Document:

EX-10.3

 Exhibit 10.3 
 Execution Version 
 ADMINISTRATION AGREEMENT 

among 
 NISSAN
AUTO RECEIVABLES 2012-B OWNER TRUST 
 as Issuer 
 NISSAN MOTOR ACCEPTANCE CORPORATION, 
 as Administrator 

Citibank, N.A., 

as Indenture Trustee 
 and 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Owner Trustee 

Dated as of August 8, 2012 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 1.
	  	DUTIES OF THE ADMINISTRATOR	  	 	2	  
	 2.
	  	RECORDS	  	 	7	  
	 3.
	  	COMPENSATION	  	 	7	  
	 4.
	  	ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER	  	 	7	  
	 5.
	  	INDEPENDENCE OF THE ADMINISTRATOR	  	 	7	  
	 6.
	  	NO JOINT VENTURE	  	 	7	  
	 7.
	  	OTHER ACTIVITIES OF ADMINISTRATOR	  	 	8	  
	 8.
	  	TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR	  	 	8	  
	 9.
	  	ACTION UPON TERMINATION, RESIGNATION OR REMOVAL	  	 	9	  
	 10.
	  	NOTICES	  	 	9	  
	 11.
	  	AMENDMENTS	  	 	10	  
	 12.
	  	SUCCESSOR AND ASSIGNS	  	 	10	  
	 13.
	  	GOVERNING LAW	  	 	11	  
	 14.
	  	NO PETITION	  	 	11	  
	 15.
	  	HEADINGS	  	 	11	  
	 16.
	  	COUNTERPARTS	  	 	11	  
	 17.
	  	SEVERABILITY OF PROVISIONS	  	 	11	  
	 18.
	  	NOT APPLICABLE TO NMAC IN OTHER CAPACITIES	  	 	11	  
	 19.
	  	LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE	  	 	11	  
	 20.
	  	USAGE OF TERMS	  	 	12	  

  

					
		  	-i-	  	(Nissan 2012-B Administration Agreement)

 This ADMINISTRATION AGREEMENT, dated as of August 8, 2012 (as amended, supplemented or
otherwise modified and in effect from time to time, this “Agreement”), among NISSAN AUTO RECEIVABLES 2012-B OWNER TRUST, a Delaware statutory trust (the “Issuer”), NISSAN MOTOR ACCEPTANCE CORPORATION, a California
corporation, as administrator (the “Administrator”), and CITIBANK, N.A., a national banking association, not in its individual capacity but solely as Indenture Trustee (as defined below), and WILMINGTON TRUST, NATIONAL ASSOCIATION,
a national banking association with trust powers, not in its individual capacity but solely as Owner Trustee (as defined below). 

W I T N E S S E T H: 
 WHEREAS, beneficial ownership interests in the Issuer represented by the Nissan Auto Receivables 2012-B Owner Trust Asset Backed Certificates (the “Certificates”) have been issued in
connection with the formation of the Issuer pursuant to the Amended and Restated Trust Agreement, dated as of August 8, 2012 (the “Trust Agreement”), between Nissan Auto Receivables Corporation II (“NARC II”),
a Delaware corporation, as depositor, and Wilmington Trust, National Association, as owner trustee (the “Owner Trustee”); 
 WHEREAS, the Issuer is issuing the Nissan Auto Receivables 2012-B Owner Trust 0.26311% Asset Backed Notes, Class A-1, the Nissan Auto Receivables 2012-B Owner Trust 0.39% Asset Backed Notes,
Class A-2, the Nissan Auto Receivables 2012-B Owner Trust 0.46% Asset Backed Notes, Class A-3, and the Nissan Auto Receivables 2012-B Owner Trust 0.66% Asset Backed Notes, Class A-4 (collectively, the “Notes”)
pursuant to the Indenture, dated as of August 8, 2012, (as amended and supplemented from time to time, the “Indenture”), between the Issuer and Citibank, N.A., as indenture trustee (the “Indenture Trustee”);
capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Indenture, the Trust Agreement or the Sale and Servicing Agreement, dated as of August 8, 2012, among the Issuer, Nissan Motor Acceptance
Corporation (“NMAC”), as servicer, and NARC II, as seller (the “Sale and Servicing Agreement”), as the case may be; 
 WHEREAS, the Issuer and other parties have entered into certain agreements in connection with the issuance of the Certificates and the Notes, including the Purchase Agreement, dated as of August 8,
2012 (the “Purchase Agreement”), between NMAC, as seller, and NARC II, as purchaser, the Trust Agreement, the Indenture, this Agreement, the Note Depository Agreement and the Sale and Servicing Agreement (collectively, the
“Basic Documents”); 
 WHEREAS, pursuant to the Basic Documents, the Issuer is required to perform certain
duties in connection with the Certificates, the Notes and the Collateral; 
 WHEREAS, the Issuer desires to appoint NMAC as
administrator to perform certain of the duties of the Issuer under the Basic Documents and to provide such additional services consistent with the terms of this Agreement and the Basic Documents as the Issuer may from time to time request; and

 WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services
for the Issuer on the terms set forth herein. 

  

					
		  		  	(Nissan 2012-B Administration Agreement)

 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
  

	 	1.	DUTIES OF THE ADMINISTRATOR. 

  

	 	(a)	Duties with respect to the Note Depository Agreement and the Indenture. 

(i) The Administrator agrees to perform all its duties as Administrator under the Basic Documents and the duties of the
Issuer under the Note Depository Agreement and the Indenture. In addition, the Administrator shall consult with the Owner Trustee regarding the duties of the Issuer under the Indenture and the Note Depository Agreement. The Administrator shall
monitor the performance of the Issuer and shall advise the Owner Trustee when action by the Issuer or the Owner Trustee is necessary to comply with the Issuer’s duties under the Indenture and the Note Depository Agreement. The Administrator
shall prepare for execution by the Issuer or shall cause the preparation by other appropriate persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver
pursuant to the Indenture and the Note Depository Agreement. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuer to take pursuant to the Indenture, including, without limitation, such
of the foregoing as are required with respect to the following matters under the Indenture (references are to sections of the Indenture): 
 (A) preparing or obtaining the documents and instruments required for the proper authentication of Notes and delivering the same to the Indenture Trustee (Section 2.02); 

(B) appointing the Note Registrar and giving the Indenture Trustee notice of any appointment of a new Note Registrar and
the location, or change in location, of the Note Register (Section 2.04); 
 (C) preparing, obtaining and/or
filing of all instruments, opinions and certificates and other documents required for the release of Collateral (Section 2.09); 
 (D) maintaining an office in the Borough of Manhattan, City of New York, for the registration of transfer or exchange of Notes (Section 3.02); 

(E) causing newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the instrument specified in the
Indenture regarding funds held in trust (Section 3.03); 
 (F) directing the Indenture Trustee to deposit moneys
with Paying Agents, if any, other than the Indenture Trustee (Section 3.03); 

  

					
		  	2	  	(Nissan 2012-B Administration Agreement)

 (G) obtaining and preserving or causing the Owner Trustee to obtain and
preserve the Issuer’s qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Collateral and each other instrument and
agreement included in the Trust Estate (Section 3.04); 
 (H) preparing all supplements, amendments, financing
statements, continuation statements, instruments of further assurance and other instruments, in accordance with Section 3.05 of the Indenture, necessary to protect the Trust Estate (Sections 3.05 and 3.07(c)); 

(I) furnishing the required Opinions of Counsel, in accordance with Sections 3.06 and 8.06 of the Indenture, and
delivering the annual Officer’s Certificates and certain other statements as to compliance with the Indenture, in accordance with Section 3.09 of the Indenture (Sections 3.06, 3.09 and 8.06); 

(J) identifying to the Indenture Trustee in an Officer’s Certificate any Person with whom the Issuer has contracted
to perform its duties under the Indenture (Section 3.07); 
 (K) notifying the Indenture Trustee and the Rating
Agencies of any Servicer Default pursuant to the Sale and Servicing Agreement and, if such Servicer Default arises from the failure of the Servicer to perform any of its duties under the Sale and Servicing Agreement, taking all reasonable steps
available to remedy such failure (Section 3.07(d)); 
 (L) preparing and obtaining documents and instruments
required in connection with the consolidation, merger or transfer of assets of the Issuer (Section 3.10); 
 (M)
delivering notice to the Indenture Trustee of each Event of Default and each other default by the Servicer or the Seller under the Sale and Servicing Agreement (Section 3.18); 

(N) monitoring the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the preparation of
an Officer’s Certificate and obtaining the Opinion of Counsel and the Independent Certificate (as defined in the Indenture) related thereto (Section 4.01); 

(O) preparing and mailing the notification of the Indenture Trustee and the Noteholders with respect to special payment
dates, if any (Section 5.04(d)); 
 (P) preparing any Officer’s Certificates and obtaining any Opinions of
Counsel and Independent Certificates necessary for the release of the Trust Estate (Section 8.04); 

  

					
		  	3	  	(Nissan 2012-B Administration Agreement)

 (Q) preparing Issuer Orders and obtaining Opinions of Counsel with respect
to the execution of any supplemental indentures, and mailing notices to the Noteholders with respect thereto (Sections 9.01, 9.02 and 9.03); 
 (R) executing and delivering new Notes conforming to the provisions of any supplemental indenture, as appropriate (Section 9.06); 

(S) preparing all Officer’s Certificates, Opinions of Counsel and Independent Certificates with respect to any
requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section 11.01(a)); 

(T) preparing and delivering Officer’s Certificates and obtaining Independent Certificates, if necessary, for the
release of property or securities from the lien of the Indenture (Section 11.01(c)); 
 (U) preparing and
delivering to the Noteholders and the Indenture Trustee any agreements with respect to alternate payment and notice provisions (Section 11.06); and 
 (V) recording the Indenture, if applicable (Section 11.14). 
 (ii)
The Administrator shall also: 
 (A) pay the Indenture Trustee and the Owner Trustee from time to time the
reasonable compensation provided for in the Indenture and the Trust Agreement, respectively; 
 (B) reimburse
the Indenture Trustee and the Owner Trustee for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee or the Owner Trustee to the extent the Indenture Trustee or the Owner Trustee is entitled to such
reimbursement pursuant to Section 6.07 of the Indenture or Sections 8.01 and 8.02 of the Trust Agreement, as applicable; and 
 (C) indemnify the Indenture Trustee and the Owner Trustee and the other Indemnified Parties for, and hold each harmless against, any losses, liability or expense to the extent the Indenture Trustee or the
Owner Trustee or the other Indemnified Parties are entitled to such indemnification pursuant to the Indenture or the Trust Agreement, as applicable. 
  

	 	(b)	Additional Duties. 

 (i) In addition to the duties of the Administrator set forth above, the Administrator shall perform such calculations, and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the
preparation by 

  

					
		  	4	  	(Nissan 2012-B Administration Agreement)

 
other appropriate persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver
pursuant to the Basic Documents (other than any notice required to be delivered by the Owner Trustee pursuant to Sections 3.07, 6.03(e) and 10.04 of the Trust Agreement), and at the request of the Owner Trustee shall take all appropriate action that
it is the duty of the Issuer or the Owner Trustee to take pursuant to the Basic Documents. Subject to Section 5 of this Agreement, and in accordance with the reasonable written directions of the Owner Trustee, the Administrator shall
administer, perform or supervise the performance of such other activities in connection with the Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and
are reasonably within the capability of the Administrator. 
 (ii) Notwithstanding anything in this Agreement or
the Basic Documents to the contrary, the Administrator shall be responsible for promptly notifying the Owner Trustee in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to a Certificateholder as
contemplated in Section 5.02(c) of the Trust Agreement. Any such notice shall specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to such provision. 

(iii) Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the Administrator shall be
responsible for performance of the duties of the Administrator set forth in Section 5.04(a), (b), (c), (d), (e) and (f) of the Trust Agreement with respect to, among other things, accounting and reports to the Certificateholders;
provided, however, that the Owner Trustee shall remain exclusively responsible for the mailing of the Schedule K-1s necessary to enable each Certificateholder to prepare its federal and state income tax returns. 

(iv) If any Certificateholder is not the Administrator or any of its Affiliates, the Administrator may satisfy its
obligations with respect to clauses (ii) and (iii) above and under the Trust Agreement by retaining, at the expense of the Administrator, a firm of independent public accountants (the “Accountants”) which shall perform the
obligations of the Administrator thereunder. 
 In connection with paragraph (ii) above, if any
Certificateholder is not the Administrator or any of its Affiliates, then the Administrator will cause the Accountants to provide, prior to December 1 of each year, a letter in form and substance satisfactory to the Owner Trustee as to whether
any tax withholding is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements of the Code. The Accountants shall be required to update the letter in each instance that any additional tax
withholding is subsequently required or any previously required tax withholding shall no longer be required. 

  

					
		  	5	  	(Nissan 2012-B Administration Agreement)

 (v) The Administrator shall perform the duties of the Administrator
specified in Section 10.02 and Section 10.03 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Administrator
under the Trust Agreement. 
 (vi) The Administrator shall perform all duties and obligations applicable to or
required of the Issuer set forth in Appendix A to the Sale and Servicing Agreement in accordance with the terms and conditions thereof. 
 (vii) The Administrator shall obtain on behalf of the Trust, at its own expense, all licenses required to be held by the Trust under the laws of any jurisdiction in connection with ownership of the
Receivables, and shall make all filings and pay all fees as may be required in connection therewith during the term hereof. 
 (viii) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions with or otherwise deal with any of its Affiliates; provided,
however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no less favorable to the Issuer than would be available from
unaffiliated parties. 
  

	 	(c)	Non-Ministerial Matters. 

 (i) With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless within a reasonable time before the taking of such
action the Administrator shall have notified the Owner Trustee of the proposed action and the Owner Trustee shall not have withheld consent thereto or provided an alternative direction. For the purpose of the preceding sentence,
“non-ministerial matters” shall include, without limitation: 
 (A) the amendment of the Indenture or
execution of any supplement to the Indenture; 
 (B) the initiation of any claim or lawsuit by the Issuer and
the compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection with the collection of the Receivables); 
 (C) the amendment, change or modification of any of the Basic Documents; 
 (D) the appointment of successor Note Registrars or successor Paying Agents pursuant to the Indenture or the appointment of successor Administrators, or the consent to the assignment by the Note
Registrar, Paying Agent or Indenture Trustee of its obligations, in each case under the Indenture; and 

  

					
		  	6	  	(Nissan 2012-B Administration Agreement)

 (E) the removal of the Indenture Trustee. 

(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall
not (x) make any payments to the Noteholders under the Basic Documents, (y) sell the Trust Estate pursuant to Section 5.04 of the Indenture or (z) take any other action that the Issuer directs the Administrator not to take on its
behalf. 
  

	 	(d)	Notices to Rating Agencies. The Administrator will deliver to each Rating Agency notice (which notice shall be deemed to be delivered if delivered in accordance
with Section 10) of the occurrence of (i) any event of default for which it has been provided notice pursuant to Section 3.18 of the Indenture; (ii) any merger or consolidation of the Indenture Trustee pursuant to
Section 6.09 of the Indenture; (iii) any supplemental indenture pursuant to Section 9.01 and Section 9.02 of the Indenture; (iv) any merger or consolidation of the Owner Trustee pursuant to Section 10.04 of the Trust
Agreement; (v) any amendment to the Trust Agreement pursuant to Section 11.01 of the Trust Agreement; (vi) any Servicer Default for which it has been provided notice pursuant to Section 8.01 of the Sale and Servicing Agreement;
and (vii) any termination of, or appointment of a successor to, the Servicer for which it has been provided notice pursuant to Section 8.04 of the Sale and Servicing Agreement. 

2. RECORDS. The Administrator shall maintain appropriate books of account and records relating to services performed hereunder,
which books of account and records shall be accessible for inspection by the Issuer, the Owner Trustee and the Indenture Trustee at any time during normal business hours upon reasonable advance written notice. 

3. COMPENSATION. As compensation for the performance of the Administrator’s obligations under this Agreement and as
reimbursement for its expenses related thereto, the Administrator shall be entitled to a monthly payment of compensation in an amount to be agreed to between the Administrator and the Servicer, which shall be solely an obligation of the Servicer.

 4. ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER. The Administrator shall furnish to the Issuer from time to
time such additional information regarding the Collateral as the Issuer shall reasonably request. 
 5. INDEPENDENCE OF THE
ADMINISTRATOR. For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer, the Owner Trustee or the Indenture Trustee with respect to the manner in which it
accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer hereunder or otherwise, the Administrator shall have no authority to act for or represent the Issuer, the Owner Trustee or the Indenture Trustee,
and shall not otherwise be or be deemed an agent of the Issuer, the Owner Trustee or the Indenture Trustee. 
 6. NO JOINT
VENTURE. Nothing contained in this Agreement shall (i) constitute the Administrator and any of the Issuer, the Owner Trustee or the Indenture Trustee as members 

  

					
		  	7	  	(Nissan 2012-B Administration Agreement)

 
of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) be construed to impose any liability as such on any of them or (iii) be
deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
 7. OTHER ACTIVITIES OF ADMINISTRATOR. Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its or their sole discretion, from acting as an
administrator for any other person or entity, or in a similar capacity therefor, even though such person or entity may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee. 

8. TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR. 

 

	 	(a)	This Agreement shall continue in force until the termination of the Issuer, upon which event this Agreement shall automatically terminate. 

 

	 	(b)	Subject to Sections 8(e) and 8(f), the Administrator may resign by providing the Issuer with at least 30 days’ prior written notice.

  

	 	(c)	Subject to Sections 8(e) and 8(f), the Issuer may remove the Administrator without cause by providing the Administrator at least 30 days’ prior
written notice. 

  

	 	(d)	Subject to Sections 8(e) and 8(f), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice of termination from
the Issuer to the Administrator if any of the following events shall occur: 

 (i) the
Administrator shall fail to perform in any material respect any of its duties under this Agreement and, after notice of such default, shall not cure such default within 10 days (or, if such default cannot be cured in such time, shall not give within
such 10 days such assurance of timely and complete cure as shall be reasonably satisfactory to the Issuer); or 

(ii) an Insolvency Event shall occur with respect to the Administrator. 

The Administrator agrees that if the event specified in clause (ii) of this Section shall occur, it shall give
written notice thereof to the Issuer, the Owner Trustee and the Indenture Trustee within seven days after the occurrence of such event. 
  

	 	(e)	No resignation or removal of the Administrator pursuant to this Section shall be effective until (i) a successor Administrator shall have been appointed by the
Issuer and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement on substantially the same terms as the Administrator is bound hereunder. 

 

	 	(f)	 The appointment of any successor Administrator shall be effective only after the

  

					
		  	8	  	(Nissan 2012-B Administration Agreement)

	 	
Rating Agency Condition with respect to such appointment shall have been satisfied. Promptly after the appointment of any successor Administrator, the successor Administrator shall provide notice
of such appointment to each Rating Agency. 

  

	 	(g)	Subject to Section 8(e) and 8(f), the Administrator acknowledges that upon the appointment of a Successor Servicer pursuant to the Sale and Servicing
Agreement, the Administrator shall immediately resign and such Successor Servicer shall automatically succeed to the rights, duties and obligations of the Administrator under this Agreement. 

9. ACTION UPON TERMINATION, RESIGNATION OR REMOVAL. Promptly upon the effective date of termination of this Agreement pursuant to
Section 8(a) or the resignation or removal of the Administrator pursuant to Section 8(b) or 8(c) or 8(d), the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the
date of such termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant to Section 8(a) deliver to or to the order of the Issuer all property and documents of or relating to the Collateral then
in the custody of the Administrator. In the event of the resignation or removal of the Administrator pursuant to Section 8(b) or 8(c) or 8(d), the Administrator shall cooperate with the Issuer and take all reasonable steps
requested to assist the Issuer in making an orderly transfer of the duties of the Administrator. 
 10. NOTICES. Any
notice, report or other communication given hereunder shall be in writing and addressed as follows: 
  

	 	(a)	if to the Issuer or the Owner Trustee, to: 

 Nissan Auto Receivables 2012-B Owner Trust 
 In care of: Wilmington Trust, National
Association 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, DE 19890 

Attention: Nissan Auto Receivables 2012-B Owner Trust 
 with a copy to: 
 Nissan Auto Receivables 2012-B Owner Trust

 In care of: Nissan Motor Acceptance Corporation 

One Nissan Way 
 Franklin, TN 37067 
 Attention: Treasurer 

 

	 	(b)	if to the Administrator, to: 

 Nissan Motor Acceptance Corporation 
 One Nissan Way 

Franklin, TN 37067 
 Attention: Treasurer 

  

					
		  	9	  	(Nissan 2012-B Administration Agreement)

	 	(c)	if to the Indenture Trustee, to: 

 Citibank, N.A. 
 388 Greenwich Street, 14th Floor 

New York, NY 10013 
 Attention: Agency & Trust – NAROT 2012-B 
 or to such other address as any party
shall have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed given if such notice is mailed by certified mail, postage prepaid, or hand delivered to the address of such party as provided above.

 All notices, requests, reports, consents or other communications deliverable to any Rating Agency hereunder or under any
other Basic Document shall be deemed to be delivered if a copy of such notice, request, report, consent or other communication has been posted on any website maintained by or on behalf of NMAC pursuant to a commitment to any Rating Agency relating
to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 
 11. AMENDMENTS. This Agreement may be amended from time to
time by a written amendment duly executed and delivered by the Issuer, the Administrator, and the Indenture Trustee, with the consent of the Owner Trustee but without the consent of any Noteholder or Certificateholder, for the purpose of adding any
provisions to or modifying or changing in any manner or eliminating any of the provisions of this Agreement; provided that either (a) such amendment will not, as evidenced by an Officer’s Certificate of the Administrator, materially
and adversely affect any Noteholder or (b) the Rating Agency Condition has been satisfied with respect to such amendment. This Agreement may also be amended from time to time by the Issuer, the Administrator, and the Indenture Trustee with the
consent of the Owner Trustee and (i) the holders of Notes evidencing a majority of the Outstanding Amount of the Notes, voting as a single class; or (ii) in the case of any amendment that does not adversely affect the Indenture Trustee,
the Noteholders (as evidenced by an Officer’s Certificate of the Servicer and an outside Opinion of Counsel indicating that such amendment will not adversely affect the Indenture Trustee or the Noteholders), the holders of the Certificates
evidencing a majority of the outstanding Certificate Balance of the Certificates, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights
of those Noteholders or Certificateholders which are not covered by the immediately preceding sentence. 
 12. SUCCESSOR AND
ASSIGNS. This Agreement may not be assigned by the Administrator unless such assignment is consented to in writing by the Issuer, the Owner Trustee and the Indenture Trustee, and the conditions precedent to appointment of a successor
Administrator set forth in Section 8 are satisfied. An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder.
Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer, the Owner Trustee and the Indenture Trustee to a corporation or other organization that is a successor (by merger, consolidation or
purchase of assets) to the Administrator, provided that such successor organization executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an 

  

					
		  	10	  	(Nissan 2012-B Administration Agreement)

 
agreement in which such corporation or other organization agrees to be bound hereunder by the terms of said assignment in the same manner as the Administrator is bound hereunder. Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties hereto. 
 13. GOVERNING LAW.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions (other than Section 5-1401 of the General Obligations Law of the State of New York), and
the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 
 14. NO
PETITION. Notwithstanding any prior termination of this Agreement, the Administrator shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise
invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer. 

15. HEADINGS. The section headings hereof have been inserted for convenience of reference only and shall not be construed to
affect the meaning, construction or effect of this Agreement. 
 16. COUNTERPARTS. This Agreement may be executed in
counterparts, each of which when so executed shall together constitute but one and the same agreement. 
 17. SEVERABILITY OF
PROVISIONS. If any one or more of the agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid or unenforceable in any jurisdiction, then such agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or the other rights of the parties hereto. 

18. NOT APPLICABLE TO NMAC IN OTHER CAPACITIES. Nothing in this Agreement shall affect any obligation, right or benefit NMAC may
have in any other capacity or under any Basic Document. 
 19. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE
TRUSTEE. Notwithstanding anything contained herein to the contrary, this instrument has been countersigned by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and
Citibank, N.A., not in its individual capacity but solely in its capacity as Indenture Trustee under the Indenture and in no event shall Wilmington Trust, National Association in its individual capacity, Citibank, N.A., in its individual capacity,
or any Certificateholder have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which
recourse shall be had solely to the assets of the Issuer. Additionally, the Indenture Trustee in its capacity hereunder shall be 

  

					
		  	11	  	(Nissan 2012-B Administration Agreement)

 
afforded the same indemnities, protections, rights, powers and immunities set forth in the Indenture as if such indemnities, protections, rights, powers and immunities were specifically set forth
herein. 
 20. USAGE OF TERMS. With respect to all terms in this Agreement, the singular includes the plural and the
plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their
permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including without limitation;” and the
term “or” is not exclusive. 
 [Signature Page Follows] 

  

					
		  	12	  	(Nissan 2012-B Administration Agreement)

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
as of the day and year first above written. 
  

					
	NISSAN AUTO RECEIVABLES 2012-B OWNER TRUST
		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustees
			
		 	By:	 	/s/ Dorri Costello
		 	Name:	 	Dorri Costello
		 	Title:	 	Assistant Vice President

  

			
	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
		
	By:	 	/s/ Kristen Driscoll
	Name:	 	Kristen Driscoll
	Title:	 	Vice President

  

			
	NISSAN MOTOR ACCEPTANCE CORPORATION, as Administrator
		
	By:	 	/s/ Mark Kaczynski
	Name:	 	Mark Kaczynski
	Title:	 	President

  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	/s/ Dorri Costello
	Name:	 	Dorri Costello
	Title:	 	Assistant Vice President

  

					
		  	S-1	  	(Nissan 2012-B Administration Agreement)Purchase and Sale Agreement dated as of May 31, 2012

 EXHIBIT 10.39 
 EXECUTION COPY 
 PURCHASE AND SALE AGREEMENT 

BY AND AMONG 
 BROADRIDGE FINANCIAL SOLUTIONS, INC., 
 BROADRIDGE SECURITIES PROCESSING
SOLUTIONS, INC. 
 And 
 APEX CLEARING HOLDINGS LLC 
 Dated as of May 31, 2012

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		 	ARTICLE I	  			
			
		 	DEFINITIONS	  			
			
	 SECTION 1.1
	 	 DEFINITIONS OF CERTAIN DEFINED TERMS
	  	 	2	  
	 SECTION 1.2
	 	 INTERPRETATION
	  	 	7	  
			
		 	ARTICLE II	  			
			
		 	PURCHASE AND SALE OF SHARES	  			
			
	 SECTION 2.1
	 	 PURCHASE AND SALE OF SHARES
	  	 	7	  
	 SECTION 2.2
	 	 PURCHASE PRICE
	  	 	8	  
	 SECTION 2.3
	 	 CLOSING
	  	 	8	  
			
		 	ARTICLE III	  			
			
		 	REPRESENTATIONS AND WARRANTIES OF TRANSFEROR	  			
			
	 SECTION 3.1
	 	 REPRESENTATIONS AND WARRANTIES OF TRANSFEROR
	  	 	8	  
			
		 	ARTICLE IV	  			
			
		 	REPRESENTATIONS AND WARRANTIES OF TRANSFEREE	  			
			
	 SECTION 4.1
	 	 REPRESENTATIONS AND WARRANTIES OF TRANSFEREE
	  	 	16	  
			
		 	ARTICLE V	  			
			
		 	COVENANTS OF THE PARTIES	  			
			
	 SECTION 5.1
	 	 TRANSFEREE’S COVENANTS
	  	 	18	  
	 SECTION 5.2
	 	 EFFECT OF INVESTIGATIONS
	  	 	18	  
	 SECTION 5.3
	 	 TRANSFEROR’S COVENANTS
	  	 	18	  
	 SECTION 5.4
	 	 TAXES
	  	 	19	  
	 SECTION 5.5
	 	 PURSUIT OF CLAIM BY TRANSFEROR
	  	 	21	  
	 SECTION 5.6
	 	 TRANSFER OF EXCLUDED COMPANY ASSETS AND LIABILITIES TO TRANSFEROR
	  	 	21	  
	 SECTION 5.7
	 	 PRESS RELEASES, ETC.
	  	 	22	  
	 SECTION 5.8
	 	 EXPENSES INCIDENT TO THIS AGREEMENT
	  	 	22	  
	 SECTION 5.9
	 	 CONFIDENTIALITY
	  	 	22	  
			
		 	ARTICLE VI	  			
			
		 	CONDITIONS PRECEDENT TO THE CLOSING	  			
			
	 SECTION 6.1
	 	 CONDITIONS TO EACH PARTY’S OBLIGATIONS
	  	 	23	  

  
 -i-

							
	 	 	 	  	Page	 
	 SECTION 6.2
	 	 CONDITIONS TO TRANSFEREE’S OBLIGATIONS
	  	 	23	  
	 SECTION 6.3
	 	 CONDITIONS TO TRANSFEROR’S OBLIGATIONS
	  	 	25	  
			
		 	ARTICLE VII	  			
			
		 	TERMINATION	  			
			
	 SECTION 7.1
	 	 TERMINATION
	  	 	26	  
	 SECTION 7.2
	 	 EFFECT OF TERMINATION
	  	 	26	  
			
		 	ARTICLE VIII	  			
			
		 	INDEMNIFICATION	  			
			
	 SECTION 8.1
	 	 INDEMNIFICATION BY TRANSFEROR
	  	 	26	  
	 SECTION 8.2
	 	 INDEMNIFICATION BY TRANSFEREE
	  	 	28	  
	 SECTION 8.3
	 	 SURVIVAL
	  	 	28	  
	 SECTION 8.4
	 	 THIRD PARTY CLAIMS
	  	 	29	  
	 SECTION 8.5
	 	 TREATMENT OF MATERIALITY
	  	 	30	  
	 SECTION 8.6
	 	 WAIVER OF RIGHTS TO SUBROGATION
	  	 	30	  
	 SECTION 8.7
	 	 INVESTIGATION
	  	 	30	  
	 SECTION 8.8
	 	 CALCULATION OF LOSSES
	  	 	30	  
	 SECTION 8.9
	 	 LIMITATION ON LOSSES
	  	 	30	  
	 SECTION 8.10
	 	 SETOFF
	  	 	31	  
	 SECTION 8.11
	 	 NON-THIRD PARTY CLAIMS
	  	 	31	  
	 SECTION 8.12
	 	 LIMITATIONS ON REMEDIES
	  	 	31	  
			
		 	ARTICLE IX	  			
			
		 	MISCELLANEOUS	  			
			
	 SECTION 9.1
	 	 WAIVERS
	  	 	31	  
	 SECTION 9.2
	 	 MODIFICATIONS
	  	 	31	  
	 SECTION 9.3
	 	 GOVERNING LAW
	  	 	32	  
	 SECTION 9.4
	 	 NOTICES
	  	 	32	  
	 SECTION 9.5
	 	 ENTIRE UNDERSTANDING; NO THIRD PARTY BENEFICIARIES
	  	 	33	  
	 SECTION 9.6
	 	 ASSIGNABILITY
	  	 	33	  
	 SECTION 9.7
	 	 SEVERABILITY
	  	 	33	  
	 SECTION 9.8
	 	 SPECIFIC PERFORMANCE AND INJUNCTIVE RELIEF
	  	 	33	  
	 SECTION 9.9
	 	 COUNTERPARTS
	  	 	34	  

 LIST OF SCHEDULES 
 Transferor Disclosure Schedules 
 Schedule A - Excluded Company Assets and Liabilities

 Schedule B - Retained Company Assets and Liabilities 
 Schedule C - Litigation; Regulatory Action 
 Schedule D - Governmental Approvals 

  
 -ii-

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is dated as of May 31, 2012, by and among Apex Clearing
Holdings LLC, a Delaware limited liability company (“Transferee”), Broadridge Securities Processing Solutions, Inc., a Delaware corporation (“BSPS”) and Broadridge Financial Solutions, Inc., a Delaware corporation
(“Broadridge” and, together with BSPS the “Transferor”). Capitalized terms used in this Agreement and not otherwise defined have the meanings specified in Section 1.1. 

W I T N E S S E T H : 

WHEREAS, BSPS, a wholly owned subsidiary of Broadridge, owns all of the issued and outstanding shares of the capital stock, par value
$0.10 per share (the “Shares”) of Ridge Clearing & Outsourcing Solutions, Inc. (formerly named ADP Clearing & Outsourcing Services, Inc.), a New York corporation (the “Company”); 

WHEREAS, the Company is a member of FINRA and a broker-dealer registered with Securities and Exchange Commission (the
“SEC”); 
 WHEREAS, Transferee intends to acquire the correspondent clearing business of Penson Financial
Services, Inc. (“PFSI”), which is engaged in the Correspondent Clearing Services (the “PFSI Acquisition”); 
 WHEREAS, in order to facilitate the PFSI Acquisition, the Company will be transferred to Transferee pursuant to this Agreement, and subsequently thereto, the Company will effectively function as a vehicle
for Transferee, through which Transferee will engage in the PFSI Acquisition and subsequently to the completion of the PFSI Acquisition, operate the correspondent clearing business of PFSI and provide the Corresponding Clearing Services that are
provided by PFSI; 
 WHEREAS, immediately prior to the Closing, Transferor will transfer out of the Company and to Transferor
(the “Pre-Transaction Transfers”), certain assets, liabilities and related ongoing business of the Company (including, but not limited to operations support and outsourcing business and Excluded Company Assets and Liabilities listed
on Schedule A to the Transferor Disclosure Schedule) and such assets, liabilities and related ongoing business will not be included in the transactions contemplated by this Agreement; 

WHEREAS, for the avoidance of doubt, Transferor does not intend to transfer any of its ongoing business in connection with the
transactions contemplated by this Agreement; and 
 WHEREAS, Transferor desires to sell to Transferee and Transferee desires to
purchase from Transferor, on the terms, and subject to the conditions, set forth in this Agreement, the Shares, exclusive of certain Company assets and liabilities as further defined in this Agreement; 

 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
herein contained and other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties do hereby covenant and agree as follows: 
 ARTICLE I 
 DEFINITIONS 

SECTION 1.1 Definitions of Certain Defined Terms. Capitalized terms used in this Agreement and not otherwise defined herein shall
have the meanings set forth below. 
 “Accountant” has the meaning ascribed thereto in
Section 5.4(e)(i). 
 “Affiliate” of a Person means a Person that directly or indirectly, through
one or more intermediaries, controls, is controlled by, or is under common control with, the first Person. As used in this definition, the term “control” (including the terms “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to (i) vote twenty-five percent (25%) or more of the outstanding voting securities of such Person or (ii) otherwise direct the management
policies of such Person by contract or otherwise. For the avoidance of doubt, (i) Mountain and its Affiliates will be deemed Affiliates of Transferee for purposes of this Agreement and (ii) after the Closing, the Company shall be deemed an
Affiliate of Transferee and not an Affiliate of Transferor. 
 “Agreement” has the meaning ascribed thereto in
the Preamble. 
 “Applicable Law” means, for any Person at any time of determination, any constitution,
statute, by-law, federal, state, foreign or local law (including the common law and equity), ordinance, rule, regulation or administrative interpretation or any judgment, decree, governmental permit, license, certificate of authority, order or
approval of a Governmental Authority to which such Person or any of its properties is subject at such time. 
 “Basic
Liability Cap” has the meaning ascribed thereto in Section 8.1(b). 
 “Basic Transferee
Representations” has the meaning ascribed thereto in Section 8.2(c). 
 “Basic Transferor
Representations” has the meaning ascribed thereto in Section 8.1(c). 
 “Broadridge” has
the meaning ascribed thereto in the Preamble. 
 “Broadridge Master Services Agreement” means that certain
letter agreement between Transferee and Broadridge in the form attached hereto as Exhibit A. 
 “Broadridge
Release” means that certain Termination and Mutual Release Agreement in the form attached hereto as Exhibit B. 

“BSPS” has the meaning ascribed thereto in the Preamble. 

“Business” means any business and related operations relating to Customer accounts remaining in the Company after giving
effect to the Pre-Transaction Transfers. 
 “Business Day” means any day, other than a Saturday, Sunday or a
day on which the New York Stock Exchange is not scheduled to be open for trading. 
 “Closing” has the meaning
ascribed thereto in Section 2.3. 
 “Closing Date” has the meaning ascribed thereto in
Section 2.3. 

  
 -2-

 “Code” means the Internal Revenue Code of 1986, as the same may be amended
from time to time, and any successor to such code. 
 “Company” has the meaning ascribed thereto in the
Recitals. 
 “Company’s Knowledge,” “Knowledge of the Company” and similar formulations
mean that one or more of the officers of the Company have actual knowledge of the fact or other matter at issue. 

“Common Stock” has the meaning ascribed thereto in Section 3.1(d)(i). 

“Confidential Information” means all information, matter or thing of a secret, confidential or private nature which is
either (x) marked by the disclosing party as “Confidential,” or (y) with respect to which the nature of such information, matter or thing or the circumstances of its disclosure would lead to a reasonable conclusion that such
information, matter or thing is confidential to the disclosing party. 
 “Consent” means any consent, approval,
authorization, waiver, permit, grant, franchise, concession, agreement, license, exemption or order. 

“Contract” means, with respect to any Person, any agreement, indenture, debt instrument, contract, lease or other
commitment, whether oral or written, to which such Person or any of its Subsidiaries is a party, or by which any of them is bound or to which any of their properties is subject. 

“Correspondent Clearing Services” means any services that involve (i) international securities clearing and
execution, (ii) international securities transaction settlement services, and (iii) customer account maintenance and related data processing services. 
 “Covered Person” has the meaning ascribed thereto in Section 3.1(q). 
 “Customers” means, collectively, as of any date, the customers with an account, which is held by the Company. 
 “Deductible” has the meaning ascribed thereto in Section 8.1(b). 
 “Dollars” or “$” means the lawful currency of the United States of America. 
 “Exchange Act” means the Securities Exchange Act of 1934, as the same may be amended from time to time, and any successor to such act. 

“Excluded Company Assets and Liabilities” has the meaning ascribed thereto in Section 5.6. 

“Financial Statements” has the meaning ascribed thereto in Section 3.1(k)(i). 

“FINRA” means the Financial Industry Regulatory Authority and any successor Self-Regulatory Organization. 

“GAAP” means United States generally accepted accounting principles. 

“Governmental Approval” means a Consent of, with or to a Governmental Authority or Self-Regulatory Organization
(including the expiration of any waiting or other time period required to pass before such Consent may be assumed or relied on). 

  
 -3-

 “Governmental Authority” means any domestic or foreign governmental or
regulatory authority, Self-Regulatory Organization, state, department, board, instrumentality, agency, court, tribunal, arbitrator or mediator, commission or other entity. 
 “Indebtedness” means, as applied to any Person, all indebtedness of such Person for borrowed money, whether current or funded, or secured or unsecured, excluding current trade payables
incurred in the ordinary course of business, but including, (i) all obligations of that Person evidenced by bonds, debentures, notes, or other similar instruments or debt securities; (ii) all indebtedness of that Person secured by a
purchase money mortgage or other Lien to secure all or part of the purchase price of the property subject to such Lien; (iii) all obligations under leases that shall have been or must be, in accordance with GAAP, recorded as capital leases in
respect of which such Person is liable as lessee; (iv) any liability of that Person in respect of banker’s acceptances or letters of credit; and (v) all indebtedness referred to above which is directly or indirectly guaranteed by that
Person or which that Person has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of which it has otherwise assured a creditor against loss. 
 “Indemnified Party” means any Transferee Indemnified Person or Transferor Indemnified Person. 
 “Indemnifying Party” has the meaning ascribed thereto in Section 8.4(a). 
 “IRS” means the Internal Revenue Service. 
 “Legal
Proceedings” means any legal, administrative, arbitral, or other proceedings, suits, actions, claims, investigations, complaints or hearings by or before a Governmental Authority or Self-Regulatory Organization. 

“Licenses” means licenses, franchises and permits. 

“Liability” means, with respect to any Person, any liability or obligation of such Person whether known or unknown,
whether asserted or unasserted, whether determined, determinable or otherwise, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, whether directly incurred or consequential, whether due or to become due
and whether or not required under GAAP to be accrued on the financial statements of such Person. 
 “Lien”
means any restriction, lien, claim, charge, pledge, encumbrance, mortgage, deed of trust or security interest, right of first refusal, option, warrant, pre-emption right, call right, put right or similar right, in each case of any kind or nature
whatsoever. 
 “Loss” means any and all claims, losses, Liabilities, costs, Taxes, penalties, fines and
expenses (including reasonable attorneys’, accountants’, consultants’ and experts’ fees and expenses), damages, obligations to third parties, expenditures (including costs of collection incurred in the enforcement of rights under
this Agreement), proceedings, judgments, awards or demands that are imposed upon or otherwise incurred or suffered by the relevant party. 
 “Material Adverse Effect” means, with respect to a Person, any event, fact, condition, change, development or effect that (a) is, or could reasonably be expected to be, materially
adverse to the business, assets, condition (financial or otherwise), prospects, results of operations or properties of such Person or (b) would prevent or materially delay the consummation of the transactions contemplated by the Transaction
Documents. A Material Adverse Effect with respect to a Person shall include, but shall not be limited to, any material adverse change in the Person’s regulatory standing; provided that in no

  
 -4-

 
event shall any of the following, alone or in combination, be deemed to constitute, nor shall any of the following be taken into account in determining whether there has been, or could be, a
Material Adverse Effect: (i) changes in the economy, financial markets or political system (provided such changes do not disproportionately affect such Person as compared to other Persons in such Person’s industry, which, in the case of
Transferor, shall be the broker dealer industry), (ii) general changes to the industry or regulatory framework governing the industry in which such Person’s business operates (provided such changes do not disproportionately affect such
Person as compared to other Persons in such Person’s industry, which, in the case of Transferor, shall be the broker dealer industry), (iii) acts of war, terrorism or natural disaster, or (iv) transfers of the Excluded Company Assets
and Liabilities to Transferor and steps taken in contemplation thereof. 
 “Most Recent Balance Sheet Date” has
the meaning ascribed thereto in Section 3.1(k)(i). 
 “Most Recent Financial Statement” has the
meaning ascribed thereto in Section 3.1(k)(i). 
 “Mountain” means PEAK6 Investments, L.P.

 “Net Capital” means the net capital of the Company based on the Company’s books and records, calculated
by Transferor and Transferee in accordance with Rule 15c3-1 under the Exchange Act and agreed to by Transferor and Transferee one (1) Business Day prior to the Closing Date. 

“Organizational Documents” means, with respect to a Person, the articles or certificate of incorporation and bylaws or
articles or certificate of formation and limited liability company agreement (or other constituent documents) of such Person. 

“Outsourcing Business” means the business of providing outsourced operations support to broker-dealers, which business,
as of the date hereof, has approximately 17 customers. 
 “PATRIOT Act” means the USA PATRIOT Act, formerly
known as the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder. 

“Person” means any individual, partnership (general or limited), corporation, limited liability company, limited
liability partnership, association, trust, joint venture, unincorporated organization, or similar entity, any government, governmental department or agency or political subdivision thereof. 

“PFSI” has the meaning ascribed thereto in the Recitals. 

“PFSI Acquisition” has the meaning ascribed thereto in the Recitals. 

“Pre-Transaction Transfers” has the meaning ascribed thereto in the Recitals. 

“Purchase Price” has the meaning ascribed thereto in Section 2.2. 

“Purchase Price Allocation” has the meaning ascribed thereto in Section 5.4(e)(i). 

“Regulatory Reports” has the meaning ascribed thereto in Section 3.1(b). 

“Retained Company Assets and Liabilities” means only the assets and liabilities set forth on Schedule B of the
Transferor Disclosure Schedule. 
 “SEC” has the meaning ascribed thereto in the Recitals. 

  
 -5-

 “Section 338(h)(10) Election” has the meaning ascribed thereto in
Section 5.4(e)(i). 
 “Self-Regulatory Organization” means FINRA and any other commission, board,
agency or body that is not a Governmental Authority but is charged with the supervision or regulation of broker-dealers or investment advisers, or, with respect to Transferor, to the jurisdiction of which Transferor is otherwise subject. 

“Shares” has the meaning ascribed thereto in the Recitals. 

“Straddle Period” means any taxable period that includes (but does not end on) the Closing Date. 

“Tax” or “Taxes” means all federal, state, local or foreign taxes or other governmental charges, fees,
custom, duties, levies and assessments of whatever kind or nature, including all federal, state, local or foreign income, gross receipts, capital gains, capital stock, social security, escheat, unemployment, payroll, stamp, withholding, alternative
or add-on minimum, value added, windfall profits, severance, property, production, sales, use, license, excise, franchise, employment, premium, recording, documentary, transfer, back-up withholding or similar taxes, together with any interest,
additions, or penalties with respect thereto and any interest in respect of such additions or penalties. 
 “Tax
Returns” means any report, return, declaration or other information required to be supplied to any taxing authority in connection with Taxes (including any attached schedules), including, without limitation, any information return, claim
for refund, amended return and declaration of estimated Tax. 
 “Third Party Claim” has the meaning ascribed
thereto in Section 8.4(a). 
 “Transaction Documents” means this Agreement, the Broadridge Master
Services Agreement, the Transition Services Agreement and the Broadridge Release. 
 “Transferee” has the
meaning ascribed thereto in the Preamble. 
 “Transferee Disclosure Schedule” has the meaning ascribed thereto
in Section 4.1. 
 “Transferee Indemnified Person” has the meaning ascribed thereto in
Section 8.1(a). 
 “Transferee Liability Cap” has the meaning ascribed thereto in
Section 8.2(b). 
 “Transferor” has the meaning ascribed thereto in the Preamble. 

“Transferor Disclosure Schedule” has the meaning ascribed thereto in Section 3.1. 

“Transferor Indemnified Person” has the meaning ascribed thereto in Section 8.2(a). 

“Transition Services Agreement” means the Transition Services Agreement in the form attached hereto as Exhibit C.

 “Treasury Regulations” means the regulations issued as of the date hereof and from time to time by the
United States Department of the Treasury relating to matters arising under the Code. 

  
 -6-

 SECTION 1.2 Interpretation. 

(a) As used in this Agreement, references to the following terms will have the meanings indicated: 

(i) To the Preamble or to the Recitals, Sections, Exhibits or Schedules are to the Preamble or a Recital or Section of, or
Exhibit or Schedule to, this Agreement unless otherwise indicated. 
 (ii) To any agreement (including this
Agreement), contract, statute or regulation are to the agreement, contract, statute or regulation as amended, modified, supplemented or replaced from time to time, and any section of any statute or regulation are to any successor to the section.

 (b) Whenever this Agreement requires a party to take an action, the requirement constitutes an undertaking by the party to
cause its Subsidiaries, and to use its commercially reasonable efforts to cause its other Affiliates, to take appropriate action in connection therewith. 
 (c) The Table of Contents of this Agreement and various headings contained herein are for reference purposes only and do not limit or otherwise affect any of the provisions of this Agreement. 

(d) Whenever the words “include,” “includes” or “including” are used in this
Agreement, they will be deemed to be followed by the words “without limitation.” Any singular term in this Agreement will be deemed to include the plural, and any plural term the singular. All pronouns and variations thereof will be
deemed to refer to the feminine, masculine or neuter, singular or plural, as the identity of the Person referred to may require. 
 (e) It is the intention of the parties that every covenant, term and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or against any party, it being
understood and agreed that the parties to this Agreement are sophisticated and have had adequate opportunity and means to retain counsel to represent their respective interests and to otherwise negotiate the terms and provisions of this Agreement.
Accordingly, the parties hereby waive, to the fullest extent permitted by Applicable Law, the benefit of any Applicable Law that would require that in cases of uncertainty, the language of a contract should be strictly construed against, or most
strongly construed against, the party who drafted such language. 
 (f) All references in this Agreement to amounts of money or
amounts to be paid by any Person to any other Person shall mean such amounts in United States dollars, unless otherwise indicated. 
 ARTICLE II 
 PURCHASE AND SALE OF SHARES 

SECTION 2.1 Purchase and Sale of Shares. Subject to the terms and conditions set forth herein, at the Closing, Transferor shall
sell, assign, transfer, convey and deliver to Transferee, and Transferee shall buy from Transferor, the Shares free and clear of all Liens in exchange for the Purchase Price specified in Section 2.2. 

  
 -7-

 SECTION 2.2 Purchase Price. The aggregate purchase price for the Shares shall be
equal to the Net Capital of the Company (the “Purchase Price”); provided, however, that the Purchase Price shall not exceed $500,000. 
 SECTION 2.3 Closing. The closing of transaction contemplated in Section 2.1 (“Closing”) shall take place at the offices of Sidley Austin LLP, One South Dearborn,
Chicago, Illinois, at a mutually satisfactory date and time, subject to the prior satisfaction or waiver of the conditions set forth in Article VI, no later than 9:30 a.m. New York time on June 1, 2012 in accordance with the terms of this
Agreement or at such other time and place as Transferee and Transferor mutually agree (“Closing Date”). 
 (a) At the Closing, Transferor shall deliver to Transferee: 
 (i)
stock certificates evidencing the Shares, free and clear of all Liens, duly endorsed in blank or accompanied by stock powers or other instruments of transfer duly executed in blank, with all required stock transfer tax stamps affixed thereto;

 (ii) all deliverables required from Transferor in connection with the conditions to Transferee’s
obligations under Section 6.2 (including each Transaction Document, duly executed by Transferor and each Affiliate of Transferor party to, or specified to be a party to, any Transaction Document); and 

(iii) all other documents, certificates and other items required to be delivered at Closing pursuant to the Transaction
Documents and reasonably requested by Transferee, which such documents, certificates and other items shall be in form and substance, and shall be executed in a manner (as applicable), reasonably satisfactory to Transferee. 

(b) No later than one (1) Business Day after the Closing, Transferee shall deliver to Transferor the Purchase Price
by wire transfer of immediately available funds to an account of Transferor designated in writing by Transferor to Transferee. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF TRANSFEROR 
 SECTION 3.1 Representations and Warranties of Transferor. As an inducement to Transferee to enter into this Agreement, Transferor represents and warrants to Transferee as of the date of this
Agreement and as of the Closing as follows, except as set forth in the Transferor Disclosure Schedule prepared separately by Transferor and delivered to Transferee at the time of execution and delivery of this Agreement (the “Transferor
Disclosure Schedule”) (it being agreed that any matter set forth in any schedule or subsection of a schedule of the Transferor Disclosure Schedule shall be deemed disclosed in any other schedule or subsection of a schedule of the Transferor
Disclosure Schedule only if (and to the extent that) such information is readily apparent on its face to be so applicable to such other schedule or subsection of a schedule of the Transferor Disclosure Schedule): 

(a) Organization and Authority. 

(i) Each of BSPS and Broadridge is a corporation duly incorporated, validly existing and in good standing under the laws
of the State of Delaware and is duly licensed or qualified to do business and is in good standing in the states of the United States and other jurisdictions where its ownership or leasing of property or assets or the conduct of its business requires
it to be so licensed or qualified except where the failure to be so licensed or qualified would not have a 

  
 -8-

 
Material Adverse Effect. Each of BSPS and Broadridge has all necessary corporate power and authority to, and has taken all corporate action on its part necessary to, execute and deliver each
Transaction Document, consummate the transactions contemplated hereby and thereby and perform its obligations hereunder and thereunder, and no other proceedings on the part of either of BSPS or Broadridge are necessary to authorize the Transaction
Documents and the transactions contemplated hereby and thereby. 
 (ii) The Company is a corporation validly
existing and in good standing under the laws of the State of New York and is duly licensed or qualified to do business and is in good standing in the states of the United States and other jurisdictions where its ownership or leasing of property or
assets or the conduct of its business requires it to be so licensed or qualified except where the failure to be so qualified would not have a Material Adverse Effect. The Company has the requisite power and authority necessary to carry on its
business as it is now being conducted and as it is proposed to be conducted immediately following the Closing and to own, lease and operate its properties and assets. The Company is not in default under or in violation of any provision of its
Organizational Documents. 
 (iii) This Agreement has been duly executed and delivered by each of BSPS and
Broadridge and, assuming due execution by the other parties hereto and thereto, are (or, when executed and delivered, will constitute) legal, valid and binding obligations of each of BSPS and Broadridge enforceable against each of BSPS and
Broadridge in accordance with their respective terms, except as the same may be limited by (i) applicable bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or similar laws in effect which affect the enforcement of
creditors’ rights generally or (ii) general principles of equity, whether considered in a proceeding at law or in equity. 
 (b) Reports. The Company has timely filed all reports, registrations, declarations, notices, statements, and other filings, together with any amendments required to be made with respect thereto,
that were required to be filed since January 1, 2008 with any Governmental Authority (including the SEC, FINRA and CFTC) (all such reports, registrations, declarations, notices, statements and filings being collectively referred to herein as
the “Regulatory Reports”), including all reports, registrations, declarations, notices, statements and filings required under the Exchange Act and Commodity Exchange Act. As of their respective dates, the Regulatory Reports were
complete and accurate in all material respects and complied in all material respects with the Applicable Laws enforced or promulgated by the Governmental Authority or Self-Regulatory Organization with which they were filed. 

(c) Regulatory Consents. Other than the Governmental Approvals listed on Schedule D to the Transferor
Disclosure Schedule, no notices, reports or other filings are required to be made by Transferor, the Company or their respective Affiliates with, and no Consents, registrations, approvals, licenses, memberships, permits or authorizations are
required to be obtained by Transferor from, any Governmental Authority or any Self-Regulatory Organization in connection with the execution, delivery and performance of this Agreement or the other Transaction Documents by Transferor, the performance
by Transferor of its obligations hereunder or thereunder, or the consummation by Transferor of the transactions contemplated hereby and thereby. 
 (d) Capitalization; Title. 
 (i) The authorized capital
stock of the Company consists of 200,000 shares of common stock, par value $0.10 per share (the “Common Stock”), of which 100,000 shares are issued and outstanding and constitute the Shares. All of the Shares have been duly
authorized, are validly issued, fully paid and non-assessable, and are owned of record and beneficially by BSPS, free and clear of all Encumbrances. 

  
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 (ii) There are no outstanding or authorized options, warrants, convertible
securities or other rights, agreements, arrangements or commitments of any character relating to the capital stock of the Company or obligating BSPS or the Company to issue or sell any shares of capital stock of, or any other interest in, the
Company. The Company does not have outstanding or authorized any stock appreciation, phantom stock, profit participation or similar rights. There are no voting trusts, stockholder agreements, proxies or other agreements or understandings in effect
with respect to the voting or transfer of any of the Shares. 
 (iii) BSPS is the sole registered and beneficial
owner of all the Shares, and owns all the Shares free and clear of all Liens. 
 (e) Retained Company Assets
and Liabilities Only. The Company has no assets other than assets set forth on Schedule A of the Transferor Disclosure Schedule or on Schedule B of the Transferor Disclosure Schedule and has no Liabilities other than those
Liabilities set forth on Schedule A of the Transferor Disclosure Schedule or Schedule B of the Transferor Disclosure Schedule. The Company conducts no, and has not since July 1, 2011 (before which date, the Company operated in the
clearing business), conducted any, business other than the maintenance of dormant legacy Customer accounts, and except, until immediately prior to the Pre-Transaction Transfers, the Outsourcing Business. After the transfer of all the Excluded
Company Assets and Liabilities in accordance with Sections 5.6 and Section 6.2(h), the Company will not own any assets or have any Liabilities, including contractual and other obligations, other than the Retained Company Assets
and Liabilities. As of the Closing, the Company will not have any employees. 
 (f) No Subsidiaries. The
Company does not own, or have any interest in any shares or have an ownership interest in any other Person. 

(g) No Conflicts. The execution, delivery and performance by Transferor and the Company of the Transaction
Documents to which Transferor or the Company is a party does not and will not, and the consummation of the transactions contemplated hereby and thereby will not, with or without the giving of notice, the lapse of time or both: 

(i) Violate or conflict with the Organizational Documents of Transferor or the Company; 

(ii) Breach or violate, or constitute a default under, any Applicable Law or other restriction of, or agreement or
stipulation with, any Governmental Authority to which Transferor, the Company or any of their respective Affiliates are subject, or permit or result in the revocation, cancellation, suspension or adverse modification of any License, authorization,
registration, permit, membership, certificate of authority or Consent to which the Company or its properties is subject; 
 (iii) Violate or conflict with or result in a breach of any provision of, or constitute a default (or any event that, with or without due notice or lapse of time, or both, would constitute such a default)
under, or result in the termination of, accelerate the performance required by, or give rise to any rights of any counterparty to terminate, cancel, accelerate, modify or to additional benefits under, any term or provision of any Contract of or
binding on Transferor, the Company or their respective Affiliates; or 

  
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 (iv) Result in the creation or imposition of any Lien on the Business or the
property or assets of Transferor, the Company or their respective Affiliates. 
 (h) Litigation; Regulatory
Action. Except as set forth in Schedule C to the Transferor Disclosure Schedule, there are, and since January 1, 2008, have been, no material Legal Proceedings or investigations pending or threatened against the Company, or to which
the Company or its properties or assets, or its managers, officers or employees (relating to the performance of their duties in such capacities) are subject, and the Company has not received notice thereof. Without limiting the foregoing, there are
no Legal Proceedings or investigations pending or threatened against the Company relating to the termination of, or limitation of, the rights of the Company under its registrations or qualifications under any Applicable Law, including any federal or
state securities laws or regulations. There are, and since January 1, 2008, have been, no outstanding judgments, decrees, stipulations or orders in favor of or naming any Person relating to the Company or any of its directors, officers or
employees (as applicable) relating to the performance of its duties in such capacities or against or affecting its properties. There are no consent decrees or similar arrangements entered into with a Governmental Authority, Self-Regulatory
Organization, or other Person by, or relating to, the Company or any of its directors, managers, officers or employees, as applicable, relating to the performance of their duties in such capacities or against or affecting the Company’s
properties, that are still in effect, or were in effect at any time since January 1, 2008. The Company is not a party to or subject to any order, decree, agreement, stipulation, memorandum of understanding or similar arrangement with, or a
commitment letter or similar submission to, any Governmental Authority (a “Government Order”). The Company has not been notified by or received any other communication from any Governmental Authority to the effect that such
Governmental Authority is contemplating issuing or requesting (or is considering the appropriateness of issuing or requesting) any such Government Order. 
 (i) Compliance with Laws. The Company is and has been in compliance in all material respects with Applicable Law. 

(i) The Company and each of its officers, directors, managers, agents, contractors and employees: 

(A) Has in effect the Licenses and Governmental Approvals that are listed on Schedule D to the Transferor
Disclosure Schedule and has made all material filings, applications and registrations with all Governmental Authorities and Self-Regulatory Organizations that are required in order to permit the Company to own or lease its properties and assets and
to conduct the Business as presently conducted; all such Licenses and Governmental Approvals listed on Schedule D to the Transferor Disclosure Schedule are in full force and effect and are current and no suspension or cancellation of any of
them is threatened or reasonably likely; 
 (B) Is not in default with respect to any judgment, order, writ,
injunction, decree, demand or assessment issued by any court or any foreign, federal, state, municipal or other Governmental Authority, or by any Self-Regulatory Organization; 

(C) Has not been charged, convicted of or threatened with, and is not and has not been under investigation with respect
to, any violation of any provision of any Applicable Law, including any federal or state securities law or regulation applicable to the Business or the properties or assets of the Company, affecting the Company, or the transactions contemplated by
the Transaction Documents, and is not on notice of the pendency of any such charge or investigation; 

  
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 (D) Has been in material compliance with all Applicable Laws relating to
the employment of the Company’s employees (including, but not limited to, all Applicable Laws relating to wages, hours, overtime, employee classification, civil rights, work authorization, immigration, wage payment, and the collection and
payment of withholding and other similar taxes); and 
 (E) Is not subject to any cease-and-desist or other
order issued by, or a party to any written agreement, consent agreement or memorandum of understanding with, or a party to any commitment letter or similar undertaking to, or subject to any order or directive by, a recipient of any supervisory
letter from or has adopted any board resolutions at the request of any Governmental Authority or Self-Regulatory Organization and is not on notice of the pendency of any such charge or investigation. 

(ii) The Company has provided to Transferee copies of the currently effective Form BD as filed by the Company with
the SEC. The information contained in such form was complete and accurate in all material respects as of the time of filing thereof and remains complete and accurate in all material respects as of the date hereof and there are no amendments
contemplated thereto other than with respect to the consummation of this Agreement. 
 (iii) The Company neither
is nor has been subject to, nor is under current investigation or proceeding, whether preliminary or otherwise, for, “statutory disqualification” as defined in Section 3(a)(39) of the Exchange Act. 

(iv) The Company has not been enjoined by any Government Order from engaging or continuing any conduct or practice in
connection with any activity or in connection with the purchase or sale of any security. 
 (j) Affiliate
Transactions. After the Closing, the Company will have no Indebtedness or Liability to Transferor or any of its Affiliates, except such Indebtedness or Liabilities as arise under the Broadridge Master Services Agreement. 

(k) Financial Statements; FOCUS Reports. 

(i) Transferor has delivered to Transferee: (i) true and complete copies of the unaudited consolidated balance sheet
of the Company (the “Most Recent Financial Statement”), dated March 31, 2012 (such date, the “Most Recent Balance Sheet Date”); and (ii) true and complete copies of the audited consolidated balance sheet
of the Company dated June 30, 2011, and the related consolidated statements of income, stockholders’ equity and cash flows for the fiscal year then ended (collectively, the “Financial Statements”). Such Financial
Statements present fairly in all material respects the consolidated financial position, results of operations, stockholders’ equity and cash flows of the Company as at and for the respective periods then ended (except that the unaudited Most
Recent Financial Statement is subject to normal year-end adjustments and matters that would be revealed by notes thereto, and has been prepared in accordance with GAAP. 

  
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 (ii) Transferor has delivered to Transferee true and complete copies of all
Financial and Operational Combined Uniform Single (“FOCUS”) Reports filed with FINRA since January 1, 2011. 
 (iii) Transferee expressly acknowledges that the information delivered pursuant to this Section 3.1(k) do not reflect the transfer of assets and liabilities set forth in
Section 5.6 and Section 6.2(h) and, accordingly, do not reflect the consolidated financial position of the Company at Closing. 
 (l) Taxes. 
 (i) The Company has filed all Tax Returns
required to be filed by it, each such Tax Return has been prepared in compliance with Applicable Law, and each such Tax Return is true, accurate and complete in all material respects. The Company has timely paid all Taxes due and payable, whether or
not shown on Tax Returns, and the Company is not and will not be liable for any additional Taxes in respect of any taxable period or any portion thereof ending on or before the Closing Date. 

(ii) The Company has timely withheld and timely paid all Taxes required to be withheld by it in connection with any
amounts paid or owing to any member, employee, creditor, independent contractor or other Person. 
 (iii) The
Company has timely collected all sales, use and value added Taxes required or permitted to be collected by it, and each of the foregoing has timely remitted all such Taxes to the appropriate Governmental Authority. 

(iv) None of the assets of the Company (A) directly or indirectly secures any debt, the interest on which is tax
exempt under Section 103(a) of the Code; (B) is treated as tax exempt bond financed property under Section 168(g)(5) of the Code or (C) is treated as owned by any other Person pursuant to the provisions of Section 168(f)(8)
of the Internal Revenue Code of 1954, as amended and in effect immediately before the enactment of the Tax Reform Act of 1986. 
 (v) No Tax Return of the Company is under audit or examination by any Governmental Authority, and the Company has received no notice of such an audit or examination. Each deficiency resulting from any
audit or examination relating to Taxes by any Governmental Authority has been paid. The Company has not given, nor is there a pending request to give, waivers or extensions (or is or would be subject to a waiver or extension given by any other
Person) of any statute of limitations relating to any such Taxes. No closing agreement pursuant to Section 7121 of the Code (or any similar provision of state, local or foreign law) has been entered into by or with respect to the Company.

 (vi) There are no Liens with respect to Taxes (other than Taxes not yet due and payable) on any of the assets
of the Company. 
 (vii) No claim has been made by any Governmental Authority in a jurisdiction where the Company
does not currently file Tax Returns that the Company is or may be subject to Tax by such jurisdiction, nor has any Governmental Authority threatened to make such an assertion. 

(viii) There are no outstanding rulings of, or requests for rulings by, any Governmental Authority that are, or if issued
would be, binding on the Company for any full or partial taxable period beginning on or after the Closing Date. 

  
 -13-

 (ix) The Company is not a party to, or bound by, or has any obligation
under, any Tax allocation or sharing agreement or similar contract or arrangement or any agreement that obligates it to make any payment computed by reference to the Taxes, taxable income or taxable losses of any other Person. 

(x) The Company will not be required to include any item of income in, or exclude any item of deduction from, taxable
income for any taxable period (or portion thereof) ending after the Closing Date as a result of any (A) change in method of accounting for a taxable period ending on or prior to the Closing Date, (B) “closing agreement” as
described in Section 7121 of the Code (or any corresponding or similar provision of state or local income Tax law) executed on or prior to the Closing Date, (C) intercompany transactions or any excess loss account described in Treasury
Regulations under Section 1502 of the Code (or any corresponding or similar provision of state or local income Tax law), (D) installment sale or open transaction disposition made on or prior to the Closing Date, (E) prepaid amount
received on or prior to the Closing Date, or (F) or election under Section 108(i) of the Code. 
 (xi)
The Company has never been either a “distributing corporation” or a “controlled corporation” in a distribution in which the parties to such distribution treated the distribution as one to which Section 355 of the Code is
applicable. 
 (xii) The Company has never been a United States real property holding corporation within the
meaning of Section 897(c)(2) of the Code during the applicable period specified in Section 897(c)(l)(A)(ii) of the Code. 
 (xiii) The Company has never participated in a “reportable transaction”, within the meaning of Treasury Regulation Section 1.6011-4. 

(m) Employees and Benefit Plans. 

(i) Since May 25, 2012, the Company has had no employees, otherwise engage any individual to provide services to the
Company, or sponsor, maintain or contribute to any employee benefit plan. 
 (ii) No labor union, labor
organization or group of employees has made any demand of the Company for recognition or certification. The Company is not and has not been a party to, or bound by, any collective bargaining agreement, Contract or other agreement or understanding
with any labor union or labor organization. The Company has not agreed to recognize any union or other collective bargaining unit nor has any union or other collective bargaining unit been certified as representing any Company employee. The Company
has not been a party to, affected by or threatened with any labor strike, work stoppage, slowdown, walkout or lockout or any dispute of controversy with any union or with respect to unionization or collective bargaining. The Company is not and has
not been engaged in any unfair labor practice and there is no unfair labor practice complaint pending or threatened against the Company before the National Labor Relations Board. 

(iii) The Company is and, since January 1, 2008, has been in compliance with the Workers Adjustment and Retraining
Notification Act and all similar state and local laws, has no liabilities or other obligations pursuant thereto, and has not taken any action that would cause Transferor or any of its Affiliates to have any liability or other obligation pursuant
thereto as of, or immediately following, the Closing Date. 

  
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 (iv) The Company does not have any Liability of any kind whatsoever, whether
known or unknown, direct, indirect, contingent or otherwise arising under or related to (a) any “employee benefit plan” (as such term is defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended,
(“ERISA”)), whether or not subject to ERISA, or any other employee benefit or compensation plans, policies, programs, agreements or arrangements, including but not limited to any pension, retirement, profit-sharing, thrift, savings, bonus
plan, incentive, stock option or other equity or equity-based compensation, or deferred compensation, stock purchase, severance, bonus, commissions, vacation or holiday pay, health or medical insurance, life insurance, fringe benefits, severance
benefits, sick pay or paid time off or other plans, policies, programs, agreements or arrangements, (b) any employment, retention, change in control, severance, or similar agreement, or (c) Part 6 of Subtitle B of Title I of ERISA,
Section 4980B of the Code or any similar law. None of the Company or any of its ERISA affiliates (determined in accordance with Section 414(b), (c), (m) or (o) of the Code, as applicable) has ever sponsored, maintained,
contributed to (or had any obligation to sponsor, maintain or contribute to) or otherwise had any liability with respect to (x) a plan subject to Title IV of ERISA, including any defined benefit plan (as defined in Section 3(35) of ERISA),
a multiemployer plan (as defined in Section 3(37) of ERISA), or a multiple employer plan subject to Section 4063 or 4064 of ERISA, (y) a multiple employer welfare benefit arrangement (as defined in Section 3(40)(A) of ERISA), or
(z) a plan subject to Section 302 of ERISA or Section 412 of the Code. 
 (n) No Brokers or
Finder. Neither Transferor nor the Company has employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions or finder’s fees, and no broker or finder has acted directly or indirectly
for them in connection with the Transaction Documents or the transactions contemplated hereby or thereby. 
 (o)
Third Parties’ Business Operations. The Company has not allowed any Person to use its assets, properties or other resources to conduct any type of business other than the Business. 

(p) Power of Attorney. The Company has not granted any Person a power of attorney or similar authorization that is
presently in effect or outstanding. 
 (q) Indemnification. After giving effect to the Pre-Transaction
Transfers, other than pursuant to the provisions of its Organizational Documents, the Company is not a party to any indemnification agreement with any of its present stockholders, officers, directors, employees, agents or other Persons who serve or
served in any other capacity with any other enterprise at the request of the Company (a “Covered Person”), and there are no claims for which any Covered Person would be entitled to indemnification by the Company if such provisions
were deemed in effect. 
 (r) AML Standards. The Company has provided Transferee with copies of policies
and procedures for verification of the identity of new customers of the Company and compliance with the PATRIOT Act and other Applicable Law. Such policies and procedures have been duly implemented by the Company and have operated effectively since
their inception. 

  
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 (s) Investment Advisory Activities. Neither the conduct of the
Business, nor the ownership, management or use of the properties or assets of the Company requires the Company or any of its officers or employees to be registered as an investment adviser under the Investment Advisers Act of 1940 or as an
investment adviser or investment adviser representative or agent under the Laws of any State. 
 (t)
Disclosure. To the Company’s Knowledge, no representation or warranty by Transferor in this Agreement, nor any certificate furnished or to be furnished by or on behalf of Transferor, or any Person acting on behalf of such a Person, to
Transferee or its representatives in connection with or under this Agreement, when taken as a whole together with information provided or made available to Transferee, contains any untrue statement of a material fact, or omits to state any material
fact required to make the statements contained in this Agreement or the certificate, as the case may be, not misleading. To the Company’s Knowledge, Transferor has disclosed to Transferee all materials facts and circumstances concerning the
Company and the Business that are known to Transferor that would be material to Transferee in the context of the transactions contemplated hereby. 
 (u) No Other Representations or Warranties. Except for the representations and warranties expressly set forth in this Section 3.1, Transferor makes no other representation or warranty,
express or implied, at law or in equity. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF TRANSFEREE 
 SECTION 4.1 Representations and
Warranties of Transferee. As an inducement to Transferor to enter into this Agreement, Transferee represents and warrants to Transferor as of the date of this Agreement and as of the Closing as follows, except as set forth in the schedules
prepared separately by Transferee and delivered to Transferor at the time of execution and delivery of this Agreement (the “Transferee Disclosure Schedule”) (it being agreed that any matter set forth in any schedule or subsection of
a schedule of the Transferee Disclosure Schedule shall be deemed disclosed in any other schedule or subsection of a schedule of the Transferee Disclosure Schedule only if (and to the extent that) such information is readily apparent on its face to
be so applicable to such other schedule or subsection of a schedule of the Transferee Disclosure Schedule): 

(a) Existence and Good Standing. Transferee is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware and is duly licensed or qualified to do business and is in good standing in the states of the United States and other jurisdictions where its ownership or leasing of property or assets or the conduct
of its business requires it to be so licensed or qualified, except where the failure to be so licensed or qualified would not reasonably be expected to have a Material Adverse Effect. Transferee has the requisite power and authority necessary to
carry on its business as it is now being conducted and as it is contemplated will be conducted immediately following the Closing and to own, lease and operate its properties and assets. Transferee is not in default under or in violation of any
provision of its Organizational Documents. 
 (b) Authorization and Validity. Transferee has all necessary
power and authority to, and has taken (or, with respect to Transaction Documents to be executed at the Closing, will take) all action on its part necessary to, execute and deliver each Transaction Document to which it is or is specified to be a
party, consummate the transactions contemplated hereby and thereby and perform its obligations hereunder and thereunder, and no other proceedings on the part of Transferee 

  
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are necessary to authorize any such Transaction Document and the transactions contemplated hereby and thereby. The Transaction Documents to which Transferee is a party have been (or when executed
and delivered, will be) duly executed and delivered by Transferee and, assuming due execution by the other parties hereto and thereto, and are (or when executed and delivered, will be) legal, valid and binding obligations of Transferee, enforceable
against Transferee in accordance with their respective terms, except as the same may be limited by (i) applicable bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or similar laws in effect which affect the enforcement
of creditors’ rights generally or (ii) general principles of equity, whether considered in a proceeding at law or in equity. 
 (c) No Other Representations or Warranties. Except for the representations and warranties expressly set forth in this Section 4.1, Transferee makes no other representation or warranty,
express or implied, at law or in equity. 
 (d) No Conflicts. The execution, delivery and performance by
Transferee of the Transaction Documents to which Transferee is a party does not and will not, and the consummation of the transactions contemplated hereby and thereby will not, with or without the giving of notice, the lapse of time or both:

 (i) Violate or conflict with the Organizational Documents of Transferee; 

(ii) Breach or violate, or result in a default under, any Applicable Law with respect to Transferee or permit or result in
the revocation, cancellation, suspension or adverse modification of any License, certificate of authority or Consent to which Transferee or its properties is subject; 

(iii) Violate or conflict with or result in a breach of any provision of, or constitute a default (or any event that, with
or without due notice or lapse of time, or both, would constitute such a default) under, or result in the termination of, accelerate the performance required by, or require the Consent of any party to, any term or provision of any Contract of or
binding on Transferee or its Affiliates; or 
 (iv) Result in the creation or imposition of any Lien on the
Business or the property or assets of Transferee or its Affiliates. 
 (e) Certain Tax Matters. At all
times from its inception through and including the Closing Date, Transferee will be treated as a corporation for U.S. federal and applicable state and local income tax purposes. Assuming the correctness of the representations made in
Section 3.1(d), following the Closing, Transferee will be treated as the beneficial owner for U.S. federal and applicable state and local income tax purposes of 100% of the issued and outstanding shares of Common Stock. 

  
 -17-

 ARTICLE V 
 COVENANTS OF THE PARTIES 
 SECTION 5.1 Transferee’s Covenants.

 (a) Further Actions. 

(i) Transferee shall, as promptly as practicable, use all commercially reasonable efforts to take, or cause to be taken,
all actions and to do, or cause to be done, all things necessary, proper or advisable to fulfill its obligations hereunder and to consummate and make effective the transactions contemplated hereunder. 

(ii) Transferee will not take any action that would cause any of its representations or warranties in Article IV to
become untrue on the Closing Date or result in any of the conditions to the Closing set forth in Section 6.1 or Section 6.2 not being satisfied. 

(iii) Transferee will coordinate and cooperate with Transferor in exchanging the information and supplying the reasonable
assistance requested by them in connection with the filings and other actions contemplated by Section 5.3(b). 
 (b) Further Assurances. Following the Closing Date, Transferee shall from time to time execute and deliver such additional documents and take such other actions as Transferor reasonably requests to
confirm the rights and obligations hereunder and render the transactions contemplated hereunder effective. 
 SECTION 5.2
Effect of Investigations. No investigation by any of the parties before or after the date of this Agreement, or the provision of any documents, whether pursuant to this Agreement or otherwise, will affect the representations and warranties of
the parties in this Agreement or in any certificate delivered in connection with the Closing or in connection with the transfers of the Excluded Company Assets and Liabilities. 

SECTION 5.3 Transferor’s Covenants. 
 (a) Conduct of Business. Except as expressly contemplated by this Agreement or as otherwise consented to by Transferee in writing, from the date of this Agreement to the earlier of the termination
of this Agreement and the Closing, Transferor will, and will cause the Company to: 
 (i) maintain all the
Retained Company Assets and Liabilities in the Company; 
 (ii) maintain all Licenses necessary to conduct the
Business; 
 (iii) remain in good standing with Self-Regulatory Organizations; and 

(iv) conduct the Business in the ordinary course consistent with past practice. 

(b) Further Actions. 
 (i) Transferor will, and will cause the Company to, as promptly as practicable, use all commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all
things necessary, proper or advisable to fulfill its obligations hereunder and to consummate and make effective the transactions contemplated hereunder. 

  
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 (ii) Transferor will, and will cause the Company to, as promptly as
practicable: 
 (A) use all commercially reasonable efforts to make, or cause to be made, the filings and
submissions that it are required to make under Applicable Law to consummate the transactions contemplated hereby; and 
 (B) use all commercially reasonable efforts to obtain, or cause to be obtained, the Governmental Approvals and Consents (including those Governmental Approvals listed on Schedule D to the
Transferor Disclosure Schedule), if any, needed to consummate the transactions contemplated hereby. 
 (iii)
Transferor will not, and will not cause the Company to, take any action that would cause any of the representations or warranties in Article III to become untrue on the Closing Date or result in any of the conditions to the Closing set forth
in Section 6.1 or Section 6.2 not being satisfied. 
 (iv) Transferor will, and will
cause the Company to, coordinate and cooperate with Transferee in exchanging the information and supplying the reasonable assistance requested by Transferee in connection with the filings and other actions contemplated by Section 5.1(a).

 (c) Access and Information. From the date of this Agreement to the Closing, Transferor shall, or shall
cause the Company to, give to Transferee and its Affiliates and their respective accountants, counsel and other representatives reasonable access during normal business hours to the Company’s offices, properties, books, Contracts, commitments,
reports, records and personnel, and give them, or give them access to, the documents, financial data, records and information with respect to Transferor and the Business as Transferee from time to time reasonably requests. 

(d) Further Assurances. Following the Closing Date, Transferor shall, and shall cause the Company to, from time to
time, execute and deliver such additional documents and take such other actions as Transferee reasonably requests to confirm the rights and obligations in the Transaction Documents and render the transactions contemplated hereunder and thereunder
effective. 
 SECTION 5.4 Taxes. 
 (a) Transfer Taxes. All transfer, sales, use, registration or similar taxes and recording charges and fees, if any, in connection with the transactions effected pursuant to this Agreement shall be
borne by Transferor. 
 (b) Transferor shall indemnify and hold harmless Transferee and its Affiliates (including
the Company) and each of their respective officers, directors, employees, partners, members, stockholders, agents and other representatives and hold them harmless from: 

(i) any and all liability for Taxes of the Company for all taxable periods ending on or before the Closing Date and the
portion through the Closing Date for any Straddle Period; 

  
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 (ii) any and all liability (as a result of Treasury Regulation
Section 1.1502-6 or otherwise) for Taxes of Transferor or any other person (other than the Company) which has ever been affiliated with the Company, or with whom the Company has ever joined (or has ever been required to join) in filing any
consolidated, combined, unitary or aggregate Tax Return, prior to the Closing Date, other than any such Taxes that would not have been incurred in the absence of Transferee’s breach of any representation contained in Section 4.1(e)
or the covenant contained in Section 5.4(e)(ii); 
 (iii) all liability for Taxes arising (directly
or indirectly) as a result of (A) the sale and transfer of the Shares (including, without limitation, any Taxes arising as a result of (I) the Section 338(h)(10) Election and (II) the recognition by Transferor or the Company of any
“deferred intercompany gain” or “excess loss account”) or (B) any transfers described in Section 5.6 of Excluded Assets and Liabilities, other than (in each case) any such Taxes that would not have been incurred
in the absence of Transferee’s breach of any representation contained in Section 4.1(e) or the covenant contained in Section 5.4(e)(ii); and 

(iv) any payments required to be made after the Closing Date under any Tax sharing, Tax indemnity, Tax allocation or
similar contracts (whether or not written) to which the Company was obligated, or was a party, on or prior to the Closing Date. 
 (c) In the case of any Straddle Period, the amount of Taxes allocable to the portion of the Straddle Period ending on the Closing Date shall be deemed to be: 

(i) In the case of Taxes imposed on a periodic basis (such as real or personal property Taxes), the amount of such Taxes
for the entire period (or, in the case of such Taxes determined on an arrears basis, the amount of such Taxes for the immediately preceding period) multiplied by a fraction, the numerator of which is the number of calendar days in the Straddle
Period ending on and including the Closing Date and the denominator of which is the number of calendar days in the entire relevant Straddle Period; and 
 (ii) In the case of Taxes not described in Section 5.4(c)(i) above (such as franchise Taxes, Taxes that are based upon or related to income or receipts, based upon occupancy or imposed in
connection with any sale or other transfer or assignment of property (real or personal, tangible or intangible)), the amount of any such Taxes shall be determined as if such taxable period ended as of the close of business on the Closing Date.

 Notwithstanding anything herein to the contrary, all Taxes arising as a result of the Section 338(h)(10) Election shall be allocable to
the portion of the Straddle Period ending on and including the Closing Date. 
 (d) Mitigation. Transferor
and Transferee shall, upon reasonable request by the other party, use all commercially reasonable efforts to obtain any certificate or other document from any Governmental Authority or any other Person as may be necessary to mitigate, reduce or
eliminate any Tax that could be imposed (including with respect to the transactions contemplated by the Transaction Documents) with respect to the assets of the Company and the Company. Notwithstanding the foregoing, no party shall be unreasonably
required to prepare any document, or determine any information, not then in its possession in response to a request under this Section 5.4(d). 

  
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 (e) Section 338(h)(10) Election. 

(i) Transferor and Transferee agree to make an election under Section 338(h)(10) of the Code (collectively, the
“Section 338(h)(10) Election”) with respect to the sale of the Shares hereunder. Within 120 calendar days after Closing, Transferor shall provide Transferee with a proposed allocation of the Purchase Price for the deemed asset sale
(and other relevant items) (the “Purchase Price Allocation”), for Transferee’s review and comment. The Purchase Price Allocation shall be reasonable and shall be prepared in accordance with Section 338(h)(10) of the Code
and the Treasury Regulations thereunder. If, within 30 calendar days following Transferor’s delivery of the Purchase Price Allocation, Transferee does not notify Transferor of its disagreement with the Purchase Price Allocation, then the
Purchase Price Allocation shall be final and binding. If within such 30-calendar day period Transferee so notifies Transferor, then Transferor and Transferee shall cooperate in good faith to revise and finalize the Purchase Price Allocation. If
Transferor and Transferee are unable to agree on the Purchase Price Allocation within 60 calendar days after the date Transferor provides the Purchase Price Allocation to Transferee, they shall request that any disputed items be resolved by an
independent accounting firm jointly selected by Transferor and Transferee (the “Accountant”). The cost of the Accountant shall be borne one-half by Transferor and one-half by Transferee. The parties shall cooperate with each other
in preparing IRS Forms 8023 and 8883 and any other applicable filings. Unless required by law, neither party shall take any position on any income Tax Return (including IRS Forms 8023 and 8883) nor for any other income Tax purpose that is
inconsistent with the Section 338(h)(10) Election and the Purchase Price Allocation. 
 (ii) Following the
Closing, (i) Transferee shall timely file IRS Forms 8023 and 8883 and any other applicable filings required to make a Section 338(h)(10) Election in connection with the purchase and sale of the Shares and (ii) Transferee shall not,
for a period of twelve (12) months following the Closing Date: (A) take (or cause or permit any of its Affiliates to take) any action that would be treated as a liquidation of Transferee for U.S. federal income tax purposes (including, but not
limited to, making an election pursuant to Treas. Reg. § 301.7701-3(c) to change Transferee’s classification for U.S. federal income tax purposes to something other than a corporation) or (B) sell, or cause or permit the Company to
issue to a Person other than Transferee, shares of capital stock of the Company possessing more than 20% of the total voting power or more than 20% of the total value (in each case as those terms are used in Section 1504(a)(2) of the Code) of
the capital stock of the Company; provided, that in determining the amount of any indemnification payment required pursuant to Section 8.2 in connection with a breach of this Section 5.4(e)(ii), for the avoidance of
doubt, only those Losses that would not have been incurred in the absence of such a breach shall be taken into account. 

SECTION 5.5 Pursuit of Claim by Transferor. To the extent Transferor pursues any claim, or has claims which it may pursue, against
third-parties other than Transferee or any of its Affiliates, arising from the operation of the Company prior to Closing, Transferor may pursue such claims at its expense and shall be entitled to any recoveries it obtains therefrom. Transferee
agrees to cooperate with Transferor in connection with the pursuit of any such claims, at the sole expense of Transferor. For the avoidance of doubt, neither Transferee nor any of its Affiliates including the Company shall be required to incur any
costs or expenses in connection with Transferor’s right to pursue any such claims. 
 SECTION 5.6 Transfer of Excluded
Company Assets and Liabilities to Transferor. Set forth in on Schedule A to the Transferor Disclosure Schedule are assets and liabilities of the Company which are not intended to be owned by the Company post-Closing (with all assets and
Liabilities of the Company, other than the Retained Company Assets and Liabilities, referred to as the “Excluded Company Assets and Liabilities”). To the extent that Transferor and Company have not transferred the assets

  
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included in the Excluded Company Assets and Liabilities out of the Company or assumed the Liabilities included in the Excluded Company Assets and Liabilities prior to the Closing, Transferee will
cooperate, and cause the Company to cooperate, with Transferor to, and Transferor shall effect such transfers and assumptions as promptly as practicable. Until such transfers and assumptions can be completed, Transferee and the Company will pass
through to Transferor the economic benefits and costs (including Taxes) attributable to the Excluded Company Assets and Liabilities. The expense of effecting the transfers of the Excluded Company Assets and Liabilities, including any Taxes imposed
as a result of such transfers, will be solely borne by Transferor. For the avoidance of doubt, neither Transferee nor any of its Affiliates shall be required to incur any costs or expenses in connection with effecting the transfers contemplated by
this Section 5.6. 
 SECTION 5.7 Press Releases, Etc. Transferor and Transferee will consult with each other
as to the form, substance and timing of any press release or other public disclosure of matters related the Transaction Documents, or any of the transactions contemplated hereby or thereby and no such press release or other public disclosure will be
made without the consent of the other party, which shall not be unreasonably withheld or delayed; provided, however, that each of Transferor and Transferee may make such disclosures as are required by Applicable Law after being
advised by its counsel that such disclosure is required by Applicable Law and after giving the other a reasonable opportunity to review the proposed disclosure and provide comments. 

SECTION 5.8 Expenses Incident to this Agreement. Except as otherwise expressly provided herein, whether or not the transactions
contemplated by the Transaction Documents are consummated: (i) Transferor shall pay its own and the Company’s expenses incident to the negotiation and consummation of the transactions contemplated hereby and the preparation and carrying
out of the transactions contemplated hereby and (ii) Transferee shall pay its own expenses incident to the negotiation and consummation of the transactions contemplated hereby and the preparation and carrying out of the transactions
contemplated hereby. 
 SECTION 5.9 Confidentiality. 

(a) Transferor hereby agrees with Transferee that Transferor will not and that it will cause its Affiliates and their
directors, officers, partners, members, stockholders, Affiliates, employees, agents, consultants, advisors or other representatives, including legal counsel, accountants and financial advisors not to, at any time on or after the Closing, directly or
indirectly, without the prior written consent of Transferee disclose or use, any Confidential Information involving or relating to the Company; provided, however, that the information subject to the foregoing provisions of this
sentence will not include any information generally available to, or known by, the public (other than as a result of disclosure in violation hereof), which is in the public domain or enters into the public domain through no fault of Transferor, or
is available to Transferor on a non-confidential basis from a source other than Transferee or any of its Affiliates; provided that such source is not and was not bound by a confidentiality agreement or other legal duty of confidentiality to
such parties; and provided, further, that the provisions of this Section 5.9(a) will not prohibit any retention of copies of records or disclosure (i) required by any Applicable Law or (ii) necessary or
appropriate in making any registration, declaration, notice, report, submission or other filing or obtaining any Consent required for the consummation of the transactions contemplated by this Agreement, the other Transaction Documents. 

(b) Transferee hereby agrees with Transferor that Transferee will not and that it will cause its Affiliates and their
directors, officers, partners, members, stockholders, Affiliates, employees, agents, consultants, advisors or other representatives, including legal counsel, accountants and financial advisors not to, at any time on or after the Closing, directly or
indirectly, without 

  
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the prior written consent of Transferor disclose or use, any Confidential Information involving or relating to the Excluded Company Assets and Liabilities; provided, however, that
the information subject to the foregoing provisions of this sentence will not include any information generally available to, or known by, the public (other than as a result of disclosure in violation hereof), which is in the public domain or enters
into the public domain through no fault of Transferee, or is available to Transferee on a non-confidential basis from a source other than Transferor or any of its Affiliates; provided that such source is not and was not bound by a
confidentiality agreement or other legal duty of confidentiality to such parties; and provided, further, that the provisions of this Section 5.9(b) will not prohibit any retention of copies of records or disclosure
(i) required by any Applicable Law or (ii) necessary or appropriate in making any registration, declaration, notice, report, submission or other filing or obtaining any Consent required for the consummation of the transactions contemplated
by this Agreement, the other Transaction Documents. 
 ARTICLE VI 

CONDITIONS PRECEDENT TO THE CLOSING 
 SECTION 6.1 Conditions to Each Party’s Obligations. The obligations of Transferor, on the one hand, and Transferee, on the other hand, to consummate the transactions contemplated by the
Transaction Documents are subject to the fulfillment, on or before the Closing Date, of the following conditions: 
 (a) No Injunction, etc. No court or other Governmental Authority has issued an order, injunction, decree or judgment, and there is no action or proceeding pending or threatened before a court or
other Governmental Authority (including an action or proceeding of a private party) restraining, enjoining or otherwise prohibiting, or seeking to restrain, enjoin or otherwise prohibit, consummation of the transactions contemplated by the
Transaction Documents. No court or other Governmental Authority has promulgated, entered or issued, or determined to be applicable to this Agreement, any Applicable Law making the consummation of the transactions contemplated by the Transaction
Documents illegal, and no proceeding with respect to the application of any such Applicable Law is pending. 

(b) Governmental Approvals. All Governmental Approvals listed on Schedule D of the Transferor Disclosure
Schedule and any other Governmental Approvals required to be made or obtained in connection with executing and delivering this Agreement or consummating the transactions contemplated by the Transaction Documents, have been made or obtained, on terms
acceptable to Transferee in its sole discretion. 
 SECTION 6.2 Conditions to Transferee’s Obligations. The
obligations of Transferee, to consummate the transactions contemplated by the Transaction Documents are also subject to the fulfillment, on or before the Closing Date, of the following conditions: 

(a) Representations Concerning Transferor. The representations and warranties concerning Transferor and the Company
in Section 3.1: 
 (i) other than the representations and warranties that are by their terms
qualified by materiality, “Material Adverse Effect” or a derivative thereof, were true and correct in all material respects as of the date of this Agreement (except representations and warranties made as of a certain date, which are true
and correct in all material respects as of such date), and are repeated and are true and correct in all material respects as of the Closing Date with the same effect as though made on and as of the Closing (except representations and warranties made
as of a certain date, which are true and correct in all material respects as of such date); and 

  
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 (ii) that are by their terms qualified by materiality, “Material
Adverse Effect” or a derivative thereof, were true and correct in all respects as of the date of this Agreement (except representations and warranties made as of a certain date, which are true and correct in all respects as of such date), and
are repeated and are true and correct in all respects as of the Closing Date with the same effect as though made on and as of the Closing (except representations and warranties made as of a certain date, which are true and correct in all respects as
of such date). 
 (b) Performance. Transferor has duly performed and complied in all material respects
with its covenants, obligations and conditions under this Agreement by or before Closing. 
 (c)
Certificates. Transferor shall have delivered to Transferee a certificate, dated as of the Closing Date, certifying the matters in Sections 6.2(a) and (b). 

(d) Lien Releases. Transferor shall, or shall have caused the Company to, have obtained and delivered to Transferee
all Lien releases that are necessary or appropriate (as determined by Transferee in its sole discretion) to consummate the transactions contemplated hereby. 
 (e) No Material Adverse Effect. Since the date of this Agreement, the Company shall not have suffered a Material Adverse Effect and no events, facts or circumstances shall have occurred which could
reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect with respect to Transferor or the Company. 
 (f) Organizational Documents. Transferor shall have delivered to Transferee a certificate executed by an authorized officer of Transferor attaching (i) copies of the Certificate of
Incorporation of the Company as in effect on the Closing Date, including all amendments thereto, certified by the Secretary of State of the State of New York; (ii) a certificate from the Secretary of State of the State of New York dated as a
recent date from the Closing Date to the effect that Company is in good standing in such jurisdiction and listing all Organizational Documents of Transferor on file; and (iii) copies of the resolutions of the board of directors of the Company
approving the transactions contemplated by this Agreement. 
 (g) Books and Records. Transferor shall, or
shall have caused the Company to, have delivered to Transferee all books and records relating to the Company or a copy of any books and records required by Applicable Law to be retained by Transferor. 

(h) Transfer of Assets and Liabilities. The Company shall have transferred out to Transferor and Transferee shall
have assumed the Excluded Company Assets and Liabilities; provided that if such transfers have not been made prior to Closing, the terms of Section 5.6 shall apply. 

(i) Tax Certificate. Transferor shall have delivered to Transferee on the Closing Date a certificate of non-foreign
status (in accordance with Treasury Regulation Section 1.1445-2(b)) in form and substance reasonably satisfactory to Transferee. 

  
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 (j) Transaction Documents. Each of Transferor and its Affiliates
party to (or specified to be a party to) any Transaction Document shall have executed and delivered each of the Transaction Documents to which they are a party (or specified to be a party) to be held in escrow until the closing of the transactions
under the Assignment and Assumption Agreement, dated May 31, 2012 between Apex Clearing Holdings LLC and Penson Financial Services, Inc. 
 (k) Assignment and Assumption Closing. All conditions to the Transferee’s obligations under that certain Assignment and Assumption Agreement, dated May 31, 2012 between Apex Clearing
Holdings LLC and Penson Financial Services, Inc. shall have been satisfied or waived. 
 (l) Change of
Name. The Company shall have filed an amendment to its Organizational Documents to change its name to “Apex Clearing Corporation” and shall have taken all necessary actions to cease all use of the Company’s former name,
“Ridge Clearing & Outsourcing Solutions, Inc.” 
 SECTION 6.3 Conditions to Transferor’s
Obligations. The obligations of Transferor, to consummate the transactions contemplated by the Transaction Documents are also subject to the fulfillment, on or before the Closing, of the following conditions: 

(a) Representations Concerning Transferee. The representations and warranties concerning Transferee in
Section 4.1: 
 (i) other than the representations and warranties that are by their terms qualified
by materiality, “Material Adverse Effect” or a derivative thereof, were true and correct in all material respects as of the date of this Agreement (except representations and warranties made as of a certain date, which are true and correct
in all material respects as of such date), and are repeated and are true and correct in all material respects as of the Closing Date with the same effect as though made on and as of the Closing (except representations and warranties made as of a
certain date, which are true and correct in all material respects as of such date); and 
 (ii) that are by their
terms qualified by materiality, “Material Adverse Effect” or a derivative thereof, were true and correct in all respects as of the date of this Agreement (except representations and warranties made as of a certain date, which are true and
correct in all respects as of such date), and are repeated and are true and correct in all respects as of the Closing Date with the same effect as though made on and as of the Closing (except representations and warranties made as of a certain date,
which are true and correct in all respects as of such date). 
 (b) Performance. Transferee has duly
performed and complied in all material respects with its covenants, obligations and conditions under this Agreement by or before Closing. 
 (c) Transaction Documents. Each of Transferee and its Affiliates party to (or specified to be a party to) any Transaction Document shall have executed and delivered each of the Transaction
Documents to which they are a party (or specified to be a party) to be held in escrow until the closing of the transactions under the Assignment and Assumption Agreement, dated May 31, 2012 between Apex Clearing Holdings LLC and Penson
Financial Services, Inc. 
 (d) Certificates. Transferee shall have delivered to Transferee a certificate,
dated as of the Closing Date, certifying the matters in Sections 6.3(a), (b) and (c). 

  
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 (e) IRS Form 8832. Transferee shall have delivered to Transferor a
copy of its as-filed IRS Form 8832, pursuant to which it has elected to be classified as a corporation for federal income Tax purposes, with an effective date prior to the Closing Date. 

ARTICLE VII 

TERMINATION 

SECTION 7.1 Termination. This Agreement may be terminated before the Closing Date: 

(a) by the written agreement of Transferee and Transferor; 

(b) by Transferee if that certain Assignment and Assumption Agreement, dated May 31, 2012 between Apex Clearing
Holdings LLC, the Company and Penson Financial Services, Inc. is terminated; 
 (c) by Transferee by written
notice to Transferor, at any date or time after 5:00 p.m., New York City time, on June 5, 2012 (the “Outside Date”) if the Closing has not occurred by then (unless due to a material breach of this Agreement by Transferee),
unless this date is extended by the written consent of Transferee; 
 (d) by Transferor by written notice to
Transferee, at any date or time after 5:00 p.m., New York City time, on June 5, 2012 if the Closing has not occurred by then (unless due to a material breach of this Agreement by Transferor), unless this date is extended by the written consent
of Transferee; and 
 (e) by Transferee if Transferor has materially breached any of its representations,
warranties, covenants, agreements or obligations in this Agreement and (if not a willful breach) has not cured such breach within two (2) Business Days of receiving notice of the breach, provided that Transferee has performed and
complied, in all material respects, with its representations, warranties, covenants, agreements and obligations required by this Agreement to have been performed or complied with before this time (it being understood and acknowledged that the
truthfulness and accuracy of Transferor’s representations and warranties and the fulfillment of its obligations under this Agreement shall be determined without giving effect to any materiality or Material Adverse Effect qualifier contained
therein). 
 SECTION 7.2 Effect of Termination. If this Agreement is terminated in accordance with
Section 7.1, it shall become void and have no effect, without any obligation or liability to any Person in respect of the Agreement or of the transactions contemplated by the Transaction Documents on the part of any party, or a
party’s directors, officers, employees, agents, representatives, advisers, stockholders, members, partners or Affiliates, except that the provisions of Section 5.7, this Section 7.2, and Article IX shall remain in
full force and effect and shall survive any termination of this Agreement and except that each party shall remain liable for any breach of this Agreement prior to its termination. 

  
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 ARTICLE VIII 
 INDEMNIFICATION 
 SECTION 8.1 Indemnification by Transferor. 

(a) Subject to Section 8.1(b), following the Closing, Transferor will indemnify and hold harmless Transferee
and any of its Affiliates (and their respective officers, directors, employees, shareholders, limited or general partners, members, successors, assigns, agents, advisers and representatives) (each, a “Transferee Indemnified
Person”), from, against and in respect of any and all Losses, including for purposes of this Section 8.1 all claims for consequential damages whether or not involving a Third Party Claim, incurred, sustained or suffered by the
Transferee Indemnified Persons or any of them as a result of, arising out of or directly or indirectly relating to: 
 (i) any breach of, or inaccuracy in, any representation or warranty when made by Transferor in this Agreement; 
 (ii) any breach, violation or non-fulfillment of any covenant or agreement of Transferor, including under this Article VIII, in this Agreement; 

(iii) any fraud of Transferor; 
 (iv) the Excluded Company Assets and Liabilities; or 
 (v) the
ownership and operation of the Company on or prior to Closing (including, with respect to the employment of any Company employees and any terminations, transfers or layoffs thereof or any compensation or benefit plans of the Company or its
affiliates). 
 (b) Subject to Section 8.1(c), Transferor will have no obligation to indemnify the
Transferee Indemnified Persons pursuant to Section 8.1(a)(i) in respect of Losses arising from the breach of, or inaccuracy in, any representation or warranty described therein unless the aggregate amount of all such Losses incurred or
suffered by the Transferee Indemnified Persons exceeds $75,000 (the “Deductible”), at which point Transferor will indemnify the Transferee Indemnified Persons for such Losses that exceed the Deductible, and the aggregate liability
in respect of claims for indemnification pursuant to Section 8.1(a)(i) will not exceed $10,000,000 (the “Basic Liability Cap”). 
 (c) Notwithstanding the foregoing, the Deductible and the Basic Liability Cap shall not apply to Losses resulting from, arising out of, or incurred by the Transferee Indemnified Persons in connection with
(i) claims for indemnification pursuant to Section 8.1(a)(i) in respect of breaches of, or inaccuracies in, representations and warranties set forth in Sections 3.1(a) (Organization and Authority), (c) Regulatory
Consents, (d) (Capitalization; Title), (f) No Subsidiaries, (g) (No Conflicts), (l) (Taxes) and (m) (No Brokers or Finder) (such representations and warranties, “Basic
Transferor Representations”), or (ii) claims based upon fraud or intentional misrepresentation. Claims for indemnification pursuant to any other provision of Section 8.1(a) are not subject to the monetary limitations set
forth in Section 8.1(b). 

  
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 SECTION 8.2 Indemnification by Transferee. 

(a) Subject to the limitations and other terms and conditions set forth in this Article VIII, Transferee will
indemnify and hold harmless Transferor and its Affiliates (and their respective officers, directors, employees, shareholders, members, successors, assigns, agents, advisers and representatives) (each, a “Transferor Indemnified
Person”), from, against and in respect of any and all Losses, whether or not involving a Third Party Claim, incurred or suffered by the Transferor Indemnified Persons or any of them as a result of, arising out of or relating to, directly or
indirectly: 
 (i) any breach of, or inaccuracy in, any representation or warranty made by Transferee in this
Agreement; 
 (ii) any breach, violation or non-fulfillment of any covenant or agreement of Transferee, including
under this Section 8.2(a), to this Agreement. 
 (iii) any fraud of Transferee; or 

(iv) the operation of the Company after Closing (other than Losses (x) relating to the Excluded Company Assets and
Liabilities or (y) for which Transferor may be responsible under the Broadridge Master Services Agreement. 

(b) Transferee will have no obligation to indemnify the Transferor Indemnified Persons pursuant to
Section 8.2(a)(i) in respect of Losses arising from the breach of, or inaccuracy in, any representation or warranty described therein unless and until the aggregate amount of all such Losses incurred or suffered by the Transferor
Indemnified Persons exceeds the Deductible (at which point Transferee will indemnify the Transferor Indemnified Persons for all such Losses that exceed the Deductible), and Transferee’s aggregate liability in respect of claims for
indemnification pursuant to Section 8.2(a)(i) will not exceed $10,000,000 (the “Transferee Liability Cap”). 
 (c) Notwithstanding the foregoing, the Deductible and Transferee Liability Cap shall not apply to Losses resulting from, arising out of, or incurred by the Transferor Indemnified Persons in connection
with (i) claims for indemnification pursuant to Section 8.2(a)(i) in respect of breaches of, or inaccuracies in, the representations and warranties set forth in Sections 4.1(a) (Existence and Good Standing),
(b) (Authorization and Validity), or (e) (Certain Tax Matters) (such representations, warranties and covenant, “Basic Transferee Representations”); or (ii) claims based upon fraud or intentional
misrepresentation. Claims for indemnification pursuant to any other provision of Section 8.2(a) are not subject to the limits set forth in Section 8.2(b). 

SECTION 8.3 Survival. Each of the representations and warranties in this Agreement shall survive the Closing for a period of
twenty-four (24) months following the Closing Date; provided, however, that (a) the Basic Transferor Representations and Basic Transferee Representations shall survive the Closing indefinitely and (b) the representations
and warranties in Sections 3.1(l) (Taxes) or in any certificate delivered pursuant to this Agreement and related thereto shall survive the Closing until the end of the applicable statute of limitations. All covenants set forth in this
Agreement shall survive the Closing indefinitely unless they expire earlier in accordance with the express terms of this Agreement. No claim, lawsuit, or other proceeding arising out of or related to the breach of any representation or warranty
contained in this Agreement may be made by any Indemnified Party unless notice of such claim, lawsuit or other proceeding is given to the Indemnifying Party in accordance with Section 8.4 prior to the end of the applicable survival
period set forth in this Section 8.3. 

  
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 SECTION 8.4 Third Party Claims. 

(a) Notice of Claim. If any third party notifies an Indemnified Party with respect to any matter which may give
rise to Losses for which indemnification may be sought pursuant to Section 8.1 or Section 8.2, as the case may be (a “Third Party Claim”), against Transferee, on the one hand, or Transferor, on the other hand
(an “Indemnifying Party”), under this Section 8.4, then the Indemnified Party will promptly give written notice to the Indemnifying Party; provided, however, that no delay on the part of the Indemnified
Party in notifying the Indemnifying Party will relieve the Indemnifying Party from any obligation under this Section 8.4, except to the extent such delay actually and materially prejudices the Indemnifying Party. 

(b) Assumption of Defense, etc. The Indemnifying Party will be entitled to participate in the defense of any Third
Party Claim that is the subject of a notice given by the Indemnified Party pursuant to Section 8.4(a). In addition, the Indemnifying Party will have the right to assume the defense of such Third Party Claim with counsel of its choice
reasonably satisfactory to the Indemnified Party so long as (i) the Indemnifying Party gives written notice to the Indemnified Party within fifteen (15) calendar days after the Indemnified Party has given notice of the Third Party Claim
that the Indemnifying Party will indemnify the Indemnified Party from and against the entirety of any and all Losses the Indemnified Party may suffer, subject to the limitations contained in Section 8.1(b) or Section 8.2(b),
resulting from, arising out of, relating to, in the nature of, or caused by the Third Party Claim; (ii) the Indemnifying Party provides the Indemnified Party with evidence reasonably acceptable to the Indemnified Party that the Indemnifying
Party will have adequate financial resources to defend against the Third Party Claim and fulfill its indemnification obligations hereunder; (iii) the Third Party Claim involves only money damages and does not seek an injunction or other
equitable relief against the Indemnified Party; (iv) the Indemnified Party has not provided the Indemnifying Party with notice that the Indemnified Party has been advised by counsel that an actual or potential conflict exists between the
Indemnified Party and the Indemnifying Party in connection with the defense of the Third Party Claim; (v) the Third Party Claim does not relate to or otherwise arise in connection with any criminal or regulatory enforcement action, suit or
proceeding; and (vi) the Indemnified Party provided the Indemnifying Party with written notice that the settlement of, an adverse judgment with respect to or the Indemnifying Party’s conduct of the defense of the Third Party Claim is not,
in the good faith judgment of the Indemnified Party, likely to be adverse to the Indemnified Party’s reputation or continuing business interests. The Indemnified Party may retain separate co-counsel at its sole cost and expense and participate
in the defense of the Third Party Claim; provided, however, that the Indemnifying Party will pay the fees and expenses of separate co-counsel retained by the Indemnified Party that are incurred prior to Indemnifying Party’s
assumption of control of the defense of the Third Party Claim. 
 (c) Limitations on Indemnifying Party.
Neither the Indemnifying Party nor the Indemnified Party will consent to the entry of any judgment or enter into any compromise or settlement with respect to any Third Party Claim without the prior written consent of the other, unless such judgment,
compromise or settlement (i) provides for the payment by the Indemnifying Party of money as sole relief for the claimant, (ii) results in the full and general release of the Transferee Indemnified Persons or Transferor Indemnified Persons,
as applicable, from all liabilities arising or relating to, or in connection with, the Third Party Claim, and (iii) involves no finding or admission of any violation of Applicable Law or the rights of any Person and has no effect on any other
claims that may be made against the Indemnified Party. 

  
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 (d) Indemnified Party’s Control. If the Indemnifying Party does
not deliver to the Indemnified Party the notice contemplated by Section 8.4(b) within fifteen (15) calendar days after the Indemnified Party has given notice of the Third Party Claim pursuant to Section 8.4(a) (or any of
the conditions set forth in clauses (i) though (vi) of the second sentence of Section 8.4(b) is unsatisfied), or otherwise at any time fails to conduct the defense of the Third Party Claim actively and diligently, the
Indemnified Party may defend the Third Party Claim in a good faith and reasonable manner; provided, however, that if the Indemnified Party does not permit the Indemnifying Party to conduct the defense, then the Indemnified Party may
not consent to the entry of any judgment or enter into any compromise or settlement of any Third Party Claim without the prior written consent of the Indemnifying Party, which consent will not be unreasonably withheld, delayed or conditioned. In the
event that the Indemnified Party conducts the defense of the Third Party Claim pursuant to this Section 8.4, the Indemnifying Party will remain responsible for any and all other Losses that the Indemnified Party is responsible for
pursuant to Section 8.1 or Section 8.2, as applicable. 
 (e) Consent to Jurisdiction
Regarding Third Party Claim. Transferee and Transferor, each in its capacity as an Indemnifying Party, hereby consents to the non-exclusive jurisdiction of any court in which any Third Party Claim may be brought against any Indemnified Party for
purposes of any claim which such Indemnified Party may have against such Indemnifying Party pursuant to this Agreement in connection with such Third Party Claim, and in furtherance thereof, the provisions of Section 9.3 are incorporated
herein by reference, mutatis mutandis. 
 SECTION 8.5 Treatment of Materiality. For purposes of this Article
VIII, in determining whether there has been any breach of any representation or warranty, or the amount of any Losses related to a breach of a representation or warranty, such representations and warranties shall be read without regard to any
materiality or Material Adverse Effect or similar qualifier contained therein, and any breach thereof as so read shall be indemnifiable hereunder, subject to the limitations set forth in this Article VIII. 

SECTION 8.6 Waiver of Rights to Subrogation. Transferor shall not be entitled to, and Transferor hereby irrevocably waives any
right to, subrogation to Transferee with respect to any liability of Transferor that may arise under or pursuant to the Transaction Documents. 
 SECTION 8.7 Investigation. The right to indemnification and all other remedies based upon any representation, warranty, covenant or agreement contained in this Agreement shall not be limited,
diminished or otherwise affected by any investigation conducted with respect to, or any knowledge acquired at any time, whether before or after the Closing and regardless of whether such knowledge came from Transferee, Transferor or their respective
representatives or any other Person, with respect to the accuracy or inaccuracy of or compliance with any such representation, warranty, covenant or agreement. 
 SECTION 8.8 Calculation of Losses. An Indemnified Party shall not be entitled to recover any amount due hereunder more than once in respect of the same Loss. In calculating any amount due hereunder
in respect of Losses, Losses shall be reduced by any amounts actually recovered by the Indemnified Party under third party insurance policies or third party indemnification obligations or other rights of recovery from a third party with respect to
such Losses, net of any deductible or any other expense incurred by the Indemnified Party in obtaining such recovery (including, with respect to insurance recoveries, any increase in premiums), other than any such recovery under any self insurance;
provided however, that no Indemnified Party shall be required to seek any such recovery. 
 SECTION 8.9 Limitation on
Losses. Except to the extent actually paid to a third party, no party shall, under any circumstance, have any liability to any other party for any punitive or special damages claimed by such other party under the terms of or due to any breach or
non-performance of this Agreement. 

  
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 SECTION 8.10 Setoff. Any Losses under Sections 8.1 and 8.2 shall be
determined after giving effect to any actual cash payments, setoffs or recoupment of cash amounts in each case actually received, realized or retained by an Indemnified Party as a result of any matter giving rise to a claim for such indemnification.
Nothing in this Article VIII will require any party to pursue recovery under any of its insurance policies. The parties expressly agree that to the extent any indemnity payment is due to a Transferee Indemnified Person hereunder, such amount
may be reduced, set-off and deducted by Transferee or the Company from any payments due to Transferor or its Affiliates under any other Transaction Document. 
 SECTION 8.11 Non-Third Party Claims. In the event any Indemnified Party has a claim under Section 8.1 or Section 8.2 that does not involve a Third Party Claim, the
Indemnified Party shall deliver notice of such claim to the Indemnifying Party; provided, however, that no delay on the part of the Indemnified Party in notifying the Indemnifying Party will relieve the Indemnifying Party from any
obligation under this Article VIII, except to the extent such delay actually and materially prejudices the Indemnifying Party. If the Indemnifying Party does not notify the Indemnified Party within twenty (20) Business Days following its
receipt of such notice that the Indemnifying Party disputes the liability to such Indemnified Party, such claim specified by such Indemnified Party in such notice shall be conclusively deemed a liability of the Indemnifying Party and shall be deemed
to have been finally determined hereunder. For the avoidance of doubt, any legal fees and other expenses reasonably incurred by any Indemnified Party in connection with the assertion of any indemnification claim under this Article VIII shall be
included in the Losses subject to indemnification in respect of such claim. 
 SECTION 8.12 Limitations on Remedies. The
indemnification provided in this Article VIII shall constitute the sole and exclusive remedy of the parties hereto with respect to all Losses relating to, arising from or connected to a breach of the representations and warranties or
covenants contained herein or in any certificate executed and delivered pursuant hereto (other than claims of, or causes of action arising out of, fraud or intentional misrepresentation with respect to the representations and warranties contained
herein). 
 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.1 Waivers. Any waiver of any terms or conditions
or of the breach of any covenant, representation or warranty of this Agreement in any one instance shall not operate as or be deemed to be or construed as a further or continuing waiver of any other breach of such term, condition, covenant,
representation or warranty or any other term, condition, covenant, representation or warranty, nor shall any failure or delay at any time or times to enforce or require performance of any provision hereof operate as a waiver of or affect in any
manner such party’s right at a later time to enforce or require performance of such provision or of any other provision hereof; provided, however, that no such waiver, unless it, by its own terms, explicitly provides to the
contrary, shall be construed to effect a continuing waiver of the provision being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party against whom such
waiver is claimed in all other instances or for all other purposes to require full compliance. 
 SECTION 9.2
Modifications. Except as otherwise expressly provided in this Agreement, neither this Agreement (including any Schedules hereto), nor any term hereof (or thereof) may be changed, amended, modified, waived, discharged or terminated except to
the extent that the same is effected and evidenced by the written agreement of all of the parties hereto (or their successors in interest, if applicable). 

  
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 SECTION 9.3 Governing Law. 

(a) This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of New York applicable
to agreements made and to be performed entirely within such State. All actions and proceedings arising out of or relating to this Agreement, including the resolution of any and all disputes hereunder, shall be heard and determined in the state and
federal courts located in New York, New York, and the Parties to this Agreement hereby irrevocably submit to the exclusive jurisdiction of such courts in any such action or proceeding and irrevocably waive the defense of an inconvenient forum to the
maintenance of any such action or proceeding. 
 (b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES
THIS WAIVER VOLUNTARILY AND (iv) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.3(C). 

SECTION 9.4 Notices. 
 (a) All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and sent as follows: 

(i) If to Transferee, to: 
 c/o PEAK6 Investments, L.P. 
 141 W. Jackson Blvd., Suite 500 

Chicago, IL 60604 
 Email: legal@peak6.com 
 Attention: CEO and Chief Legal Officer 

with a copy (which shall not constitute notice) to: 
 Sidley Austin LLP 
 One South Dearborn 

Chicago, Illinois 60603 
 Facsimile: (312) 853.7036 
 Attention: John R. Box 

  
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 (ii) If to Transferor, to: 

Broadridge Financial Solutions, Inc. 
 1981 Marcus Avenue 
 Lake Success, NY 11042 

Attention: Adam. D. Amsterdam 
 Email: Adam.Amsterdam@broadridge.com 
 (b) All notices and other
communications required or permitted under this Agreement which are addressed as provided in Section 9.4(a), (i) if delivered personally against proper receipt shall be effective upon delivery; (ii) if sent via facsimile shall
be effective upon the date of dispatch if confirmation of transmission is provided and (iii) if sent (A) by certified or registered mail with postage prepaid or (B) by Federal Express or similar courier service with courier fees paid
by the sender, shall be effective upon receipt. The parties hereto may from time to time change their respective addresses for the purpose of notices to that party by a similar notice specifying a new address, but no such change shall be deemed to
have been given unless it is sent and received in accordance with this Section 9.4. 
 SECTION 9.5 Entire
Understanding; No Third Party Beneficiaries. This Agreement represents the entire understanding of the parties hereto with reference to the transactions contemplated hereby and supersedes any and all other oral or written agreements heretofore
made. Except as expressly provided herein, nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the parties hereto or their respective heirs, personal representatives, successors and permitted assigns, any
rights, remedies, obligations or liabilities under or by reason of this Agreement. 
 SECTION 9.6 Assignability. Neither
this Agreement nor any rights or obligations hereunder shall be assignable by any party to any other Person (whether by operation of law or otherwise) without the written consent of the other parties and any purported assignment in violation of this
Section 9.6 shall be void ab initio; provided that this Agreement (including the rights, interests and obligations hereunder) may be assigned in whole or in part by Transferee to any Affiliate of Transferee or any successor
entity (provided that Transferee remains liable for all obligations hereunder) or by operation of any consolidation or merger of Transferee and any of its Affiliates and by Transferor to any Affiliate or successor entity (provided that
Transferor remains liable for all obligations hereunder). Subject to the preceding sentence, this Agreement shall be binding upon and enforceable by, and shall inure to the benefit of, the parties hereto and their respective heirs, personal
representatives, successors and permitted assigns (which shall include any successor entity to Transferor) and no others. 

SECTION 9.7 Severability. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the
other provisions hereof, and this Agreement shall be construed in all respects by interpreting such invalid or unenforceable provision as nearly to the original meaning as possible so as to make it valid and enforceable or, if that is not possible
or permitted by Applicable Law, by omitting such invalid or unenforceable provision. If any material provision of this Agreement is determined by a court or regulatory body to be invalid or unenforceable, then the parties shall use their best
efforts to address the implications of such invalidity or unenforceability so as to preserve the essential understanding of the parties with respect hereto. 
 SECTION 9.8 Specific Performance and Injunctive Relief. The parties acknowledge that money damages would not be a sufficient remedy for any breach of this Agreement and that irreparable harm would
result if this Agreement were not specifically enforced. Therefore, the rights and obligations of the parties under this Agreement shall be enforceable by a decree of specific performance issued

  
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by any court of competent jurisdiction, and appropriate injunctive relief may be applied for and granted in connection therewith. If Transferor fails or Transferee fails to consummate the
transactions contemplated in this Agreement, and if this Agreement has not been terminated pursuant to Section 7.1 of this Agreement, Transferee or Transferor, as the case may be, may commence an action, suit or proceeding for the
specific enforcement of this Agreement, subject to any defenses Transferor or Transferee, as applicable, may validly assert to any such action. In the event that this Agreement is terminated pursuant to Section 7.1 hereof, nothing in
this Section 9.8 shall be construed to limit the right of Transferor or Transferee to seek injunctive relief with respect to the breach of any covenant or agreement that survives such termination in accordance with
Section 7.2. 
 SECTION 9.9 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. The signature pages hereto may be transmitted by facsimile or .pdf, and if so transmitted, shall constitute originals. 

[Remainder of page left intentionally blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date set
forth above. 
  

			
	BROADRIDGE FINANCIAL SOLUTIONS, INC.
		
	By:	 	/s/ John Hogan
		 	Name: John Hogan
		 	Title: President

  

			
	 BROADRIDGE SECURITIES PROCESSING SOLUTIONS, INC.

		
	By:	 	/s/ Adam Amsterdam
		 	Name: Adam Amsterdam
		 	Title: President

  

			
	APEX CLEARING HOLDINGS LLC
		
	By:	 	APEX CLEARING SOLUTIONS LLC, in
		 	 its capacity as managing member of Apex
 Clearing Holdings LLC

		
	By:	 	PEAK6 INVESTMENTS, L.P., in its
		 	 Capacity as Manager of Apex Clearing
 Solutions LLC

		
	By:	 	/s/ Jenny Just
		 	Name: Jenny Just
		 	Title: Manager

 [Signature Page to Broadridge Purchase and Sale Agreement]

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