, risk and expense, to assume the defense thereof, with counsel reasonably satisfactory to the party seeking indemnification.  After timely notice from the Indemnifying Party to the Indemnitee of such election to so assume the defense thereof, the Indemnifying Party shall not be liable to the party seeking indemnification for any legal expenses of other counsel or any other expenses subsequently incurred by Indemnitee in connection with the defense thereof, except that the Indemnifying Party shall bear the expenses of separate counsel for the Indemnitee if there exists a conflict of interest between the Indemnitee and the Indemnifying Party in connection with the defense of such Third Party Claim that would make the representation by the same counsel or the counsel selected by Indemnifying Party inappropriate or the Indemnitee would lose any defenses available to it which are different from or in addition to those available to the Indemnifying Party.  The Indemnitee agrees to cooperate in all reasonable respects with the Indemnifying Party and its counsel in the defense against any Third Party Claim.  The Indemnifying Party shall be entitled to compromise or settle any Third Party Claim as to which it is providing indemnification;  provided, however, that such compromise or settlement shall be made only with the written consent of the Indemnitee, such consent not to be unreasonably withheld, conditioned or delayed. 
(c)Defense by Indemnitee.  If an Indemnifying Party fails to assume the defense of a Third Party Claim within 30 calendar days after receipt of notice of such claim, Indemnitee will, upon delivering notice to such effect to the Indemnifying Party, have the right to undertake the defense, compromise or settlement of such Third Party Claim on behalf of and for the account of the Indemnifying Party subject to the limitations as set forth in this Section 4.6; provided, however, that such Third Party Claim shall not be compromised or settled without the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld, conditioned or delayed.  If the Indemnitee assumes the defense of any Third Party Claim, it shall keep the Indemnifying Party reasonably informed of the progress of any such defense, compromise or settlement.  The Indemnifying Party shall reimburse all applicable costs and expenses of the Indemnitee in the event it is ultimately determined that the Indemnifying Party is 

obligated to indemnify the Indemnitee with respect to such Third Party Claim.  In no event shall an Indemnifying Party be liable for any settlement effected without its consent, which consent will not be unreasonably withheld, conditioned or delayed.
Section 4.7Additional Matters.
(a)Pre-IPO Date Actions.  Except with respect to matters pertaining solely to, or solely in connection with, the Qualtrics Business, SAP may, in its sole discretion, have exclusive authority and control over the investigation, prosecution, defense and appeal of all Actions pending at the IPO Date relating to or arising in connection with, in any manner, the Qualtrics Business or the Qualtrics Liabilities, in each case if SAP or a member of the SAP Group is named as a party thereto; provided, however, that SAP must obtain the written consent of Qualtrics, such consent not to be unreasonably withheld, conditioned or delayed, to settle or compromise or consent to the entry of judgment with respect to such Action.  After any such compromise, settlement, consent to entry of judgment or entry of judgment, SAP shall reasonably and fairly allocate to Qualtrics, and Qualtrics shall be responsible for Qualtrics’ proportionate share of, any such compromise, settlement, consent or judgment attributable to the Qualtrics Business or the Qualtrics Liabilities, including its proportionate share of the costs and expenses associated with defending same consistent with the manner in which costs and expenses would be allocated to other members of the SAP Group.
(b)Management of Third Party Claims.  With respect to any Third Party Claim that does not implicate any SAP Group members as parties or otherwise, Qualtrics shall be responsible for hiring counsel, managing and defending such Third Party Claim.  Qualtrics acknowledges and agrees that, to the extent it is utilizing insurance coverage in connection with such Third Party Claim, it may be required to take direction from an insurance company in the selection and hiring of such counsel. With respect to any Third Party Claim that materially implicates both Qualtrics Group and SAP Group members, (i) SAP shall be responsible for hiring counsel, managing and defending such Third Party Claim, (ii) SAP will in good faith keep Qualtrics informed and seek input from Qualtrics as appropriate and (iii) Qualtrics may elect to hire its own counsel or participate in its own defense at its own expense.
(c)Cooperation in Defense and Settlement.  With respect to any Third Party Claim that implicates both Qualtrics and SAP in a material fashion due to the allocation of Liabilities, responsibilities for management of defense and related indemnities set forth in this Agreement or any of the Intercompany Agreements, the Parties agree to cooperate fully and maintain a joint defense (in a manner that will preserve the attorney-client privilege, joint defense or other privilege with respect thereto) so as to minimize such Liabilities and defense costs associated therewith.  The Party that is not responsible for managing the defense of such Third Party Claims shall, upon reasonable request, be consulted with respect to significant matters relating thereto and may, if such Party deems necessary or helpful, associate counsel to assist in the defense of such claims.
(d)Governmental Claims.  Notwithstanding anything in this Agreement to the contrary (including Section 4.6 hereof) and unless prohibited by applicable legal requirements or by a Governmental Authority, SAP may, in its sole discretion, have exclusive authority and 

control over the investigation, prosecution, defense and appeal of all Third Party Claims initiated by a Governmental Authority, including those relating to or arising in connection with the Qualtrics Business, unless any such matter does not involve the SAP Group and is not reasonably likely to materially affect the SAP Group, other than in its capacity as a shareholder of Qualtrics, as reasonably determined by SAP.  SAP shall reasonably and fairly allocate to Qualtrics, and Qualtrics shall be responsible for, all costs, fines and penalties incurred by Qualtrics and SAP (including all attorneys’, accountants’, consultants’ and other professionals’ fees and expenses) in connection with any compromise, settlement, consent or judgment resulting from any investigation, prosecution, defense or appeal, attributable to the Qualtrics Business or the Qualtrics Liabilities, as allocated to Qualtrics.  For the avoidance of doubt, this Section 4.7(d) applies to Third Party Claims initiated by a Governmental Authority and not to Third Party Claims initiated by other third parties that are merely brought before or through a Governmental Authority.
(e)Subrogation.  In the event of payment by or on behalf of any Indemnifying Party to or on behalf of any Indemnitee in connection with any Third Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnitee, in whole or in part based upon whether the Indemnifying Party has paid all or only part of the Indemnitee’s Liability, as to any events or circumstances in respect of which such Indemnitee may have any right, defense or claim relating to such Third Party Claim against any claimant or plaintiff asserting such Third Party Claim or against any other person.  Such Indemnitee shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any subrogated right, defense or claim.
(f)Intercompany Agreements Control.  The foregoing provisions of this Article IV (including Section 4.7 hereof) are subject in all respects to the terms of (i) the Insurance Matters Agreement, to the extent any Action is covered by insurance, (ii) the Intellectual Property Matters Agreement, to the extent any Action relates to intellectual property and (iii) the Distribution Agreement, to the extent any Action relates to the distribution and sale of the other Party’s products.
Section 4.8Survival of Indemnities.  The rights and obligations of the members of the SAP Group and the Qualtrics Group under this ARTICLE IV shall survive the sale or other transfer by any Party of any assets or businesses or the assignment by it of any Liabilities or the sale by any member of the SAP Group or the Qualtrics Group of the capital stock or other equity interests of any Subsidiary to any Person.
ARTICLE V
MISCELLANEOUS
Section 5.1Consent.  Any consent of SAP or Qualtrics pursuant to this Agreement or any of the Intercompany Agreements shall not be effective unless it is in writing and evidenced by the signature of the General Counsel of SAP or General Counsel of Qualtrics (or another duly authorized signatory of such Party or such other person that the General Counsel has specifically authorized in writing to give such consent).

Section 5.2Limitation of Liability.  IN NO EVENT SHALL ANY MEMBER OF THE SAP GROUP OR QUALTRICS GROUP BE LIABLE TO ANY OTHER MEMBER OF THE SAP GROUP OR QUALTRICS GROUP FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES OR LOST PROFITS, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT (a) EACH PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES AS SET FORTH IN EITHER THIS AGREEMENT OR ANY INTERCOMPANY AGREEMENT, (b) EITHER PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS UNDER SECTION 3.5, OR (c) EITHER PARTY’S BREACH OF ITS DATA PROTECTION OR PRIVACY OBLIGATIONS HEREUNDER.
Section 5.3Entire Agreement.  This Agreement, the Intercompany Agreements and the Exhibits and Schedules referenced or attached hereto and thereto, constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof and thereof.
Section 5.4Governing Law and Jurisdiction.  This Agreement, including the validity hereof and the rights and obligations of the Parties hereunder, shall be construed in accordance with and all Disputes arising out of or relating to this Agreement shall be governed by the laws of the State of Delaware applicable to contracts made and to be performed entirely in such State (without giving effect to the conflicts of laws provisions thereof).
Section 5.5Consent to Jurisdiction.  SUBJECT TO SECTION 3.9, THE PARTIES AGREE THAT JURISDICTION AND VENUE IN ANY ACTION BROUGHT BY ANY PARTY IN CONNECTION WITH THIS AGREEMENT, THE TRANSACTIONS, OR THE PERFORMANCE OF THE OBLIGATIONS IMPOSED HEREUNDER SHALL PROPERLY AND EXCLUSIVELY LIE IN ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF DELAWARE.  EACH PARTY ALSO AGREES NOT TO BRING ANY ACTION IN CONNECTION WITH THIS AGREEMENT, THE TRANSACTIONS, OR THE PERFORMANCE OF THE OBLIGATIONS IMPOSED HEREUNDER IN ANY OTHER COURT.  BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO ANY SUCH ACTION.  THE PARTIES IRREVOCABLY AGREE THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVE ANY OBJECTION THAT ANY SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH ACTION.  THE PARTIES FURTHER AGREE THAT THE MAILING BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ANY PROCESS REQUIRED BY ANY SUCH COURT SHALL CONSTITUTE VALID AND LAWFUL SERVICE OF PROCESS AGAINST THEM, WITHOUT NECESSITY FOR SERVICE BY ANY OTHER MEANS PROVIDED BY STATUTE OR RULE OF COURT.

Section 5.6Waiver of Jury Trial.  EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.  EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER COMPANY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.4.
Section 5.7Termination; Amendment.  This Agreement and all Intercompany Agreements may be terminated or amended by and in the sole discretion of SAP, without the approval of Qualtrics, at any time prior to the IPO.  This Agreement and any applicable Intercompany Agreements may be terminated or amended at any time after such date and during the term of this Agreement only by an instrument in writing signed on behalf of each of the Parties.  In the event of termination pursuant to this Section 5.7, no Party shall have any liability of any kind to the other Party.  Except as otherwise provided herein or required by the provisions hereof, this Agreement shall terminate on the date that is three years after the first date upon which the members of the SAP Group hold shares of Common Stock representing less than a majority of the votes entitled to be cast by all holders of Common Stock; provided, however, that the provisions of Sections 3.11 (Compliance and Other Policies) and Section 4.7(d) shall terminate on the first date upon which the members of the SAP Group hold shares of Common Stock representing less than a majority of the votes entitled to be cast by all holders of Common Stock, the provisions of Section 3.7 (Cooperation in Future Litigation or Other Proceedings) shall survive for a period of seven years after the termination of this Agreement, and the provisions of Section 3.5 (Confidentiality) and Section 3.6 (Privileged Matters), Article IV (other than Section 4.7), Article V and Article VI shall survive indefinitely after the termination of this Agreement.  
Section 5.8Notices.  Notices, offers, requests or other communications required or permitted to be given by either Party pursuant to the terms of this Agreement shall be given in writing to the respective Parties at the following addresses:
if to SAP:
SAP SE
Dietmar-Hopp-Allee 16
Germany – 69190 
Attention:  Jochen Scholten

E-mail: 
if to Qualtrics:
Qualtrics International Inc.
333 W River Park Dr
Provo, UT 84604
Attention:  Legal Department
E-mail:  
with a copy to:
Shearman & Sterling LLP
1460 El Camino Real, 2nd Floor
Menlo Park, CA 94025 
Attention:  Daniel R. Mitz
E-mail:  Daniel.Mitz@shearman.com
or at such other address or e-mail as the Party to whom notice is given may have previously furnished to the other in writing as provided herein.  Any notice shall be sent by hand delivery, internationally recognized overnight courier or, within the United States, may also be sent via certified mail, return receipt requested and, in any event, shall be concurrently sent by e-mail.  All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted electronically; one working day after it is sent, if sent by internationally recognized overnight courier; and three days after it is postmarked, if mailed first class mail or certified mail, return receipt requested, with postage prepaid.
Section 5.9Counterparts.  This Agreement, including the Intercompany Agreements and the Exhibits and Schedules hereto and thereto and the other documents referred to herein or therein, may be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement.
Section 5.10Binding Effect; Assignment.  This Agreement shall inure to the benefit of and be binding upon the Parties and their respective legal representatives and successors.  Neither Party may assign this Agreement or any rights or obligations hereunder, without the prior written consent of the other Party, and any such assignment shall be void; provided, however, either Party may assign this Agreement to a successor entity in conjunction with such Party’s reincorporation in another jurisdiction or into another business form.
Section 5.11Severability.  If any term or other provision of this Agreement or the Exhibits or Schedules attached hereto is determined by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall 

negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible.
Section 5.12Failure or Indulgence not Waiver; Remedies Cumulative.  No failure or delay on the part of either Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right.  All rights and remedies existing under this Agreement or the Exhibits or Schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies otherwise available.
Section 5.13Authority.  Each of the Parties represents to the other that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles.
Section 5.14Interpretation.  The headings contained in this Agreement, in any Exhibit or Schedule hereto and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  Any capitalized term used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning assigned to such term in this Agreement.  When a reference is made in this Agreement to an Article or a Section, Exhibit or Schedule, such reference shall be to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated.  Words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires.  The terms “hereof,” “herein” “and “herewith” and words of similar import, unless otherwise stated, shall be construed to refer to this Agreement as a whole (including all of the Schedules hereto) and not to any particular provision of this Agreement.  Any reference herein to this Agreement, unless otherwise stated, shall be construed to refer to this Agreement as amended, supplemented or otherwise modified from time to time, as permitted by Section 5.7.  The word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified.  The word “or” shall not be exclusive.
Section 5.15Conflicting Agreements.  None of the provisions of this Agreement are intended to supersede any provision in any Intercompany Agreement or any other agreement with respect to the respective subject matters thereof.  In the event of conflict between this Agreement and any Intercompany Agreement or other agreement executed in connection herewith, the provisions of such other agreement shall prevail.
Section 5.16Third Party Beneficiaries.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any third party.  No such third party shall 

obtain any right under any provision of this Agreement or shall by reasons of any such provision make any claim in respect of any Liability (or otherwise) against either Party.
Section 5.17Publicity.  Each of SAP and Qualtrics shall consult with the other, and shall, subject to the requirements of Section 3.5, provide the other Party the opportunity to review and comment upon, any press releases or other public statements in connection with this Agreement, the IPO or any other transactions related thereto and any filings with any Governmental Authority or national securities exchange with respect thereto, in each case prior to the issuance or filing thereof, as applicable.
Section 5.18Specific Performance.  In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the affected Party shall have the right to seek specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.  The other Party shall not oppose the granting of such relief on the basis that money damages are an adequate remedy.  The Parties agree that the remedies at law for any breach or threatened breach hereof, including monetary damages, may be inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived.  Any requirements for the securing or posting of any bond with such remedy are waived.
ARTICLE VI
DEFINITIONS
Section 6.1.Defined Terms.  The following capitalized terms shall have the meanings given to them in this Section 6.1:
“Action” means any demand, action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal. 
“Administrative Services Agreement” shall have the meaning set forth in Section 1.1(a).
“Affiliated Company” of any Person means any entity that controls, is controlled by, or is under common control with such Person.  As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise.
“Agreement” shall mean this Master Transaction Agreement, together with the Schedules and Exhibits hereto, as the same may be amended from time to time in accordance with the provisions hereof.
“Cash-Settled Equity Awards” shall have the meaning set forth in Section 2.3(e).
“CCO” shall have the meaning set forth in Section 3.11(e)

“Class A common stock” means the Class A common stock, par value $0.0001 per share, of Qualtrics.
“Class B common stock” means the Class B common stock, par value $0.0001 per share, of Qualtrics.
“Code” means the Internal Revenue Code of 1986, as amended.
“Commission” shall have the meaning set forth in the recitals of this Agreement.
“Common Stock” means the Class A common stock and Class B common stock of Qualtrics.
“Confidential Information” shall have the meaning set forth in Section 3.5(b)(i).
“Disclosing Party” shall have the meaning set forth in Section 3.5(b)(i).
“Dispute” shall have the meaning set forth in Section 3.9(a).
“Dispute Resolution Commencement Date” shall have the meaning set forth in Section 3.9(a).
“Distribution Agreement” shall have the meaning set forth in Section 1.1(e).
“Distribution Date” means the date on which a Tax-Free Distribution occurs.
“Employee Matters Agreement” shall have the meaning set forth in Section 1.1(c).
“Exchange Act” shall have the meaning set forth in Section 2.1(a).
“Existing Intercompany Agreements” shall have the meaning set forth in Section 3.12. 
“Final Determination” shall have the meaning set forth in the Tax Sharing Agreement.
“Governmental Approvals” means any notices, reports or other filings to be made, or any consents, registrations, approvals, permits or authorizations to be obtained from, any Governmental Authority.
“Governmental Authority” means any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority.
“Guarantee” shall have the meaning set forth in Section 3.13. 
“IFRS” means International Financial Reporting Standards. 
“Indebtedness” means, with respect to any Person, any liability of such Person in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments and shall 

also include (a) any liability of such Person under any agreement related to the fixing of interest rates on any Indebtedness and (b) any capitalized or finance lease obligations of such Person (if and to the extent the same would appear on a balance sheet of such Person prepared in accordance with United States generally accepted accounting principles). 
“Indemnifying Party” means any party which may be obligated to provide indemnification to an Indemnitee pursuant to Section 4.2 or Section 4.3 hereof or any other section of this Agreement or any Intercompany Agreement.
“Indemnitee” means any party which may be entitled to indemnification from an Indemnifying Party pursuant to Section 4.2 or Section 4.3 hereof or any other section of this Agreement or any Intercompany Agreement.
“Information” means information, whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged communications), memos and other materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial, employee or business information or data.
“Insurance Matters Agreement” shall have the meaning set forth in Section 1.1(f).
“Insurance Policies” means insurance policies pursuant to which a Person makes a true risk transfer to an insurer.
“Insurance Proceeds” means those monies:  (a) received by an insured from an insurance carrier; or (b) paid by an insurance carrier on behalf of the insured; or (c) from Insurance Policies.
“Intellectual Property Matters Agreement” shall have the meaning set forth in Section 1.1(d).
“Intercompany Agreements” means the Employee Matters Agreement, the Insurance Matters Agreement, the Intellectual Property Matters Agreement, the Real Estate Matters Agreement, the Administrative Services Agreement, the Tax Sharing Agreement, the Distribution Agreement and the Stockholders’ Agreement.
“IPO” shall have the meaning set forth in the recitals to this Agreement.
“IPO Date” shall have the meaning set forth Section 1.1.
“IPO Conditions” shall have the meaning set forth in Section 2.3.
“IPO Dividend Amount” shall have the meaning set forth in Section 2.3(f).

“IPO Registration Statement” shall have the meaning set forth in the recitals to this Agreement.
“Liabilities” means all debts, liabilities, guarantees, assurances, commitments and obligations, whether fixed, contingent or absolute, asserted or unasserted, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, due or to become due, whenever or however arising (including whether arising out of any contract or tort based on negligence or strict liability) and whether or not the same would be required by generally accepted principles and accounting policies to be reflected in financial statements or disclosed in the notes thereto.
“Loss” and “Losses” mean any and all damages, losses, deficiencies, Liabilities, obligations, penalties, judgments, settlements, claims, payments, fines, interest, costs and expenses (including the costs and expenses of any and all Actions and demands, assessments, judgments, settlements and compromises relating thereto and all attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense thereof or the enforcement of rights hereunder), including direct and consequential damages, but excluding punitive damages (other than punitive damages awarded to any third party against an indemnified party).
“Nasdaq” shall have the meaning set forth in Section 2.1(c).
“New Share-Settled Equity Awards” shall have the meaning set forth in Section 2.3(e).
“Note 1” shall have the meaning set forth in Section 1.2(b).
“Note 2” shall have the meaning set forth in Section 1.2(b).
“Notifying Party” shall have the meaning set forth in Section 3.5(a).
“Party” or “Parties” shall have the meaning set forth in the preamble to this Agreement.
“Permitted Acquisition” means any acquisition by Qualtrics or any of its Subsidiaries of Stock, Stock Equivalents or assets (including, without limitation, any business or operating unit) of any Person not requiring the prior affirmative vote of the holders of the Class B common stock pursuant to Section 3.2(a)(iv). 
 “Person” means an individual, partnership, joint venture, limited liability company, firm, corporation, trust or other entity, including governmental authorities.
“Privileged Information” shall have the meaning set forth in Section 3.6(a).
“Privileges” shall have the meaning set forth in Section 3.6(a).
“Qualtrics” shall have the meaning set forth in the preamble to this Agreement.
“Qualtrics’ Auditors” shall have the meaning set forth in Section 3.4(a)(i).

“Qualtrics Balance Sheet” means Qualtrics’ unaudited consolidated balance sheet for the most recently completed fiscal quarter as of the IPO Date.
“Qualtrics Board” shall have the meaning set forth in Section 3.2(a)(v).
“Qualtrics Business” means the business presently conducted by Qualtrics, as more completely described in the IPO Registration Statement, or following the IPO Date, such business that is then conducted by Qualtrics and described in its periodic filings with the Commission.
“Qualtrics Equivalent Compliance Policies” shall have the meaning set forth in Section 3.11(a).
“Qualtrics Equivalent Other Policies” shall have the meaning set forth in Section 3.11(a).
“Qualtrics Equivalent Policies” shall have the meaning set forth in Section 3.11(a). 
“Qualtrics Group” means Qualtrics and its Subsidiaries.
“Qualtrics Indemnitees” means Qualtrics, each member of the Qualtrics Group and each of their respective directors, officers and employees.
“Qualtrics Liabilities” means (without duplication) the following Liabilities:
(i)all Liabilities reflected in the Qualtrics Balance Sheet;
(ii)all Liabilities of SAP or its Subsidiaries that arise after the date of the Qualtrics Balance Sheet that would be reflected in a Qualtrics balance sheet as of the date of such Liabilities, if such balance sheet was prepared using the same principles and accounting policies under which the Qualtrics Balance Sheet was prepared;
(iii)all Liabilities that should have been reflected in the Qualtrics Balance Sheet but are not reflected in the Qualtrics Balance Sheet due to mistake or unintentional omission;
(iv)all Liabilities (other than Liabilities for Taxes, which are governed by the Tax Sharing Agreement), whether arising before, on or after the IPO Date, that relate to, arise or result from:
(A)the operation of the Qualtrics Business as conducted at any time prior to, on or after the IPO Date (including any Liability relating to, arising out of or resulting from any act or failure to act by any director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person’s authority)); or
(B)the operation of any business conducted by any member of the Qualtrics Group at any time after the IPO Date (including any Liability relating to, arising 

out of or resulting from any act or failure to act by any director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person’s authority));
(v)all Liabilities resulting from a breach of its confidentiality obligations or breach of its data protection and privacy obligations;
(vi)all Liabilities that are expressly contemplated by this Agreement, or any other Intercompany Agreement (or the Schedules hereto or thereto) as Liabilities to be assumed by Qualtrics or any member of the Qualtrics Group; and
(vii)Liabilities of any member of the Qualtrics Group under this Agreement or any of the Intercompany Agreements.
After the IPO Date, SAP and Qualtrics may receive invoices evidencing liabilities jointly incurred by or on behalf of both of them or their respective Affiliated Companies.  Accordingly, each of SAP and Qualtrics agrees that such joint liabilities shall be divided among SAP, Qualtrics and their respective Affiliated Companies consistent with past practice and “Qualtrics Liabilities” shall include the portion so allocated to Qualtrics.
“Qualtrics Policies” shall have the meaning set forth in Section 3.11(c). 
“Real Estate Matters Agreement” shall have the meaning set forth in Section 1.1(h).
“Receiving Party” shall have the meaning set forth in Section 3.5(b)(i).
“Rollover Shortfall Shares” shall have the meaning set forth in Section 2.3(e).
“Rule 10A-3(b)(2)” means Rule 10A-3(b)(2) (or any successor rule to similar effect) promulgated under the Exchange Act.
“SAP” shall have the meaning set forth in the preamble to this Agreement.
“SAP Accounting Policies” shall have the meaning set forth in Section 3.4(g).
“SAP America” means SAP America, Inc., a Delaware corporation and wholly owned Subsidiary of SAP.
“SAP’s Auditors” shall have the meaning set forth in Section 3.4(a)(i).
“SAP Business” means any business that is then conducted by SAP and described in its periodic filings with the Commission, other than the Qualtrics Business.
“SAP Compliance Policies” shall have the meaning set forth in Section 3.11(a). 
“SAP Group” means (x) prior to the first Distribution Date, SAP America and, for so long as SAP America is a Subsidiary of SAP, SAP and all Subsidiaries of SAP, and (y) following the first Distribution Date, SAP and all Subsidiaries of SAP.  For the avoidance of 

doubt, for purposes of this Agreement, the Qualtrics Group shall not be deemed to be Subsidiaries of any member of the SAP Group.  
“SAP Indemnitees” means SAP, each member of the SAP Group and each of their respective directors, officers and employees.
“SAP Liabilities” means (without duplication) the following Liabilities:
(i)all Liabilities (other than Liabilities for Taxes, which are governed by the Tax Sharing Agreement), whether arising before, on or after the IPO Date, that relate to, arise or result from:
(A)the operation of the SAP Business as conducted at any time prior to, on or after the IPO Date (including any Liability relating to, arising out of or resulting from any act or failure to act by any director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person’s authority)); or
(B)the operation of any business conducted by any member of the SAP Group at any time after the IPO Date (including any Liability relating to, arising out of or resulting from any act or failure to act by any director, officer, employee, agent or representative (whether or not such act or failure to act is or was within such Person’s authority));
(ii)all Liabilities resulting from a breach of its confidentiality obligations or breach of its data protection and privacy obligations;
(iii)all Liabilities that are expressly contemplated by this Agreement, or any other Intercompany Agreement (or the Schedules hereto or thereto) as Liabilities to be assumed by SAP or any member of the SAP Group; and

(iv)Liabilities of any member of the SAP Group under this Agreement or any of the Intercompany Agreements.
After the IPO Date, SAP and Qualtrics may receive invoices evidencing liabilities jointly incurred by or on behalf of both of them or their respective Affiliated Companies.  Accordingly, each of SAP and Qualtrics agrees that such joint liabilities shall be divided among SAP, Qualtrics and their respective Affiliated Companies consistent with past practice and “SAP Liabilities” shall include the portion so allocated to SAP.
“SAP Other Policies” shall have the meaning set forth in Section 3.11(a). 
“SAP Policies” shall have the meaning set forth in Section 3.11(a). 
“Securities Act” means the Securities Act of 1933, as amended.
“Stock” means shares of capital stock (whether denominated as common stock or preferred stock), beneficial, partnership, limited liability company or membership interests, 

participations or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company, joint venture, trust, association or other entity, whether voting or non-voting. 
“Stock Equivalents” means all securities convertible into or exchangeable for Stock and all warrants, options or other rights to purchase or subscribe for any Stock, whether or not presently convertible, exchangeable or exercisable, and all voting debt. 
“Stockholders’ Agreement” shall have the meaning set forth in Section 1.1(g).
“Subsidiary” means, with respect to any Person, any corporation, limited liability company, joint venture, partnership, trust, association or other entity in which such Person:  (a) beneficially owns, either directly or indirectly, more than 50% of (i) the total combined voting power of all classes of voting securities of such entity, (ii) the total combined equity interests, or (iii) the capital or profits interest, in the case of a partnership; or (b) otherwise has the power to vote, either directly or indirectly, sufficient securities to elect a majority of the board of directors or similar governing body. Notwithstanding the foregoing, for purposes of this Agreement, no member of the Qualtrics Group shall be deemed to be a Subsidiary of any member of the SAP Group.
“Tax” and “Taxes” shall have the meanings set forth in the Tax Sharing Agreement.
“Tax-Free Distribution” means a distribution or other transfer of the Class B Common Stock (i) by SAP America to holders of stock of SAP America (including SAP) and/or holders of securities issued by SAP America or (ii) by SAP to holders of stock of SAP and/or holders of securities issued by SAP, in either case in a transaction intended to qualify for non-recognition of gain and loss under Section 355 of the Code. 
“Tax Sharing Agreement” shall have the meaning set forth in Section 1.1(b).
“Third Party Claim” shall have the meaning set forth in Section 4.6(a).
“Underwriters” shall have the meaning set forth in Section 2.1(a).
“Underwriting Agreement” shall have the meaning set forth in Section 2.1(a).
“U.S. GAAP” means U.S. Generally Accepted Accounting Principles.
“Wholly-Owned Subsidiary” means each Subsidiary of Qualtrics in which Qualtrics owns (directly or indirectly) all of the outstanding voting Stock, voting power, partnership interests or similar ownership interests, except for director’s qualifying shares in nominal amount.
[Signature Page Follows.]

WHEREFORE, the Parties have signed this Master Transaction Agreement effective as of the date first set forth above.
			
	SAP SE
	
	
	Name:
	Title:
	
	
	Name:
	Title:
	
	
	QUALTRICS INTERNATIONAL INC.
	
	
	Name:
	Title:

[Signature Page to Master Transaction Agreement]

SCHEDULE 3.11(a)(i)
SAP Global Compliance Policies [Omitted pursuant to Item 601(a)(5) of Regulation S-K]

SCHEDULE 3.11(a)(ii)
SAP Other Policies [Omitted pursuant to Item 601(a)(5) of Regulation S-K]

SCHEDULE 3.11(c)
Qualtrics Policies [Omitted pursuant to Item 601(a)(5) of Regulation S-K]

SCHEDULE 3.12
Surviving Existing Intercompany Agreements [Omitted pursuant to Item 601(a)(5) of Regulation S-K]Document

Exhibit 10.2

			
	FORM OF
ADMINISTRATIVE SERVICES AGREEMENT
dated as of [   ]
between
SAP SE, 
SAP AMERICA, INC.
and
QUALTRICS INTERNATIONAL INC.

TABLE OF CONTENTS
												
				PAGE
	ARTICLE I
	DEFINITIONS
				
	Section 1.01		Definitions	2
	Section 1.02		Internal References	6
				
	ARTICLE II
	PROVISION OF SERVICES
				
	Section 2.01		Provision of SAP Services	6
	Section 2.02		Provision of Qualtrics Services	6
	Section 2.03		Additional Services	7
	Section 2.04		Transition	7
	Section 2.05		Cooperation	7
	Section 2.06		Modifications	8
	Section 2.07		Exceptions	8
	Section 2.08		Annual Review	8
	Section 2.09		Transaction Agreements	8
	Section 2.10		Proprietary Rights in relation to Development Services.	9
				
	ARTICLE III
	SERVICE COSTS; OTHER CHARGES
				
	Section 3.01		Service Costs	10
	Section 3.02		Payment	13
	Section 3.03		Financial Responsibility for Parties’ Personnel	14
				
	ARTICLE IV
	STANDARD OF PERFORMANCE AND INDEMNIFICATION
				
	Section 4.01		General Standard of Service	14
	Section 4.02		Services Management	14
	Section 4.03		Limitation of Liability	15
	Section 4.04		Indemnification	16
				

i

												
	ARTICLE V
	TERM AND TERMINATION
				
	Section 5.01		Term	16
	Section 5.02		Termination	17
	Section 5.03		Effect of Termination	17
				
	ARTICLE VI
	MISCELLANEOUS
				
	Section 6.01		Ownership	18
	Section 6.02		No Agency	18
	Section 6.03		Subcontractors	18
	Section 6.04		Force Majeure	18
	Section 6.05		Entire Agreement	19
	Section 6.06		Information	19
	Section 6.07		Notices	19
	Section 6.08		Governing Law and Jurisdiction	20
	Section 6.09		Consent to Jurisdiction	20
	Section 6.10		Waiver of Jury Trial	20
	Section 6.11		Amendment	21
	Section 6.12		Counterparts	21
	Section 6.13		Binding Effect; Assignment	21
	Section 6.14		Severability	21
	Section 6.15		Failure or Indulgence not Waiver; Remedies Cumulative	21
	Section 6.16		Authority	21
	Section 6.17		Interpretation	22
	Section 6.18		Conflicting Agreements	22
	Section 6.19		Third Party Beneficiaries	22
	Section 6.20		Limitation of Liability	22

SCHEDULES
SCHEDULE I.Certain Services To Be Provided By SAP to Qualtrics
SCHEDULE II.Certain Services To Be Provided By Qualtrics to SAP
ii

ADMINISTRATIVE SERVICES AGREEMENT
This Administrative Services Agreement is dated as of the [  ] day of [  ], 202[  ], between Qualtrics International Inc., a Delaware corporation (“Qualtrics”), SAP SE, a Societas Europaea registered in accordance with the corporate laws of Germany and the European Union (“SAP SE”), and SAP America, Inc., a Delaware corporation (“SAP America” and, together with SAP SE, “SAP”).  Qualtrics and SAP are sometimes referred to herein separately as a “Party” and together as the “Parties”.  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in Article I hereof.
RECITALS
WHEREAS, SAP SE is the indirect beneficial owner of all the issued and outstanding Class B common stock of Qualtrics, and SAP America is the direct beneficial owner of all the issued and outstanding Class B common stock of Qualtrics;
WHEREAS, SAP, through Qualtrics, is engaged in the business (the “Qualtrics Business”) of experience management software and services, including providing a technology platform for organizations to collect, manage, analyze and take action on experience data, as more completely described in a Registration Statement on Form S-1 (File No. [  ]) filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “IPO Registration Statement”);
WHEREAS, SAP and Qualtrics currently contemplate that Qualtrics will make an initial public offering (the “IPO”) of its Class A common stock pursuant to the IPO Registration Statement; 
WHEREAS, SAP directly or indirectly provides certain services to the Qualtrics Entities (as defined below) and Qualtrics directly or indirectly provides certain services to the SAP Entities (as defined below);
WHEREAS, following consummation of the IPO, Qualtrics desires SAP to continue to provide certain services to the Qualtrics Entities, and SAP desires Qualtrics to continue to provide certain services to the SAP Entities, as more fully set forth in this Agreement; and
WHEREAS, each Party desires to set forth in this Agreement the principal terms and conditions pursuant to which SAP will provide certain services to the Qualtrics Entities and Qualtrics will provide certain services to the SAP Entities.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, for themselves and their respective successors and assigns, hereby covenant and agree as follows:
1

ARTICLE I
DEFINITIONS
Section 1.01Definitions.  As used in this Agreement, the following terms shall have the following meanings, applicable both to the singular and the plural forms of the terms described:
“Action” means any demand, action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority or any arbitration or mediation tribunal. 
“Agreement” means this Administrative Services Agreement, together with the Schedules, as the same may be amended and supplemented from time to time in accordance with the provisions hereof.
“Change of Control” means the occurrence of any one or more of the following events:
(a)the sale or disposition, in one or a series of related transactions, of all or substantially all of the consolidated assets of the Qualtrics Entities, taken as a whole, to any “person” or “group” (as such terms are used for purposes of Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) other than SAP SE or any of its direct or indirect wholly-owned Subsidiaries;
(b)any “person” or “group,” other than SAP SE or any of its direct or indirect wholly-owned Subsidiaries, is or becomes the beneficial owner, directly or indirectly, of more than fifty percent (50%) of the total voting power of the outstanding voting stock of Qualtrics, excluding as a result of any merger or consolidation that does not constitute a Change of Control pursuant to clause (c);
(c)any merger or consolidation of Qualtrics with or into any other person, unless immediately thereafter SAP SE or any of its direct or indirect wholly-owned Subsidiaries beneficially owns a majority of the outstanding shares of the common stock (or equivalent voting securities) of the surviving or successor entity (or the parent entity thereof); or
(d)SAP SE or any of its direct or indirect wholly-owned Subsidiaries ceases to have the right to cause the election of that number of members of the board of directors of Qualtrics who collectively have the right to vote a majority of the aggregate number of votes represented by all of the members of the board of directors of Qualtrics.
2

“Contract” means any contract, agreement, lease, license, sales order, purchase order, instrument or other commitment that is binding on any Person or any part of such Person’s property under applicable law.
“Distribution Agreement” means the Distribution Agreement between the Parties of even date herewith.
“Employee” means any Qualtrics Employee or SAP Employee.
“Employee Matters Agreement” means the Employee Matters Agreement between the Parties of even date herewith.
“Insurance Matters Agreement” means the Insurance Matters Agreement between the Parties of even date herewith.
“Intellectual Property Matters Agreement” means the Intellectual Property Matters Agreement between the Parties of even date herewith.
“Liabilities” means all debts, liabilities, guarantees, assurances, commitments and obligations, whether fixed, contingent or absolute, asserted or unasserted, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, due or to become due, whenever or however arising (including, without limitation, whether arising out of any Contract or tort based on negligence or strict liability) and whether or not the same would be required by generally accepted principles and accounting policies to be reflected in financial statements or disclosed in the notes thereto.
“Losses” means any and all damages, losses, deficiencies, Liabilities, obligations, penalties, judgments, settlements, claims, payments, fines, interest, costs and expenses (including the costs and expenses of any and all Actions and demands, assessments, judgments and settlements and compromises relating thereto and all attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense thereof or the enforcement of rights hereunder), including direct and consequential damages, but excluding punitive damages (other than punitive damages awarded to any third party against an indemnified party).
“Master Transaction Agreement” means the Master Transaction Agreement between the Parties of even date herewith.
“Offering Date” means the date on which the IPO is consummated.
“Person” means any individual, partnership, limited liability company, joint venture, corporation, trust, unincorporated organization, government (including any department or agency thereof) or other entity.
“Qualtrics-Aligned Employee” has the meaning set forth in the Employee Matters Agreement.
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“Qualtrics Employee” means (i) an employee or individual contractor of a Qualtrics Entity who will be engaged in providing Qualtrics Services, or (ii) a Qualtrics-Aligned Employee who will be engaged in providing Qualtrics Services. 
“Qualtrics Entities” means Qualtrics and its Subsidiaries and any entity which becomes a Subsidiary of Qualtrics after the date hereof, and “Qualtrics Entity” means any one of the Qualtrics Entities.
“Qualtrics Services” means the various services to be provided by a Qualtrics Entity to or on behalf of the SAP Entities as described on Schedule II and any Additional Services provided by a Qualtrics Entity pursuant to this Agreement.
 “Real Estate Matters Agreement” means the Real Estate Matters Agreement between the Parties of even date herewith. 
“SAP Employee” means an employee or individual contractor of an SAP Entity who will be engaged in providing SAP Services.  For the avoidance of doubt, no Qualtrics-Aligned Employee shall be considered to be an SAP Employee for purposes of this Agreement.
“SAP Entities” means SAP SE and its Subsidiaries (other than the Qualtrics Entities) and any entity which becomes a Subsidiary of SAP SE after the date hereof, and “SAP Entity” means any one of the SAP Entities. 
“SAP Services” means the various services to be provided by an SAP Entity to or on behalf of the Qualtrics Entities as described on Schedule I and any Additional Services provided by an SAP Entity pursuant to this Agreement. 
“Schedule I” means the first Schedule attached hereto, as amended from time to time, which lists certain agreed upon SAP Services to be provided by SAP to or on behalf of the Qualtrics Entities and sets forth the related pricing for such Services.
“Schedule II” means the second Schedule attached hereto which sets forth the pricing for Qualtrics Services to be provided by Qualtrics to or on behalf of the SAP Entities and sets forth the related pricing for such Services.
“Schedules” means any one or more of the schedules referred to in and attached to this Agreement.
“Services” means the Qualtrics Services and the SAP Services.
“Subsidiary” means, as to any Person, a corporation, limited liability company, joint venture, partnership, trust, association or other entity in which such Person:  (1) beneficially owns, either directly or indirectly, more than fifty percent (50%) of (A) the total combined voting power of all classes of voting securities of such entity, (B) the total combined equity interests, or (C) the capital or profits interest, in the case of a partnership; or (2) otherwise has the power to vote, either directly or indirectly, sufficient securities to elect a majority of the board of directors 
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or similar governing body.  For purposes of this Agreement, no Qualtrics Entity shall be deemed to be Subsidiaries of any SAP Entity.
“Tax” and “Taxes” shall have the meanings set forth in the Tax Sharing Agreement.
“Tax Sharing Agreement” means the Tax Sharing Agreement between the Parties of even date herewith.
“Transaction Agreements” means this Agreement, the Distribution Agreement, the Employee Matters Agreement, the Insurance Matters Agreement, the Intellectual Property Matters Agreement, the Real Estate Matters Agreement, the Master Transaction Agreement and the Tax Sharing Agreement.
(b)Each of the following terms is defined in the Section set forth opposite such term:
									
	TERM		SECTION
	Additional Services		2.03
	ARMR		3.01(a)(i)
	Billable Employees		3.01(a)(i)
	Billable Offerings		3.01(a)(i)
	Consulting Services		3.01(a)(i)
	Cost		3.01(a)(ii)
	Development Services Intellectual Property Rights		2.10(a)
	Development Services Provider		2.10(a)
	Development Services Recipient		2.10(a)
	Force Majeure		6.04(a)
	Initial Term		5.01(a)
	IPO		Recitals
	IPO Registration Statement		Recitals
	Other Services		3.01(a)(ii)
	Out-of-Pocket Costs		3.01(d)
	Parties		Preamble
	Party		Preamble
	Qualtrics		Preamble
	Qualtrics Indemnified Person		4.03(b)
	Qualtrics Business		Recitals
	Renewal Term		5.01(a)
	SAP		Preamble
	SAP America		Preamble
	SAP Indemnified Person		4.03(a)
	SAP SE		Preamble

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	Service Center		3.01(b)
	Services Managers		4.02
	Services Taxes		3.01(e)(i)
	SLA		3.01(b)
	Termination Date		5.03(a)

Section 1.02Internal References.  Unless the context indicates otherwise, references to Articles, Sections and paragraphs shall refer to the corresponding articles, sections and paragraphs in this Agreement and references to the parties shall mean the parties to this Agreement.
ARTICLE II
PROVISION OF SERVICES
Section 2.01Provision of SAP Services
(a)Subject to the terms and conditions of this Agreement and in consideration of the costs for SAP Services described below, SAP agrees to provide or cause to be provided to the Qualtrics Entities, and Qualtrics agrees to purchase or to cause the Qualtrics Entities to purchase from SAP, the SAP Services, until such SAP Services are terminated in accordance with the provisions hereof.
(b)The Parties acknowledge and agree that SAP may directly satisfy its obligation to provide or to procure the SAP Services hereunder or may indirectly do so by causing one or more of its Subsidiaries to provide or to procure the SAP Services.  The SAP Services shall, at Qualtrics’ request, be provided directly to Qualtrics or Subsidiaries of Qualtrics. With respect to the SAP Services provided to, or procured on behalf of, any Subsidiary of Qualtrics, Qualtrics agrees to pay on behalf of such Subsidiary all amounts payable by or in respect of such SAP Services pursuant to this Agreement, if any amounts payable are not otherwise paid by such Subsidiary.  Qualtrics (or the other relevant Qualtrics Entity receiving SAP Services) shall pay all amounts payable in respect of SAP Services to the SAP Entity indicated on the applicable invoice for such SAP Services (which may be SAP or the Subsidiary of SAP that provided or procured such SAP Services).  
(c)Except as otherwise provided on a Schedule, SAP may elect not to provide any Services requested by Qualtrics, and Qualtrics  may elect not to purchase any Services offered by SAP.
Section 2.02Provision of Qualtrics Services
(a)Subject to the terms and conditions of this Agreement and in consideration of the costs for Qualtrics Services described below, Qualtrics agrees to provide or cause to be provided to the SAP Entities, and SAP agrees to purchase or to cause the SAP Entities to purchase from Qualtrics, the Qualtrics Services, until such Qualtrics Services are terminated in accordance with the provisions hereof.
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(b)The Parties acknowledge and agree that Qualtrics may directly satisfy its obligation to provide or to procure the Qualtrics Services hereunder or may indirectly do so by causing one or more of its Subsidiaries to provide or to procure the Qualtrics Services. The Qualtrics Services shall, at SAP’s request, be provided directly to SAP or Subsidiaries of SAP.   With respect to the Qualtrics Services provided to, or procured on behalf of, any Subsidiary of SAP, SAP agrees to pay on behalf of such Subsidiary all amounts payable by or in respect of such Qualtrics Services pursuant to this Agreement, if any amounts payable are not otherwise paid by such Subsidiary.  SAP SE or SAP America (or the other relevant SAP Entity receiving Qualtrics Services) shall pay all amounts payable in respect of Qualtrics Services to the Qualtrics Entity indicated on the applicable invoice for such Qualtrics Services (which may be Qualtrics or the Subsidiary of Qualtrics that provided or procured such Qualtrics Services).
(c)Except as otherwise provided on a Schedule, Qualtrics may elect not to provide any Services requested by SAP, and SAP may elect not to purchase any Services offered by Qualtrics.
Section 2.03Additional Services.  In addition to the Services to be provided or procured pursuant to, and in accordance with, Section 2.01 or Section 2.02, and subject to Section 2.09, if requested by the Party receiving such Services, and to the extent that the Party providing such Services may agree in writing (including by amending the Schedules, entering into an SLA pursuant to Section 3.01(b), providing a statement of work, or any other written (including by email) evidence of a request for additional services and an acceptance of such request), the Party providing such Services shall provide additional services to such other Party (“Additional Services”). The costs and other terms and conditions applicable to such Additional Services shall be as provided in Section 3.01, unless otherwise mutually agreed by the Parties prior to the provision of such Additional Services.
Section 2.04Transition.  Each Party receiving a Service (including any SAP Service provided pursuant to an SLA) agrees to use commercially reasonable efforts to cooperate with the Party providing such Service in providing for an orderly transition of such Service to the Party receiving such Service or to a successor service provider as designated by the Party receiving such Service.
Section 2.05Cooperation.  To the extent reasonably necessary to perform the Services, a Party receiving Services shall provide personnel of the Party providing Services, its Subsidiaries and its subcontractors with reasonable access during normal business hours to the receiving Party’s office space, telecommunications and computer equipment and systems, and other areas and equipment.  The Party providing Services will comply, and shall instruct its Subsidiaries and subcontractors to comply, with any reasonable security and access restrictions and other procedures that are communicated to such Party in writing and applicable to such access.  The Party receiving Services shall (a) comply with any reasonable instructions of the Party providing Services that are reasonably necessary for it to adequately provide the Services; (b) comply with all standards and procedures applicable to such Services (if any) which are generally applied by such Party in the provision of services similar to such Services to itself and its Subsidiaries and which are communicated to the receiving Party in writing; and (c) promptly 
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notify the Party providing Services of any operational or system problem which may affect the provision of any Services. To the extent the receiving Party fails to adhere to this Section 2.05, the Party providing Services shall (i) be entitled to additional compensation and/or time to perform the Services, as applicable, as mutually agreed between the Parties in writing to the extent such failure materially increases its cost or burden to provide such Services, or (ii) be excused from its performance of the Services hereunder where such failure prevents its provision of the Service in conformance with this Agreement; provided that the Party providing Services shall first notify the receiving Party of such failure in writing and, where applicable, allow the receiving Party a reasonable opportunity (not to exceed thirty (30) days) to cure such failure.
Section 2.06Modifications.
(a)Each Party may make changes from time to time in its standards and procedures for performing Services; provided that any such change shall also apply to such Party’s own business.  
(b)Each Party shall provide the other Party with a minimum of sixty (60) days’ prior written notice of any planned changes to such Party’s business or information technology infrastructure or systems that may affect the provision or receipt of the Services hereunder.
Section 2.07Exceptions.  In connection with providing the Services, neither Party shall be required to perform, or to refrain from taking, any actions that, in such Party’s reasonable judgment, could result in or cause any conflict with, or breach or violation of, any existing license, lease or other agreement to which such Party or any of its Subsidiaries is a party, or any law, rule or regulation; provided that each Party agrees to, as promptly as practicable after becoming aware of such conflict, breach, or violation, consult with the other Party to identify any reasonable alternative services or solutions and, with such other Party’s permission, implement such alternative services or solutions.
Section 2.08Annual Review.  No later than 30 days prior to the end of each year during the Initial Term or the end of any Renewal Term (unless notice of non-renewal shall have been given), the Parties may commence discussions to determine the appropriate scope and level of service for each Service (including any SAP Service provided pursuant to an SLA) to be provided in the next year of the Initial Term or in the subsequent Renewal Term, as applicable, based on a good faith review of the Services and levels of service provided in the then-current year or term and a good faith estimate of each Party’s future service requirements, and may execute and deliver amended Schedules for the subsequent year or Renewal Term as mutually agreed.
Section 2.09Transaction Agreements.  Certain of the other Transaction Agreements require the Parties to perform services to each other under the terms of the applicable other Transaction Agreements.  Unless specifically designated as a Service or Additional Service under or in accordance with this Agreement, the provision of services pursuant to any such other Transaction Agreement shall be subject to the terms and conditions of the applicable other Transaction Agreement and shall not constitute Services or Additional 
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Services under this Agreement and shall not be subject to the terms and conditions of this Agreement.
Section 2.10Proprietary Rights in relation to Development Services.
(a)Each Party providing Development Services, including Custom Development Services (each as described in the Schedules) (the “Development Services Provider”) agrees to assign, and hereby assigns, to the other Party (the “Development Services Recipient”), to the extent legally permissible, all intellectual property rights, title and interest in any and all products, works, inventions, designs and other materials (and any modifications and enhancements thereto) created or produced by or in connection with the Development Services Provider’s provision of Development Services under this Agreement (“Development Services Intellectual Property Rights”).  The Development Services Provider agrees to provide any declarations and sign any documents reasonably necessary to effect such assignment to the Development Services Recipient.  To the extent the foregoing assignment is ineffective for any reason, the Development Services Provider hereby grants to the Development Services Recipient an exclusive, perpetual, irrevocable, world-wide, royalty-free, fully paid up, transferable and unrestricted (in terms of time and substance) right to use, sell, duplicate, modify, process, translate and distribute such Development Services Intellectual Property Rights, including in the form of leasing or renting out, and to transfer these rights to use the work results to any third party.  The assignment and/or granting of rights hereunder shall become effective immediately upon the respective Development Services Intellectual Property Rights coming into existence.  The Development Services Recipient herewith accepts this assignment and this granting of rights in the Development Services Intellectual Property Rights.
(b)The Development Services Provider expressly waives the right to be identified as the author of the Development Services Intellectual Property Rights.  The Development Services Provider will secure by respective agreements with its employees that the assignment and granting of Development Services Intellectual Property Rights pursuant to Section 2.10(a) and the waiver pursuant to Section 2.10(b) will not be hindered or prevented by, nor be in conflict with, proprietary rights of the Development Services Provider’s Employees.  
(c)The Development Services Provider shall make available to the Development Services Recipient, promptly upon the completion of any Development Services (including Custom Development Services set forth in Schedule I) under this Agreement, information whether in tangible or intangible form, electronically stored or any form of media or otherwise, which is necessary for the Development Services Recipient to fully exercise the rights granted under paragraph (a) hereof.
(d)Notwithstanding the foregoing, the terms of this Section 2.10 shall not apply to any Development Services Intellectual Property Rights that constitute improvements, modifications or derivative works of the Development Services Provider’s products or services and, as between the Parties, each Party shall exclusively own and retain all right, title or interest in and to their respective products or services, including all improvements, modifications or derivative works.  Without limiting the foregoing, the Parties acknowledge and agree that neither Party intends to create any such Development Services Intellectual Property Rights that 
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constitute improvements, modifications or derivative works of the Development Services Provider’s products or services.
(e)Development Services Provider Indemnification.
(i)The Development Services Provider agrees to defend or at its option settle, at its own cost and expense, the Development Services Recipient against any and all claims of third parties against the Development Services Recipient to the extent alleging that the Development Services Recipient’s use of the Development Services Intellectual Property Rights as provided by the Development Services Provider and as authorized by this Agreement infringes such third parties’ intellectual property rights. The Development Services Provider shall indemnify and hold harmless against any final judgment entered on such claim or in settlement thereof.
(ii)The Parties shall promptly inform each other in case either of them becomes aware of a third party asserting an infringement of proprietary rights by the use of Development Services Intellectual Property Rights as authorized by this Agreement.
(iii)The Development Services Provider may, at is sole option and without limiting its indemnification obligations hereunder, either exchange or modify the Development Services Intellectual Property Rights in a manner that it no longer infringes third-party intellectual property rights, without materially degrading its functionality, or procure for the Development Services Recipient the right to continue the use of the Development Services Intellectual Property Rights.
(f)The terms of this Section 2.10 shall survive any termination or expiration of this Agreement.
ARTICLE III
SERVICE COSTS; OTHER CHARGES
Section 3.01Service Costs.
(a)Services Performed by Employees of the Providing Party.  Except (x) for SAP Services that the Parties mutually agree shall be provided and charged pursuant to an SLA entered into pursuant to Section 3.01(b), or (y) as otherwise provided in the applicable Schedule for the applicable Service, each Service (including Additional Services, unless otherwise mutually agreed by the Parties prior to the provision of such Additional Services) shall be provided at a fee or price calculated as follows:
(i)For Services (“Consulting Services”) performed by consultants, instructors and other Employees who have an internal or external billing rate (“Billable Employees”), or for other Services that consist of a billable offering with a defined selling price on an external price list, such as training services (“Billable Offerings”), such Consulting Services shall be charged at the Average Realized Market Rate (“ARMR”) determined and adjusted by the providing Party pursuant to Section 
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3.01(a)(iii) for each Billable Employee who renders Consulting Services or for each Billable Offering.  To the extent any Billable Employee does not have an ARMR, the lowest consulting fee rate determined by such Party for such Billable Employee shall be used.
(ii)For all other Services (“Other Services”), unless a different cost methodology or markup rate is specified on the applicable Schedule for a particular Other Service, such Other Services shall be charged at the providing Party’s cost (including assessments for administration, information technology and facilities) (“Cost”) as determined by the providing Party, plus a markup rate of 6%.  If any Other Services are performed by Billable Employees, the price for the portion of such Other Services performed by Billable Employees shall be determined as if such services were Consulting Services as provided above.  The providing Party shall not charge for any Other Services that are provided primarily for the benefit of the providing Party.  
(iii)ARMR and Cost shall be calculated by the providing Party in a manner consistent with how ARMR and Cost are calculated by SAP for the applicable job types or other measurement criteria in the applicable locations across SAP’s business units.  SAP shall provide Qualtrics with sufficient information regarding how ARMR and Cost are calculated by SAP in order to enable Qualtrics to calculate ARMR and Cost pursuant to this Agreement.  ARMR shall be subject to an annual adjustment process whereby at the end of each year and no later than the end of SAP’s year-end closing process, the providing Party shall recalculate the amounts charged to the receiving Party for such year based on the ARMR as calculated by the providing Party for such year, and shall either invoice the receiving Party for any shortfall in the event such recalculation results in the receiving Party having paid less than the amount owed for such year or credit the receiving Party for any excess in the event such recalculation results in the receiving Party having paid more than the amount owed for such year.
(b)SAP Services Performed Pursuant to an SLA.  The parties may mutually agree that certain SAP Services shall be provided and charged by an SAP Entity pursuant to a separate Shared Services Agreement and Service Level Agreement (each, together with all schedules, exhibits and appendices thereto, an “SLA”) to be entered into between an SAP Entity (any SAP Entity entering into an SLA, a “Service Center”) and a Qualtrics Entity.  To the extent that any SAP Services are provided by or on behalf of a Service Center pursuant to an SLA, such SLA shall constitute a Schedule to this Agreement and such SAP Services shall be provided pursuant to, and shall be subject to the terms and conditions of, any such SLA with the same effect as if such SLA were a Schedule to this Agreement.
(c)Third Party Service Providers.  Services performed by third party service providers or subcontractors directly to or for the benefit of the receiving party that are billed to the providing Party rather than being billed directly to the receiving Party shall be charged at the price charged by such third party service provider or subcontractor without any markup, unless otherwise specified on the applicable Schedule for such Other Services.
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(d)Out-of-Pocket Costs.  In addition to the amounts payable pursuant to Section 3.01(a), (b) or (c), in the event that a Party providing Services incurs reasonable and documented out-of-pocket expenses in connection with the provision of any Service, including license fees and payments, reasonable travel costs and expenses, shipping and transportation costs and other fees or expenses, but excluding payments made to Employees of such Party, payments to third party service providers or subcontractors, or other payments included in the calculation of Costs (such included expenses, collectively, “Out-of-Pocket Costs”), the Party receiving such Service shall reimburse the Party providing such Service for all such Out-of-Pocket Costs in accordance with the invoicing procedures set forth in Section 3.02, without any markup.  Neither Party shall incur any individual or series of related Out-of-Pocket Costs (excluding license fees and payments and duties and non-recoverable taxes) for any individual Service in excess of $5,000 in any billing period without the prior written approval of the Party receiving Services unless such Out-of-Pocket Costs are approved on the applicable Schedule for such Services.
(e)Taxes.
(i)All applicable sales, use, value added, GST, transfer, receipts, customs duties, consumption or other similar Taxes (and any other Taxes other than income Taxes and corporation Taxes), together with any interest, penalties or amounts imposed with respect thereto (collectively, “Services Taxes”), shall be borne by the Party (or its Subsidiary) receiving Services hereunder. If any Services Tax is required to be withheld or deducted from any payment under this Agreement, the Party (or its Subsidiary) receiving Services will increase the amount payable under this Agreement as shall ensure that after such withholding or deduction, the Party (or its Subsidiary) providing Services receives an amount equal to the amount required to be paid hereunder. 
(ii)Income Taxes will be borne by the Party (or its Subsidiary) providing Services. If the Party (or its Subsidiary) receiving Services is required to withhold any Taxes (other than Services Taxes) from any payment to the Party (or its Subsidiary) providing Services under this Agreement, the Party (or its Subsidiary) receiving Services hereunder shall be entitled to withhold or deduct such Taxes from the gross amount to be paid. However, the Party (or its Subsidiary) receiving Services shall cooperate with the Party (or its Subsidiary) providing Services to reduce any such withholding Tax payable pursuant to applicable law or an income tax treaty. The Party (or its Subsidiary) receiving Services hereunder will in the case of any withholding Tax (including withholding Taxes described under Section 3.01(e)(ii)) provide to the Party (or its Subsidiary) providing Services a receipt from the relevant tax authority to which such withholding Tax has been paid.
(iii)Each Party shall cooperate with each other Party and take any reasonably requested action which does not cause such first Party to incur any cost or inconvenience (other than de minimis costs or inconveniences) in order to minimize any Services Taxes imposed on the sale of the Services (or other goods and services sold pursuant to this Agreement), including providing sales and use (or value added) tax 
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exemption certificates or other documentation necessary to support tax exemptions. Each Party agrees to provide each other Party such information and data as reasonably requested from time to time, and to fully cooperate with each other Party, in connection with (i) the reporting of any Services Taxes payable pursuant to this Agreement, (ii) any audit relating to any Services Taxes payable pursuant to this Agreement or (iii) any assessment, refund, claim or proceeding relating to any such Services Taxes.
(iv)Except as otherwise provided in any SLA, this Section 3.01(e) shall be applicable to any SAP Service provided pursuant to an SLA.
Section 3.02Payment.
(a)Unless otherwise set forth on a Schedule (or otherwise mutually agreed to by the Parties in writing), charges for Services shall be invoiced quarterly in arrears by each Party (or its Subsidiary) providing or procuring such Services following the end of a quarter; provided that provided that  charges for Consulting Services shall be invoiced monthly in arrears by each Party (or its Subsidiary) providing or procuring such Consulting Services following the end of a month. The invoice shall set forth in reasonable detail (which shall be sufficient to allow the receiving Party’s internal controlling or financial oversight personnel or its certified public accountants to verify independently the correctness of the invoice) for the period covered by such invoice (i) the Services rendered, (ii) the aggregate amount charged for each type of Service provided, (iii) the calculations for such amount charged, including billing rates, hours worked, ARMR, and Cost, as applicable, and (iv) such additional information as the Party receiving the invoice may reasonably request.  Each invoice shall be directed to the appropriate Services Manager of the Party to receive the invoice or such other individual designated in writing from time to time by such Services Manager.  Unless otherwise agreed in writing between the Parties, all payments made pursuant to an invoice shall, in the case of payments to a Qualtrics Entity, unless otherwise agreed in writing, be made in U.S. dollars and, in the case of payments to a SAP Entity, be made in the local or functional currency of such SAP Entity. The Parties shall provide documentation supporting any amounts invoiced pursuant to this Section 3.02 as the Party receiving the invoice may from time to time reasonably request.

(b)Each invoice shall be payable within sixty (60) days after receipt; provided that if such Party, in good faith, disputes any invoiced charge, payment of such charge may be made only after mutual resolution of such dispute.  Each Party agrees to notify the Party sending the invoice promptly, and in no event later than thirty (30) days following receipt of an invoice, of any disputed charge, listing all disputed items and providing a reasonably detailed description of each disputed item. Amounts not so disputed shall be deemed accepted and shall be paid, notwithstanding disputes on other items, within the period set forth in Section 3.02(a). The applicable Parties shall seek to resolve all such disputes expeditiously and in good faith.  Interest shall be charged on amounts overdue. The interest rate is based on the official interbank offered rate (1m-LIBOR) or a similar official reference rate of the relevant currency prevailing the first day of the month in which the interest will be calculated plus a margin of 100 basis points (1.00%) per annum. The interest will be calculated and charged on a monthly basis.
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(c)During the term of this Agreement, each Party shall keep such books, records and accounts as are reasonably necessary to verify the calculation of the fees and related expense for Services provided hereunder.  Each Party shall provide documentation supporting any amounts invoiced pursuant to this Section 3.02 as the other Party may from time to time reasonably request.  Each Party shall have the right to review such books, records and accounts of the other Party at any time upon reasonable notice, and the Party requesting such review agrees to conduct any such review in a manner so as not to unreasonably interfere with the other Party’s normal business operations.
(d)Each Party hereby acknowledges and agrees that it shall have no right under this Agreement to offset any amounts owed (or to become due and owing) to another Party, whether under this Agreement or otherwise, against any other amount owed (or to become due and owing) to it by the other Party.
Section 3.03Financial Responsibility for Parties’ Personnel.  Each Party shall pay for all personnel and other related expenses, including salary or wages, of its employees performing the applicable Services (including any SAP Service provided pursuant to an SLA).  No individual providing SAP Services (including any SAP Service provided pursuant to an SLA) to a Qualtrics Entity pursuant to the terms of this Agreement shall be deemed to be, or shall have any rights as, an employee of any Qualtrics Entity, and no individual providing Qualtrics Services to an SAP Entity pursuant to the terms of this Agreement shall be deemed to be, or shall have any rights as, an employee of such SAP Entity.  Notwithstanding the foregoing, the financial responsibility for, and the rights of, all Qualtrics-Aligned Employees shall be as provided in the Employee Matters Agreement.
ARTICLE IV
STANDARD OF PERFORMANCE AND INDEMNIFICATION
Section 4.01General Standard of Service.  Except as otherwise agreed to in writing by the Parties or as described in this Agreement:
(a)The nature, quality, degree of skill and standard of care applicable to the delivery of the SAP Services hereunder, and the skill levels of the SAP Employees providing such SAP Services, shall be substantially the same as or consistent with those which similar SAP Entities exercise or employ in providing similar services within or to any SAP Entity.
(b)The nature, quality, degree of skill and standard of care applicable to the delivery of the Qualtrics Services hereunder, and the skill levels of the Qualtrics Employees providing such Qualtrics Services, shall be substantially the same as or consistent with those which any Qualtrics Entity exercises or employs in providing similar services within or to any Qualtrics Entity.
Section 4.02Services Management.  SAP and Qualtrics each agree to appoint one or more of their respective employees for each specific Service (including any SAP Service provided pursuant to an SLA) it provides who will have overall responsibility for managing and coordinating the delivery of such Service, including making available the services of 
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appropriately qualified employees and resources to enable the provision of the Services (each, a “Services Manager”).  The Services Managers will consult and coordinate with each other regarding the provision of Services. A Party may change its Service Managers for any Service from time to time by providing notice of such change in writing to the other Party and to the other Party’s Service Manager for such Service. 
Section 4.03Limitation of Liability.
(a)Except as provided in Section 4.04, Qualtrics agrees that none of the SAP Entities and their respective directors, officers, agents, and employees (each, of the SAP Entities and their respective directors, officers, agents, and employees, an “SAP Indemnified Person”) shall have any liability, whether direct or indirect, in contract or tort or otherwise, to any Qualtrics Entity or any other Person under the control of such Qualtrics Entity for or in connection with the SAP Services rendered or to be rendered by any SAP Indemnified Person pursuant to this Agreement, the transactions contemplated hereby or any SAP Indemnified Person’s actions or inactions in connection with any SAP Services or such transactions, except for damages which have resulted (i) from such SAP Indemnified Person’s breach, gross negligence, bad faith or willful misconduct in connection with the foregoing, or (ii) from such SAP Indemnified Person’s breach of its confidentiality or data protection or privacy obligations hereunder or under the Master Transaction Agreement.

(b)Except as provided in Section 4.04, SAP agrees that none of the Qualtrics Entities and their respective directors, officers, agents, and employees (each, of the Qualtrics Entities and their respective directors, officers, agents, and employees, a “Qualtrics Indemnified Person”) shall have any liability, whether direct or indirect, in contract or tort or otherwise, to any SAP Entity or any other Person under the control of such SAP Entity for or in connection with the Qualtrics Services rendered or to be rendered by any Qualtrics Indemnified Person pursuant to this Agreement, the transactions contemplated hereby or any Qualtrics Indemnified Person’s actions or inactions in connection with any Qualtrics Services or such transactions, except for damages which have resulted (i) from such Qualtrics Indemnified Person’s breach, gross negligence, bad faith or willful misconduct in connection with the foregoing, or (ii) from such Qualtrics Indemnified Person’s breach of its confidentiality or data protection or privacy obligations hereunder or under the Master Transaction Agreement.

(c)None of the SAP Entities shall have any liability to any Qualtrics Entity or any other Person for failure to perform SAP’s obligations under this Agreement or otherwise, where such failure to perform similarly affects the SAP Entities receiving the same or similar services and does not have a disproportionately adverse effect on the Qualtrics Entities, taken as a whole.  None of the Qualtrics Entities shall have any liability to any SAP Entity or any other Person for failure to perform Qualtrics’ obligations under this Agreement or otherwise, where such failure to perform similarly affects the Qualtrics Entities receiving the same or similar services and does not have a disproportionately adverse effect on the SAP Entities, taken as a whole.
(d)In addition to the foregoing, each Party agrees that, in all circumstances, it shall mitigate and otherwise minimize damages to such Party and its Subsidiaries, individually 
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and collectively, whether direct or indirect, due to, resulting from or arising in connection with any failure by the other Party to comply fully with such Party’s obligations under this Agreement, to the extent required by applicable law.
Section 4.04Indemnification.
(a)Qualtrics agrees to indemnify and hold harmless each SAP Indemnified Person from and against any Losses arising out of or related to any Action by a third party to the extent arising out of or in connection with (i) Qualtrics Services rendered or to be rendered by any Qualtrics Indemnified Person pursuant to this Agreement  or the transactions contemplated hereby or (ii) any Qualtrics Indemnified Person’s actions or inactions in connection with this Agreement or any such Qualtrics Services or transactions; provided that Qualtrics shall not be responsible for any damages incurred by any SAP Indemnified Person that have resulted from any SAP Entity’s, or any such SAP Indemnified Person’s, gross negligence or willful misconduct in connection with the SAP Services rendered or to be rendered pursuant to this Agreement.
(b)SAP agrees to indemnify and hold harmless each Qualtrics Indemnified Person from and against any Losses arising out of or related to any Action by a third party to the extent arising out of or in connection with (i) SAP Services rendered or to be rendered by any SAP Indemnified Person pursuant to this Agreement or the transactions contemplated hereby or (ii) any SAP Indemnified Person’s actions or inactions in connection with this Agreement or any such SAP Services or transactions; provided that SAP shall not be responsible for any damages incurred by any Qualtrics Indemnified Person that have resulted from any Qualtrics Entity’s, or any such Qualtrics Indemnified Person’s, gross negligence or willful misconduct in connection with the Qualtrics Services rendered or to be rendered pursuant to this Agreement.
ARTICLE V
TERM AND TERMINATION
Section 5.01Term.  Except as otherwise provided in this Article V or as otherwise agreed in writing by the Parties (including as provided on any Schedule), (a) this Agreement shall have an initial term from the Offering Date through the third anniversary of the Offering Date (the “Initial Term”), and will be renewed automatically thereafter for successive one year terms (each, a “Renewal Term”) unless either Party elects not to renew this Agreement by notice in writing to the other Party not less than 150 days prior to the end of the Initial Term or any Renewal Term (unless otherwise set forth in a Schedule with respect to any particular Service), and (b) with respect to any Service, the obligation of a Party to provide or to procure, and the obligation of the other Party to purchase, such Service shall cease as of the applicable date set forth in Schedule I or Schedule II or the applicable date set forth in any agreement between the Parties pursuant to which Additional Services are provided (in each case as such dates may be extended with the consent of the Party providing or procuring a Service and the Party receiving a Service) or such earlier date determined in accordance with Section 5.02.     
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Section 5.02Termination.
(a)The Parties may by mutual agreement from time to time, at any time, terminate this Agreement with respect to one or more of the Services, in whole or in part.
(b)Except as provided in clause (iii) of Section 5.03(a) or as otherwise provided on any Schedule, (i) Qualtrics may terminate any SAP Service at any time upon at least sixty (60) days prior written notice of such termination to SAP, effective as of such 60th day, and (ii) SAP may terminate any Qualtrics Service at any time upon at least sixty (60) days prior written notice of such termination to Qualtrics, effective as of such 60th day.  
(c)Except as provided in any agreement between the Parties pursuant to which Additional Services are provided, either Party may terminate any Additional Service that is not reflected on an amendment to the Schedules at any time.  
(d)Except as provided in clause (iii) of Section 5.03(a), a Party may terminate a Service provided by such Party upon written notice in the event of the receiving Party’s material breach of this Agreement, which breach remains uncured thirty (30) days after the breaching Party’s receipt of written notice thereof.
(e)Except as provided in clause (iii) of Section 5.03(a), this Agreement (including all Services) shall terminate automatically 90 days following a Change of Control.
Section 5.03Effect of Termination.
(a)Other than as required by law, upon the effective date of the expiration or termination of any Service pursuant to Section 5.01 or Section 5.02, or upon termination of this Agreement in accordance with its terms (any such date, the “Termination Date”), the Parties shall have no further obligation to provide the terminated Service (or any Service, in the case of termination of this Agreement) and shall have no obligation to pay any fees relating to such terminated Services or to make any other payments hereunder; provided that notwithstanding such termination, (i) each Party shall remain liable for fees owed and payable in respect of Services provided to it prior to the effective date of the termination; (ii) the Parties shall continue to charge for administrative, employee and program costs relating to amounts paid after but incurred or committed prior to the termination of any Service and for year-end recalculations pursuant to Section 3.01(a)(iii), and the Party so charged shall be obligated to pay such expenses in accordance with the terms of this Agreement, provided that (A) the Party that provided the Service makes reasonable efforts to obtain available refunds of such costs and (B) if such Party obtains a refund of any such costs already paid by the Party that received the Service, the Party that provided the Service shall return such portion of the costs to the Party that received the Service; (iii) notwithstanding any termination of any Service or of this Agreement, any Consulting Services or support and maintenance services provided under this Agreement and necessary to enable a Party to perform under any customer contract whereby products or services are sold or otherwise distributed by such Party prior to the IPO or pursuant to the Distribution Agreement or any other reseller agreement or inbound OEM agreement after the IPO shall continue in accordance with this Agreement for the duration of the support term under the 
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applicable customer contract (including renewals); and (iv) the provisions of Section 2.10 and Articles IV, V and VI shall survive any such termination indefinitely.
(b)Following termination of this Agreement with respect to any Service, the Parties agree to cooperate with each other in providing for an orderly transition of such Service to the receiving Party or to a successor service provider as designated by the receiving Party.
ARTICLE VI
MISCELLANEOUS
Section 6.01Ownership.  Except as expressly provided in Section 2.10, (i) this Agreement and the performance of the Services hereunder will not affect the ownership of any assets or responsibility for any liabilities, and (ii) no Party will gain, by virtue of this Agreement or the Services provided hereunder, by implication or otherwise, any rights of ownership of any property or intellectual property rights owned by any other Party or their respective Subsidiaries.
Section 6.02No Agency.  Nothing in this Agreement shall constitute or be deemed to constitute a partnership or joint venture by and among the Parties hereto or constitute or be deemed to constitute any Party the agent or employee of any other Party for any purpose whatsoever, and no Party shall have authority or power to bind any other Party or to contract in the name of, or create a liability against, any other Party in any way or for any purpose.
Section 6.03Subcontractors.  Each Party may hire or engage one or more third party subcontractors to perform all or any of the Services to be provided (or caused to be provided) by it under this Agreement; provided that (i) subject to Section 3.01, such Party shall pay for all fees due each such subcontractor, and (ii) subject to Section 4.03, such Party shall in all cases remain primarily responsible for all obligations undertaken by each such subcontractor on such Party’s behalf pursuant to the terms of this Agreement with respect to the scope, quality, degree of skill and nature of the Services provided by such Party hereunder. 
Section 6.04Force Majeure.
(a)For purposes of this Section 6.04, “Force Majeure” means an event beyond the control of any Party which prevents a Party from performing its obligation under this Agreement, and includes without limitation, acts of God, storms, floods, riots, fires, natural disasters, labor disputes or stoppages, government acts or orders, epidemics, pandemics, outbreaks of communicable disease, quarantines, acts of terrorism, sabotage, civil commotion or civil unrest, interference by civil or military authorities, acts of war (declared or undeclared) and failure of energy sources.
(b)Continued performance of a Service may be suspended immediately to the extent caused by Force Majeure.  The Party claiming suspension of a Service due to Force Majeure will give prompt notice to the other of the occurrence of the event giving rise to the suspension and of its nature and anticipated duration.  The Parties shall cooperate with each other to find alternative means and methods for the provision of the suspended Service.
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(c)No Party shall be under any liability for failure to fulfill any obligation under this Agreement, so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered, or delayed as a consequence of circumstances of Force Majeure and does not have a disproportionately adverse effect on the other Party.
Section 6.05Entire Agreement.  Except as otherwise expressly set forth in this Agreement, this Agreement (including the Schedules constituting a part of this Agreement) and any other writing signed by the Parties that specifically references or is specifically related to this Agreement constitute the entire agreement among the Parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations, both written and oral, between the Parties with respect to the subject matter hereof.  
Section 6.06Information.  Subject to applicable law and privileges, each Party covenants with and agrees to provide to the other Party all information regarding itself and transactions under this Agreement that is reasonably required by the other Party to comply with all applicable federal, state, county and local laws, ordinances, regulations and codes, including, but not limited to, securities laws and regulations.
Section 6.07Notices.  Notices, offers, requests or other communications required or permitted to be given by any Party pursuant to the terms of this Agreement shall be given in writing to the respective Parties to the following addresses:
(a)If to SAP SE, to:
SAP SE
Dietmar-Hopp-Allee 16
Germany – 69190
Attention:  Jochen Scholten
E-mail:  
(b)If to SAP America, to:
SAP America, Inc.
3999 West Chester Pike
Newtown Square, PA 19073 
Attention:  Mary Beth Hanss
E-mail:  
(c)If to Qualtrics, to:
Qualtrics International Inc.
333 W River Park Dr
Provo, UT 84604
Attention:  Legal Department
E-mail:  
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or to such other address as the Party to whom notice is given may have previously furnished to the other in writing as provided herein. Any notice shall be sent by hand delivery, internationally recognized overnight courier or, within the United States, may also be sent via certified mail, return receipt requested and, in any event, shall be concurrently sent by e-mail. All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted electronically; one working day after it is sent, if sent by internationally recognized overnight courier; and three days after it is postmarked, if mailed first class mail or certified mail, return receipt requested, with postage prepaid.
Section 6.08Governing Law and Jurisdiction.  This Agreement, including the validity hereof and the rights and obligations of the Parties hereunder, shall be construed in accordance with and all disputes, controversies or claims arising out of or relating to this Agreement shall be governed by the laws of the State of Delaware applicable to contracts made and to be performed entirely in such State (without giving effect to the conflicts of laws provisions thereof).
Section 6.09Consent to Jurisdiction.  THE PARTIES AGREE THAT JURISDICTION AND VENUE IN ANY ACTION BROUGHT BY ANY PARTY IN CONNECTION WITH THIS AGREEMENT OR THE PERFORMANCE OF THE OBLIGATIONS IMPOSED HEREUNDER SHALL PROPERLY AND EXCLUSIVELY LIE IN ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF DELAWARE.  EACH PARTY ALSO AGREES NOT TO BRING ANY ACTION IN CONNECTION WITH THIS AGREEMENT OR THE PERFORMANCE OF THE OBLIGATIONS IMPOSED HEREUNDER IN ANY OTHER COURT.  BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO ANY SUCH ACTION.  THE PARTIES IRREVOCABLY AGREE THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVE ANY OBJECTION THAT ANY SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH ACTION.  THE PARTIES FURTHER AGREE THAT THE MAILING BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ANY PROCESS REQUIRED BY ANY SUCH COURT SHALL CONSTITUTE VALID AND LAWFUL SERVICE OF PROCESS AGAINST THEM, WITHOUT NECESSITY FOR SERVICE BY ANY OTHER MEANS PROVIDED BY STATUTE OR RULE OF COURT.  
Section 6.10Waiver of Jury Trial.  EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.  EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER COMPANY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO 
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ENFORCE THE FOREGOING WAIVER, (B) EACH OF THE PARTIES UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH OF THE PARTIES MAKES THIS WAIVER VOLUNTARILY AND (D) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.10.
Section 6.11Amendment.  This Agreement may be amended only by an instrument in writing signed on behalf of each of the Parties.
Section 6.12Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement.
Section 6.13Binding Effect; Assignment.  This Agreement shall inure to the benefit of and be binding upon the Parties and their respective legal representatives and successors.  Neither Party may assign this Agreement or any rights or obligations hereunder, without the prior written consent of the other Party, and any such assignment shall be void; provided that either Party may assign this Agreement to a successor entity in conjunction with such Party’s reincorporation in another jurisdiction or into another business form.
Section 6.14Severability.  If any term or other provision of this Agreement or the Schedules is determined by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible.
Section 6.15Failure or Indulgence not Waiver; Remedies Cumulative.  No failure or delay on the part of either Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right.  All rights and remedies existing under this Agreement or the Schedules are cumulative to, and not exclusive of, any rights or remedies otherwise available.
Section 6.16Authority.  Each of the Parties represent to the other Party that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, 
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reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles.
Section 6.17Interpretation.  The headings contained in this Agreement, in any Schedule hereto and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  Any capitalized term used in any Schedule but not otherwise defined therein shall have the meaning assigned to such term in this Agreement.  When a reference is made in this Agreement to an Article or a Section or Schedule, such reference shall be to an Article or Section of, or a Schedule to, this Agreement unless otherwise indicated.  Words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires.  The terms “hereof,” “herein” “and “herewith” and words of similar import, unless otherwise stated, shall be construed to refer to this Agreement as a whole (including all of the Schedules) and not to any particular provision of this Agreement.  Any reference herein to this Agreement, unless otherwise stated, shall be construed to refer to this Agreement as amended, supplemented or otherwise modified from time to time.  The word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified.  The word “or” shall not be exclusive.
Section 6.18Conflicting Agreements.  In the event of conflict between this Agreement and the Master Transaction Agreement or other agreement executed in connection herewith, the provisions of this Agreement shall prevail. Only those provisions of the Master Transaction Agreement that are specifically incorporated by reference shall apply to this Agreement.
Section 6.19Third Party Beneficiaries.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any third party, including any employee or any creditor of any Person.  No such third party shall obtain any right under any provision of this Agreement or shall by reasons of any such provision make any claim in respect of any Liability (or otherwise) against either Party.
Section 6.20Limitation of Liability.  IN NO EVENT SHALL ANY SAP ENTITY OR QUALTRICS ENTITY BE LIABLE TO ANY OTHER SAP ENTITY OR QUALTRICS ENTITY FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES OR LOST PROFITS, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT (A) EACH PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES AS SET FORTH IN EITHER THIS AGREEMENT OR ANY TRANSACTION AGREEMENT OR (B) EITHER PARTY’S BREACH OF ITS CONFIDENTIALITY OR DATA PROTECTION OR PRIVACY OBLIGATIONS HEREUNDER OR UNDER THE MASTER TRANSACTION AGREEMENT.
[Signature Page Follows]
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IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by their duly authorized representatives.
						
	SAP SE
		
		
	By:	
	Name:
	Title:
		
		
	By:	
	Name:
	Title:
		
		
	SAP AMERICA, INC.
		
		
	By:	
	Name:
	Title:
		
		
	QUALTRICS INTERNATIONAL INC.
		
		
	By:	
	Name:
	Title:

[Signature Page to Administrative Services Agreement]

SCHEDULE I
Certain Services To Be Provided By SAP to Qualtrics [Omitted pursuant to Item 601(a)(5) of Regulation S-K]
Sch. I-1

SCHEDULE II
Certain Services To Be Provided By Qualtrics to SAP [Omitted pursuant to Item 601(a)(5) of Regulation S-K]
Sch. II-1

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