Document:

Second Amendment to Amended and Restated lease

 Exhibit 10.25 
 SECOND AMENDMENT TO AMENDED AND RESTATED LEASE 
 Definitions: 

 

			
	Effective Date:	  	September 30, 2012.
		
	Landlord:	  	President and Fellows of Harvard College, a Massachusetts educational and charitable corporation.
		
	Tenant:	  	Bright Horizons Children’s Centers LLC, a Delaware limited liability company.
		
	Lease:	  	Amended and Restated Lease (Building 37) between Landlord, as landlord, and Tenant, as tenant, dated as of December 1, 2009, as amended by that certain First Amendment to
Amended and Restated Lease (the “First Amendment”) dated as of July 25, 2011.
		
	Existing Premises:	  	The Original Premises and the Expansion Premises, as more particularly described in the Lease, being all of Building 37 and portions of Building 131 and Building
312.
		
	Expansion Premises:	  	The First Floor Expansion Premises and the Second Floor Expansion Premises, as defined in the First Amendment.
		
	Third Floor Expansion Premises:	  	A portion of the third floor of Building 312 containing approximately 9,894 rentable square feet of space, as more particularly described on Exhibit A-1 attached
hereto.
		
	Mezzanine Expansion Premises:	  	A portion of the mezzanine space located on the third floor of Building 312 containing approximately 2,000 rentable square feet of space, as more particularly described on
Exhibit A-2 attached hereto.
		
	Second Amendment Expansion Premises:	  	The Third Floor Expansion Premises and the Mezzanine Expansion Premises.
		
	Second Amendment Expansion Premises Commencement Date:	  	The date of (i) execution and delivery of this Second Amendment to Lease, and (ii) delivery by Tenant to Landlord of certificates of insurance evidencing that Tenant is
carrying all coverages required to be carried by Tenant with respect to the Second Amendment Expansion Premises pursuant to Article X of the Lease.
		
	 Third Floor
 Expansion
Premises
 Rent Commencement Date:
	  	August 15, 2013.

			
		
	 Mezzanine

Expansion Premises

Rent Commencement Date:
	  	 August 15, 2013, provided that if Tenant has not occupied the
 Mezzanine Expansion Premises on or before that day for the conduct of Tenant’s business, then the Mezzanine Expansion Premises Rent Commencement Date shall be extended to the earlier of: (i) the
date on which Tenant first occupies the Mezzanine Expansion Premises for the conduct of its business, or (ii) January 1, 2014.

 All capitalized terms not otherwise defined herein shall have the meanings set forth in the Lease.

 BACKGROUND: 
 Tenant desires to expand the Premises, and Landlord has agreed to such expansion upon the terms and conditions set forth below, and provided certain other revisions are made to the Lease, all as set forth
more particularly below. 
 Landlord and Tenant hereby agree as follows: 

1. Expansion Premises: Landlord will deliver possession of the Second Amendment Expansion Premises to Tenant as of the
Second Amendment Expansion Premises Commencement Date, and Tenant agrees to accept each of the Third Floor Expansion Premises and the Mezzanine Expansion Premises in their current AS-IS condition, and Landlord shall have no obligation to do any work
or make any installation or alterations of any kind to the Second Amendment Expansion Premises. 
 2. Definitions:

 (a) Definitions. As of the Effective Date, the following terms wherever they appear in the Lease shall have the
following meanings: 
 Premises: As of the First Floor Expansion Premises Commencement Date, all references to the
Premises shall mean the Original Premises and the First Floor Expansion Premises. As of the Second Floor Expansion Premises Commencement Date, all references to the Premises shall mean the Original Premises and the Expansion Premises. As of the
Second Amendment Expansion Premises Commencement Date, all references to the Premises shall mean the Existing Premises and the Second Amendment Expansion Premises. 
 Premises Rentable Area: With respect to the Original Premises, agreed to be 56,450 rentable square feet as of the Commencement Date. Effective as of the Second Floor Expansion Premises Commencement
Date, agreed to be 66,430 rentable square feet. Effective as of the First Floor Expansion Premises Commencement Date, agreed to be 74,537 rentable square feet. Effective as of the Second Amendment Expansion Premises Commencement Date, agreed to be
86,431 rentable square feet. 
 Building: The term “Building” shall mean, collectively, Building 37, Building
131 and Building 312. 

  
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 Initial Term: With respect to the Existing Premises, the period commencing on the
Commencement Date and ending on the Lease Expiration Date, unless sooner terminated as provided in the Lease. With respect to the First Floor Expansion Premises, the period commencing on the First Floor Expansion Premises Commencement Date and
ending on the Lease Expiration Date, unless sooner terminated as provided in this Lease. With respect to the Second Floor Expansion Premises, the period commencing on the Second Floor Expansion Premises Commencement Date and ending on the Lease
Expiration Date, unless sooner terminated as provided in the Lease. With respect to the Second Amendment Expansion Premises, the period commencing on the Second Amendment Expansion Premises Commencement Date and ending on the Lease Expiration Date.

 Lease Year: With respect to the Original Premises, the period running from the Commencement Date through
December 31, 2010 and thereafter a Lease Year shall mean each successive calendar year. With respect to the First Floor Expansion Premises, the period running from the First Floor Expansion Premises Commencement Date through December 31,
2012 and thereafter a Lease Year shall mean each successive calendar year. With respect to the Second Floor Expansion Premises, the period running from the Second Floor Expansion Premises Commencement Date through December 31, 2011 and
thereafter a Lease Year shall mean each successive calendar year. With respect to the Third Floor Expansion Premises, the period running from the Second Amendment Expansion Premises Commencement Date through December 31, 2012 and thereafter a
Lease Year shall mean each successive calendar year. With respect to the Mezzanine Expansion Premises, the period running from the Second Amendment Expansion Premises Commencement Date through December 31, 2013 and thereafter a Lease Year shall
mean each successive calendar year. Rent shall be prorated for any Lease Year that is shorter or longer than one year. 

Basic Rent: For the period from the Commencement Date through the date immediately preceding the First Floor Expansion Premises
Rent Commencement Date, the Original Premises Basic Rent. For the period from the First Floor Expansion Premises Rent Commencement Date through the date immediately preceding the Second Floor Expansion Premises Rent Commencement Date, the Original
Premises Basic Rent, plus the First Floor Expansion Premises Basic Rent. For the period from the Second Floor Premises Rent Commencement Date through the Lease Expiration Date, the Original Premises Basic Rent, plus the First Floor Expansion
Premises Basic Rent, plus the Second Floor Expansion Premises Basic Rent. For the period from the Third Floor Expansion Premises Rent Commencement Date through the Lease Expiration Date, the Original Premises Basic Rent, plus the First Floor
Expansion Premises Basic Rent, plus the Second Floor Expansion Premises Basic Rent, plus the Third Floor Expansion Premises Basic Rent. For the period from the Mezzanine Expansion Premises Rent Commencement Date through the Lease Expiration Date,
the Original Premises Basic Rent, plus the First Floor Expansion Premises Basic Rent, plus the Second Floor Expansion Premises Basic Rent, plus the Third Floor Expansion Premises Basic Rent, plus the Mezzanine Expansion Premises Basic Rent.

  
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 Third Floor Expansion Premises Basic Rent: The Third Floor Expansion Premises Basic Rent is
as follows: 
  

																	
	 Rental Period
	  	Annual Basic
Rent	 	  	Minimum
Monthly
Rent	 	  	Basic
Rent
Rate	 	  	Rentable
Square
Footage	 
	 August 15, 2013—December 31, 2013
	  	$	277,032.00	  	  	$	23,086.00	  	  	$	28.00	  	  	 	9,894	  
	 January 1, 2014—December 31, 2014
	  	$	286,926.00	  	  	$	23,910.50	  	  	$	29.00	  	  	 	9,894	  
	 January 1, 2015—December 31, 2015
	  	$	296,820.00	  	  	$	24,735.00	  	  	$	30.00	  	  	 	9,894	  
	 January 1, 2016—December 31, 2016
	  	$	306,714.00	  	  	$	25,559.50	  	  	$	31.00	  	  	 	9,894	  
	 January 1, 2017—December 31, 2017
	  	$	316,608.00	  	  	$	26,384.00	  	  	$	32.00	  	  	 	9,894	  
	 January 1, 2018—December 31, 2018
	  	$	326,502.00	  	  	$	27,208.50	  	  	$	33.00	  	  	 	9,894	  
	 January 1, 2019—December 31, 2019
	  	$	336,396.00	  	  	$	28,033.00	  	  	$	34.00	  	  	 	9,894	  
	 January 1, 2020—December 31, 2020
	  	$	346,290.00	  	  	$	28,857.50	  	  	$	35.00	  	  	 	9,894	  

 Mezzanine Expansion Premises Basic Rent: From and after the Mezzanine Expansion Premises Rent
Commencement Date, the Mezzanine Expansion Premises Basic Rent is as follows: 
  

																	
	 Rental Period
	  	Annual Basic
Rent	 	  	Minimum
Monthly
Rent	 	  	Basic
Rent
Rate	 	  	Rentable
Square
Footage	 
	 Mezzanine Expansion Premises Rent

Commencement Date—December 31, 2013
	  	$	56,000.00	  	  	$	4,666.67	  	  	$	28.00	  	  	 	2,000	  
	 January 1, 2014—December 31, 2014
	  	$	58,000.00	  	  	$	4,833.33	  	  	$	29.00	  	  	 	2,000	  
	 January 1, 2015—December 31, 2015
	  	$	60,000.00	  	  	$	5,000.00	  	  	$	30.00	  	  	 	2,000	  
	 January 1, 2016—December 31, 2016
	  	$	62,000.00	  	  	$	5,166.67	  	  	$	31.00	  	  	 	2,000	  
	 January 1, 2017—December 31, 2017
	  	$	64,000.00	  	  	$	5,333.33	  	  	$	32.00	  	  	 	2,000	  
	 January 1, 2018—December 31, 2018
	  	$	66,000.00	  	  	$	5,500.00	  	  	$	33.00	  	  	 	2,000	  
	 January 1, 2019—December 31, 2019
	  	$	68,000.00	  	  	$	5,666.67	  	  	$	34.00	  	  	 	2,000	  
	 January 1, 2020—December 31, 2020
	  	$	70,000.00	  	  	$	5,833.33	  	  	$	35.00	  	  	 	2,000	  

  
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 Base Tax Year: With respect to the Original Premises, Fiscal Year 2011, commencing on
July 1, 2010 and ending on June 30, 2011. With respect to the Expansion Premises, Fiscal Year 2012, commencing on July 1, 2011 and ending on June 30, 2012. With respect to the Second Amendment Expansion Premises, Fiscal Year
2013, commencing on July 1, 2012 and ending on June 30, 2013. 
 Tenant’s Tax Share: From the Commencement
Date through the date immediately preceding the First Floor Expansion Premises Rent Commencement Date, 7.46% (the percentage calculated by dividing the rentable square feet of the Premises (56,450) by the Rentable Area of the Complex (757,244).
From the First Floor Expansion Premises Rent Commencement Date through the date immediately preceding the Second Floor Expansion Premises Rent Commencement Date, 8.53% (the percentage calculated by dividing the rentable square feet of the Premises
(64,557) by the Rentable Area of the Complex (757,244). From and after the Second Floor Expansion Premises Rent Commencement Date, 9.84% (the percentage calculated by dividing the rentable square feet of the Premises (74,537) by the
Rentable Area of the Complex (757,244). From and after the Third Floor Expansion Premises Rent Commencement Date, 11.15% (the percentage calculated by dividing the rentable square feet of the Premises (84,431) by the Rentable Area of the
Complex (757,244). From and after the Mezzanine Expansion Premises Rent Commencement Date, 11.41% (the percentage calculated by dividing the rentable square feet of the Premises (86,431) by the Rentable Area of the Complex (757,244).
Tenant’s Tax Share shall be adjusted proportionately if the Rentable Square Feet of the Complex is increased or decreased or if the size of the Premises is increased or decreased. 

Tenant’s Operating Costs Share: From the Commencement Date through the date immediately preceding the First Floor Expansion
Premises Rent Commencement Date, the Tenant’s Operating Costs Share shall be: (i) 100% of Building Operating Costs for Building 37; and (ii) 27.44% for Building 131 (the percentage calculated by dividing the rentable square feet of
the Premises (13,500) by the rentable square feet of Building 131 (49,202)). From the First Floor Expansion Premises Rent Commencement Date through the date immediately preceding the Second Floor Expansion Premises Rent Commencement Date, the
Tenant’s Operating Costs Share shall be: (i) 100% of Building Operating Costs for Building 37; (ii) 27.44% for Building 131 (the percentage calculated by dividing the rentable square feet of the Premises (13,500) by the rentable
square feet of the Building (49,202)); and (iii) 22.94% for Building 312 (the percentage calculated by dividing the rentable square feet of the First Floor Expansion Premises (8,107) by the rentable square feet of Building 312 (35,339)).
From and after the Second Floor Expansion Premises Rent Commencement Date, the Tenant’s Operating Costs Share shall be: (i) 100% of Building Operating Costs for Building 37; (ii) 27.44% for Building 131 (the percentage calculated by
dividing the rentable square feet of the Premises (13,500) by the rentable square feet of the Building (49,202)); and (iii) 51.18% for Building 312 (the percentage calculated by dividing the rentable square feet of the Expansion Premises
(18,087) by the rentable square feet of Building 312 (35,339)). From and after the Third Floor Expansion Premises Rent Commencement Date, the Tenant’s Operating Costs Share shall be: (i) 100% of Building Operating Costs for Building
37; (ii) 27.44% of Building Operating Costs for Building 131 (the percentage calculated by dividing the rentable square feet of the portion of the Premises in Building 131 (13,500) by the rentable square feet of Building 131 (49,202)); and
(iii) 79.18% of Building Operating Costs for Building 312 (the percentage calculated by dividing the rentable square feet of the portion of the Premises in Building 312 (27,981) by the rentable square feet of Building 312 (35,339)). From
and after the Mezzanine Expansion Premises Rent Commencement Date, the Tenant’s Operating 

  
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 Costs Share shall be: (i) 100% of Building Operating Costs for Building 37;
(ii) 27.44% of Building Operating Costs for Building 131 (the percentage calculated by dividing the rentable square feet of the portion of the Premises in Building 131 (13,500) by the rentable square feet of Building 131 (49,202)); and
(iii) 84.84% of Building Operating Costs for Building 312 (the percentage calculated by dividing the rentable square feet of the portion of the Premises in Building 312 (29,981) by the rentable square feet of Building 312 (35,339)).
Tenant’s Operating Costs Share shall be adjusted proportionately if the size of the Building or the Premises is increased or decreased. 
 Base Cost Year: With respect to the Original Premises, Fiscal Year 2011, commencing on July 1, 2010 and ending on June 30, 2011. With respect to the Expansion Premises, Fiscal Year
2012, commencing on July 1, 2011 and ending on June 30, 2012. With respect to the Second Amendment Expansion Premises, Fiscal Year 2013, commencing on July 1, 2012 and ending on June 30, 2013. 

Initial Expense Allocation: With respect to the Original Premises, commencing on July 1, 2011, one-twelfth of Landlord’s
estimate of Tenant’s Operating Costs Share of the increase in Building Operating Costs for Fiscal Year 2012 over the Building Operating Costs for the Base Cost Year. With respect to the Expansion Premises, commencing on July 1, 2012,
one-twelfth of Landlord’s estimate of Tenant’s Operating Costs Share of the increase in Building Operating Costs for Fiscal Year 2013 over the Building Operating Costs for the Base Cost Year. With respect to the Second Amendment Expansion
Premises, commencing on July 1, 2013, (except as provided below), one-twelfth of Landlord’s estimate of Tenant’s Operating Costs Share of the increase in Building Operating Costs for Fiscal Year 2014 over the Building Operating Costs
for the Base Cost Year, provided, however, that, notwithstanding anything in the Lease to the contrary, Tenant shall have no liability with respect to any Tax Reimbursement or Expense Allocation for the period from July 1, 2013 through:
(i) the Third Floor Expansion Premises Rent Commencement Date with respect to the Third Floor Expansion Premises, or (ii) the Mezzanine Expansion Premises Rent Commencement Date with respect to the Mezzanine Expansion Premises. 

Furniture: The items of furniture currently located in the Third Floor Expansion Premises, an inventory of which is attached hereto
as Schedule 1 (the “Furniture”). 
 3. Electricity. The fifth sentence of
Section 7.5(a) of the Lease is hereby deleted in its entirety and the following is substituted in place thereof: “Each of the First Floor Expansion Premises, the Second Floor Expansion Premises, the Third Floor Expansion Premises and the
Mezzanine Expansion Premises shall be separately metered for electricity and Tenant shall pay all electricity charges for such portions of the Premises directly to the applicable service provider.” 

4. Furniture. On or about the Effective Date, Landlord shall execute and deliver to Tenant a bill of sale conveying
Landlord’s interest, if any, in the Furniture to Tenant in consideration of One Dollar ($1.00). 
 5. Parking.
In addition to the fifteen (15) reserved parking spaces referred to in the Lease and the two (2) reserved parking spaces (the “First Amendment Spaces”) referred to in the First Amendment and the designated pick-up and drop-off
spaces described in the Building 131 Lease, Tenant shall have the right to use three (3) additional parking spaces, to be located as depicted on Exhibit H-1 

  
 -6-

 
attached hereto, which will be reserved for Tenant’s exclusive use. Landlord also agrees that the First Amendment Spaces shall be relocated from the location shown on Exhibit B to the First
Amendment, to the location shown on Exhibit 11-1. Exhibit H-1, attached hereto and incorporated herein, is hereby added to the Lease immediately following Exhibit H. 

6 Broker. Tenant and Landlord each warrants and represents to the other that it has not dealt with any broker other than
Beal and Company, Inc. (the “Broker”) in connection with this Amendment. In the event of any brokerage claims against Landlord (excluding claims made by the Broker) or Tenant predicated on prior dealings by the other party hereto
with the maker of such claims, the party alleged to have had such prior dealings shall defend, indemnify, and hold the other party harmless against all loss and expense incurred by it (including reasonable attorneys’ fees). Landlord shall be
responsible for any brokerage commission payable to the Broker pursuant to a separate agreement. 
 7.
Ratification. Except as expressly modified by this Amendment, the Lease shall remain in full force and effect, and as further modified by this Amendment, is expressly ratified and confirmed by the parties hereto. 

8. Estoppels. Landlord hereby certifies to Tenant that (i) the Lease is in full force and effect, (ii) that no
Default of Tenant has occurred (nor, to Landlord’s knowledge has any event occurred that with the passage of time and giving of notice would constitute a Default of Tenant), and (iii) payments of Basic Rent and Additional Rent that are due
and payable as of the Effective Date have been paid by Tenant. Tenant hereby certifies to Landlord that (i) the Lease is in full force and effect, and (ii) to Tenant’s knowledge, no event has occurred that with the passage of time and
giving of notice would constitute a default by Landlord under the Lease. 
 9. Miscellaneous. This Amendment
(i) contains the entire agreement with respect to the subject matter hereof; (ii) may not be modified or terminated, nor may any provision hereof be waived, orally or in any manner other than by an agreement in writing signed by the
parties hereto or their respective successors, and assigns; (iii) shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts; (iv) may be executed in multiple counterparts, each of which
individually shall be deemed an original and all of which together shall constitute a single original agreement; and (v) shall inure to the benefit of, and be binding upon, the parties hereto, and their successors, and assigns, subject to the
provisions of the Lease regarding assignment and subletting. Any termination of the Lease shall also terminate and render void all rights of Tenant under this Amendment. Tenant’s rights under this Amendment may not be severed from the Lease or
separately sold, separately assigned, or separately transferred. 
 [Remainder of Page Left Intentionally Blank] 

  
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 IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment under seal effective as
of the Effective Date. 
  

			
	 PRESIDENT AND FELLOWS
 OF HARVARD COLLEGE

		
	By:	 	/s/ Lisa Hogarty
		 	 Name: Lisa Hogarty

Title: Vice President for Campus Services

		
	By:	 	/s/ Carolee Hill
		 	 Name: Carolee Hill

Title: Managing Director for Harvard Real Estate

	
	BRIGHT HORIZONS CHILDREN’S CENTERS LLC
		
	By:	 	/s/ Stephen Dreier
		 	 Name: Stephen Dreier

Title: CAO

 SCHEDULE 1 
 FURNITURE 
  

			
	 ITEM
	 	 QUANTITY

	Work Stations	 	68
		
	Office Work Stations	 	3
		
	Reception Desk	 	1
		
	Task Chairs	 	83
		
	File Cabinets (36”-3 Drawer)	 	2
		
	Book Cases	 	1
		
	Refrigerator	 	1
		
	Microwave	 	1

 BILL OF SALE 
 THIS BILL OF SALE is made as of the 30th day of September, 2012, from PRESIDENT AND FELLOWS OF HARVARD COLLEGE, a Massachusetts educational and charitable corporation, having an office c/o Harvard Real
Estate Services, Holyoke Center, 1350 Massachusetts Avenue, Suite 800, Cambridge, Massachusetts 02138-3826 (“Seller”) to BRIGHT HORIZONS CHILDREN’S CENTERS LLC, a Delaware limited liability company, having an office at 200
Talcott Avenue, Watertown, Massachusetts 02472 (“Buyer”). 
 RECITALS: 

WHEREAS, contemporaneously with the execution and delivery of this Bill of Sale, Seller and Buyer have entered into that certain Second
Amendment to Amended and Restated Lease, pursuant to which Seller agreed to sell to Buyer the Furniture (as defined therein); 

NOW, THEREFORE, in consideration of the receipt of ONE AND NO/100 DOLLAR ($1.00) and other good and valuable consideration paid in hand
by Buyer to Seller, the receipt and sufficiency of which are hereby acknowledged, Seller has GRANTED, CONVEYED, SOLD, TRANSFERRED, SET OVER and DELIVERED and by these presents does hereby GRANT, SELL, TRANSFER, SET OVER and DELIVER to Buyer, its
legal representatives, successors and assigns, all right, title and interest in and to Seller’s right, title and interest, if any, the furniture listed on “Exhibit A” attached hereto, 

This Bill of Sale is made without any covenant, warranty or representation by, or recourse against Seller. 

This Bill of Sale shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. 

[signature page to follow] 

 IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be duly signed as of the day and
year first written above. 
  

			
	 PRESIDENT AND FELLOWS
 OF HARVARD COLLEGE

		
	By:	 	/s/ Lisa Hogarty
		 	 Name: Lisa Hogarty

Title: Vice President for Campus Services

		
	By:	 	/s/ Carolee Hill
		 	 Name: Carolee Hill

Title: Managing Director for Harvard Real Estate

 EXHIBIT A 
 FURNITURE 
  

			
	 ITEM
	 	 QUANTITY

	Work Stations	 	68
		
	Office Work Stations	 	3
		
	Reception Desk	 	1
		
	Task Chairs	 	83
		
	File Cabinets (36”-3 Drawer)	 	2
		
	Book Cases	 	1
		
	Refrigerator	 	1
		
	Microwave	 	1Management Agreement

 Exhibit 10.26 
 MANAGEMENT AGREEMENT 
 This MANAGEMENT AGREEMENT (this
“Agreement”) is entered into as of May 28, 2008, by and among (i) Bright Horizons Solutions Corp., a Delaware corporation (the “Company”), (ii) Bright Horizons Capital Corp. (f/k/a Swingset Holdings
Corp), a Delaware corporation, (“Parent”) (iii) Bright Horizons Family Solutions LLC, a Delaware limited liability company (f/k/a Bright Horizons Family Solutions, Inc., a Delaware corporation) (“BHFS”), and
(iv) Bain Capital Partners, LLC (“Bain” or the “Manager”). 
 RECITALS 

WHEREAS, the Company owns all of the outstanding stock of Parent, and Parent has entered into an Agreement and Plan of Merger, dated as
of January 14, 2008 (the “Merger Agreement”), among (i) Parent, (ii) Bright Horizons Acquisition Corp. (f/k/a Swingset Acquisition Corp.), a Delaware corporation and wholly owned subsidiary of Parent (“Merger
Sub”) and (iii) Bright Horizons Family Solutions, Inc., a Delaware corporation (“BHFS, Inc.”), pursuant to which Merger Sub will merge with and into BHFS, Inc. (the “Merger”) on the terms and subject
to the conditions set forth in the Merger Agreement; 
 WHEREAS, on May 16, 2008, Swingset Holdings Corp. amended its
Certificate of Incorporation to change its name to Bright Horizons Capital Corp.; 
 WHEREAS, on May 16, 2008, Swingset
Acquisition Corp. amended its Certificate of Incorporation to change its name to Bright Horizons Acquisition Corp.; 
 WHEREAS,
on the “Closing Date” (as such term is defined in the Merger Agreement), BHFS, Inc. is converting from a Delaware corporation to a Delaware limited liability company named Bright Horizons Family Solutions LLC; 

WHEREAS, in connection with the Merger and related transactions, the Manager provided advice, analysis and assistance, including without
limitation with respect to due diligence investigations and the structuring and negotiation of senior and junior debt facilities, management employment arrangements and other matters (the “Financial Advisory Services”); and

 WHEREAS, the Company desires to retain the Manager to provide management, consulting and financial and other advisory
services (“Services”) to the Company, and the Manager is willing to provide such services on the terms set forth below. 
 AGREEMENT 
 NOW THEREFORE, in consideration of the mutual covenants contained
herein, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Services. The Manager hereby agrees that it
will provide the following Services to the Company: 
 (a) advice in connection with the negotiation and consummation of
agreements, contracts, documents and instruments necessary to provide the Company with financing on terms and conditions satisfactory to the Company; 

 (b) financial, managerial and operational advice in connection with day-to-day operations,
including, without limitation, advice with respect to the development and implementation of strategies for improving the operating, marketing and financial performance of the Company; 

(c) advice in connection with financing, acquisition, disposition, merger, business combination and change of control transactions
involving the Company (however structured); and 
 (d) such other services (which may include financial and strategic planning
and analysis, consulting services, human resources and executive recruitment services and other services) as the Manager and the Company may from time to time agree to in writing. 

The Manager will devote, in its discretion, such time and efforts to the performance of services contemplated hereby as the Manager deems
reasonably necessary or appropriate; provided, however, that no minimum number of hours is required to be devoted by the Manager on a weekly, monthly, annual or other basis. The Company acknowledges that the Manager’s services are not
exclusive to the Company and that the Manager will render similar services to other persons and entities. The Manager and the Company understand that the Company may, at times, engage one or more investment bankers or financial advisers to provide
services in addition to, but not in lieu of, services provided by the Manager under this Agreement. In providing services to the Company, the Manager will act as an independent contractor and it is expressly understood and agreed that this Agreement
is not intended to create, and does not create, any partnership, agency, joint venture or similar relationship and that no party has the right or ability to contract for or on behalf of any other party or to effect any transaction for the account of
any other party. 
 2. Payment of Fees. 
 (a) The Company will pay to the Manager (or such affiliates as the Manager may designate), in consideration of the Manager providing the Financial Advisory Services, an aggregate transaction fee (the
“Transaction Fee”) in the amount of $12,500,000.00, such fee being payable on the effective date of the Merger (the “Closing Date”). 
 (b) During the Term (as such term is defined in Section 3 hereof), the Company will pay to the Manager (or such affiliates as the Manager may designate), an aggregate annual periodic fee (the
“Periodic Fee”) of $2,500,000.00 in exchange for the ongoing Services provided by the Manager under this Agreement, such fee being payable by the Company quarterly in advance on or before the start of each calendar quarter;
provided, however, that the Company will pay the Periodic Fee for the period from the date hereof through June 30, 2008 on the Closing Date. The Periodic Fee will be prorated for any partial period of less than three months. The Manager may
elect in its sole discretion to defer the receipt of all or a portion of the Periodic Fee. 

 (c) During the Term, the Manager will advise the Company in connection with financing,
acquisition, disposition and change of control transactions involving the Company or any of its direct or indirect subsidiaries (however structured), and the Company will pay to the Manager (or such affiliates as the Manager may designate) an
aggregate fee (each a “Subsequent Fee”) in connection with each such transaction equal to one percent (1%) of the gross transaction value of such transaction. In the case of an Initial Public Offering or a Change of Control (as
defined in the Stockholders Agreement, dated on or about the date hereof, among the Company and its stockholders (the “Stockholders Agreement”)), the Company shall pay, in addition to the fees payable above, a lump sum amount equal
to the net present value (using a discount rate equal to the then prevailing yield on U.S. Treasury Securities of like maturity) of the Periodic Fees that would have been payable to the Manager with respect to the period from the date of such
Initial Public Offering or Change of Control until the end of the Term then in effect. Each such fee to be due and payable at the closing of such transaction and in the case of financing transactions, whether or not any such financing is actually
committed or drawn upon. 
 Each payment made pursuant to this Section 2 will be paid by wire transfer of immediately
available federal funds to the accounts specified on Schedule 1 hereto, or to such other account(s) as the Manager may specify to the Company in writing prior to such payment. 
 3. Term. This Agreement will continue in full force and effect until December 31, 2018; provided that this Agreement shall be automatically extended on such date and each
December 31 thereafter for an additional year unless the Company or the Manager provides written notice of its desire not to automatically extend the term of this Agreement to the other parties hereto at least 90 days prior to such
December 31; and provided further, however, that (a) the Manager may cause this Agreement to terminate at any time and (b) this Agreement will terminate automatically upon an Initial Public Offering or a Change of Control (each
as defined in the Stockholder Agreement) unless the Company and the Manager determine otherwise (the period on and after the date hereof through the termination hereof being referred to herein as the “Term”); and provided
further, that each of (x) Sections 4, 5 and 8 hereof (whether in respect of or relating to services rendered during or after the Term) will all survive any termination of this Agreement to the maximum extent permitted under applicable law
and (y) any and all accrued and unpaid obligations of the Company owed under Section 2 hereof will be paid promptly upon any termination of this Agreement. At the end of the Term, all obligations of the Manager under this Agreement will
terminate and any subsequent services rendered by the Manager to the Company will be separately compensated. 
 4. Expenses;
Indemnification. 
 (a) Expenses. The Company will pay on demand all Reimbursable Expenses. As used herein,
“Reimbursable Expenses” means all (i) expenses incurred or accrued prior to the Closing Date by the Manager or its affiliates in connection with this Agreement, the Merger or any related transactions, consisting of their
respective out-of-pocket expenses for travel and other incidentals in connection with such transactions (including, without limitation, all air travel (by first class on a commercial airline or by charter, as determined by the Manager) and other
travel 

 
related expenses) and the out-of-pocket expenses and the fees and charges of (A) Ropes & Gray LLP, counsel, (B) PricewaterhouseCoopers LLP, accounting firm (C) Marsh,
insurance specialists, and (D) any other consultants or advisors, appraisal or valuation firms, information or exchange agents, or other entities retained by the Manager in connection with such transactions, (ii) reasonable out-of-pocket
expenses incurred from and after the Closing Date relating to their Affiliated Funds’ investment in, the operations of, or the services provided by the Manager to, the Company or any of its affiliates from time to time (including, without
limitation, all air travel (by first class on a commercial airline or by charter, as determined by the Managing Directors of the Manager) and other reasonable travel related expenses), (iii) reasonable out-of-pocket legal expenses incurred by
the Manager or its affiliates from and after Closing Date in connection with the enforcement of rights or taking of actions under this Agreement, under the Company’s certificate of incorporation and bylaws, or under any subscription agreements,
stockholders agreements, registration rights agreements, voting agreements or similar agreements entered into with the Company in connection with investments in the Company and/or its subsidiaries (subject to any applicable limitations on expense
reimbursement rights expressly set forth in such agreements) and (iv) expenses incurred from and after the Closing Date by the Manager and its affiliates, which the Manager, in its sole discretion, deems properly allocable to the Company under
this Agreement. 
 (b) Indemnity and Liability. The Company hereby indemnifies and agrees to exonerate and hold the
Manager, each Affiliated Fund, and each of their respective former, current or future, direct or indirect directors, officers, employees, agents, advisors and affiliates, each former, current or future, direct or indirect holder of any equity
interests or securities of the Manager or any Affiliated Fund (whether such holder is a limited or general partner, member, stockholder or otherwise), each former, current or future assignee of the Manager or any Affiliated Fund and each former,
current or future director, officer, employee, agent, advisor, general or limited partner, manager, member, stockholder, affiliate, controlling person, representative and assignee of any of the foregoing (each such person or entity, a
“Related Person”) (collectively, the “Indemnitees”) free and harmless from and against any and all actions, causes of action, suits, claims, liabilities, damages and costs and expenses in connection therewith
(including reasonable attorneys’ fees and expenses) incurred by the Indemnitees or any of them before or after the date of this Agreement (collectively, the “Indemnified Liabilities”), as a result of, arising out of, or in any
way relating to (i) this Agreement, the Merger, any transaction to which the Company or any of its affiliates is a party, or any other circumstances with respect to the Company or any of its affiliates or (ii) operations of, or services
provided by the Manager to, the Company, or any of its affiliates from time to time (including but not limited to any indemnification obligations assumed or incurred by any Indemnitee to or on behalf of the Company, or any of its accountants or
other representatives, agents or affiliates) except for any such Indemnified Liabilities arising from such Indemnitee’s gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unavailable or
unenforceable for any reason, the Company hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. For purposes of this Section 4(b),
“gross negligence or willful misconduct” will be deemed to have occurred only if so found in a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any of the foregoing limitations
is so determined to apply to any Indemnitee as to any previously advanced indemnity payments made by the Company, then such payments shall be promptly repaid by such Indemnitee to the 

 
Company The rights of any Indemnitee to indemnification hereunder will be in addition to any other rights any such person may have under any other agreement or instrument referenced above or any
other agreement or instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. Notwithstanding the foregoing or any other provisions hereof, the rights of the Indemnitees (other than
the Manager) hereunder may only be exercised on their behalf by the Manager. In this Agreement, “Person” means any individual or corporation, association, partnership, limited liability company, joint venture, joint stock or other
company, business trust, trust, organization, or other entity of any kind. In this Agreement, the term “Affiliated Funds” means, with respect to any specified investment fund, any other investment fund that directly or indirectly
controls, is controlled by or is under common control with such specified fund or that has the same general partner or primary investment advisor as such specified fund (or a general partner or primary investment advisor that controls, is controlled
by or is under common control with the general partner or primary investment advisor of such specified fund). 
 5. Disclaimer and Limitation
of Liability; Opportunities. 
 (a) Disclaimer; Standard of Care. The Manager does not make any representations or
warranties, express or implied, in respect of the services to be provided by the Manager hereunder. In no event will the Manager or any of the Indemnitees be liable to the Company or any of its affiliates for any act, alleged act, omission or
alleged omission that does not constitute gross negligence or willful misconduct of the Manager as determined by a final, non-appealable determination of a court of competent jurisdiction. 

(b) Freedom to Pursue Opportunities. In recognition that the Manager and its respective Indemnitees currently have, and will in
the future have or will consider acquiring, investments in numerous companies with respect to which the Manager or its Indemnitees may serve as an advisor, a director or in some other capacity, and in recognition that the Manager and its respective
Indemnitees have myriad duties to various investors and partners, and in anticipation that the Company, on the one hand and the Manager (or one or more affiliates, associated investment funds or portfolio companies, or clients of the Manager), on
the other hand, may engage in the same or similar activities or lines of business and have an interest in the same areas of corporate opportunities, and in recognition of the benefits to be derived by the Company hereunder and in recognition of the
difficulties that may confront any advisor who desires and endeavors fully to satisfy such advisor’s duties in determining the full scope of such duties in any particular situation, the provisions of this Section 5(b) are set forth to
regulate, define and guide the conduct of certain affairs of the Company as they may involve the Manager. Except as the Manager may otherwise agree in writing after the date hereof: 

(i) The Manager and its Indemnitees will have the right: (A) to directly or indirectly engage in any business (including, without
limitation, any business activities or lines of business that are the same as or similar to those pursued by, or competitive with, the Company and its subsidiaries) or invest, own or deal in securities of any other Person so engaged in any business,
(B) to directly or indirectly do business with any client or customer of the Company and its subsidiaries, (C) to take any other action that the Manager believes in good faith is necessary to or appropriate to fulfill its obligations as
described in the first sentence of this Section 5(b), and (D) not to present potential transactions, matters or business opportunities to the Company or any of their subsidiaries, and to pursue, directly or indirectly, any such opportunity
for itself, and to direct any such opportunity to another person. 

 (ii) The Manager and its respective Indemnitees will have no duty (contractual or otherwise)
to communicate or present any corporate opportunities to the Company or any of its affiliates or to refrain from any actions specified in Section 5(b)(i) hereof, and the Company, on its own behalf and on behalf of its affiliates, hereby
renounce and waive any right to require the Manager or any of its Indemnitees to act in a manner inconsistent with the provisions of this Section 5(b). 
 (iii) The Manager and its Indemnitees will not be liable to the Company or any of its affiliates for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types
referred to in this Section 5(b) or of any such person’s participation therein. 
 (c) Limitation of Liability.
In no event will the Manager or any of its Indemnitees be liable to the Company or any of its affiliates for any indirect, special, punitive, incidental or consequential damages, including, without limitation, lost profits or savings, whether or not
such damages are foreseeable, or for any third party claims (whether based in contract, tort or otherwise), relating to the services to be provided by the Manager hereunder. Additionally, in no event shall the aggregate liability of the Manager and
all of its Indemnitees with respect to this Agreement or any services provided hereunder exceed the fees received by the Manager pursuant to Section 2 of this Agreement. 
 6. Assignment, etc. Except as provided below, no party hereto has the right to assign this Agreement without the prior written consent of each of the other parties. Notwithstanding the foregoing,
(a) the Manager may assign all or part of its rights and obligations hereunder to any affiliate of the Manager that provides services similar to those called for by this Agreement, in which event the Manager will be released of all of its
rights and obligations hereunder and (b) the provisions hereof for the benefit of Indemnitees other than the Manager itself shall also inure to the benefit of such other Indemnitees and their successors and assigns. 

7. Amendments and Waivers. No amendment or waiver of any term, provision or condition of this Agreement will be effective, unless in writing and
executed by the Manager and the Company (or their respective successors); provided, that the Manager may individually agree to waive or reduce any fee to which it is entitled pursuant to this Agreement, and, unless otherwise directed by the Manager,
such waived portion shall revert to the Company. No waiver on any one occasion will extend to or effect or be construed as a waiver of any right or remedy on any future occasion. No course of dealing of any person nor any delay or omission in
exercising any right or remedy will constitute an amendment of this Agreement or a waiver of any right or remedy of any party hereto. 
 8.
Governing Law; Jurisdiction. 
 (a) Choice of Law. This Agreement and any controversy arising out of or relating
to this Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with
the internal laws of the State of New York. 

 (b) Consent to Jurisdiction. Each of the parties agrees that all actions, suits or
proceedings arising out of, based upon or relating to this Agreement or the subject matter hereof will be brought and maintained exclusively in the federal and state courts of the State of New York, City of New York, County of New York. Each of the
parties hereto by execution hereof (i) hereby irrevocably submits to the jurisdiction of the federal and state courts in the State of New York, City of New York, County of New York for the purpose of any action, suit or proceeding arising out
of or based upon this Agreement or the subject matter hereof and (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, suit or proceeding,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that it is immune from extraterritorial injunctive relief or other injunctive relief, that its property is exempt or immune from attachment or execution, that
any such action, suit or proceeding may not be brought or maintained in one of the above-named courts, that any such action, suit or proceeding brought or maintained in one of the above-named courts should be dismissed on grounds of forum non
conveniens, should be transferred to any court other than one of the above-named courts, should be stayed by virtue of the pendency of any other action, suit or proceeding in any court other than one of the above-named courts, or that this Agreement
or the subject matter hereof may not be enforced in or by any of the above-named courts. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert
indemnification rights set forth in this Agreement, the court in which such litigation is being heard will be deemed to be included in clause (i) above. Each of the parties hereto hereby consents to service of process in any such suit, action
or proceeding in any manner permitted by the laws of the State of New York, agrees that service of process by registered or certified mail, return receipt requested, at the address specified in or pursuant to Section 10 hereof is reasonably
calculated to give actual notice and waives and agrees not to assert by way of motion, as a defense or otherwise, in any such action, suit or proceeding any claim that service of process made in accordance with Section 10 hereof does not
constitute good and sufficient service of process. The provisions of this Section 8 will not restrict the ability of any party to enforce in any court any judgment obtained in a court included in clause (i) above. 

(c) Waiver of Jury Trial. To THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH OF THE PARTIES HERETO HEREBY
WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT, OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, CAUSE OF ACTION, ACTION, SUIT OR PROCEEDING ARISING OUT OF, BASED UPON OR
RELATING TO THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT OR TORT OR OTHERWISE. EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY EACH OTHER PARTY THAT
THE PROVISIONS OF THIS SECTION 8(c) CONSTITUTE A MATERIAL INDUCEMENT UPON WHICH SUCH PARTY IS RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. ANY OF THE PARTIES HERETO MAY FILE AN

 
ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH OF THE PARTIES HERETO TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

9. Entire Agreement, Etc. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes
any prior communication or agreement with respect thereto. The Company and each of its subsidiaries party hereto shall be jointly and severally liable for all obligations of the Company or any such subsidiary hereunder. 

10. Notice. All notices, demands, and communications required or permitted under this Agreement will be in writing and will be effective if served
upon such other party and such other party’s copied persons as specified below to the address set forth for it below (or to such other address as such party will have specified by notice to each other party) if (i) delivered personally,
(ii) sent and received by facsimile or (iii) sent by certified or registered mail or by Federal Express, DHL, UPS or any other comparably reputable overnight courier service, postage prepaid, to the appropriate address as follows:

 If to BHFS, to it at: 
 Bright Horizons Family Solutions, Inc. 
 200 Talcott Avenue 

South Watertown, MA 02472 
 Facsimile: (617) 673-8650 
 Attention: David Lissy 

with copies to: 

Bain Capital Partners, LLC 
 111 Huntington Avenue 
 Boston, MA 02199 

Facsimile: (617) 516-2010 
 Attention: General Counsel 
 Ropes & Gray LLP 

One International Place 
 Boston, Massachusetts 02110 
 Facsimile: (617) 951-7050 

Attention: William M. Shields 
                  R. Newcomb Stillwell 
 If to the Company, Parent or Bain, to it, care of: 
 Bain Capital Partners, LLC

 111 Huntington Avenue 
 Boston, MA 02199 
 Facsimile: (617) 516-2010 

Attention: General Counsel 

 with copies to: 
 Ropes & Gray LLP 
 One International Place 

Boston, Massachusetts 02110 
 Facsimile. (617) 951-7050 
 Attention: William M. Shields 

                 R. Newcomb Stillwell 

Unless otherwise specified herein, such notices or other communications will be deemed effective, (a) on the date received, if
personally delivered or sent by facsimile during normal business hours, (b) on the business day after being received if sent by facsimile other than during normal business hours, (c) one business day after being sent by Federal Express,
DHL or UPS or other comparably reputable delivery service and (d) five business days after being sent by registered or certified mail. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to
each of the other parties hereto. 
 11. Severability. If in any judicial or arbitral proceedings a court or arbitrator refuses to
enforce any provision of this Agreement, then such unenforceable provision will be deemed eliminated from this Agreement for the purpose of such proceedings to the extent necessary to permit the remaining provisions to be enforced, and the parties
hereto shall negotiate in good faith to seek to enter into substitute provisions incorporating, as nearly as possible, the purpose, intent and effect of such unenforceable provision. To the full extent, however, that the provisions of any applicable
law may be waived, they are hereby waived to the end that this Agreement be deemed to be a valid and binding agreement enforceable in accordance with its terms, and in the event that any provision hereof is found to be invalid or unenforceable, such
provision will be construed by limiting it so as to be valid and enforceable to the maximum extent consistent with and possible under applicable law. 
 12. Miscellaneous 
 (a) Counterparts. This Agreement may be executed
in any number of counterparts and by each of the parties hereto in separate counterparts, each of which when so executed will be deemed to be an original and all of which together will constitute one and the same agreement. 

(b) Interpretation. The headings contained in this Agreement are for convenience of reference only and will not in any way affect
the meaning or interpretation hereof. As used herein the word “including” shall be deemed to mean “including without limitation”. This Agreement reflects the mutual intent of the parties and no rule of construction against the
drafting party shall apply. 
 (c) No Third Party Beneficiaries. The terms and provisions of this Agreement are intended
solely for the benefit of each party hereto and their respective successors and permitted assigns, and it is not the intention of the parties to confer, and, except for Indemnitees as defined in Section 4 hereof (but subject to the rights of
the Manager to exercise the rights of the same), no provision hereof shall confer third party beneficiary rights upon any other person or entity. 
 [The remainder of this page is intentionally left blank. Signatures immediately follow.] 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on
its behalf as an instrument under seal as of the date first above written by its officer or representative thereunto duly authorized. 
  

					
	THE COMPANY:	 	BRIGHT HORIZONS SOLUTIONS CORP.
		
		 	 /S/ STEPHEN DREIER

		 	Name: Stephen Dreier
		 	Title: Chief Administrative Officer and Secretary
		
	PARENT:	 	BRIGHT HORIZONS CAPITAL CORP.
		
		 	 /S/ STEPHEN DREIER

		 	Name: Stephen Dreier
		 	Title: Chief Administrative Officer and Secretary
		
	BHFS:	 	BRIGHT HORIZONS FAMILY SOLUTIONS LLC
		
		 	 /S/ STEPHEN DREIER

		 	Name: Stephen Dreier
		 	Title: Chief Administrative Officer and Secretary
		
	MANAGER:	 	BAIN CAPITAL PARTNERS, LLC
		
		 	By: BAIN CAPITAL INVESTORS, LLC, it Managing Member
			
		 	By:	 	 /S/ ANDREW BALSON

		 	Name:	 	Andrew Balson
		 	Title:	 	A Duly Authorized Representative

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