Document:

EX-4.2

 Exhibit 4.2 
  

 
 INTERCONTINENTAL
EXCHANGE, INC., 
 as Issuer, 

and 
 NYSE
HOLDINGS LLC, 
 as Guarantor, 

and 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee 

 
  

First Supplemental Indenture 

Dated as of November 24, 2015 

to Senior Debt Indenture 
 Dated as
of November 24, 2015 
 Establishing two series of Securities designated 

2.75% Senior Notes due 2020 
 3.75%
Senior Notes due 2025 
  
  

 FIRST SUPPLEMENTAL INDENTURE, dated as of November 24, 2015 (herein called this
“First Supplemental Indenture”), among Intercontinental Exchange, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”), NYSE Holdings LLC, a limited
liability company duly organized and existing under the laws of Delaware, as Guarantor (as hereinafter defined) and Wells Fargo Bank, National Association, as Trustee under the Base Indenture referred to below (herein called the
“Trustee”). 
 WITNESSETH: 

WHEREAS, the Company and the Guarantor have heretofore executed and delivered to the Trustee an indenture dated as of November 24, 2015
(herein called the “Base Indenture” and, together with this First Supplemental Indenture, the “Indenture”), to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of
indebtedness (herein called the “Securities”), the form and terms of which are to be established as set forth in Sections 201 and 301 of the Base Indenture; 

WHEREAS, Section 901 of the Base Indenture provides, among other things, that the Company, the Guarantor and the Trustee may enter into
indentures supplemental to the Base Indenture to, among other things, establish the form and terms of the Securities of any series as permitted in Sections 201 and 301 of the Base Indenture; 

WHEREAS, the Company desires to create two series of Securities, consisting of one series in an aggregate principal amount of $1,250,000,000
to be designated the “2.75% Senior Notes due 2020” (herein called the “2020 Notes”) and one series in an aggregate principal amount of $1,250,000,000 to be designated the “3.75% Senior Notes due 2025” (herein
called the “2025 Notes” and, together with the 2020 Notes, the “Notes”) and all action on the part of the Company necessary to authorize the issuance of the Notes under the Base Indenture and this First Supplemental
Indenture has been duly taken; 
 WHEREAS, the Company desires to issue the Notes in accordance with Section 2.3 of this First
Supplemental Indenture and treat the Notes as two series of Securities for all purposes, as amended or supplemented from time to time in accordance with the terms of this First Supplemental Indenture and the Base Indenture; and 

WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and completed, authenticated and delivered by the
Trustee as provided in the Indenture, the valid and binding obligations of the Company and to constitute a valid and binding agreement according to its terms, have been done and performed. 

NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH: 

 That in consideration of the premises and of the acceptance and purchase of the Notes by the
Holders thereof and of the acceptance of this trust by the Trustee, the Company and the Guarantor covenant and agree with the Trustee, for the equal benefit of Holders of the Notes, as follows: 

ARTICLE 1. 
 DEFINITIONS

 Except to the extent such terms are otherwise defined in this First Supplemental Indenture or the context clearly requires otherwise,
all terms used in this First Supplemental Indenture which are defined in the Base Indenture or the forms of the 2020 Notes and the 2023 Notes attached hereto as Exhibit A and Exhibit B, respectively, have the meanings assigned to them therein. 

In addition, as used in this First Supplemental Indenture, the following terms have the following meanings: 

“2020 Notes” has the meaning given to such term in the recitals hereof. 

“2020 Par Call Date” means November 1, 2020. 

“2025 Notes” has the meaning given to such term in the recitals hereof. 

“2025 Par Call Date” means September 1, 2025. 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. 

“Applicable Procedures” has the meaning specified in Section 2.6 hereof. 

“Attributable Debt” with regard to a Sale and Lease-Back Transaction with respect to any Principal Property means, at the
time of determination, the present value of the total net amount of rent required to be paid under such lease during the remaining term thereof (including any period for which such lease has been extended), discounted at the rate of interest set
forth or implicit in the terms of such lease (or, if not practicable to determine such rate, the weighted average interest rate per annum borne by the securities of all series then Outstanding under the Indenture) compounded semi-annually. In the
case of any lease which is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of (x) the net amount determined assuming termination upon the first date such lease may be terminated (in which case the net
amount shall also include the amount of the penalty, but shall not include any rent that would be required to be paid under such lease subsequent to the first date upon which it may be so terminated) or (y) the net amount determined assuming no
such termination. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of
debtors. 

 “Base Indenture” has the meaning provided in the recitals hereof. 

“Below Investment Grade Rating Event” means the Notes are rated below an Investment Grade Rating by each of the Rating
Agencies on any date during the period commencing upon the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following public notice of the occurrence of the
related Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating
Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Holders of the applicable series of Notes in
writing at their request that the reduction was the result, in whole or in part, of any event or circumstance comprising or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Capital Stock” means (i) in the case
of a corporation or a company, corporate stock or shares; (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii) in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and (iv) any other interest or participation that confers on a person the right to receive a share of the profits and
losses of, or distributions of assets of, the issuing person. 
 “Change of Control” means the occurrence of any of the
following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its
Subsidiaries taken as a whole, to any Person or group of related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”) other than the Company or one of its Subsidiaries; (2) the approval by the holders of
the Company’s common stock of any plan or proposal for the liquidation or dissolution of the Company; (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any
Person or Group becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s Voting Stock; or (4) the Company consolidates with or into any Person, or any Person
consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other
property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving
Person immediately after giving effect to such transaction. 
 “Change of Control Offer” has the meaning specified in
Section 3.5(a) hereof. 

 “Change of Control Payment” has the meaning specified in Section 3.5(a)
hereof. 
 “Change of Control Payment Date” has the meaning specified in Section 3.5(b) hereof. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event occurring in respect of that Change of Control. 
 “Company” means the Person named as such in the preamble hereof,
subject to the provisions of Section 3.3 and Section 3.4 hereof, any successor to the Company. 
 “Comparable Treasury
Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be used, at the time of selection and under
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. 

“Comparable Treasury Price” means, with respect to any Redemption Date, the average of the Reference Treasury Dealer
Quotations for that Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or if the Trustee is provided fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer
Quotations. 
 “Consolidated Net Worth” means, the consolidated stockholders’ equity of the Company and its
Subsidiaries, as defined according to GAAP. 
 “Credit Agreement” means the Credit Agreement, dated as of April 3,
2014, as amended by the First Amendment to Credit Agreement, dated as of May 15, 2015, as further amended by the Second Amendment to the Credit Agreement, dated as of November 9, 2015, and as further amended by the Third Amendment to the
Credit Agreement, dated as of November 13, 2015, by and among the Company (formerly IntercontinentalExchange Group, Inc.) and ICE Europe Parent Limited, as borrowers, Wells Fargo Bank, National Association, as administrative agent, issuing
lender and swingline lender, Bank of America, N.A., as syndication agent, and each of the lenders signatory thereto, as amended, restated, supplemented, increased, extended, renewed, replaced, refinanced (with the same or other lenders) or otherwise
modified from time to time. 
 “Definitive Securities” means certificated Securities registered in the name of the Holder
thereof and issued in accordance with Section 2.2(b) hereof, substantially in the form of Exhibit A hereto (with respect to the 2020 Notes) or Exhibit B hereto (with respect to the 2025 Notes), except that such Security shall not bear the
Global Security Legend. 

 “Depositary” means DTC, together with any Person succeeding thereto by merger,
consolidation or acquisition of all or substantially all of its assets, including substantially all of its securities payment and transfer operations. 

“DTC” means The Depository Trust Company, a New York corporation, having a principal office at 55 Water Street, New York, New
York 10041-0099. 
 “Escrow Account” means the account pledged to, and under the control of, the Trustee pursuant to the
Escrow Agreement. 
 “Escrow Agent” means U.S. Bank National Association, as escrow agent. 

“Escrow Agreement” means the escrow agreement, dated as of the Issue Date, among the Company, the Trustee and the Escrow
Agent. 
 “Escrow Property” has the meaning specified in Section 4.2(a) hereof. 

“Escrow Release Conditions” has the meaning specified in Section 4.2(a) hereof. 

“Escrow Release Date” has the meaning specified in Section 4.2(a) hereof. 

“Events of Default” has the meaning specified in Section 5.1 hereof. 

“First Supplemental Indenture” has the meaning provided in the preamble hereof. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time. 

“Global Security Legend” means the legend set forth in Section 204 of the Base Indenture. 

“Group” has the meaning given to such term in the definition of “Change of Control” herein. 

“Guarantor” means NYSE Holdings LLC, a Delaware limited liability company corporation and its respective successors and
assigns until released from its obligations under its Guarantee and the Indenture in accordance with the terms of the Indenture. 

“Indebtedness” means any indebtedness (whether being principal, premium, interest or other amounts) for or in respect of any
borrowed money, or evidenced by notes, bonds, debentures or other instruments for money borrowed, or under any lease required to be capitalized under GAAP as in effect on the Issue Date, or any liability under or in respect of any banker’s
acceptance (other than a daylight overdraft). 
 “Indenture” has the meaning provided in the recitals hereof. 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
selected by the Company. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Security
through a Participant. 
 “Interactive Data” means (i) prior to the Merger, Interactive Data Holdings Corporation, a
Delaware corporation and, (ii) following the Merger, the surviving entity or successor to Interactive Data Holdings Corporation. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the
equivalent) by S&P or the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 

“Issue Date” means November 24, 2015, the date on which the Notes are originally issued under this First Supplemental
Indenture. 
 “Lien” means any lien, mortgage, deed of trust, hypothecation, pledge, security interest, charge or
encumbrance of any kind. 
 “Make-Whole Optional Redemption Price” has the meaning specified in Section 4.1(a). 

“Maturity”, when used with respect to any Note, means the date on which the principal of such Note or an instrument of
principal becomes due and payable as therein or herein provided, whether at stated maturity or by declaration of acceleration, call for redemption or otherwise (including failure to make payment to purchase such Note rendered pursuant to a Change of
Control Offer). 
 “Merger” means the transaction contemplated by the Merger Agreement, pursuant to which Interactive Data
and Merger Sub will become wholly owned Subsidiary of the Company. 
 “Merger Agreement” means the Agreement and Plan of
Merger (as amended, modified or supplemented from time to time in accordance with its terms), dated as of October 26, 2015, by and among the Company, Merger Sub (as defined herein), Interactive Data and Igloo Manager Co-Invest, LLC (solely in
its capacity as agent and attorney-in-fact for the Interactive Data stockholders and optionholders). 
 “Merger Sub” means
(i) prior to the Merger, Red Merger Sub Inc., a Delaware corporation and, (ii) following the Merger, the surviving entity or successor to Red Merger Sub Inc. 

“Moody’s” means Moody’s Investors Service, Inc. 

 “Notes” has the meaning given to such term in the recitals hereof. 

“Optional Redemption Price” means the Make-Whole Optional Redemption Price or the Par Call Optional Redemption Price. 

“Outside Date” means July 26, 2016. 

“Outside Redemption” has the meaning specified in Section 4.2(b) hereof. 

“Outside Redemption Date” means July 29, 2016. 

“Par Call Date” means the 2020 Par Call Date and the 2025 Par Call Date. 

“Par Call Optional Redemption Price” has the meaning specified in Section 4.1(a). 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Paying Agent” means, initially, the Trustee, having its Corporate Trust Office at 7000 Central Parkway NE, Suite 550,
Atlanta, GA 30328, and any successor Paying Agent appointed in accordance with the terms of the Indenture. 
 “Permitted
Liens” means: 
 (a) Liens imposed by law or any governmental authority for taxes, assessments, levies or charges
that are not yet overdue by more than 60 days or are being contested in good faith (and, if necessary, by appropriate proceedings) or for commitments that have not been violated; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlords’ and similar
Liens imposed by law or which arise by operation of law and which are incurred in the ordinary course of business or where the validity or amount thereof is being contested in good faith (and, if necessary, by appropriate proceedings); 

(c) Liens incurred or pledges or deposits made in compliance with workers’ compensation, unemployment insurance and other
social security laws or regulations; 
 (d) Liens incurred or pledges or deposits made to secure the performance of bids,
trade contracts, tenders, leases, statutory obligations, surety, customs and appeal bonds, performance bonds, customer deposits and other obligations of a similar nature, in each case in the ordinary course of business; 

(e) judgment Liens in respect of judgments that do not constitute an Event of Default under the Indenture; 

 (f) easements, zoning restrictions, minor title defects, irregularities or
imperfections, restrictions on use, rights of way, leases, subleases and similar charges and other similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations (other
than customary maintenance requirements) and which could not reasonably be expected to have a material adverse effect on the business or financial condition of the Company and its Subsidiaries taken as a whole; 

(g) Liens on (1) any property or asset prior to the acquisition thereof (provided that such Lien may only extend
to such property or asset) or (2) property of a Significant Subsidiary where (A) such Significant Subsidiary becomes a Subsidiary after the Issue Date, (B) the Lien exists at the time such Significant Subsidiary becomes a Subsidiary,
(C) the Lien was not created in contemplation of such Significant Subsidiary becoming a Subsidiary and (D) the principal amount secured by the Lien at the time such Significant Subsidiary becomes a Subsidiary is not subsequently increased
or the Lien is not extended to any other assets other than those owned by the entity becoming a Subsidiary; 
 (h) any Lien
existing on the Issue Date; 
 (i) Liens upon fixed, capital, real or tangible personal property acquired after the Issue
Date (by purchase, construction, development, improvement, capital lease or otherwise) by the Company or any Significant Subsidiary, each of which was created for the purpose of securing Indebtedness representing, or incurred to finance, refinance
or refund, the cost (including the cost of construction, development or improvement) of such property; provided that no such Lien shall extend to or cover any property other than the property so acquired and improvements thereon; 

(j) Liens in favor of the Company or any Significant Subsidiary; 

(k) Liens arising from the sale of accounts receivable for which fair equivalent value is received; 

(l) any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part, of any
Liens referred to in the foregoing clauses (g), (h), (i), (j) and (k); provided that the principal amount of Indebtedness secured thereby and not otherwise authorized as a Permitted Lien shall not exceed the principal amount of
Indebtedness, plus any premium or fee payable in connection with any such extension, renewal or replacement, so secured at the time of such extension, renewal or replacement; 

(m) Liens securing the Company’s obligations or those of any of the Subsidiaries of the Company in respect of any swap
agreements entered into (1) in the ordinary course of business and for non-speculative purposes or (2) solely in order to serve clearing, depositary, regulated exchange or settlement activities in respect thereof; 

 (n) Liens created in connection with any share repurchase program in favor of any
broker, dealer, custodian, trustee or agent administering or effecting transactions pursuant to a share repurchase program; 

(o) Liens consisting of an agreement to sell, transfer or dispose of any asset or property (to the extent such sale, transfer
or disposition is not prohibited by Section 3.2 and Section 3.3 hereof; and 
 (p) Liens arising in connection
with the Company’s operations or the operations of any of the Company’s Subsidiaries relating to clearing, depository, matched principal, regulated exchange or settlement activities, including, without limitation, Liens on securities sold
by the Company or any Subsidiary in repurchase agreements, reverse repurchase agreements, sell buy back and buy sell back agreements, securities lending and borrowing agreements and any other similar agreement or transaction entered into in the
ordinary course of clearing, depository, matched principal and settlement operations or in the management of liabilities. 

“Person” means any individual, firm, corporation, partnership, association, joint venture, tribunal, trust, government or
political subdivision or agency or instrumentality thereof, or any other entity or organization and includes a “person” as used in Section 13(d)(3) of the Exchange Act. 

“Primary Treasury Dealer” means a primary U.S. government securities dealer in New York City. 

“Principal Property” means the land, improvements, buildings and fixtures (including any leasehold interest therein)
constituting a corporate office, facility or other capital asset within the United States (including its territories and possessions) which is owned or leased by the Company or any of its Significant Subsidiaries unless the Company’s Board of
Directors has determined in good faith that such office or facility is not of material importance to the total business conducted by the Company and its Significant Subsidiaries taken as a whole. With respect to any Sale and Lease-Back Transaction
or series of related Sale and Lease-Back Transactions, the determination of whether any property is a Principal Property shall be determined by reference to all properties affected by such transaction or series of transactions. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if any of Moody’s or S&P ceases to
rate a series of Notes or fails to make a rating of a series of Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of
the Exchange Act, that the Company selects (as certified by an executive officer of the Company) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“Reference Treasury Dealer” means (1) each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and a Primary
Treasury Dealer selected by Wells Fargo Securities, LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute for such bank another
Primary Treasury Dealer and (2) up to two other Primary Treasury Dealers selected by the Company. 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company and the Trustee by the Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third business day before that Redemption Date. 
 “Regular Record
Date” for the interest payable on any Interest Payment Date means May 15 and November 15, whether or not a Business Day, immediately preceding the applicable Interest Payment Date. 

“S&P” means Standard & Poor’s Ratings Services, a division of McGraw Hill Financial, Inc. 

“Sale and Lease-Back Transaction” means any arrangement with any person providing for the leasing by the Company or any of
its Significant Subsidiaries of any Principal Property, whether now owned or hereafter acquired, which Principal Property has been or is to be sold or transferred by the Company or such Significant Subsidiary to such person. 

“Securities” has the meaning given to such term in the recitals hereof. 

“Significant Subsidiary” means the Guarantor and, with respect to any person, any Subsidiary of such person that satisfies
the criteria for a “Significant Subsidiary” set forth in Rule 1-02(w) of Regulation S-X under the Exchange Act. 

“Special Mandatory Redemption” has the meaning specified in Section 4.2(c) hereof. 

“Special Mandatory Redemption Price” has the meaning specified in Section 4.2(b) hereof. 

“Subsidiary” means any corporation, limited liability company or other similar type of business entity in which the Company
or one or more of the Company’s Subsidiaries together own more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of the board of directors or
similar governing body of such corporation, limited liability company or other similar type of business entity, directly or indirectly. 

“Termination Redemption” has the meaning specified in Section 4.2(c) hereof. 

“Termination Redemption Date” has the meaning specified in Section 4.2(c) hereof. 

“Trustee” means the person named as such in the preamble hereof and, subject to the provisions of Article Six of the Base
Indenture, any successor to that person. 

 “Voting Stock” of any specified Person as of any date means the Capital Stock of
such Person that is at the time entitled to vote generally in the election of the Board of Directors of such Person. 
 ARTICLE 2.

 THE NOTES 

Section 2.1 Issue of Notes. 

(a) A series of Securities, which shall be designated the “2.75% Senior Notes due 2020,” shall be executed, authenticated and
delivered in accordance with the provisions of, and shall in all respects be subject to, the terms, conditions and covenants of, the Base Indenture and this First Supplemental Indenture (including the form of 2020 Notes attached hereto as Exhibit
A). The aggregate principal amount of 2020 Notes which may be authenticated and delivered under this First Supplemental Indenture shall not, except as permitted by the provisions of the Base Indenture, initially exceed $1,250,000,000. The Company
may from time to time or at any time, without notice to, or the consent of, any Holder of the 2020 Notes, create and issue additional 2020 Notes having the same terms as the 2020 Notes (except for the public offering price, issue date and, if
applicable, the initial interest accrual date and first Interest Payment Date), which additional 2020 Notes shall increase the aggregate principal amount of the 2020 Notes and, together with the 2020 Notes, will constitute a single series under the
Indenture and vote together as one class on all matters with respect to the 2020 Notes; provided, however, that any additional 2020 Notes that are not fungible with existing 2020 Notes for U.S. federal income tax purposes will have a
separate CUSIP, ISIN and other identifying number than the existing 2020 Notes. 
 (b) A series of Securities, which shall be designated the
“3.75% Senior Notes due 2025,” shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to, the terms, conditions and covenants of, the Base Indenture and this First
Supplemental Indenture (including the form of 2025 Notes attached hereto as Exhibit B). The aggregate principal amount of 2025 Notes which may be authenticated and delivered under this First Supplemental Indenture shall not, except as permitted by
the provisions of the Base Indenture, initially exceed $1,250,000,000. The Company may from time to time or at any time, without notice to, or the consent of, any Holder of the 2025 Notes, create and issue additional 2025 Notes having the same terms
as the 2025 Notes (except for the public offering price, issue date and, if applicable, the initial interest accrual date and first Interest Payment Date), which additional 2025 Notes shall increase the aggregate principal amount of the 2025 Notes
and, together with the 2025 Notes, will constitute a single series under the Indenture and vote together as one class on all matters with respect to the 2025 Notes; provided, however, that any additional 2025 Notes that are not
fungible with existing 2025 Notes for U.S. federal income tax purposes will have a separate CUSIP, ISIN and other identifying number than the existing 2025 Notes. 

 Section 2.2 Form of Notes; Incorporation of Terms. 

(a) The Notes of each series shall be issued initially in the form of one or more Global Securities and, together with the Trustee’s
certificate of authentication thereon, shall be in substantially the form set forth in Exhibit A or Exhibit B attached hereto, as applicable. The Notes may have such notations, legends or endorsements approved as to form by the Company and required,
as applicable, by law, stock exchange or depository rules and agreements to which the Company is subject or usage. The terms of the 2020 Notes set forth in Exhibit A and the 2025 Notes set forth in Exhibit B are herein incorporated by reference and
are part of the terms of this First Supplemental Indenture. The Notes shall be issuable in definitive, fully registered form without coupons only in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof. 

(b) The 2020 Notes and the 2025 Notes issued in global form shall be substantially in the form of Exhibit A and Exhibit B attached hereto,
respectively (including the Global Security Legend thereon). The 2020 Notes and the 2025 Notes issued in definitive certificated form in accordance with the terms of the Base Indenture and this First Supplemental Indenture, if any, shall be
substantially in the form of Exhibit A and Exhibit B, respectively, attached hereto (but without the Global Security Legend thereon). Each Global Security shall represent such of the Outstanding Notes as shall be specified therein and each shall
provide that it shall represent the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the amount of any increase or decrease in the aggregate principal amount of Outstanding Notes represented thereby shall be made by the Trustee in
accordance with Section 2.7 hereof pursuant to instructions given by the Holder thereof as required by Section 2.6 hereof. 

Section 2.3 Execution and Authentication. The Trustee, upon a Company Order and pursuant to the terms of the Base Indenture and
this First Supplemental Indenture, shall authenticate and deliver the 2020 Notes for original issue in an initial aggregate principal amount of $1,250,000,000 and the 2025 Notes for original issue in an initial aggregate principal amount of
$1,250,000,000. Such Company Order shall specify the amount of the Notes of each series to be authenticated and the date on which the original issue of Notes of each series is to be authenticated. 

Section 2.4 Global Securities. The Depositary for the Global Securities issued under this First Supplemental Indenture shall be
DTC in the City of New York. The provisions of clauses (1), (2), (3) and (4) below shall apply only to Global Securities: 

(1) Each Global Security authenticated under this First Supplemental Indenture shall be registered in the name of the
Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of the Indenture 

 (2) Notwithstanding any other provision in the Indenture, no Global Security may
be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless
(A) such Depositary has notified the Company that it is unwilling or unable or no longer permitted under applicable law to continue as Depositary for such Global Security, or the Depository ceases to be a clearing agency registered under the
Exchange Act, and in each case the Company has not appointed a successor Depositary within 90 days of receipt of such notice or (B) an Event of Default with respect to such series of Securities has occurred and is continuing and a Holder of
Securities of such series makes such request. 
 (3) Subject to clause (2) above, any exchange of a Global Security for
other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct. 

(4) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global
Security or any portion thereof, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee
thereof. 
 Section 2.5 Place of Payment. The Place of Payment in respect of the Notes will be at the office or agency of the
Company in The City of New York, State of New York or at the office or agency of the Paying Agent. 
 Section 2.6 Transfer and
Exchange. 
 (a) The transfer and exchange of beneficial interests in the Global Securities shall be effected through the Depositary, in
accordance with the provisions of the Indenture and the then applicable procedures of the Depositary (the “Applicable Procedures”). In connection with all transfers and exchanges of beneficial interests, the transferor of such
beneficial interest must deliver to the Trustee either (A)(1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be
credited a beneficial interest in another Global Security in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase or, if Definitive Securities are at such time permitted to be issued pursuant to the Indenture, (B)(1) a written order from a Participant or an Indirect Participant given to the Depositary in
accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Security in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the
Security Registrar containing information regarding the Person in whose name such Definitive Security shall be registered to effect the transfer or exchange referred to in (1) above. Upon satisfaction of all of the requirements for transfer or
exchange of beneficial interests in Global Securities contained in the Indenture and the Notes or otherwise applicable under the Securities Act, the Security Registrar shall adjust the principal amount of the relevant Global Securities pursuant to
Section 2.7 hereof. 

 (b) Upon request by a Holder of Definitive Securities and such Holder’s compliance with the
provisions of this Section 2.6(b), the Security Registrar shall register the transfer or exchange of Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Trustee the
Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Security Registrar duly executed by such Holder or by its attorney, duly authorized in writing. The Trustee shall cancel any such
Definitive Securities so surrendered, and the Company shall execute and, upon receipt of a Company Order pursuant to Section 303 of the Base Indenture, the Trustee shall authenticate and deliver to the Person designated in the instructions a
new Definitive Security in the appropriate principal amount. Any Definitive Security issued pursuant to this Section 2.6(b) shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such
beneficial interest shall instruct the Security Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Securities to the Persons in whose names such Definitive
Securities are so registered. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to Section 305 of the Base Indenture. 

Section 2.7 Cancellation or Adjustment of Global Securities. At such time as all beneficial interests in a particular Global
Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or cancelled in whole and not in part, each such Global Security shall be returned to or retained and cancelled by the Trustee in
accordance with Section 309 of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest for Definitive Securities, the principal amount of Notes represented by such Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global Security shall be
increased accordingly and an endorsement shall be made on such Global Security by the Security Registrar or by the Depositary at the direction of the Security Registrar to reflect such increase. 

ARTICLE 3. 
 COVENANTS

 Section 3.1 Limitations on Liens. The Company shall not (nor shall it permit any of its Significant Subsidiaries to)
create or permit to exist any Lien on any Principal Property of the Company or any of its Significant Subsidiaries (or on any Capital Stock of a Significant Subsidiary), whether owned on the Issue Date or thereafter acquired, to secure any
Indebtedness, unless the Company shall contemporaneously secure the Notes (together with, if the Company so determines, any other Indebtedness of, or guaranteed by, the Company or such Significant 

 
Subsidiary then existing or thereafter created which is not subordinated to the Notes) equally and ratably with (or, at the Company’s option, prior to) that obligation. The foregoing
restriction, however, will not require the Company to secure the Notes if the Lien consists of either of the following: 
 (a) Permitted
Liens (it being understood that the definition of Permitted Liens is not intended to broaden the interpretation or otherwise expand the scope of the first sentence of this Section 3.1); or 

(b) Liens securing Indebtedness if at the time the Indebtedness is incurred and after giving effect to such Indebtedness and to the retirement
of Indebtedness which is concurrently being retired, the sum of (i) the aggregate principal amount of all Indebtedness of the Company and its Significant Subsidiaries secured by Liens that are restricted by, and not otherwise permitted by, the
provisions described under this Section 3.1 and (ii) the aggregate amount of Attributable Debt of all of the Company’s Sale and Lease-Back Transactions not otherwise permitted by the provisions described under the first sentence of
Section 3.2 hereof, does not exceed 15% of Consolidated Net Worth. 
 Section 3.2 Limitation on Sale and Lease-Back
Transactions. The Company shall not, and shall not permit any of its Significant Subsidiaries to, enter into any Sale and Lease-Back Transaction with respect to any Principal Property, other than (x) any such Sale and Lease-Back Transaction
involving a lease for a term of not more than three years or (y) any such Sale and Lease-Back Transaction between the Company and one of its Significant Subsidiaries or between its Significant Subsidiaries, unless: 

(a) the Company or such Significant Subsidiary, as applicable, could have incurred Indebtedness secured by a Lien on the Principal Property
involved in such Sale and Lease-Back Transaction in an amount at least equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction, without equally and ratably securing the Notes, pursuant to Section 3.1 hereof; or 

(b) the proceeds of such Sale and Lease-Back Transaction are at least equal to the fair market value of the affected Principal Property (as
determined in good faith by the Board of Directors of the Company or such Significant Subsidiary, as the case may be) and the Company applies an amount equal to the net proceeds of such Sale and Lease-Back Transaction within 365 days of such Sale
and Lease-Back Transaction to any (or a combination) of: 
 (i) the prepayment or retirement of the Notes; 

(ii) the prepayment or retirement (other than any mandatory retirement, mandatory prepayment or sinking fund payment or by
payment at maturity) of other Indebtedness of the Company or of one of its Significant Subsidiaries (other than Indebtedness that is subordinated to the Notes or Indebtedness owed to the Company or one of its Significant Subsidiaries) that matures
more than 12 months after its creation; or 
 (iii) the purchase, construction, development, expansion or improvement of
other comparable property. 

 Notwithstanding the foregoing, the Company and its Significant Subsidiaries may enter into any
Sale and Lease-Back Transaction if at the time such Sale and Lease-Back Transaction is incurred and after giving effect to such Sale and Lease-Back Transaction and the retirement of any Sale and Lease-Back Transaction which is concurrently being
retired, the sum of (i) the aggregate principal amount of all Indebtedness of the Company and its Significant Subsidiaries secured by Liens that are restricted by, and not otherwise permitted by, the provisions described under Section 3.1
hereof and (ii) the aggregate amount of Attributable Debt of all of the Company’s Sale and Lease-Back Transactions not otherwise permitted by the provisions described under the first sentence of this Section 3.2, does not exceed 15%
of Consolidated Net Worth. 
 Section 3.3 Limitations on Mergers and Other Transactions. Section 801 of the Base Indenture
shall, with respect to the Notes, be replaced with the following: 
 “(a) The Company will not consolidate or amalgamate with or merge
into any Person and will not convey, transfer or lease all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, unless: 

(1) either (x) the Company is the surviving Person or (y) the Person surviving any such consolidation, amalgamation
or merger (if other than the Company) or the Person to which such conveyance, transfer or lease has been made expressly assumes the Company’s obligations on the Notes and the due and punctual performance and observance of all of the covenants
and agreements of the Indenture to be performed or observed by the Company and the Person so assuming the Company’s obligations is organized under the laws of the United States or any state thereof; and 

(2) immediately after giving effect to the transaction, no Event of Default (and no event which, after notice or lapse of time
or both, would become an Event of Default) shall have happened and be continuing. 
 (b) The Guarantor will not consolidate or amalgamate
with or merge into any Person, unless: 
 (1) the Guarantor is the surviving Person or the surviving Person (if other than
the Guarantor) is organized under the laws of the United States or any state thereof and it expressly assumes the obligations under its Guarantee and the due and punctual performance and observance of all of the covenants and agreements of the
Indenture to be performed or observed by the Guarantor; and 
 (2) immediately after giving effect to the transaction, no
Event of Default (and no event which, after notice or lapse of time or both, would become an Event of Default) shall have happened and be continuing. 

 (c) Notwithstanding the foregoing paragraphs (a) and (b): 

(1) the Guarantor may convey, transfer or lease all or substantially all of its assets to any Person; provided that if
such conveyance, transfer or lease constitutes a conveyance, transfer or lease of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, the Company shall comply with paragraph (a) of this Section; and

 (2) the restrictions in paragraphs (a) and (b) of this Section will not apply to any conveyance, transfer, lease
or other disposition of assets between or among the Company and its Subsidiaries. 
 Section 3.4 Successor Substituted.
Section 802 of the Base Indenture shall, with respect to the Notes, be replaced with the following: 
 “Upon any consolidation or
amalgamation of the Company or the Guarantor with, or merger of the Company or the Guarantor into, any other Person or any conveyance, transfer or lease of the properties and assets of the Company and its Subsidiaries, taken as a whole, to any
Person, the surviving or transferee Person (in the case of the Company) or the surviving Person (in the case of the Guarantor) shall succeed to, and be substituted for, and may exercise every right and power of, the Company or such Guarantor, as the
case may be, under this Indenture with the same effect as if such successor Person or surviving Person had been named as the Company or such Guarantor, as the case may be, herein, and thereafter, except in the case of a lease, the predecessor Person
shall be relieved of all obligations and covenants under this Indenture, the Securities and any applicable Guarantees.” 

Section 3.5 Repurchase upon Change of Control Triggering Event. 

(a) If a Change of Control Triggering Event occurs with respect to a series of Notes, unless the Company has exercised its right to redeem
such Notes pursuant to Section 4.1 hereof by causing a notice of redemption to be delivered to the Holders of such Notes, the Company shall make an offer to each Holder of such Notes to repurchase all or, at such Holder’s option, any part
(equal to $2,000 or any integral multiple of $1,000 in excess thereof) of such Holder’s Notes of such series (the “Change of Control Offer”) for payment in cash equal to 101% of the aggregate principal amount of Notes
repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to, but excluding, the date of purchase (the “Change of Control Payment”). 

(b) Within 30 days following any Change of Control Triggering Event with respect to a series of Notes or, at the Company’s option, prior
to any Change of Control but after the public announcement of the transaction or transactions that constitutes or may constitute a Change of Control, the Company shall cause a notice to be mailed to Holders of the Notes of such series, with a copy
to the Trustee for the Notes, describing the transaction or transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date shall be no
earlier than 30 Days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures required by the Notes of the applicable series and described in such notice. The
notice shall, if mailed prior to the date of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

 (c) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such
securities laws or regulations conflict with this Section 3.5, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under this Section 3.5 by virtue of such conflict.

 (d) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of
Notes properly tendered pursuant to the Change of Control Offer; and 
 (iii) deliver or cause to be delivered to the Trustee
the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

(e) The Paying Agent shall promptly mail, to each Holder who properly tendered Notes, the purchase price for such Notes, and the Trustee shall
promptly authenticate and mail (or cause to be transferred by book entry) to each such Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a principal
amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 (f) The Company shall not be required to make a Change of Control
Offer upon a Change of Control Triggering Event if a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this First Supplemental Indenture applicable to a Change of
Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. In the event that such third party terminates or defaults on its Change of Control Offer, the Company shall be required
to make a Change of Control Offer treating the date of such termination or default as though it were the date of the Change of Control Triggering Event. 

(g) The Company shall not be required to purchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an
Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment. 

 (h) Notwithstanding any other provision herein, a transaction will not be deemed to involve a
Change of Control if (1) the Company becomes a direct or indirect wholly owned Subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are
substantially the same as the holders of our Voting Stock immediately prior to that transaction or (B) immediately following that transaction no Person or Group (other than such holding company) is the beneficial owner, directly or indirectly
of more than 50% of the Voting Stock of such holding company. 
 ARTICLE 4. 

REDEMPTION 

Section 4.1 Optional Redemption by Company. 

(a) Subject to Article Eleven of the Base Indenture, the Company shall have the right to redeem either series of the Notes, in whole or in
part, at any time and from time to time prior to the 2020 Par Call Date, in the case of the 2020 Notes, or prior to the 2025 Par Call Date, in the case of the 2025 Notes, at a redemption price (the “Make-Whole Optional Redemption
Price”) equal to the greater of: 
 (i) 100% of the principal amount of the Notes to be redeemed; and 

(ii) the sum of (x) the present values of the remaining scheduled payments of principal and interest on the Notes to be
redeemed that would be due if such Notes matured on the applicable Par Call Date (exclusive of interest accrued to Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months), at the Adjusted Treasury Rate plus (y) 20 basis points, in the case of the 2020 Notes, and 25 basis points, in the case of the 2025 Notes, 

plus accrued and unpaid interest to but excluding the Redemption Date for the Notes to be redeemed. 

(b) Subject to Article Eleven of the Base Indenture, the Company shall have the right to redeem either series of the Notes, in whole or in
part, at any time and from time to time on or after the 2020 Par Call Date, in the case of the 2020 Notes, or on or after the 2025 Par Call Date, in the case of the 2025 Notes, at a redemption price (the “Par Call Optional Redemption
Price”) equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to but excluding the Redemption Date. 

(c) On and after the applicable Redemption Date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption
(unless the Company defaults in the payment of the Optional Redemption Price and accrued interest). On or before the applicable Redemption Date, the Company will deposit with a Paying Agent (or the Trustee) money sufficient to pay the Optional
Redemption Price of, and accrued interest on, the Notes to be redeemed on such Redemption Date. If less than all of the Notes of a series are to be redeemed, the Notes to be redeemed shall be selected by the Trustee in compliance with the
requirements of the principal national securities exchange, if any, by lot and subject to Applicable Procedures of the Depository or by such method as the Trustee shall deem appropriate. 

 (d) Notice of any redemption pursuant to this Section 4.1 shall be given as provided in
Section 1104 of the Base Indenture, except that any notice of such redemption shall not specify the related Optional Redemption Price but only the manner of calculation thereof. The Trustee shall not be responsible for the calculation of such
Optional Redemption Price. The Company shall calculate such Optional Redemption Price and promptly notify the Trustee thereof. 

Section 4.2 Escrow of Proceeds; Special Mandatory Redemption. (a) On the Issue Date, simultaneously with the issuance of the
Notes, the Company will, pursuant to the terms of the Escrow Agreement, deposit or cause to be deposited into the Escrow Account cash (collectively with the Escrow Account and any other property from time to time held in the Escrow Account,
including any investments thereof, the “Escrow Property”) equal to the net proceeds of the offering of the Notes (after deducting the underwriting discount but before offering expenses). The Escrow Agreement provides that, on or
prior to 1:00 p.m. (New York City time) on the Outside Date, upon delivery to the Escrow Agent of an officer’s certificate pursuant to Section 1.05(b) of the Escrow Agreement certifying that the Merger will be consummated, simultaneously
or substantially concurrently with the release of funds from the Escrow Account, on substantially the terms contemplated in the Merger Agreement as in effect on October 26, 2015, without any waiver or other modification thereof or consent
thereunder that is materially adverse to the interest of the Holders (as reasonably determined by the Company) (such certification and delivery, the “Escrow Release Conditions”), the Escrow Agent will release the Escrow Property to
or at the order of the Company (the date of such release, the “Escrow Release Date”). 
 (b) Unless the Escrow Release
Conditions have been fulfilled or the Escrow Agent and the Trustee receive a termination notice from the Company pursuant to Section 1.05(d) of the Escrow Agreement on or prior to 1:00 p.m. (New York City time) on the Outside Date, the Company
shall redeem the Notes on the Outside Redemption Date, at a cash redemption price equal to 101% of the principal amount of the Notes being redeemed (the “Special Mandatory Redemption Price”), plus accrued and unpaid interest
thereon to, but excluding, the Outside Redemption Date (such redemption, the “Outside Redemption”), and on the Outside Redemption Date, the Trustee will effect the Outside Redemption on behalf of the Company. 

(c) If the Company delivers a termination notice to the Escrow Agent and the Trustee pursuant to Section 1.05(d) of the Escrow Agreement
prior to the Outside Date indicating that it will not pursue the consummation of the Merger or that the Merger Agreement has been amended, modified or waived, or any consent granted with respect thereto, in a manner that would be materially adverse
to the Holders (as reasonably determined by the Company), the Company shall redeem the Notes on the date that is three Business Days after the Trustee sends the notice of Special Mandatory Redemption to the Holders of the Notes (the
“Termination Redemption Date”), at a cash redemption price equal to the Special Mandatory Redemption Price, plus accrued and unpaid interest thereon to, but excluding, the Termination Redemption

 
Date (such redemption, the “Termination Redemption” and, each of the Outside Redemption and the Termination Redemption, a “Special Mandatory Redemption”), and on
the Termination Redemption Date, the Trustee shall effect the Termination Redemption on behalf of the Company. 
 Section 4.3 Notice
of Special Mandatory Redemption. 
 (a) If the Company is required to redeem the Notes pursuant to Section 4.2(b) hereof, the
Trustee shall send a notice of Special Mandatory Redemption on behalf of the Company to the Holders of the Notes promptly after 1:00 p.m. (New York City time) on the Outside Date. 

(b) If the Company is required to redeem the Notes pursuant to Section 4.2(c) hereof, it shall notify the Trustee in writing of such
Special Mandatory Redemption substantially concurrently with its delivery of the termination notice to the Escrow Agent and the Trustee pursuant to Section 1.05(d) of the Escrow Agreement, and no later than the next Business Day following the
Company’s delivery of such written notice to the Trustee, the Trustee shall send a notice of Special Mandatory Redemption on behalf of the Company to the Holders of the Notes. 

(c) Notwithstanding the foregoing paragraph (b), the Company may rescind or revoke such written notice to the Trustee at any time prior to the
time at which the Trustee has given such notice of Special Mandatory Redemption to the Holders of the Notes. 
 (d) The notice of Special
Mandatory Redemption shall state: (i) the aggregate amount of Notes to be redeemed; (ii) the date of the Special Mandatory Redemption; (iii) the Special Mandatory Redemption Price and the amount of accrued and unpaid interest to be
paid, if any; (iv) the name and address of the Paying Agent; (v) that Notes called for redemption must be surrendered to the Paying Agent to collect the Special Mandatory Redemption Price plus accrued and unpaid interest, if any;
(vi) that, unless the Company defaults in making such redemption payment, interest on the Notes (or portion thereof) called for redemption ceases to accrue on and after the date of the Special Mandatory Redemption; (vii) the CUSIP number,
or any similar number, if any, printed on the Notes being redeemed; and (viii) that no representation is made as to the correctness or accuracy of the CUSIP number, or any similar number, if any, listed in such notice or printed on the Notes.

 ARTICLE 5. 

REMEDIES 

Section 5.1 Events of Default. 

(a) The provisions of Section 501 of the Base Indenture shall be applicable to the Notes; provided, however, that each
reference to the term “Guarantor” in clauses (5) and (6) of Section 501 of the Base Indenture shall be replaced with the term “Significant Subsidiary of the Company.” 

 (b) In addition, any of the following events will constitute an “Event of Default” with
respect to the Notes: 
 (i) a default on any Indebtedness of the Company or a Significant Subsidiary of the Company having
an aggregate amount of at least $200,000,000, constituting a default either of payment of principal or which results in acceleration of the Indebtedness unless the default has been cured or waived or the Indebtedness discharged in full within 45
days after the Company has been notified of the default by the Trustee or Holders of 25% of the Outstanding aggregate principal amount of Securities of all affected series under the Indenture; and 

(ii) one or more final judgments for the payment of money in an aggregate amount in excess of $200,000,000 above available
insurance or indemnity coverage shall be rendered against the Company or a Significant Subsidiary of the Company and the same shall remain undischarged for a period of 45 consecutive days during which execution shall not be effectively stayed, but
only if such judgment is an event of default at that time under the Credit Agreement. 
 (c) A default or Event of Default with respect to
one series of Notes will not necessarily be a default or Event of Default with respect to another series of Notes. 
 (d) The provisions of
Section 502 of the Base Indenture shall be applicable to the Notes; provided that any references in Section 502 to an “Event of Default specified in Section 501(5) or 501(6)” shall be amended with respect to the Notes
by adding at the end thereof the words “with respect to the Company or any Guarantor.” 
 ARTICLE 6. 

REPORTS 
 Section 6.1
Reports by Company. The Base Indenture is hereby amended, with respect to the Notes only, by replacing the text of Section 704 thereof with the following text: 

“The Company shall file such information, documents or reports required to be filed with the Commission pursuant to Section 13 or
15(d) of the Exchange Act with the Trustee within 15 days after the same is filed with the Commission. For purposes of this provision, any such information, document or report that the Company has filed with the Commission and that is publicly
accessible on the Commission’s EDGAR system (or any successor thereto) shall be deemed to be filed with the Trustee; provided that the Trustee shall have no responsibility whatsoever to monitor whether any such filing has occurred. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officer’s Certificates).” 

 ARTICLE 7. 

AMENDMENTS 

Section 7.1 Amendments. Supplemental indentures modifying the Indenture and the terms of the Notes may be entered into in
accordance with Article IX of the Base Indenture, provided that the Base Indenture is hereby amended by deleting Section 902(2) thereof. 

ARTICLE 8. 
 THE
GUARANTEES 
 Section 8.1 Form of Guarantee. The Guarantor shall execute and deliver the Guarantee, dated the date of this
First Supplemental Indenture, substantially in the form of Exhibit C attached hereto, which is hereby established pursuant to Section 201 of the Base Indenture as the form of Guarantee in respect of each series of the Notes (and in lieu of the
form of Guarantee set forth in Article Twelve of the Base Indenture). 
 Section 8.2 Release of Guarantee. 

(a) Prior to the Escrow Release Date, the Guarantee of the Guarantor will automatically terminate, and the obligations of the Guarantor under
the Guarantee will be unconditionally released and discharged, upon repayment of the Notes in full (including, without limitation, pursuant to a Special Mandatory Redemption). 

(b) The Guarantee of the Guarantor will automatically terminate, and the obligations of the Guarantor under the Guarantee will be
unconditionally released and discharged, pursuant to the provisions of the Guarantee executed and delivered by the Guarantor. Once released in accordance with its terms, the Guarantee of the Guarantor will not be required to be reinstated for any
reason, except to the extent expressly provided otherwise in the Guarantee. 
 Section 8.3 Officer’s Certificate upon Release
of Guarantee. If the Guarantee of the Guarantor is deemed to be released or is automatically released, the Company shall deliver to the Trustee an Officer’s Certificate stating the identity of the released Guarantor and the basis for the
release; provided that no Officer’s Certificate is required to be delivered for a Guarantee released pursuant to Section 8.2(a). Upon delivery by the Company to the Trustee of an Officer’s Certificate to the foregoing effect,
the Trustee will execute any documents reasonably required in order to evidence the release of the Guarantor from its obligations under its Guarantee. 

 ARTICLE 9. 

DEFEASANCE 

Section 9.1 Company’s Option to Effect Defeasance or Covenant Defeasance. Pursuant to Section 301 of the Base Indenture,
the Company hereby designates both series of Notes as being defeasible under Section 1402 or Section 1403 of the Base Indenture. The provisions of Article Fourteen of the Base Indenture shall be applicable to the Notes, subject to
Section 9.2 hereof. 
 Section 9.2 Covenant Defeasance. 

(a) Upon the Company’s exercise of its option to have Section 1403 of the Base Indenture applied to either series of Notes, in
addition to the provisions in clauses (1) and (2) of Section 1403 of the Base Indenture, the occurrence of any event specified under Section 5.1(b) hereof shall be deemed not to be or result in an Event of Default and the
Guarantee executed and delivered pursuant to Section 8.1 hereof shall no longer apply, in each case with respect to such Notes as provided in Section 1403 of the Base Indenture on and after the date the conditions set forth in
Section 1404 of the Base Indenture (as amended by paragraph (b) of this Section) are satisfied; provided that the Base Indenture is hereby amended by deleting “and 501(5)” from clause (2) of Section 1403 thereof.

 (b) The Base Indenture is hereby amended, with respect to the conditions to the application of Section 1403 thereof only, by
striking the text “in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,” from clause (C) of paragraph (1) of Section 1404
thereof and replacing it with the following text: “, as certified by the Company in an Officer’s Certificate delivered to the Trustee (provided that the Trustee shall have no responsibility whatsoever to assess or confirm the accuracy or
sufficiency of any such deposit under this section, and that the Company shall provide the indemnification pursuant to Section 607(3) of the Base Indenture in relation thereto)”. 

ARTICLE 10. 

MISCELLANEOUS 

Section 10.1 Execution as Supplemental Indenture. This First Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this First Supplemental Indenture forms a part thereof. 

Section 10.2 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof, or with a provision of the Base Indenture, which is required to be included in this First Supplemental Indenture, or in the Base Indenture, respectively, by any of the provisions of the Trust Indenture Act, such required provision shall
control to the extent it is applicable. 
 Section 10.3 Certificates, Opinions, Etc. In any case where, pursuant to the Base
Indenture with respect to the Notes or this First Supplemental Indenture or pursuant to the Indenture, several matters are required to be certified by, or covered by an opinion of, any 

 
specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. Where any Person
is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under the Base Indenture with respect to the Notes or this First Supplemental Indenture or under the
Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 10.4 Effect of Headings. The Article and
Section headings herein are for convenience only and shall not affect the construction hereof. 
 Section 10.5 Successors and
Assigns. All covenants and agreements by the Company, the Guarantor and the Trustee in this First Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

Section 10.6 Separability Clause. In case any provision in this First Supplemental Indenture or in the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 10.7 Benefits of First Supplemental Indenture. Nothing in this First Supplemental Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this First Supplemental Indenture. 

Section 10.8 Execution and Counterparts. This First Supplemental Indenture may be executed in any number of counterparts (which
may be delivered by means of facsimile or e-mail), each of which shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 10.9 Governing Law. This First Supplemental Indenture and the Notes shall be governed by and construed in accordance with
the laws of the State of New York. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

			
	 COMPANY

	
	 INTERCONTINENTAL EXCHANGE, INC.

		
	By:	 	 /s/ Scott A. Hill

	Name:	 	Scott A. Hill
	Title:	 	Chief Financial Officer
	
	 GUARANTOR

	
	 NYSE HOLDINGS LLC

		
	By:	 	 /s/ Martin Hunter

	Name:	 	Martin Hunter
	Title:	 	Senior Vice President, Tax & Treasurer
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	By:	 	 /s/ Stefan Victory

	Name:	 	Stefan Victory
	Title:	 	Vice President

 EXHIBIT A 

[FORM OF FACE OF 2.75% SENIOR NOTES DUE 2020] 

[THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 
 [Insert any legend required by the Internal Revenue Code and
the regulations thereunder.] 
 INTERCONTINENTAL EXCHANGE, INC. 

2.75% Senior Notes due 2020 
 No. $ 

CUSIP No. 45866F AC8 

Intercontinental Exchange, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to                     , or registered assigns, the principal sum of
                    Dollars on December 1, 2020, and to pay interest thereon from the most recent Interest Payment Date (or with respect to the
first interest payment, the Issue Date) to which interest has been paid or duly provided for, semi-annually in arrears on June 1 and December 1 in each year, commencing June 1, 2016, and at the Maturity thereof, at the rate of
2.75% per annum, until the principal hereof is paid or made available for payment, provided that any principal and premium, and any such installment of interest (including post-petition interest in any proceeding under any Bankruptcy
Law), which is overdue shall bear interest at the rate of 2.75% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due (without regard to any grace period) until they are
paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be May 15 and November 15 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest so payable, but not punctually paid or duly provided for, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be 

 
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 
 The Securities will be guaranteed NYSE Holdings LLC, a limited
liability company duly organized and existing under the laws of Delaware (the “Guarantor”, which term includes any successor Person under the Indenture hereinafter referred to), in accordance with the terms of the Indenture and the
Guarantee. 
 Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency
maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, against surrender of this Security in the case of any
payment due at the Maturity of the principal hereof (other than any payment of interest that first becomes payable on a day other than an Interest Payment Date); provided, however, that at the option of the Company payment of interest
may be made (1) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, or (2) by wire transfer in immediately available funds at the bank account number maintained within the
United States as may be designated by the Person entitled thereto, as specified in the Securities Register in writing; and provided, further, that if this Security is a Global Security, payment may be made pursuant to the Applicable
Procedures of the Depositary as permitted in the Indenture. 
 Reference is hereby made to the further provisions of this Security set forth
on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee or an authentication agent on its behalf referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
  

			
	 INTERCONTINENTAL EXCHANGE, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,

		 	As Trustee
		
	 By:
	 	  

		 	Authorized Signatory

 [FORM OF REVERSE OF 2.75% SENIOR NOTE DUE 2020] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under a Senior Debt Indenture, dated as of November 24, 2015 (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of November 24, 2015 (the “First
Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company, the Guarantor and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee,” which
term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof initially limited in aggregate principal amount to $1,250,000,000. The
Company may from time to time or at any time, without notice to, or the consent of, any Holder of Securities of this series, create and issue additional Securities having the same terms as Securities of this series (except for public offering price,
issue date and, if applicable, the initial interest accrual date and first Interest Payment Date), which additional Securities may increase the aggregate principal amount of the Securities of this series and, together with the Securities of this
series, will constitute a single series under the Indenture and vote together as one class on all matters with respect to the Securities of this series; provided, however, that any additional Securities that are not fungible with
existing Securities of this series for U.S. federal income tax purposes will have a separate CUSIP, ISIN and other identifying number than the existing Securities of this series. 

As provided in Section 4.1 of the First Supplemental Indenture, the Securities of this series are subject to redemption, in whole or in
part, at any time and from time to time prior to the 2020 Par Call Date, on a date to be fixed by the Company on not more than 60 days’ and not less than 30 days’ prior written notice, at a redemption price (the “Make-Whole
Optional Redemption Price”) equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed; and (ii) the sum of (x) the present values of the remaining scheduled payments of principal and interest
on the Securities to be redeemed that would be due if such Notes matured on the 2020 Par Call Date (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months), at the Adjusted Treasury Rate plus (y) 20 basis points, plus in each case accrued and unpaid interest to but excluding the Redemption Date for the Notes to be redeemed. 

In addition, as provided in Section 4.1 of the First Supplemental Indenture, the Securities of this series are subject to redemption, in
whole or in part, at any time and from time to time on or after the 2020 Par Call Date, on a date to be fixed by the Company on not more than 60 days’ and not less than 30 days’ prior written notice, at a redemption price (the “Par
Call Optional Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to but excluding the Redemption Date. 

As provided in Section 4.2 of the First Supplemental Indenture, the Securities of this series are subject to Special Mandatory
Redemption, on the date that is three Business Days after the Trustee sends the notice of Special Mandatory Redemption to Holders of the Securities, 

 
at a cash redemption price equal to 101% of the principal amount of the Securities being redeemed (the “Special Mandatory Redemption Price”), plus accrued and unpaid
interest thereon to, but excluding, the applicable redemption date, if (i) the Escrow Release Conditions have not been fulfilled or the Escrow Agent and the Trustee have not received a termination notice from the Company pursuant to
Section 1.05(d) of the Escrow Agreement by 1:00 p.m. (New York City time) on the Outside Date or if (ii) the Company delivers a termination notice to the Escrow Agent and the Trustee pursuant to Section 1.05(d) of the Escrow Agreement
prior to 1:00 p.m. (New York City time) on the Outside Date. 
 This Security will not be subject to any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 In the
event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of all series to be affected (voting together as a single class). The Indenture also contains provisions
(i) permitting the Holders of not less than a majority of the aggregate principal amount of the Securities of all affected series at the time Outstanding (voting together as a single class), on behalf of the Holders of all Securities of such
series, to waive compliance by the Company with certain provisions of the Indenture with respect to such series and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be
affected under the Indenture (voting together as a single class), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of at least 25% of the principal amount of the Securities of all affected series at the time Outstanding (voting together as a single class) shall

 
have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity against the costs, expenses and
liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of all affected series at the time Outstanding (voting together as a single class) a
direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company
or the Guarantor, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made
for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
shall treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Trustee and any such agent shall be affected by notice to the contrary. 

[This Security is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the limitations
in Section 305 of the Base Indenture and Section 2.4 and Section 2.6 of the First Supplemental Indenture on transfers and exchanges of Global Securities.] 

 Interest on the principal balance of this Security shall be calculated on the basis of a 360-day
year of twelve 30-day months. 
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 EXHIBIT B 

[FORM OF FACE OF 3.75% SENIOR NOTES DUE 2025] 

[THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 
 [Insert any legend required by the Internal Revenue Code and
the regulations thereunder.] 
 INTERCONTINENTAL EXCHANGE, INC. 

3.75% Senior Notes due 2025 
 No. $ 

CUSIP No. 45866F AD6 

Intercontinental Exchange, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to                     , or registered assigns, the principal sum of
                    Dollars on December 1, 2025, and to pay interest thereon from the most recent Interest Payment Date (or with respect to the
first interest payment, the Issue Date) to which interest has been paid or duly provided for, semi-annually in arrears on June 1 and December 1 in each year, commencing June 1, 2016, and at the Maturity thereof, at the rate of
3.75% per annum, until the principal hereof is paid or made available for payment, provided that any principal and premium, and any such installment of interest (including post-petition interest in any proceeding under any Bankruptcy
Law), which is overdue shall bear interest at the rate of 3.75% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due (without regard to any grace period) until they are
paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be May 15 and November 15 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest so payable, but not punctually paid or duly provided for, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be 

 
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 
 The Securities will be guaranteed NYSE Holdings LLC, a limited
liability company duly organized and existing under the laws of Delaware (the “Guarantor”, which term includes any successor Person under the Indenture hereinafter referred to), in accordance with the terms of the Indenture and the
Guarantee. 
 Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency
maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, against surrender of this Security in the case of any
payment due at the Maturity of the principal hereof (other than any payment of interest that first becomes payable on a day other than an Interest Payment Date); provided, however, that at the option of the Company payment of interest
may be made (1) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, or (2) by wire transfer in immediately available funds at the bank account number maintained within the
United States as may be designated by the Person entitled thereto, as specified in the Securities Register in writing; and provided, further, that if this Security is a Global Security, payment may be made pursuant to the Applicable
Procedures of the Depositary as permitted in the Indenture. 
 Reference is hereby made to the further provisions of this Security set forth
on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee or an authentication agent on its behalf referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
  

			
	 INTERCONTINENTAL EXCHANGE, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,

		 	As Trustee
		
	 By:
	 	  

		 	Authorized Signatory

 [FORM OF REVERSE OF 3.75% SENIOR NOTE DUE 2025] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under a Senior Debt Indenture, dated as of November 24, 2015 (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of November 24, 2015 (the “First
Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company, the Guarantor and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee,” which
term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof initially limited in aggregate principal amount to $1,250,000,000. The
Company may from time to time or at any time, without notice to, or the consent of, any Holder of Securities of this series, create and issue additional Securities having the same terms as Securities of this series (except for public offering price,
issue date and, if applicable, the initial interest accrual date and first Interest Payment Date), which additional Securities may increase the aggregate principal amount of the Securities of this series and, together with the Securities of this
series, will constitute a single series under the Indenture and vote together as one class on all matters with respect to the Securities of this series; provided, however, that any additional Securities that are not fungible with
existing Securities of this series for U.S. federal income tax purposes will have a separate CUSIP, ISIN and other identifying number than the existing Securities of this series. 

As provided in Section 4.1 of the First Supplemental Indenture, the Securities of this series are subject to redemption, in whole or in
part, at any time and from time to time prior to the 2025 Par Call Date, on a date to be fixed by the Company on not more than 60 days’ and not less than 30 days’ prior written notice, at a redemption price (the “Make-Whole
Optional Redemption Price”) equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed; and (ii) the sum of (x) the present values of the remaining scheduled payments of principal and interest
on the Securities to be redeemed that would be due if such Notes matured on the 2025 Par Call Date (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months), at the Adjusted Treasury Rate plus (y) 25 basis points, plus in each case accrued and unpaid interest to but excluding the Redemption Date for the Notes to be redeemed. 

In addition, as provided in Section 4.1 of the First Supplemental Indenture, the Securities of this series are subject to redemption, in
whole or in part, at any time and from time to time on or after the 2025 Par Call Date, on a date to be fixed by the Company on not more than 60 days’ and not less than 30 days’ prior written notice, at a redemption price (the “Par
Call Optional Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to but excluding the Redemption Date. 

As provided in Section 4.2 of the First Supplemental Indenture, the Securities of this series are subject to Special Mandatory
Redemption, on the date that is three Business Days after the Trustee sends the notice of Special Mandatory Redemption to Holders of the Securities, 

 
at a cash redemption price equal to 101% of the principal amount of the Securities being redeemed (the “Special Mandatory Redemption Price”), plus accrued and unpaid
interest thereon to, but excluding, the applicable redemption date, if (i) the Escrow Release Conditions have not been fulfilled or the Escrow Agent and the Trustee have not received a termination notice from the Company pursuant to
Section 1.05(d) of the Escrow Agreement by 1:00 p.m. (New York City time) on the Outside Date or if (ii) the Company delivers a termination notice to the Escrow Agent and the Trustee pursuant to Section 1.05(d) of the Escrow Agreement
prior to 1:00 p.m. (New York City time) on the Outside Date. 
 This Security will not be subject to any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 In the
event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of all series to be affected (voting together as a single class). The Indenture also contains provisions
(i) permitting the Holders of not less than a majority of the aggregate principal amount of the Securities of all affected series at the time Outstanding (voting together as a single class), on behalf of the Holders of all Securities of such
series, to waive compliance by the Company with certain provisions of the Indenture with respect to such series and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be
affected under the Indenture (voting together as a single class), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of at least 25% of the principal amount of the Securities of all affected series at the time Outstanding (voting together as a single class) shall

 
have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity against the costs, expenses and
liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of all affected series at the time Outstanding (voting together as a single class) a
direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company
or the Guarantor, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made
for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
shall treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Trustee and any such agent shall be affected by notice to the contrary. 

[This Security is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the limitations
in Section 305 of the Base Indenture and Section 2.4 and Section 2.6 of the First Supplemental Indenture on transfers and exchanges of Global Securities.] 

 Interest on the principal balance of this Security shall be calculated on the basis of a 360-day
year of twelve 30-day months. 
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 EXHIBIT C 

[FORM OF NYSE GUARANTEE] 
 This
Guarantee is being delivered by NYSE Holdings LLC (the “Guarantor”) pursuant to Section 8.1 of the First Supplemental Indenture, dated as of November 24, 2015 (the “First Supplemental Indenture”), among
Intercontinental Exchange, Inc. (the “Company”), the Guarantor and Wells Fargo Bank, National Association, as Trustee (the “Trustee”), relating to the issuance by the Company of its 2.75% Senior Notes due 2020 and
3.75% Senior Notes due 2025 (collectively, the “Notes”) under its indenture, dated as of November 24, 2015 (the “Base Indenture” and, together with the First Supplemental Indenture, the
“Indenture”). Capitalized terms used and not otherwise defined in this Guarantee shall have the respective meanings assigned to them in the Indenture. 

1. Guarantee. 

a. The Guarantor hereby fully and unconditionally guarantees to each Holder and the Trustee for the benefit of the Holders
(collectively, in such capacity, the “Guaranteed Parties”), on an unsecured basis, the full and prompt payment of principal of, premium, if any, and interest on the Notes, when and as the same become due and payable, whether at
stated maturity, upon redemption, by declaration of acceleration or otherwise, including all fees and expenses due and owing to the Trustee (all liabilities and obligations described in this clause (a), collectively, the “Guaranteed
Obligations”). 
 b. Notwithstanding the provisions of subsection (a) above and notwithstanding any other
provisions contained herein or in the Notes or the Indenture: 
 i. no provision of this Guarantee shall require or permit
the collection from the Guarantor of interest in excess of the maximum rate or amount that the Guarantor may be required or permitted to pay pursuant to applicable law; and 

ii. the liability of the Guarantor under this Guarantee as of any date shall be limited to a maximum aggregate amount (the
“Maximum Guaranteed Amount”) equal to the greatest amount that would not render the Guarantor’s obligations under this Guarantee subject to avoidance, discharge or reduction as of such date as a fraudulent transfer or
conveyance under applicable federal and state laws pertaining to bankruptcy, reorganization, arrangement, moratorium, readjustment of debts, dissolution, liquidation or other debtor relief, specifically including, without limitation, the Bankruptcy
Code and any fraudulent transfer and fraudulent conveyance laws (collectively, “Insolvency Laws”), in each instance after giving effect to all other liabilities of the Guarantor, contingent or otherwise, that are relevant under
applicable Insolvency Laws (specifically excluding, however, any liabilities of the Guarantor in respect of intercompany indebtedness to the Company or any of its Affiliates to the extent that such indebtedness would be discharged in an amount equal
to the amount paid by the Guarantor hereunder, and after giving effect as assets to the value (as determined 

  
 C-5 

 
under applicable Insolvency Laws) of any rights to subrogation, contribution, reimbursement, indemnity or similar rights of the Guarantor pursuant to (y) applicable law or (z) any
agreement (including this Guarantee) providing for an equitable allocation among the Guarantor and other Affiliates of the Company of obligations arising under guaranties by such parties). 

c. The guarantee of the Guarantor set forth in this Section is a guarantee of payment as a primary obligor, and not a guarantee
of collection. The Guarantor hereby acknowledges and agrees that the Guaranteed Obligations, at any time and from time to time, may exceed the Maximum Guaranteed Amount, in each case without discharging, limiting or otherwise affecting the
obligations of the Guarantor hereunder or the rights, powers and remedies of any Guaranteed Party hereunder or under the Notes or the Indenture. 

2. Guarantee Absolute. The Guarantor agrees that its obligations hereunder are irrevocable, absolute and unconditional, are independent
of the Guaranteed Obligations and any security therefor or other guarantee or liability in respect thereof, whether given by the Guarantor or any other Person, and shall not be discharged, limited or otherwise affected by reason of any of the
following, whether or not the Guarantor has notice or knowledge thereof: 
 a. any change in the time, manner or place of
payment of, or in any other term of, any Guaranteed Obligations or any guarantee, security or other liability in respect thereof, or any amendment, modification or supplement to, restatement of, or consent to any rescission or waiver of or departure
from, any provisions of the Notes or the Indenture, or any agreement or instrument delivered pursuant to any of the foregoing; 

b. the invalidity or unenforceability of any Guaranteed Obligations, any guarantee, security or other liability in respect
thereof or any provisions of the Notes or the Indenture, or any agreement or instrument delivered pursuant to any of the foregoing; 

c. the addition or release of any other guarantor or the taking, acceptance or release of other guarantees of any Guaranteed
Obligations or for any guarantee, security or other liability in respect thereof; 
 d. any discharge, modification,
settlement, compromise or other action in respect of any Guaranteed Obligations or any guarantee, security or other liability in respect thereof, including any acceptance or refusal of any offer or performance with respect to the same or the
subordination of the same to the payment of any other obligations; 
 e. any agreement not to pursue or enforce or any
failure to pursue or enforce (whether voluntarily or involuntarily as a result of operation of law, court order or otherwise) any right or remedy in respect of any Guaranteed Obligations; 

f. the exercise of any right or remedy available under the Notes or the Indenture, at law, in equity or otherwise in respect of
any guarantee, security or other liability for any Guaranteed Obligations, in any order and by any manner thereby permitted; 

  
 C-6 

 g. any bankruptcy, reorganization, arrangement, liquidation, insolvency,
dissolution, termination, reorganization or like change in the corporate structure or existence of the Company or any other Person directly or indirectly liable for any Guaranteed Obligations; 

h. any manner of application of any payments by or amounts received or collected from any Person, by whomsoever paid and
howsoever realized, whether in reduction of any Guaranteed Obligations or any other obligations of the Company or any other Person directly or indirectly liable for any Guaranteed Obligations, regardless of what Guaranteed Obligations may remain
unpaid after any such application; or 
 i. any other circumstance that might otherwise constitute a legal or equitable
discharge of, or a defense, set-off or counterclaim available to, the Company, any Guarantor or a surety or guarantor generally, other than (i) the payment in full in cash of the Guaranteed Obligations (other than contingent and indemnification
obligations not then due and payable), (ii) satisfaction and discharge of the Indenture in accordance with Section 401 of the Base Indenture, (iii) defeasance or covenant defeasance in accordance with Section 1402 or
Section 1403 of the Base Indenture or (iv) Special Mandatory Redemption of the Notes in accordance with Section 4.2 of the First Supplemental Indenture (the satisfaction of any of these conditions shall constitute the
“Termination Requirement”). 
 3. Certain Waivers. The Guarantor hereby knowingly, voluntarily and expressly waives:

 a. presentment, demand for payment, demand for performance, protest and notice of any other kind, including, without
limitation, notice of nonpayment or other nonperformance (including notice of default under the Notes or the Indenture with respect to any Guaranteed Obligations), protest, dishonor, acceptance hereof, extension of additional credit to the Company
and of any of the matters referred to in Section 2 hereof and of any rights to consent thereto; 
 b. any right to
require the Guaranteed Parties or any of them, as a condition of payment or performance by the Guarantor hereunder, to proceed against, or to exhaust or have resort to any collateral or other security from or any deposit balance or other credit in
favor of, the Company, any other Guarantor or any other Person directly or indirectly liable for any Guaranteed Obligations, or to pursue any other remedy or enforce any other right; and any other defense based on an election of remedies with
respect to any collateral or other security for any Guaranteed Obligations or for any guarantee or other liability in respect thereof, notwithstanding that any such election (including any failure to pursue or enforce any rights or remedies) may
impair or extinguish any right of indemnification, contribution, reimbursement or subrogation or other right or remedy of the Guarantor against the Company, any other Guarantor or any other Person directly or indirectly liable for any Guaranteed
Obligations or any such collateral or other security; 

  
 C-7 

 c. any right or defense based on or arising by reason of any right or defense of
the Company or any other Person, including, without limitation, any defense based on or arising from a lack of authority or other disability of the Company or any other Person, the invalidity or unenforceability of any Guaranteed Obligations, any
Notes or the Indenture or other agreement or instrument delivered pursuant thereto, or the cessation of the liability of the Company for any reason other than the satisfaction of the Termination Requirement; 

d. any defense based on any Guaranteed Party’s acts or omissions in the administration of the Guaranteed Obligations, any
guarantee, security or other liability in respect thereof or any collateral or other security for any of the foregoing, and promptness, diligence, or any requirement that any Guaranteed Party create, protect, perfect, secure, insure, continue or
maintain any Liens in any such security; 
 e. any right to assert against any Guaranteed Party, as a defense, counterclaim,
crossclaim or set-off, any defense, counterclaim, claim, right of recoupment or set-off that it may at any time have against any Guaranteed Party in respect of the Guaranteed Obligations (including, without limitation, failure of consideration,
fraud, fraudulent inducement, statute of limitations, payment, accord and satisfaction and usury), other than compulsory counterclaims and other than the indefeasible payment in full in cash of the Guaranteed Obligations; and 

f. any defense based on or afforded by any applicable law that limits the liability of or exonerates guarantors or sureties or
that may in any other way conflict with the terms of this Guarantee. 
 4. No Subrogation. The Guarantor hereby agrees that, until
satisfaction of the Termination Requirement, it will not exercise any claim or right that it may have against the Company or any other Guarantor at any time as a result of any payment made by the Guarantor under or pursuant to this Guarantee or the
performance or enforcement hereof, including any right of subrogation to the rights of any of the Guaranteed Parties against the Company or any other Guarantor, any right of indemnity, contribution or reimbursement against the Company or any other
Guarantor, any right to enforce any remedies of any Guaranteed Party against the Company or any other Guarantor, or any benefit of, or any right to participate in, any security held by any Guaranteed Party to secure payment of the Guaranteed
Obligations, in each case whether such claims or rights arise by contract, statute (including without limitation any applicable Insolvency Laws), common law or otherwise. The Guarantor further agrees that if any amount shall be paid to or any
distribution received by the Guarantor on account of any such rights of subrogation, indemnity, contribution or reimbursement at any time prior to the satisfaction of the Termination Requirement, such amount or distribution shall be deemed to have
been received and to be held in trust for the benefit of the Guaranteed Parties, and shall forthwith be delivered to the Trustee in the form received (with any necessary endorsements in the case of written instruments), to be applied against the
Guaranteed Obligations, whether or not 

  
 C-8 

 
matured, in accordance with the terms of the Notes and the Indenture, as applicable, and without in any way discharging, limiting or otherwise affecting the liability of the Guarantor under any
other provision of this Guarantee. 
 5. Payments; Application; Set-Off. 

a. The Guarantor agrees that, upon the failure of the Company to pay any Guaranteed Obligations when and as the same shall
become due (whether at the Stated Maturity, by acceleration or otherwise), and without limitation of any other right or remedy that any Guaranteed Party may have at law, in equity or otherwise against the Guarantor, the Guarantor will, subject to
the provisions of Section 1(b), forthwith pay or cause to be paid to the Trustee, for the benefit of the Guaranteed Parties, an amount equal to the amount of the Guaranteed Obligations then due and owing as aforesaid. 

b. All payments made by the Guarantor hereunder will be made in U.S. Dollars to the Trustee, without set-off, counterclaim or
other defense, the Guarantor hereby agreeing to comply with and be bound by the provisions of the Indenture in respect of all payments made by it hereunder. 

6. No Waiver. The rights and remedies of the Guaranteed Parties expressly set forth in this Guarantee, the Notes and the Indenture are
cumulative and in addition to, and not exclusive of, all other rights and remedies available at law, in equity or otherwise. No failure or delay on the part of any Guaranteed Party in exercising any right, power or privilege shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or be construed to be a waiver of any Default or
Event of Default. No course of dealing between the Guarantor and the Guaranteed Parties or any Affiliate thereof (or the partners, directors, officers, employees, agents, trustees and advisors of any of the foregoing) shall be effective to amend,
modify or discharge any provision of this Guarantee, the Notes or the Indenture or to constitute a waiver of any Default or Event of Default. No notice to or demand upon the Guarantor in any case shall entitle the Guarantor to any other or further
notice or demand in similar or other circumstances or constitute a waiver of the right of any Guaranteed Party to exercise any right or remedy or take any other or further action in any circumstances without notice or demand. 

7. Enforcement; Reinstatement. The obligations of the Guarantor hereunder are independent of the Guaranteed Obligations, and a separate
action or actions may be brought against the Guarantor whether or not action is brought against the Company or any other Guarantor and whether or not the Company or any other Guarantor is joined in any such action. The Guarantor agrees that to the
extent all or part of any payment of the Guaranteed Obligations is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid under any Insolvency Laws (the amount of any such payment, a
“Reclaimed Amount”), then, to the extent of such Reclaimed Amount, this Guarantee shall continue in full force and effect or be revived and reinstated, as the case may be, as to the Guaranteed Obligations intended to be satisfied as
if such payment had not been received; and the Guarantor acknowledges that the term “Guaranteed Obligations” includes all Reclaimed Amounts that may arise from time to time. 

  
 C-9 

 8. Amendments, Waivers, etc. No amendment, modification, waiver, discharge or termination
of, or consent to any departure by the Guarantor from, any provision of this Guarantee, shall be effective unless in a supplemental indenture signed by the Trustee, without consent of the Holders pursuant to Section 901 of the Base Indenture or
with the consent of Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected by such supplemental indenture pursuant to Section 902 of the Base Indenture (as supplemented by Section 7.1
of the First Supplemental Indenture), as the case may be, and then the same shall be effective only in the specific instance and for the specific purpose for which given. 

9. Release. Notwithstanding anything else herein, the Guarantor shall be released from its obligations under this Guarantee and this
Guarantee shall terminate, without any need for further action by the Trustee or any Holder, at any time, (i) upon satisfaction of any Termination Requirement under Section 2(i) hereof, and (ii) if and when the Guarantor is no longer
(or substantially simultaneously with such release will no longer be) an obligor (either borrower or guarantor) under the Credit Agreement. 

10. Continuing Guarantee; Term; Successors and Assigns. This Guarantee is a continuing guarantee and covers all of the Guaranteed
Obligations as the same may arise and be outstanding at any time and from time to time from and after the date hereof, and shall (i) remain in full force and effect until released pursuant to Section 9 hereof and (ii) be binding upon
and enforceable against the Guarantor and its successors and assigns. 
 11. Governing Law. This Guarantee shall be governed by, and
construed and enforced in accordance with, the laws of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules). 

12. Severability. To the extent any provision of this Guarantee is prohibited by or invalid under the applicable law of any
jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this
Guarantee in any jurisdiction. 
 13. Construction. The headings of the various sections and subsections of this Guarantee have been
inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof. Unless the context otherwise requires, words in the singular include the plural and words in the plural include the singular.

 14. Counterparts; Effectiveness. This Guarantee may be executed in any number of counterparts. This Guarantee shall become
effective upon the execution and delivery by the Guarantor of a counterpart hereof. 

  
 C-10 

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be executed
by its duly authorized officers as of the date first above written. 
  

			
	 NYSE HOLDINGS LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 C-11Exhibit

Exhibit 10.27
COPART, INC.
EXECUTIVE OFFICER
EMPLOYMENT AGREEMENT
This Executive Officer Employment Agreement is entered into with an effective date of August 1, 2014 (the “Effective Date”) by and between Copart, Inc., headquartered in Texas (the “Company”), and Rama Prasad (the “Executive”).
1.    Duties and Scope of Employment.
(a)Position and Duties.  As of the Effective Date, Executive will serve as Senior Vice-President and Chief Information Officer.  Executive will render such business and professional services in the performance of his duties, consistent with Executive’s position within the Company, as shall reasonably be assigned to him by the Chief Executive Officer (CEO), President, or Executive Vice-President (together, “Senior Management”) and as are contemplated by the Company’s bylaws.  During the term of Executive’s employment with the Company, Executive shall report to and be subject to the directives of the Board of Directors (the “Board”) and Senior Management. Executive shall also abide by the provisions of the Company’s employee handbook, any ethics and compliance directives, and other policies and procedures adopted by the Company.  The period of Executive’s employment under this Agreement is referred to herein as the “Employment Term.” Executive’s successful completion of a drug and background check with satisfactory results is a condition precedent to Company’s obligations under this Agreement.
(b)    Obligations.  During the Employment Term, Executive will perform his duties faithfully and to the best of his ability and will devote his full business efforts and time to the Company.  For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Board. 
2.    Employment Terms.
(a)    Basic “At Will” Rule.  The Employment Term shall begin upon the Effective Date and shall continue thereafter until terminated by the Company or the Executive.  The Executive acknowledges and agrees that his employment with the Company is “at will” and may be terminated at any time, with or without notice, with or without good cause, or for any or no cause, at the option of either the Company or the Executive.  Executive understands and agrees that neither his job performance nor promotions, commendations, bonuses or the like from the Company shall give rise to, or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of the Executive’s at-will employment with the Company. 

1

(b)    Termination.  If the Company terminates the Executive’s employment at any time for any reason other than Cause or Disability, both as defined below, or if the Executive terminates his employment at any time for Good Reason, as defined below, the provisions of Section 9(a)(i) shall apply.  If the Executive terminates his employment at any time other than for Good Reason, the provisions of Section 9(a)(ii) shall apply.  Upon termination of the Executive’s employment with the Company, the Executive’s rights under any applicable benefit plans shall be determined under the provisions of those plans.
(c)    Death.  The Executive’s employment shall terminate in the event of his death.  The Company shall have no obligation to pay or provide any compensation or benefits under this Agreement on account of the Executive’s death, or for periods following the Executive’s death; provided, however, that the Company’s obligations under Section 9(a)(i) shall not be interrupted as a result of the Executive’s death subsequent to a termination to which such paragraph applies.  The Executive’s rights under the benefit plans of the Company in the event of the Executive’s death shall be determined under the provisions of those plans.
(d)    Cause.  For all purposes under this Agreement, “Cause” shall mean Executive’s:  
(i)    willful or grossly negligent failure to substantially perform his duties hereunder;
(ii)    commission of gross misconduct which is injurious to the Company;
(iii)    breach of a material provision of this Agreement (including, without limitation, Section 10) or the agreements, policies, practices, and ethics and compliance directives incorporated herein by reference;
(iv)    material violation of a federal or state law or regulation applicable to the business of the Company;
(v)    misappropriation or embezzlement of Company funds or an act of fraud or dishonesty upon the Company made by Executive;
(vi)    conviction of, or plea of nolo contendre to, a felony; or
(vii)    continued failure to comply with directives of Senior Management.
No act, or failure to act, by the Executive shall be considered “willful” unless committed without good faith without a reasonable belief that the act or omission was in the Company’s best interest.  No compensation or benefits will be paid or provided to the Executive under this Agreement on account of a termination for Cause, or for periods following the date when such a termination of employment is effective.  The Executive’s rights under the benefit plans of the Company shall be determined under the provisions of those plans.
(e)    Disability.  The Company may terminate the Executive’s employment for Disability by giving the Executive 30 days’ advance notice in writing.  For all purposes under this Agreement, “Disability” shall mean that the Executive, at the time notice is given, has been unable to substantially perform his duties under this Agreement for a period of not less than six (6) consecutive months as the result of his incapacity due to physical or mental illness.  In the event that the Executive resumes the performance of substantially all of his duties hereunder before the termination of his employment under 

2

this subparagraph (e) becomes effective, the notice of termination shall automatically be deemed to have been revoked.  No compensation or benefits will be paid or provided to the Executive under this Agreement on account of termination for Disability, or for periods following the date when such a termination of employment is effective.  The Executive’s rights under the benefit plans of the Company shall be determined under the provisions of those plans.
(f)    Good Reason.  Employment with the Company may be regarded as having been constructively terminated by the Company, and the Executive may therefore terminate his employment for “Good Reason” within 30 days following the expiration of any Company cure period (as described below) and thereupon become entitled to the benefits of Sections 9(a)(i) below, if one or more of the following events (described in clauses (i) through (iii) below) shall have occurred without the Executive’s prior written consent.  The Executive will not resign for “Good Reason” without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within 90 days of the initial existence of such grounds for “Good Reason” and a reasonable cure period of 30 days following the date of such notice. 
(i)    the assignment to the Executive of any duties or the reduction of the Executive’s duties, either of which results in a material diminution in the Executive’s position or responsibilities with the Company in effect immediately prior to such assignment, or the removal of the Executive from such position and responsibilities (other than a promotion or similar move to another position); 
(ii)    a material reduction by the Company in the Base Salary (as defined below) of the Executive as in effect immediately prior to such reduction;
(iii)    a material breach by the Company of a material provision of this Agreement.
3.    Dallas Relocation.  Executive shall relocate to Dallas, TX and Company shall provide relocation assistance in the form set forth in the Copart Relocation Policy and Relocation Repayment Agreement, a copy of which is attached hereto as Exhibit A.
4.    Compensation.
(a)    Base Salary.  For all services to be rendered by the Executive pursuant to this Agreement, the Company agrees to pay the Executive during the Employment Term a base salary (the “Base Salary”) at an annual rate of $300,000.  The Base Salary may be paid through the payroll of either Company or its subsidiary.  In either case, the Base Salary shall be paid in accordance with Company’s or the subsidiary’s regular payroll practices.  The Company agrees to review the Base Salary at least annually after the conclusion of the Company’s fiscal year and to make such adjustments therein as the Board may approve. 

3

(b)    Bonus.  Beginning with the Company’s 2015 fiscal year and for each fiscal year thereafter during the Employment Term, the Executive will be eligible to receive an annual bonus (the “Bonus”) based upon Executive’s contributions and performance, in the form of cash in an amount up to 100% of Base Salary for such fiscal year as determined by Senior Management, and approved by the Board or any authorized committee (the “Committee”).  Payment of an annual bonus shall be a discretionary decision of the Committee.  The Bonus, if any, will be paid as soon as practical following the determination by the Board or the Committee that the Bonus has been earned, but in no event after the fifteenth day of the third month of the Company’s fiscal year or the calendar year, whichever is later, following the date the Executive earns the Bonus and it is no longer subject to a substantial risk of forfeiture.  To be eligible to receive the Bonus, Executive must be employed by the Company on the day the Bonus is paid.
(c)    Equity Compensation.  Senior Management will recommend to the Company’s Board of Directors or one of its committees after commencement of Executive’s employment that Executive receive a grant of options to purchase with respect to 60,000 shares of Copart’s Common Stock. Any grant will be subject to the approval of the Board of Directors or its committee.  Any grant will be priced in accordance with Company’s equity incentive plan and Company’s policies governing equity awards. Beginning with the Company’s 2016 fiscal year and for each fiscal year thereafter during the Employment Term, Executive will be eligible to receive stock option grants for such fiscal year as approved by the Board or any authorized committee (the “Committee”).  Awards of option grants shall be a discretionary decision of the Committee.  
5.    Employee Benefits.  During the Employment Term, the Executive shall be entitled to participate in employee benefit plans or programs of Company, if any, to the extent that his position, tenure, salary, age, health and other qualifications make him eligible to participate, subject to the rules and regulations applicable thereto.  Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.  
6.    Vacation.  Executive will be entitled to paid vacation of three (3) weeks per year in accordance with the Company’s vacation policy, with the timing and duration of specific vacations mutually and reasonably agreed to by the parties hereto.
7.    Expenses.  The Executive shall be entitled to prompt reimbursement for all reasonable ordinary and necessary travel, entertainment, and other expenses incurred by the Executive while an employee of Company (in accordance with the policies and procedures established by Company for its senior executive officers) in the performance of his duties and responsibilities under this Agreement; provided, however, that the Executive shall properly and promptly account for such expenses in accordance with Company’s policies and procedures.  
8.    Other Activities.  The Executive shall devote substantially all of his working time and efforts during Company’s normal business hours to the business and affairs of Company and its subsidiaries and to the diligent and faithful performance of the duties and responsibilities duly assigned to him pursuant to this Agreement, except for vacations, holidays and sickness.  The Executive may, however, devote a reasonable amount of his time to civic, community, or charitable activities and, with the prior written approval of the Senior Management, to serve as a director of other corporations and to other types of business or public activities not expressly mentioned in this paragraph.

4

9.    Termination Benefits.  The Executive shall be entitled to receive severance and other benefits upon a termination of employment only as follows:
(a)    Severance.
(i)    Involuntary Termination.  If the Company terminates the Executive’s employment other than for Disability or Cause, or if the Executive terminates his employment for Good Reason, then, in lieu of any severance benefits to which the Executive may otherwise be entitled under any Company severance plan or program, if any, and subject to the remaining provisions of this Section 9, the Executive shall be entitled to a lump sum payment equal to fifty percent (50%) of the Executive’s then-current Base Salary, less applicable tax withholding. 
(ii)    Other Termination.  In the event the Executive’s employment terminates for any reason other than as described in Section 9(a)(i) above, including by reason of the Executive’s death or Disability, the Company’s termination of Executive for Cause, or Executive’s resignation other than for Good Reason, then the Executive shall be entitled to receive severance and any other benefits only as may then be established under the Company’s existing severance and benefit plans and policies at the time of such termination, if any.
(b)    Release of Claims Agreement.  The receipt of any severance payments or benefits pursuant to this Agreement is contingent upon Executive signing and not revoking a severance agreement and release of claims in a form reasonably acceptable to the Company (the “Release”), which must become effective no later than the 60th day following the Executive’s delivery of the Release (the “Release Deadline”), and if not, the Executive will forfeit any right to severance payments or benefits under this Agreement.  To become effective, the Release must be executed by the Executive and any revocation periods (as required by statute, regulation, or otherwise) must have expired without the Executive having revoked the Release.  In addition, no severance payments or benefits will be paid or provided until the Release actually becomes effective.  
(c)    Section 409A.
(i)    Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to the Executive, if any, pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”) will be paid or otherwise provided until the Executive has a “separation from service” within the meaning of Section 409A.  Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A
(ii)    Any severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as required by Section 8(c)(iii).  Except as required by Section 8(c)(iii), any installment payments that would have been made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining payments shall be made as provided in this Agreement.

5

(iii)    Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” (“Specified Employee”) within the meaning of Section 409A at the time of Executive’s termination, then any Deferred Payments, which are otherwise due to Executive on or within the six (6) month period following Executive’s termination will accrue during such six (6) month period and will become payable in a lump sum payment on the date six (6) months and one (1) day following the date of Executive’s separation from service or the date of the Executive’s death, if earlier.  All Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit.  Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Treasury Regulation Section 1.409A-2(b)(2).
(iv)    Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4) will not constitute Deferred Payments for purposes of clause (i) above.
(v)    Amounts paid under the Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii) that do not exceed the Section 409A Limit will not constitute Deferred Payments for purposes of clause (i) above.  For this purpose, “Section 409A Limit” means the lesser of two (2) times: (A) the Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the taxable year of the Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (B) the maximum amount that may be taken into account under a qualified plan pursuant to Code Section 401(a)(17) for the year in which Executive’s employment is terminated.
(vi)    The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply.  The Company and the Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.
(d)    No Duty to Mitigate.  The Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement (whether by seeking new employment or in any other manner).
10.    Protective Covenants.  Executive agrees that the covenants below (i) are reasonable and necessary for the protection of legitimate business interests of Company, (ii) are not against the public interest, and (iii) do not place a unreasonable burden upon the Executive’s ability to earn a living.
(a)    Definitions.  “Customer” means a person or entity with whom/which Executive has had Company business-related contact or about whom/which Executive has obtained knowledge through his employment with the Company.  A “Competing Business” is a person or entity that is in the business of auctioning, processing, or selling salvage vehicles, or auctioning used vehicles, or otherwise provides products or services that would displace the products or services of the Company.

6

(b)    Proprietary Information.  During the Employment Term and thereafter, the Executive shall not, without the prior written consent of the Board, disclose or use for any purpose (except in the course of his employment under this Agreement and in furtherance of the business of the Company or any of its affiliates or subsidiaries) any confidential information or proprietary data of the Company, including, without limitation, information regarding the Company’s computer and information technology systems (and the means and methods for securing such systems).  As an express condition of the Executive’s employment with the Company, the Executive agrees to execute a Confidentiality and Intellectual Property Assignment Agreement in the form attached hereto as Exhibit B, and any such additional confidentiality agreements as requested by the Company.  
(c)    Restriction on Interfering with Employee Relationships.  During the Employment Term and for twelve (12) complete calendar months thereafter, Executive will not, either directly or indirectly, (a) solicit, induce, or encourage any employee of the Company to leave the Company, or (b) help another person or entity to hire away an employee of the Company, unless otherwise expressly authorized in writing to do so by an authorized officer of the Company.   
(d)    Restriction on Interfering with Customer Relationships.  During the Employment Term and for twelve (12) complete calendar months thereafter, Executive will not, directly or indirectly, interfere with the relationship between the Company and a Customer.  It shall be considered a prohibited act of interference for Executive to participate in soliciting, encouraging, or inducing a Customer (a) to do business with a Competing Business, or (b) to stop or reduce doing business with the Company, except where such conduct is expressly authorized in writing by an authorized officer of the Company. The parties stipulate that this restriction is inherently limited to a reasonable geography or geographic substitute because it is limited to the place or location where the Customer is located at the time.
(e)    Restriction Against Unfair Competition.  Executive agrees that during the Employment Term and for a period of twelve (12) complete calendar months thereafter, Executive will not, directly or indirectly, as an employee, consultant, advisor, contractor, shareholder, director, partner, joint-venturer, or investor, assist in the management, administration, information technology, or related sales activities of any Competing Business within the United States.  The foregoing shall not be construed to prohibit passive investments such as mutual funds or ownership of less than 1% of a publicly-held company’s outstanding stock.   The parties stipulate that the geographic limitation used in this restriction is a reasonable given Executive’s high level duties for the Company, the Company’s nationwide business, and Executive’s in-depth knowledge of the Company’s Proprietary Information.  
11.    Right to Advice of Counsel.  The Executive acknowledges that he has had the opportunity to consult with counsel and is fully aware of his rights and obligations under this Agreement.
12.    Successors.  The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  Failure of the Company to obtain such assumption agreement prior to the effectiveness of any such succession shall entitle the Executive to the benefits described in Section 9(a)(i) of this Agreement, subject to the terms and conditions therein.

7

13.    Assignment.  This Agreement and all rights under this Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors and assigns.  This Agreement is personal in nature, and the Executive shall not, without the prior written consent of the Company, assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity.  If the Executive should die while any amounts are still payable to the Executive hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee, to the Executive’s estate.
14.    Absence of Conflict.  The Executive materially represents and warrants that his employment by the Company as described herein will not conflict with and will not be constrained by any prior employment or consulting agreement or relationship.
15.    Notices.  All notices, requests, demands and other communications called for hereunder shall be in writing and shall be deemed given (i) on the date of delivery, or, if earlier, (ii) one (1) day after being sent by a well-established commercial overnight service, or (iii) three (3) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:
If to the Executive:            Rama Prasad
If to the Company:            Copart, Inc.
14185 Dallas Parkway, Suite 300
Dallas, TX  75215
Attn:  General Counsel
or to such other address or the attention of such other person as the recipient party has previously furnished to the other party in writing in accordance with this paragraph.
16.    Waiver.  Failure or delay on the part of either party hereto to enforce any right, power, or privilege hereunder shall not be deemed to constitute a waiver thereof.  Additionally, a waiver by either party or a breach of any promise hereof by the other party shall not operate as or be construed to constitute a waiver of any subsequent waiver by such other party.
17.    Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

8

18.    Arbitration.
(a)    Arbitration.  In consideration of Executive’s employment with the Company,  the Company’s promise to arbitrate all employment-related disputes and Executive’s receipt of the compensation and other benefits paid to Executive by the Company, at present and in the future, Executive agrees that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from Executive’s employment with the Company or the termination of Executive’s employment with the Company, including any breach of this agreement, shall be subject to binding arbitration.  Disputes which Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury, include any statutory claims under State or Federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Texas Labor Code claims of harassment, discrimination or wrongful termination and any statutory claims, as well as and all disputes arising out of or relating to the interpretation or application of Section 18 of this Agreement, including the enforceability, revocability, or validity of this Section.  Executive and the Company agree that workers’ compensation claims (other than wrongful discharge claims), claims for unemployment, and disputes that are not subject to arbitration under the Dodd-Frank Wall Street Reform and Consumer Protection Act are excluded from arbitration under this agreement.  Executive further understands that this agreement to arbitrate also applies to any disputes that the Company may have with employee. 
(b)    Procedure.  The Federal Arbitration Act (“FAA”) applies to this Agreement.  Executive agrees that any arbitration will be administered by the American Arbitration Association (“AAA”) and that a neutral arbitrator will be selected in a manner consistent with its national rules for the resolution of employment disputes.  The arbitration proceedings will allow for discovery according to the rules set forth in the National Rules for the Resolution of Employment Disputes.  Executive agrees that the arbitrator shall have the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing.  Executive agrees that the arbitrator shall issue a written decision on the merits.  Executive also agrees that the arbitrator shall have the power to award any remedies, including attorneys’ fees and costs, available under applicable law.  Executive understands the Company will pay for any administrative or hearing fees charged by the arbitrator or AAA except that Executive shall pay the first $2,000.00 of any fees associated with any arbitration Executive initiates.  Any arbitration hereunder shall be conducted in Dallas, Texas.
(c)    Remedy.  Except as provided by Section 18(d) of this Agreement, arbitration shall be the sole, exclusive and final remedy for any dispute between Executive and the Company.  Accordingly, except as provided by the FAA, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration.  Notwithstanding any other provision of this Agreement, the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator shall not order or require the Company to adopt a policy not otherwise required by law which the Company has not adopted.  

9

(d)    Availability of Injunctive Relief.  Notwithstanding any other provision of this Agreement, either party may pursue in court injunctive, declaratory, and other relief incidental to the enforcement of any confidential information, non-disclosure, non-solicitation, and/or non-competition provisions contained in any agreement between the Company and Executive, including, without limitation, the provisions contained in Section 10 of this Agreement.  In the event either party seeks such relief, the prevailing party shall be entitled to recover reasonable costs and attorneys’ fees.
(e)    Administrative Relief.  Executive understands that this agreement does not prohibit Executive from pursuing an administrative claim with a local, state or federal administrative body such as the equal employment opportunity commission or the workers’ compensation commission.  This agreement does, however, preclude Executive from pursuing court action or remedies regarding any such claim.
19.    Voluntary Nature of Agreement.  Executive acknowledges and agrees that Executive is executing this agreement voluntarily and without any duress or undue influence by the Company or anyone else.  Executive further acknowledges and agrees that Executive has carefully read this agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences and binding effect of this agreement and fully understand it, including that Executive is waiving Executive’s right to a jury trial.  Finally, Executive agrees that he/she has been provided an opportunity to seek the advice of an attorney before signing this agreement.  
20.    Integration.  This Agreement, together with the Confidential Information Agreement represents, the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral.  No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in writing and signed by the Company.
21.    Headings.  The headings of the paragraphs contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of any provision of this Agreement.
22.    Applicable Law.  This Agreement shall be governed by and construed in accordance with the internal substantive laws, and not the choice of law rules, of the State of Texas.  The state and federal courts of Texas shall be the exclusive forum for any non-arbitral disputes arising between the parties to this Agreement.
23.    Cooperation.  Executive shall, without further remuneration, provide Executive’s reasonable cooperation in connection with any action or proceeding by a third party (or any appeal from any action or proceeding) that relates to events occurring during or relating to Executive’s employment hereunder.  If Executive’s cooperation is needed under this paragraph, the Company shall use reasonable best efforts to schedule Executive’s participation at a mutually convenient time, and shall reimburse Executive for reasonable travel and out-of–pocket expenses (following presentment of reasonable substantiation).  This provision shall survive any termination of this Agreement or Executive’s employment. 
24.    Counterparts.  This Agreement may be executed in one or more counterparts, none of which need contain the signature of more than one party hereto, and each of which shall be deemed to be an original, and all of which together shall constitute a single agreement.

10

25.    Tax Withholding.  All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.
26.    Acknowledgment.  Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement.

11

IN WITNESS WHEREOF, each of the parties has executed this Executive Officer Employment Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written.

COMPANY:

Copart, Inc.

By:  /s/ William E. Franklin                    Date:     July 8, 2014            
William E. Franklin
Executive Vice-President

EXECUTIVE:

By: /s/ Rama K. Prasad                    Date:     July 8, 2014            
Rama Prasad

12

Exhibit A

COPART RELOCATION POLICY AND RELOCATION REPAYMENT AGREEMENT

    

Manager Relocation Policy 

General Policy Guidelines
Prepared for Rama Prasad
July 8, 2014
                        
            
            

Copart reserves sole authority to interpret and change this policy, including determining eligibility for benefits and assistance.  This policy is not intended to create any promises or contractual rights of employment.  Employment with Copart is “at will”.  This policy is proprietary and confidential.         

    

Introduction
Congratulations on your decision to relocate!  We hope that your relocation will help advance your personal and professional growth.  While it is an exciting time, it can also be a very stressful time.  We at Copart (Copart) realize that your decision affects your entire family.  That’s why we’re going to assist you throughout the process.  
While we’re committed to helping you in any way possible, we’re asking that you share the responsibility for a cost-effective, successful move.  This simply means that you strictly adhere to the relocation policy and communicate and cooperate with those who are helping you throughout this process.
We believe the full service relocation option will help you maximize your relocation allowance and avoid unnecessary tax obligations while also freeing you from the hassles of moving cross-country.
We’ve contracted with Cornerstone Relocation Group to assist you throughout your relocation.  Cornerstone Relocation is a global relocation management and consulting company that has helped thousands of relocating families.  You will be assigned an experienced Relocation Counselor to provide guidance and to act as your advocate throughout your relocation.  Once your relocation is completed, Cornerstone will send you a survey inquiring about your experience with them.  Your candid feedback assists us with ongoing improvements to the program.  We appreciate your taking the time to complete the satisfaction survey.   
Eligibility
To be eligible for this relocation policy you must meet the following criteria:
		
	•
	You must be a regular, full-time, employee of Copart.

		
	•
	You have received a request from Copart to relocate.  Employee-initiated relocations are NOT eligible for relocation benefits.

		
	•
	Per IRS requirements, the distance between your former residence and your new job site must be at least 50 miles greater than the distance between your former residence and your former job site. 

		
	•
	You must be a full-time employee in the new location for at least 52 weeks in the 12-month period immediately following the date of relocation.

		
	•
	You must work through Cornerstone for all services including, temporary housing and transportation of your household goods. We recommend that you also work with their network of real estate agents for your home listing and home search. Cornerstone’s supplier network will provide you with professional relocation services and, at the same time, Copart will realize cost efficiencies by working with their recommended providers.

Relocation assistance is provided to you and your immediate family members who permanently reside with you and are relocating with you.  Please refer to your Relocation Allowance schedule for specific limitations.
Repayment Agreement
The costs that Copart will incur as a result of this move are extensive.  For this reason and to be sure we have your commitment to the new position, we require that you sign a Repayment Agreement, which stipulates that you will repay all of the costs should you voluntarily terminate employment or be terminated for misconduct with Copart within one year of the date your relocation is complete.  The Repayment Agreement must be signed and returned to Human Resources prior to implementing any relocation services.  For purposes of repayment, the relocation will be deemed “complete” once all expenses and invoices from suppliers are approved and paid by Cornerstone & Copart.
Policy Administration
Cornerstone Relocation Group will administer Copart’s relocation benefits.  A qualified Relocation Counselor will contact you to review all aspects of the benefits and help you to get the relocation started in a positive direction.  Your Cornerstone Relocation Counselor will serve as your advocate and “go to” person throughout the process. 

    

Relocation Expense Limits
The costs of the various policy benefits outlined in this document each have an overall spend limit as a guideline to help you manage your total relocation budget. Your relocation budget is provided to you in your offer letter from Copart.  For purposes of the relocation policy, any reference to “reimbursement”, “allowance”, or “payment” will be considered to be made against your overall Relocation Allowance cap.  Your Relocation Counselor will help you establish your initial relocation budget based upon the distance of your move and the size of your family.  Each policy element will have an overall cap amount, this is to ensure that you maximize the funds being provided to you for a smooth and efficient transition for you and your family, if applicable. If you feel like you need to reallocate dollars from one policy benefit to another because of the specific circumstances of your move, speak with your Relocation Counselor and they will discuss your options with you.
Your Responsibilities
Your cooperation throughout the process will help ensure that your move is handled with the least inconvenience as possible.  Specifically:
		
	•
	We recommend that you use pre-qualified brokers recommended by Cornerstone Relocation, who are trained and experienced in corporate relocation transactions.  They will recommend brokers for both selling your current home and purchasing a home in the destination location. You should retain receipts and other documentation to verify relocation expenses and to support payments made to you by Copart through Cornerstone.

		
	•
	Please comply with all timelines spelled out in this policy and in the instructions you receive from your Cornerstone Relocation Counselor.

		
	•
	Please prepare and submit expense reports in a timely manner.

		
	•
	Sign and return the Relocation Payback Agreement.

		
	•
	Provide feedback through the web-based survey you will receive at the end of your move.

Expense Reimbursement 
Most ordinary expenses involved in relocation are covered under this policy either by a direct payment to a supplier or through the reimbursement of relocation expense reports that you submit.  Because of potential tax implications, you must submit your out-of-pocket costs on a Relocation Expense Report form.  It is very important that the expenses on this report are strictly related to the relocation vs. other business expenses.  Your Cornerstone Relocation Counselor will provide you with instructions for completing these forms on-line and will also provide you with hard copy Relocation Expense Reports for your convenience.   It is also important that you retain records and submit receipts.  Whether you choose to submit your expenses on-line through Cornerstone’s password-protected website or via a paper expense report, you must submit original or scanned receipts to:
Copart Relocation Expense Administration
c/o Cornerstone Relocation Group
106 Allen Road
Basking Ridge, NJ  07920
Or your expenses can be completed and submitted online for faster service at www.crgglobal.com

    

Relocation Benefits at a Glance
	
		
	Copart has contracted with Cornerstone Relocation Group to administer employee relocation benefits.  Cornerstone will issue reimbursements and payments, and coordinate the services Copart has authorized.  After authorization, a Cornerstone Counselor will contact the employee to review the allowed benefits.  Transferring employees are required to speak with a Cornerstone Counselor PRIOR TO making any relocation plans or talking to real estate agents, either in the old or new location. 

	Eligibility
	Full-time Copart employees who are asked by Copart to relocate.

	Relocation Budget
	The total amount Copart has committed to spend on your relocation as identified in your Offer to Relocate.

	Home Marketing Assistance
	Home Marketing Assistance Program will facilitate the timely sale of your existing home

	Home Selling Costs
	Normal and customary one-time costs to sell your home will be reimbursed up to 8% of the sale price.

	Home Finding Trips
	Employee and eligible spouse/ significant other allowed up to 1 trip to the new location not to exceed 4 days/3 nights total, airfare or mileage, lodging, and meals (subject to daily maximums).

	Home Search and Purchase Assistance
	Home Search Assistance Program provides an efficient, coordinated process to locate a home in the new location. The closing costs to purchase a home will be reimbursed, including a loan origination fee capped at 2.5% of the purchase price.

	Lease Cancellation
	If you are bound by a lease that you must cancel to make the move, Copart will reimburse you for a cancellation penalty of up to one month of your rent payment.

	Temporary Living
	An allowance based upon 30 days of temporary lodging will be provided if the employee must move before the household members or hasn’t located a new residence yet.

	Household Goods Shipment 
	Covered costs include packing and moving household goods through van line, up to 2 automobiles, storage up to 30 days.

	Final Move Costs
	Covered costs include transportation, meals and lodging for the employee and household members (subject to daily maximums).

	Misc. Relocation Allowance
	An allowance will be paid to you based on your family size to cover moving related costs not covered in policy.

Departure Services
Home Marketing Assistance Program (Home Owners Only)
If you own a home and plan to sell it, Cornerstone will provide you with professional assistance on how to market your home to ensure optimum success.  Do not contact a Realtor® before talking to your Cornerstone Relocation Counselor.  Your Cornerstone Counselor will recommend a broker that is experienced in working on corporate relocation transactions and the specific requirements of these transactions.  Furthermore, recommended brokers will have a proven track record of market knowledge and sales success, as well as familiarity with Cornerstone’s service standards.  In addition to ensuring top-of-the-line service delivery to you, Cornerstone Relocation collects commissions from these brokers, which offsets and lowers the relocation costs for Copart.  
Cornerstone Relocation Group requires its brokers to meet the following standards:
		
	•
	Brokerage must have a Relocation Department or proven relocation-related experience.

		
	•
	Real Estate firm must have no interest (actual or contemplated) in Copart, departure property, or home to be purchased, including any business or family relationship with the owners of the properties.

		
	•
	Broker must have a proven track record in the selling community.  Cornerstone tracks list price to sales price ratio, number of current listings and number of recent sales.

Your Counselor will contact two qualified brokers in your area and ask them to complete a Broker’s Market Analysis (BMA) on your home, which will include suggested marketing tips, competing listing information and recent sales in the neighborhood.  Based on the data they gather and their knowledge of the marketplace, they will provide a most probable sales price range.  Your Cornerstone Counselor will review and analyze the market data contained in the BMA’s to help you formulate a competitive list price and marketing strategy to achieve the highest possible sales price within a reasonable timeframe.  If the recommended list price indicated by the BMA’s are not within 5% of each other, a third one will be ordered and the two closest will be used to formulate listing and marketing strategies.  You and your Cornerstone Counselor will work with the agent you select to list and market your home and identify potential buyers.  You will receive continuous feedback and updates on marketing activity throughout the process.  To assist with a successful sale, Copart recommends that you use an agent or broker who has been qualified by Cornerstone and present all offers to your Cornerstone Relocation Counselor for review.

    

Disclosure
Real estate transactions are governed by laws and regulations designed to protect the interests of both sellers and buyers.  Every home seller has certain duties and obligations to a buyer, including full disclosure of all pertinent information about the condition of the home and its surroundings.  In this regard, you can protect both yourself from potential litigation by the timely and thorough completion of all forms and documents pertaining to the condition of the property.  It is not the intent of Copart to relieve you of your duties and obligations including completing all necessary repairs and full disclosure.  You will be asked to complete property disclosure forms for the real estate agent and for Cornerstone.  You must complete and return these forms at the beginning of the listing period.
Home Sale Closing Costs and Agent Commission (Home Owners Only)
Once you have an offer on your home, your Relocation Consultant will assist you with the negotiation of the offer and will review your estimated closing costs to help you identify which costs will be covered by Copart. The total costs eligible for reimbursement are limited to 8% of the sale price (2% for non-recurring closing costs and 6% for the real estate agent commission) (Subject to Relocation Schedule Limits)
Lease Cancellation (Renters Only)
If you are currently bound by a lease agreement, your Cornerstone Relocation Counselor can provide assistance on how to terminate your lease and possibly avoid penalties. In most States the Lessee can advertise for a replacement tenant to take over the lease and as long as the tenant meets the landlord’s requirements, the lease can be cancelled without penalty. In addition your Counselor can provide documentation of your job change to assist in lease cancellation negotiations. If you are obligated to pay a lease cancellation penalty, Copart will reimburse for this penalty up to one month of your rent capped at $3,000. Payment of this penalty must be documented either with a receipt or letter from your landlord.

Destination Services
Home Finding Trip
Copart will reimburse expenses for you and your spouse/significant other for up one trip for a maximum of 4 days and 3 nights of expenses.  Covered expenses include:
		
	•
	Round trip economy air fare for you and your spouse/significant other (if the distance between your old and new locations is greater than 200 miles).

		
	•
	If the distance between your old and new locations is less than 200 miles, mileage will be paid based on the Copart current mileage reimbursement rate, plus tolls using the most direct route.

		
	•
	Lodging for 3 night’s total.

		
	•
	Local transportation (including mid-sized car rental, tolls, parking, etc.)

		
	•
	Meals up to $40 per day per person with receipts

		
	•
	Total reimbursement should not exceed $3,500.

New Home Search Assistance - Purchase or Rental
Home Purchase
If you want to purchase a home in the new location, your Relocation Counselor will help you with this process. Buying a home is a personal decision and while Copart is not reimbursing any of the costs to purchase a home, we are providing guidance and assistance through Cornerstone.
Your Cornerstone Relocation Counselor will first conduct a needs assessment and develop a preference profile including type of housing, commuting requirements, schools, amenities, lifestyle, etc.  Once the profile is developed, the Counselor will have a preapproved broker/agent contact you to begin the home search.  This representative will accompany you to preview specific homes and assist you in preparing an offer once you have found a home.  If your hiring manager or a fellow Copart employee refers you to a real estate agent, DO NOT CONTACT that agent until you speak with your Relocation Counselor. Employee referrals are strongly discouraged because of the potential for a conflict of interest.  
The agents/brokers recommended by Cornerstone’s Counselors are vetted and evaluated. This means that they are experts in assessing your housing preferences and are professional “Buyer Agents” trained and evaluated on representing your interests, not the interest of the seller who is ultimately paying their commission. This is an important distinction because if they are not a “buyer’s agent”, even if they show you the home, they are still representing the interests of the seller who is 

    

paying their commission and not looking out for your best interests.  In addition, Cornerstone’s agents are familiar with both the wide range of market areas that a relocating employee will consider, as well as the individual neighborhoods and micro-markets. Their expertise affords them the knowledge to refer you to locations where the availability of housing, price ranges and neighborhood amenities match your preferences.  
Your Cornerstone Counselor will be in regular contact with you and your agent throughout the home search process to provide assistance and advice in negotiating an offer, obtaining pre-qualification letters from our approved mortgage lenders and helping you and your agent manage the escrow and closing process.  If for any reason you are not satisfied with the agent(s) we have recommended, please call your Relocation Counselor and let him/her know.  We will quickly remedy the situation and get a replacement agent(s) for you to meet with and evaluate for your home finding needs.
Understanding that new home developments are available in the new location we need to caution you in the event you decide to purchase new construction. Buying a new home versus buying an existing property is a personal decision. It may lead to longer-than-expected interim housing needs, the costs for which will be your responsibility.  You may be encouraged by the builder to purchase the home without professional representation from a real estate professional. In most cases, community builders will work with an agent representing you, and we encourage you to utilize that agent so that your family and financial interests are represented in the transaction.
Closing Cost Reimbursement
If you decide to purchase a home in the new location through one of Cornerstone’s recommended agents, Copart will reimburse your one-time, non-recurring closing costs capped at 2.5% of the purchase price (Subject to Relocation Schedule Limits).  This includes up to 1% which may be used as a loan origination or discount fee.
Rental Assistance
If you wish to rent a home or apartment in the new location, your Relocation Counselor will refer you to rental resources and services in the new location to help you settle into a new home. In addition Cornerstone will provide professional rental assistance services to help you find a new rental home in your new location. Due to the competitive nature of many rental markets, we recommend you utilize the services made available for you so that you can locate and settle into a new home as quickly as possible.
Temporary Living Allowance
If it is necessary to begin work prior to moving, a Temporary Living Allowance of up to $3,000 will be provided for the employee to cover or offset the cost of interim housing for up to 30 days.  Expenses intended to be covered or offset by this allowance include:
		
	•
	Thirty (30) days’ lodging in furnished corporate housing with kitchen facilities (arranged through Cornerstone Relocation) or an extended stay hotel.

		
	•
	In moves over 500 miles, a mid-size car rental for up to seven (7) days while the employee’s car is transported to the new location will be provided.

		
	•
	If the distance between the old and new locations is less than 500 miles, personal auto mileage will be reimbursed.

Miscellaneous Relocation Allowance
You will incur some expenses that may not be specifically covered under this policy.  For this reason, the company will provide you with a Miscellaneous Relocation Allowance as calculated in the table below. This allowance should be used to cover things such as:
		
	•
	New auto registrations

		
	•
	Installation of new appliances

		
	•
	Pet transportation

		
	•
	Moving antiques or valuables that are not covered under transportation of household goods

		
	•
	Housecleaning

		
	•
	Security deposits for temporary living or rentals

The Miscellaneous Allowance will be paid when you begin working in the new location.

    

Allowance Calculation and Limits:
	
			
	Single Employee
	Employee with Family

	Home Owner:
	$6,000
	$7,500

	Renter:
	$4,500
	$6,000

Mortgage Assistance
If you decide to purchase a new home Cornerstone has agreements with several national lenders that have special programs, rates and underwriting processes for relocating employees. While you are under no obligation to use any of these companies, you may find their rates competitive and their processes and products conducive to corporate relocation situations.
Transportation of Your Household Goods
Your Cornerstone Relocation Counselor will help you with the arrangements for moving your household goods to the new location.  The Counselor will explain the process and put you in touch with a professional mover.  It is important that you or an adult family member arrange to be present to supervise the move and that you provide a telephone number where the moving company can reach you prior to your move date.  Copart will be billed directly from the carrier for the cost of shipping your household goods.  Copart does not reimburse tips to the movers, if you wish to tip the mover you may utilize your Miscellaneous Relocation Allowance.
Authorized Charges
The company will pay the following charges in connection with your professional move by an approved van line:
		
	•
	Charges for normal containers and standard packing of your household items.

		
	•
	Charges for transporting the household goods to the new location.

		
	•
	Normal appliance services, including wiring and plumbing modifications required within the house for disconnection and reconnection of appliances.

		
	•
	Storage (if necessary) for up to 30 days at the new location site.

		
	•
	Warehouse handling.

		
	•
	Delivery to the new home.  Weekend or holiday delivery will not be covered.

		
	•
	Unpacking of mattresses and box springs as well as five (5) carrier-packed cartons.

		
	•
	One (1) debris pickup.

The amount of household goods that can be shipped is limited to certain weight allowances (Your Cornerstone Relocation representative will assist you in setting a budget for the movement of household goods that works with your specific needs and Relocation Schedule Limits).  As a guideline,:
	
					
	 
	Employee Only
	Employee Plus One (1)
	Employee Plus 2 - 4
	Family Size >4

	Moving Cost Limit
	$8,000
	12,000
	$16,000
	$20,000

	(1) Family size must meet the requirements of legal dependents based on Copart company policies.

Copart will not pay for the following:
		
	•
	Exclusive use of the van, expedited service or extra drop off/pick up stops.

		
	•
	Housecleaning, maid, or debris removal service at either the old or new home.

		
	•
	Removal or installation of wall-to-wall carpeting, draperies and/or rods, electrical fixtures, water softeners, or similar items.

		
	•
	Packing or transportation of boats, trailers, airplanes, household pets, plants, building materials, wood, or any perishable item.

		
	•
	Disassembly or reassembly of children’s playhouses or swing sets, portable swimming pools, waterbeds, utility sheds, fencing, or items of similar nature.

Insuring Your Household Goods
Insurance will be provided on your shipment of household goods for up to $100,000.  High value items must be listed on a separate inventory form and are not covered by Copart.  The company cannot replace (nor will shippers generally agree to handle) high value items like securities, cash, art, heirlooms or precious jewelry.  We recommend you pack and transport these items yourself.

    

Automobile Shipping
Your automobiles will be handled by the same carrier who handles your household goods or, in some cases, a dedicated automobile carrier.  The company will pay the cost of moving up to two automobiles, provided the distance of your move is greater than 500 miles.  
If the distance of your move is less than 500 miles, you may ship one automobile and your mileage (at the current mileage reimbursement rate) for one vehicle will be reimbursed.  If you do not ship an automobile, mileage will be covered for up to two automobiles. Travel will be based on the most direct route.
Moving Day - (Enroute Expenses)
The company will reimburse you for actual travel and lodging expenses incurred for you, your spouse/significant other, and family members for your final move to the new location.  Expenses include:
		
	•
	Mileage based on the current IRS reimbursement rate and using the most direct route will be paid for up to two vehicles.

		
	•
	If you drive, you will be expected to drive at least 350 miles per day using the most direct route.

		
	•
	If you are shipping your automobiles, you will be reimbursed for airfare for all family members at the coach class rate for one-way tickets purchased seven days in advance.

		
	•
	Rental car until your automobiles are delivered.

		
	•
	Meals at the company approved rate.

		
	•
	Expenses should not exceed $2,000.

Tax Considerations
The current tax law and Internal Revenue Service (IRS) regulations require that we report as income all relocation expense reimbursements made to you, or paid on your behalf.  Therefore, the tax effects of relocation transactions can only be determined on an individual basis.  It is important that you talk to a tax professional to find out how certain kinds of assistance may affect your own tax situation.  Keep in mind that Copart will not reimburse tax preparation or tax counseling expenses.
All non-deductible relocation expenses that Copart pays on your behalf or directly to you are reported to the IRS as compensation, which will be included in your gross annual W2 income.  Therefore as each reimbursement is processed through Cornerstone, the estimates income taxes will be withheld from the reimbursement to comply with payroll reporting and timeliness of tax deposit requirements. The only exceptions are:
		
	•
	Expenses associated with the shipment of your household goods.

		
	•
	Storage costs up to 30 consecutive days after your household goods are removed from your former home and before they are delivered to your new home.  

		
	•
	The travel and lodging (not meals) for you and your family during the final move.

These costs are considered “excludable from income” and will not be shown on your W-2 form.
NOTE:  This includes expenses for the day you arrive.  You can include any lodging expenses you had in the area of your former home within one day after you could not live in your former home because your furniture had been moved.
Based on IRS and state requirements, Copart will include reimbursed relocation expenses on your W-2 form in the year in which they are paid.
You will be responsible for all local taxes applicable in either the departure or destination location.  Nothing in this policy should be construed as providing, directly or indirectly, Income Tax Advice.  For more information about moving expenses, we suggest that you obtain IRS Publication 521 “Moving Expenses” and that you retain the services of a professional tax advisor/preparer.

    

Copart’s tax provision for the various “relocation expense” items is outlined below.  
	
			
	Relocation Expense
	Tax Withholding Calculation

	House Hunting 
	Yes
	At statutory supplemental wage rate

	Home Sale Costs
	Yes
	At statutory supplemental wage rate

	Temporary Living
	Yes
	At statutory supplemental wage rate

	Home Purchase Costs
	Yes
	At statutory supplemental wage rate

	Final Move Meals
	Yes
	At statutory supplemental wage rate

	Miscellaneous Relocation Allowance
	Yes
	At statutory supplemental wage rate

	Final Move Lodging/Transportation
	No
	None - Not included in employee income

	Final Move Meals
	Yes
	At statutory supplemental wage rate

	Transportation of Household goods and first 30 days of storage
	No
	None - Not included in employee income

	Automobile shipment
	No
	None - Not included in employee income

    

Relocation Plan Election & Repayment Agreement

I, ____RAMA PRASAD_______________________________________________, hereby agree to the repayment terms outlined in the Copart Relocation Policy.  My signature also confirms that I have read, accept, and understand the attached policy guidelines.
SERVICES PROVIDED THROUGH CORNERSTONE RELOCATION SERVICES
RELOCATION BUDGET:    $100,000.00 (Gross)
Move to be completed by:  June 30, 2015

In consideration of payments made to me, or on my behalf to third-party vendors (i.e., shipment of household goods, corporate housing, etc.), I agree that if I voluntarily terminate my employment, or if my employment is terminated by Copart for cause, within the first twelve months (12) of the completion of my relocation, I will be liable to Copart for the repayment of all or a prorated amount including gross up (tax treatment).  I hereby agree to repay the relocation costs to Copart within thirty (30) days as of my effective termination date of employment.  If full repayment or repayment arrangements are not made within thirty (30) days of termination, Copart reserves the right to involve the services of a collection agency to recover the money owed.  I further understand that I am personally indebted to Copart for any amounts required to be repaid to Copart under the terms of this Agreement and that these amounts can be deducted from any compensation or payments due to me from Copart upon termination, including salary, bonuses, vacation, and/or other forms of compensation.  I understand and agree that this Relocation Repayment Agreement does not affect my status as an at-will employee and nothing contained in this policy is intended to imply a promise for continued employment.  

This Agreement supersedes any and all agreements either oral or written, between Employer/Manager and Employee.

Please mail or email this signed Relocation Repayment Agreement within 7 days of receipt directly to:   
Rory Seidens, Vice President Human Resources
Copart Inc
14185 Dallas Parkway #400
Dallas, TX 75254
            
Acknowledged and Agreed,

Rama Prasad                                                                           July 8, 2014                                                       
Employee Name (Print)                    Date

/s/ Rama K. Prasad                                                          
Employee Signature

    

Exhibit B
COPART CONFIDENTIALITY AND
INTELLECTUAL PROPERTY ASSIGNMENT AGREEMENT

    

COPART CONFIDENTIALITY AND 
INTELLECTUAL PROPERTY ASSIGNMENT AGREEMENT
1.    Confidential Information and Trade Secrets
a.    You agree that all non-public information communicated to you with respect to the business of Copart, Inc. and its subsidiaries and affiliated entities (collectively, “Copart”), including without limitation Copart’s business management information system and any other confidential or trade secret information (collectively “Confidential Information”) gained by you by reason of association or employment with Copart, whether or not that Confidential Information was directly, indirectly or unintentionally communicated, shall be treated by you as confidential and shall not be disclosed to anyone without Copart’s express authorization. “Confidential Information” includes, but is not limited to, all data, systems, compilations, programs, devices, strategies, concepts, ideas or methods, regardless of whether kept in a document, electronic storage medium, or in your memory, and any and all information concerning or related to:
(i)    Copart’s financial condition, results of operations, and amounts of compensation paid to officers and employees;
(ii)    marketing and sales programs of Copart and the terms and conditions (including prices) of sales and offers of sales for products and/or services by Copart along with information regarding Copart’s proposed products or designs, whether or not pursued by Copart; 
(iii)    the terms, conditions and current status of Copart’s agreements and relationships with any customers, suppliers or other entities;
(iv)    the identities and business preferences of Copart’s actual and prospective customers and/or suppliers or any employee or agent of Copart’s actual and prospective customers and/or suppliers with whom Copart communicates along with Copart’s practices and procedures for identifying prospective customers; 
(v)    the names and identities of any and all of Copart’s customers, including any and all customer lists or similar compilations;
(vi)    the manufacturing processes and techniques, regulatory approval strategies, computer programs, data, formulae, and compositions, service techniques and protocols, new product designs and other skills, ideas, and strategic plans possessed, developed, accumulated or acquired by Copart; 
(vii)    personnel information including the productivity and profitability (or lack thereof) of Copart’s employees, agents, or independent contractors;

    

(viii)    any communications between Copart, its officers, directors, shareholders or  employees, and/or any attorney retained by Copart for any purpose, or any person retained or employed by such attorney for the purpose of assisting such attorney in his or her representation of Copart; 
(ix)    the cost or overhead associated with the goods and services provided by Copart along with Copart’s pricing structure for its goods or services, including its margins, discounts, volume purchases, rebates, mark-ups and/or incentives; and
(x)    any other matter or thing, whether or not recorded on any medium or kept in your memory, (A) by which Copart derives actual or potential economic value from such matter or thing being not generally known to other persons or entities who might obtain economic value from its disclosure or use, or (B) which gives Copart an opportunity to obtain an advantage over its competitors who do not know or use the same.
b.    You promise and agree that, both during and after your employment relationship or association with Copart, you shall not use or disclose any Confidential Information to any other person, unless specifically authorized in writing by an officer of Copart to do so.  If an officer of Copart gives you written authorization to make any such disclosures or to use such information, you shall do so only within the limits and to the extent of that authorization.  If a time limit is required in order to make this restriction enforceable, then the restrictions on use or disclosure of Confidential Information will only apply for three (3) years after the end of your employment or association where information that does not qualify as a trade secret is concerned (the restrictions will apply to trade secret information for as long as the information remains qualified as a trade secret).
c.    You acknowledge and agree that the unauthorized use of or disclosure of any Confidential Information constitutes unfair competition for which Copart has no adequate remedy at law thereby making injunctive relief appropriate. 
d.    You agree that during your employment or association with Copart, you will not improperly use, disclose, or induce Copart to use any proprietary information or trade secrets of any former employer or other person or entity which you have an obligation to keep in confidence.  You further agree that you will not bring onto Copart’s premises or transfer onto Copart’s technology systems any unpublished document, proprietary information, or trade secrets belonging to any such third party unless disclosure to, and use by, Copart has been consented to in writing by such third party.    
e.    You acknowledge that Copart has received and will in the future receive confidential or proprietary information belonging to third parties (“Third Party Confidential Information”) subject to a duty on Copart’s part to maintain the confidentiality of such information and to use it only for certain limited purposes.  You hereby agree to hold all such Third Party Confidential Information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out your work for Copart consistent with Copart’s agreement with such third party.  You further agree to comply with any and all Copart policies and guidelines that may be adopted from time to time regarding Third Party Confidential Information.  
2.    Intellectual Property Assignment
a.    As between Copart and you, you agree that all right, title, and interest in and to any and all Company Inventions and Intellectual Property, as defined herein, are the sole property of Copart.  “Company Inventions and Intellectual Property” or “CIIP” refers to all inventions, works of authorship, 

    

copyright eligible works (such as materials, records, notes, drawings, and software), ideas, designs, developments, improvements, discoveries, and other intellectual property you develop, discover, or create (i) that relate to Copart’s business, or to any actual or demonstrably anticipated research, future work, or projects of Copart, whether or not conceived or developed alone or with others, and whether or not conceived or developed during regular working hours, or (ii) that result from any work you performed for Copart, performed on company time, or performed using Copart’s property, resources, or Confidential Information.  You hereby assign to Copart, without further consideration, your entire right, title, and interest (throughout the United States and in all foreign countries) free and clear of all liens and encumbrances in and to all such CIIP, which shall be the sole property of Copart, whether or not patentable.  You also agree to promptly make full written disclosure to Copart of any CIIP.   
b.    You hereby acknowledge and agree that all writings, ideas, information, and other works which may be copyrighted (including software and computer programs) which are related to the present or planned, or reasonably anticipated business of Copart and are prepared by you (solely or jointly with others) during your relationship with Copart shall be, to the extent permitted by law, deemed to be “works for hire” or the result of “works for hire,” as defined by U.S. copyright laws, with the copyright automatically vesting in Copart.  To the extent that such writings and works are not works for hire, you hereby waive any and all rights in such writings and works and hereby assign to Copart all of your present and future rights, title and interest, including copyright, in such writings and works. 
c.    Any assignment to Copart of CIIP includes all rights of attribution, paternity, integrity, modification, disclosure and withdrawal, and any other rights throughout the world that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the like (collectively, “Moral Rights”).  To the extent that Moral Rights cannot be assigned under applicable law, you hereby waive and agree not to enforce any and all Moral Rights, including, without limitation, any limitation on subsequent modification, to the extent permitted under applicable law.
d.    You agree to keep and maintain adequate, current, accurate, and authentic written records of all CIIP made by you (solely or jointly with others) during the term of your employment or association with Copart.  The records will be in the form of notes, sketches, drawings, electronic files, reports, or any other format that may be specified by Copart.  As between Copart and you, the records are and will be available to and remain the sole property of Copart at all times.
e.    You further agree to reasonably cooperate with Copart, both during and after employment or association with Copart, in obtaining and enforcing patents, copyrights, trademarks, and other protections of Copart’s rights in and to all CIIP.  Without limiting the generality of the foregoing, you shall, at any time during or after employment or association with Copart, at Copart’s request, execute all papers, render all assistance, and perform all lawful acts which Copart considers necessary or advisable for the preparation, filing, prosecution, issuance, procurement, maintenance or enforcement of patents, trademarks, copyrights and other protections, and any applications for any of the foregoing, of the United States or any foreign country for any CIIP and for the transfer of any interest you may have therein.  You shall execute any and all papers and documents required to vest title in Copart or its nominee in any CIIP.  If Copart is unable because of your mental or physical incapacity or for any reason to secure your signature to apply for or pursue any application for any United States or foreign patent,  copyright or other registration covering CIIP, then you hereby irrevocably designate and appoint Copart and its duly authorized officers and agents as your agent and attorney in fact, to act for and on your behalf to do all lawfully permitted acts to further the prosecution and issuance of such registrations with the same legal force and effect as if executed by you. 

    

f.    Attached hereto as Schedule A is a list describing all inventions, original works of authorship, developments, improvements and trade secrets that were made by you prior to your employment with Copart, that relate to Copart’s proposed business, products or research and development, and are owned in whole or in part by you (“Prior Inventions”); or, if no such list is attached or if Schedule A is unsigned, you represent that there are no such Prior Inventions.  You agree that you will not incorporate, or permit to be incorporated, any Prior Invention into any Copart product, process or service without Copart’s prior written consent.  Nevertheless, if, in the course of your employment with Copart, you incorporate into an Copart product, process or service a Prior Invention, you hereby grant to Copart a nonexclusive, royalty-free, fully paid-up, irrevocable, perpetual, transferable, sublicensable, worldwide license to reproduce, make derivative works of, distribute, perform, display, import, make, have made, modify, use, sell, offer to sell, and exploit in any other way such Prior Invention as part of or in connection with such product, process or service, and to practice any method related thereto.
g.    Some state laws may not allow the assignment of certain inventions under this Agreement, including certain inventions that you develop entirely on your own time without using Copart’s equipment, supplies, facilities, trade secret information or Confidential Information (an “Other Invention”).  You agree to advise Copart promptly in writing of any invention that you believe constitutes an Other Invention and is not otherwise disclosed on Schedule A.  You agree that you will not incorporate, or permit to be incorporated, any Other Invention owned by you or in which you have an interest into a Copart product, process or service without Copart’s prior written consent.  Notwithstanding the foregoing sentence, if, in the course of your employment with Copart, you incorporate into a Copart product, process or service an Other Invention owned by you or in which you have an interest, you hereby grant to Copart a nonexclusive, royalty-free, fully paid-up, irrevocable, perpetual, transferable, sublicensable, worldwide license to reproduce, make derivative works of, distribute, perform, display, import, make, have made, modify, use, sell, offer to sell, and exploit in any other way such Other Invention as part of or in connection with such product, process or service, and to practice any method related thereto.
3.    Conflicting Obligations
You hereby represent and warrant that you have no other agreements, relationships, or commitments to any other person or entity that conflict with the provisions of this Agreement, your obligations to Copart under this Agreement, or your ability to perform the services for which you are being retained by Copart.  You further agree that if you have signed a confidentiality agreement or similar type of agreement with any former employer or other entity, you will comply with the terms of any such agreement to the extent that its terms are lawful under applicable law.  You represent and warrant that after undertaking a careful search (including searches of your computers, cell phones, electronic devices, and documents), you have returned all property and confidential information belonging to all prior employers (and/or other third parties you have performed services for in accordance with the terms of your applicable agreement).  

4.    Return of Company Materials
Following the end of your employment or association with Copart or at any time upon demand from Copart, you will immediately deliver to Copart, and will not keep in your possession, recreate, or deliver to anyone else, any and all Copart property, including, but not limited to, Confidential Information, Third Party Confidential Information, all devices and equipment belonging to Copart 

    

(including computers, handheld electronic devices, telephone equipment, and other electronic devices), all tangible embodiments of the CIIP, all electronically stored information and passwords to access such property, Copart credit cards, records, data, notes, notebooks, reports, files, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, photographs, charts, any other documents and property, and reproductions of any of the foregoing items, including, without limitation, those records maintained pursuant to Section 2(e).   You also hereby consent to an exit interview (at Copart’s election) to confirm your compliance with this Section 4.

5.    Miscellaneous
a.    The laws of the State of Texas (without regard to Texas’s conflict of law rules), as well as any and all applicable federal law, including U.S. copyright laws, shall apply to this Agreement.  You hereby expressly consent to the personal and exclusive jurisdiction and venue of the state and federal courts located in Dallas County, Texas, for any lawsuit arising out of this Agreement.
b.    This Agreement will be binding upon your heirs, executors, assigns, administrators, and other legal representatives, and will be for the benefit of Copart, its successors, and its assigns.  There are no intended third-party beneficiaries to this Agreement, except as may be expressly otherwise stated.  Notwithstanding anything to the contrary herein, Copart may assign this Agreement and its rights and obligations under this Agreement to any successor to all or substantially all of Copart’s relevant assets, whether by merger, consolidation, reorganization, reincorporation, sale of assets or stock, or otherwise, without the need for further consent by you.  
c.    This Agreement, together with Schedule A, sets forth the entire agreement and understanding between the Company and you with respect to the subject matters contained herein and supersedes all prior written and oral agreements, discussions, or representations between us regarding these subject matters.
d.    If a court or other body of competent jurisdiction finds, or the parties mutually believe, any provision of this Agreement, or portion thereof, to be invalid or unenforceable, such provision will be enforced to the maximum extent permissible so as to effect the intent of the parties, and the remainder of this Agreement will continue in full force and effect.
e.    No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in a writing signed by the President or CEO of Copart and you.  Waiver by Copart of a breach of any provision of this Agreement will not operate as a waiver of any other or subsequent breach.
f.    The rights and obligations of the parties to this Agreement will survive termination of your employment or association with Copart.

Acknowledged and agreed:

                                                                                                                                                                          
Signature                            Date

                                                                                   
Name of Employee/Consultant (printed)

    

Schedule A
LIST OF PRIOR INVENTIONS
If you have Prior Inventions, please list them in the space below.  If you do not have any Prior Inventions or you would like to include additional Prior Inventions on separate pages, check the appropriate box at the bottom of the page.

	
					
	Title
	 
	Date
	 
	Identifying Number or Brief Description

Check the following as applicable:
	
		
	 
	All of my Prior Inventions are listed above

	 
	 

	 
	I have no Prior Inventions

	 
	 

	 
	I have attached additional sheets describing my Prior Inventions

Signature of Employee:                                                          
Type or Print Name of Employee:                                      
Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}]]