Document:

Employee Matters Agreement, dated as of April 3, 2007

 Exhibit 10.02 
 Execution Version 
 EMPLOYEE MATTERS AGREEMENT 
 This EMPLOYEE MATTERS AGREEMENT (this “Agreement”) is entered into as of April 3, 2007, between Metavante Holding Company, a
Wisconsin corporation (“MVT Holding”), Metavante Corporation, a Wisconsin corporation (“MVT Corp.”) (MVT Holding and MVT Corp., collectively, the “MVT Parties”), New M&I Corporation, a Wisconsin
corporation (“New MI Corp.”), and Marshall & Ilsley Corporation, a Wisconsin corporation (“MI Corp.”) (New MI Corp. and MI Corp., collectively, the “MI Parties”). Capitalized terms used
herein and not otherwise defined, shall have the respective meanings assigned to them in Article I hereof. 
 WHEREAS, the MVT Parties, MI
Corp. and Merger Sub, a Wisconsin corporation (“Merger Sub”), have entered into an Investment Agreement, dated as of the date hereof (the “Investment Agreement”) with WPM, L.P., a Delaware limited partnership
(“Investor”), pursuant to which Investor will purchase shares of MVT Holding common stock; 
 WHEREAS, the MVT Parties and
the MI Parties have entered into a Separation Agreement dated as of the date hereof (the “Separation Agreement”) pursuant to which MVT Holding will distribute to the holders of shares of MVT Holding common stock (“MVT
Holding Common Stock”), all of the issued and outstanding shares of New MI Corp. common stock (“New MI Corp. Common Stock”) on a pro rata basis (the “Distribution”); and 
 WHEREAS, in furtherance of the foregoing, the MVT Parties and the MI Parties have agreed to enter into this Agreement to allocate between them assets,
liabilities and responsibilities with respect to certain employee compensation, benefit plans and programs, and certain employment matters with respect to their employees. 
 NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth below, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Wherever used in this Agreement, the following terms shall have the meanings indicated below, unless a different meaning is plainly required by the
context. The singular shall include the plural, unless the context indicates otherwise. Headings of sections are used for convenience of reference only, and in case of conflict, the text of this Agreement, rather than such headings, shall control:

 1.1. Affiliate. “Affiliates” means, with respect to any specified Person, any Person that directly, or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common control with such specified Person; provided, however, that for purposes of this 

 
Agreement, (i) MVT Holding and its Subsidiaries (other than New MI Corp. and its Subsidiaries) shall not be considered Affiliates of New MI Corp and
(ii) New MI Corp. and its Subsidiaries shall not be considered Affiliates of MVT Holding. 
 1.2. Agreement.
“Agreement” means this Employee Matters Agreement and all amendments made hereto from time to time. 
 1.3. Business Day.
“Business Day” means any day on which banks are not required or authorized to close in the City of New York. 
 1.4. COBRA.
“COBRA” means the continuation coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time, and as codified in Code Section 4980B
and ERISA Sections 601 through 608. 
 1.5. Code. “Code” means the Internal Revenue Code of 1986, as amended from time to
time. 
 1.6. Distribution. “Distribution” means a distribution by MVT Holding to its shareholders on a pro rata basis of
all of the issued and outstanding shares of New MI Corp. common stock. 
 1.7. Distribution Date. “Distribution Date” means
the date that the Distribution is effective. 
 1.8. DOL. “DOL” means the United States Department of Labor. 
 1.9. ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 1.10. FMLA. “FMLA” means the Family and Medical Leave Act of 1993, as amended from time to time. 
 1.11. HCFA. “HCFA” means the United States Health Care Financing Administration. 
 1.12. Intrinsic Value. “Intrinsic Value” means, in the case of a MI Corp. Option prior to the Distribution Date, the difference, if any,
between the MI Corp. Pre-Distribution Stock Price and the exercise price per share of MI Corp. Common Stock subject to such MI Corp. Option, multiplied by the number of shares of MI Corp. Common Stock subject to such MI Corp. Option. 
 1.13. IRS. “IRS” means the United States Internal Revenue Service. 
 1.14. MI Corp. “MI Corp.” means MI Corporation, a Wisconsin corporation. 
 1.15. MI Corp. Pre-Distribution Stock Price. “MI Corp. Pre-Distribution Stock Price” means the closing price per share of MI Corp.
Common Stock on the last full Business Day (as defined in the Investment Agreement) occurring before the date on which MI Corp. Common Stock begins to trade “ex-distribution.” 
  

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 1.16. MI Deferred Compensation Plans. “MI Deferred Compensation Plans” means the MI
Corp. Amended and Restated Executive Deferred Compensation Plan and the MI Corp. 2005 Executive Deferred Compensation Plan, as amended. 
 1.17. MI Group. “MI Group” means New MI Corp., MI Corp. and each of the Subsidiaries of MI Corp., but not including any member of the MVT Group. 
 1.18. MI Health Plans. “MI Health Plans” means all medical, pharmaceutical, and dental plans, programs or arrangements maintained by MI Corp. or another member of the MI Group for the benefit of the
employees of the members of the MI Group. 
 1.19. MI Health and Welfare Plans. “MI Health and Welfare Plans” means the
health and welfare plans maintained by MI Corp. or another member of the MI Group for the benefit of employees and retirees of the MI Group as of the Distribution Date. 
 1.20. MI Option. “MI Option” means an option to purchase shares of MI Corp. common stock which was granted under an MI Option Plan and is outstanding immediately prior to the Distribution. 

1.21. MI Option Plans. “MI Option Plans” means the 1989, 1997, 2000 and 2003 Executive Stock Option and Restricted Stock Plans, the
1993 Executive Stock Option Plan, the 2006 Equity Incentive Plan of MI Corp., the 1995 Director Stock Option Plan, and all option plans sponsored by entities acquired by MI Corp. or an Affiliate of MI Corp., as amended. 
 1.22. MI Retirement Program. “MI Retirement Program” means the tax-qualified defined contribution and 401(k) plan sponsored by MI Corp.
or another member of the MI Group. 
 1.23. MI VEBAs. “MI VEBAs” means the MI Corp. Corporation Voluntary Employee Benefits
Association Trusts which are intended to be voluntary employees’ beneficiary associations under Code Section 501(c)(9). 
 1.24.
MVT Corp. “MVT Corp.” means MVT Corporation, a Wisconsin corporation. 
 1.25. MVT Group. “MVT Group” means
MVT Holding, MVT Corp. and each direct and indirect Subsidiary of MVT Corp. or MVT Holding other than a member of the MI Group. 
 1.26.
MVT Employee. “MVT Employee” means any individual who, as of the Distribution Date, is: (a) either actively employed by, or on a leave of absence from, a member of the MVT Group; (b) a MVT Terminated Employee; (c) an
alternate payee under a QDRO, alternate recipient under a QMCSO, beneficiary, covered dependent, or qualified beneficiary (as such term is defined under COBRA), in each case, of an employee or former employee, described in clause (a) or
(b) with respect to that employee’s or former employee’s benefit under 

  

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the applicable Plan(s) (unless specified otherwise in this Agreement, such an alternate payee, alternate recipient, beneficiary, covered dependent, or
qualified beneficiary shall not otherwise be considered a MVT Employee with respect to any benefits he or she accrues or accrued under any applicable Plan(s), unless he or she is a MVT Employee by virtue of clause (a) or (b)); or (d) an
employee or group of employees designated by the MI Group and MVT Group, by mutual agreement, as MVT Employees. An employee may be a MVT Employee pursuant to this Section regardless of whether such employee is, as of the Distribution Date, alive,
actively employed, on a temporary leave of absence from active employment, on layoff, terminated from employment, retired or on any other type of employment or post-employment status relative to a MI Health and Welfare Plan or the MI Retirement
Program, and regardless of whether, as of the Distribution Date, such employee is then receiving any benefits from a MI Health and Welfare Plan or the MI Retirement Program. Notwithstanding anything else contained herein, the determination of
whether the individuals who provide services to both MI Corp. and MVT Corp. listed on Exhibit A hereto are MVT Employees shall be based upon whether they are designated on such exhibit as “MVT Employees” or “Not MVT Employees”.
The parties may modify Exhibit A hereto by mutual agreement. 
 1.27. MVT Health and Welfare Plans. “MVT Health and Welfare
Plans” means the health and welfare plans to be established by the MVT Group pursuant to Article V or which the MVT Group chooses to establish in its sole discretion. 
 1.28. MVT Health Plans. “MVT Health Plans” means the health plans, programs and arrangements to be established by the MVT Group pursuant
to Article V. 
 1.29. MVT Holding. “MVT Holding” means MVT Holding, a Wisconsin corporation. In all such instances in which
MVT Holding is referred to in this Agreement, it shall also be deemed to include a reference to each member of the MVT Holding Group, unless specifically provided otherwise. 
 1.30. MVT Holding Common Stock. “MVT Holding Common Stock” means the common stock of MVT Holding. 
 1.31. MVT Holding Post-Distribution Stock Price. “MVT Holding Post-Distribution Stock Price” means the average closing price per share
of MVT Holding Common Stock over the last full five (5) Business Days within the ten (10) Business Day period following the Distribution Date. 
 1.32. MVT Option. “MVT Option” means an option to purchase shares of MVT Holding common stock. 
 1.33. MVT Retirement Plan. “MVT Corp. Retirement Plan” has the meaning set forth in Section 3.1 hereof. 
 1.34. MVT Terminated Employee. “MVT Terminated Employee” means any individual who on his or her last date of employment was employed by the MVT Group (including, for this purpose, any entities, trades or businesses acquired
by or divested from MVT Holding or another 

  

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member of the MVT Group), the MI Corp. Data Services division of MI Corp. or MI Corp. Data Services, Inc. (jointly referred to as “DS”), including
any individual who retired from MVT Corp. or DS. Notwithstanding the foregoing, “MVT Terminated Employee” shall not, unless otherwise expressly provided to the contrary in this Agreement, include any individual who is employed by a member
of the MI Group at the Distribution Date. 
 1.35. New MI Corp. “New MI Corp.” means New MI Corporation, a Wisconsin
corporation. In all such instances in which New MI Corp. is referred to in this Agreement, it shall also be deemed to include a reference to each member of the New MI Corp. Group, unless it specifically provides otherwise. 
 1.36. New MI Corp. Option. “New MI Corp. Option” means an option to purchase shares of New MI Corp. common stock. 
 1.37. New MI Corp. Post-Distribution Stock Price. “New MI Corp. Post-Distribution Stock Price” means the average closing price per share
of New MI Corp. Common Stock over the last full five (5) Business Days within the ten (10) Business Day period following the date on which New MI Corp. Common Stock begins to trade on a “when issued” basis, or such other per
share value as the Board of Directors of MI Corp. shall determine. 
 1.38. Person. “Person” means an individual, a
partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, and a governmental entity or any department, agency or political subdivision thereof.

 1.39. Plan. “Plan” means any plan, policy, program, payroll practice, arrangement, contract, trust, insurance policy, or
any agreement or funding vehicle providing compensation or benefits to employees, former employees or directors of any member of the MI Group or the MVT Group. 
 1.40. QDRO. “QDRO” means a domestic relations order which qualifies under Code Section 414(p) and ERISA Section 206(d) and which creates or recognizes an alternate payee’s right to, or
assigns to an alternate payee, all or a portion of the benefits payable to a participant under the MI Retirement Program. 
 1.41.
QMCSO. “QMCSO” means a medical child support order which qualifies under ERISA Section 609(a) and which creates or recognizes the existence of an alternate recipient’s right to, or assigns to an alternate recipient the
right to, receive benefits for which a participant or beneficiary is eligible under any of the Health Plans. 
 1.42. Separation
Agreement. “Separation Agreement” means the Separation Agreement, dated as of the date hereof, between the MVT Parties and the MI Parties. 
 1.44. Subsidiary. “Subsidiary” means, with respect to any Person, any other Person a majority of the equity ownership or voting stock of which is at the time owned, directly or indirectly, by such
Person and/or one or more other Subsidiaries of such Person; provided, 

  

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however, that unless the context otherwise requires prior to the Distribution, a Subsidiary of MVT Holding shall only include Persons who would be a
Subsidiary of MVT Holding assuming the Distribution has occurred immediately prior to the determination as to whether such Person were a Subsidiary of MVT Holding. 
 ARTICLE II 
 GENERAL PRINCIPLES 
 2.1. Termination of Participation in MI Group Plans. Except as otherwise specifically provided herein, effective as of the Distribution Date, each
member of the MVT Group shall automatically cease to be a participating employer in any and all MI Group Plans and all MVT Employees shall automatically cease participation in any and all MI Group Plans. 
 2.2. Terms of Participation in MVT Group Plans. 
 (a) Non-Duplication of Benefits. As of the Distribution Date or such other date that applies to the particular MVT Group Plan established hereunder, the MVT Group Plans shall be, with respect to MVT Employees,
in all respects the successors in interest to, and shall not provide benefits that duplicate benefits provided by, the corresponding MI Group Plans. In all events, MVT Employees shall no longer be participants in the MI Group Plans as of the
Distribution Date unless this Agreement specifically provides to the contrary. 
 (b) Service Credit. Except as specified otherwise in
this Agreement, with respect to MVT Employees, each MVT Group Plan shall provide that all service that, as of the Distribution Date, was recognized under the corresponding MI Group Plan shall, as of the Distribution Date, receive full recognition
and credit and be taken into account under such MVT Group Plan to the same extent as if such service had occurred under such MVT Group Plan, except to the extent that duplication of benefits would result. The service crediting provisions shall be
subject to any respectively applicable “service bridging,” “break in service,” “employment date,” “adjusted hire date” or “eligibility date” rules under the MVT Group Plans, the MI Group Plans or
this Agreement. For a period of five years following the Distribution Date, New MI Corp. or MVT Holdings shall credit past service recognized as of the Distribution Date for rehired Employees of MVT Holdings or New MI Corp. who have not yet incurred
a separation of service greater than five years from either MVT Holdings or New MI Corp., except to the extent provided in Section 2.2(a) above and, unless the Plan expressly contains a contrary provision or unless required by law. 

2.3. MVT Group’s Obligation to Maintain Plans. Subject to Section 5.11 of this Agreement, the MVT Group may, at any time after the
Distribution Date, amend, merge, modify, terminate, eliminate, reduce, or otherwise alter in any respect any MVT Group Plan, any benefit under any MVT Group Plan or any trust, insurance policy or funding vehicle related to any MVT Group Plan (except
to the extent prohibited by law). 
 2.4. Payments from the MVT Group to the MI Group For Services or Benefits Prior to Distribution
Date. Through the Distribution Date, the MVT Group shall continue to pay MI 

  

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Group in the ordinary course of business consistent with past practice for all costs, expenses, fees and premiums which the MVT Group has historically paid
to the MI Group for services or benefits provided to MVT Employees of a nature governed by this Agreement from the date hereof through and including the Distribution Date unless this Agreement specifically provides to the contrary. 
 2.5. Indemnification Provision. The indemnification procedures contained in Article IV of the Separation Agreement shall apply to this Agreement
as if incorporated herein in their entirety. 
 2.6. Impact on MI Group Plans. Nothing in this Agreement shall limit the MI
Group’s right to amend, merge, modify, terminate, eliminate, reduce or otherwise alter in any respect any MI Group Plan, any benefit under any MI Group Plan or any trust, insurance policy or funding vehicle related to any MI Group Plan (except
to the extent prohibited by law). 
 2.7 Transfer of Employees. Prior to the Distribution Date, MI Corp. shall, or shall cause
its Subsidiaries to, use their respective reasonable best efforts to ensure that, as of immediately prior to the Distribution Date, (i) all employees of MI Corp. and its Affiliates who primarily provide services to the MVT Business are employed
by a member of the MVT Group, and (ii) all employees of MI Corp. and its Affiliates who do not primarily provide services to the MVT Business are employed by a member of the MI Group.  
 2.8 Non-MVT Employees. Notwithstanding anything else contained herein, as of the Distribution Date, the MI Group shall assume or retain, as
applicable, and the MVT Group shall have no responsibility for, any liabilities relating to compensation or employee benefits in respect of current or former employees of MI Corp. and its Affiliates who are not MVT Employees. 
 ARTICLE III 
 QUALIFIED RETIREMENT PLANS

 3.1. Establishment of 401(k) Plan and Trust Required. Effective as of the Distribution Date, the MVT Group shall establish a profit
sharing retirement plan (the “MVT Retirement Plan”) and a related trust intended to be qualified under Code Section 401(a) and to be exempt from taxation under Code Section 501(a). Initially, the investment options (other than
the M&I and MVT stock funds, which shall be governed by Section 3.8) offered under the MVT Retirement Plan shall be the same as those offered under the MI Retirement Program as of the Distribution Date. 
 3.2. Transfer of MI Retirement Program Assets and Liabilities. Effective as of the date established pursuant to Section 3.1, (i) the MVT
Retirement Plan shall assume and be solely responsible for all liabilities for or relating to MVT Employees under the MI Retirement Program and (ii) the MI Group shall cause the accounts (including unvested amounts) of the MVT Employees under
the MI Retirement Program and assets attributable thereto that are held by its related trust as of such date to be transferred to the MVT Retirement Plan and its related 

  

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trust, and the MVT Group shall cause such transferred accounts and assets to be accepted by such plan and its related trust. Initially, the trust
implementing the MVT Retirement Plan shall be established with the same trustee as the trustee of the trust which implements the MI Retirement Program. The transfer of assets shall be made in kind from the MI Retirement Program trust to the MVT
Retirement Plan trust. To the extent that the MVT Group has not made all 401(k) contributions due to the MI Retirement Program as a participating employer therein by the asset transfer date, the MVT Group will promptly make those contributions to
the MI Retirement Program trust following such date and the trustee of the MI Retirement Program trust shall be instructed by the MI Group to immediately transfer such amounts in cash to the MVT Retirement Plan trust to be held in the accounts of
MVT Employees along with other transferred amounts. The MI Group and the MVT Group shall cooperate with one another and with the trustee in facilitating such transfer of final 401(k) contributions. The MVT Group further agrees to take all actions
necessary to obtain, as soon as commercially practicable following the establishment of the MVT Retirement Plan, an Internal Revenue Service determination that such plan meets the requirements of Section 401(a) of the Code and that the trust
which implements such plan meets the requirements of Section 401(a) and is exempt from tax under Section 501(a) of the Code. 
 3.3. No Distribution to MVT Employees. No distribution of account balances shall be made to any MVT Employee from the MI Retirement Program or the MVT Retirement Plan because of the fact that the MVT Group ceases to be affiliated
with the MI Group and ceases to be a participating employer under the MI Retirement Program. Such events shall not be treated as a termination of employment for plan purposes and distribution shall not be otherwise specifically permitted under plan
terms as a result of the cessation of affiliation and of participating employer status. 
 3.4. Final Year Profit Sharing and Matching
Contributions. Profit sharing and matching contributions shall be made by the MVT Group to the MI Retirement Program for the plan year ending December 31, 2007 in amounts determined pursuant to the terms of the MI Retirement Program (except
that any stock contributions shall be made in MVT stock) based on compensation paid to, and 401(k) contributions made by, MVT Employees from January 1, 2007 through, but not after, the Distribution Date. Such contributions shall be made with
respect to MVT Employees who remain in the MVT Group’s employ on December 31, 2007 (or retire, die or become disabled during calendar year 2007) and who are eligible for an allocation under the terms of the MI Retirement Program taking
into account employment with the MVT Group after the Distribution Date; provided, however, that if the MI Group determines that such contributions must also be made to persons who were MVT Employees on the Distribution Date who are not highly
compensated employees within the meaning of Code section 414(q) and who terminate from the MVT Group prior to December 31, 2007 in order to preserve the tax qualified status of the MI Retirement Program, contributions shall also be made for
such individuals. Such contributions shall be made at a time to be determined by the MI Group which is on or before September 15, 2008. Such contributions shall be paid to the MVT Retirement Plan trust where they shall be held in the accounts
of MVT Employees along with other monies transferred pursuant to Section 3.2. 
  

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 3.5. Plan Loans. Effective as of the date established pursuant to Section 3.1, all
outstanding loans of MVT Employees from the MI Retirement Program shall be transferred to the MVT Retirement Plan pursuant to Section 3.2. As of such date, the MVT Group shall be solely responsible for implementing its own payroll system and
making payroll deductions for repayment of such loans. 
 3.6. Qualified Domestic Relations Orders. Effective as of the date
established pursuant to Section 3.1, all QDROs pertaining to accounts of MVT Employees under the MI Retirement Program shall be transferred to the MVT Retirement Plan pursuant to Section 3.2 and shall be the sole responsibility of the MVT
Group. 
 3.7. Testing. The MI Group will conduct applicable nondiscrimination tests for contributions made to the MI Retirement
Program for the plan year in which the date established pursuant to Section 3.1 occurs. To the extent that the MI Group concludes that a distribution or reallocation must be made from a MVT Employee’s account balance in the MI Retirement
Program to facilitate compliance with such tests after such account balance has been transferred to the MVT Retirement Plan, the MVT Group will cause the MVT Retirement Plan to make such distribution or reallocation as directed by the MI Group.

 3.8. Stock Considerations. As a result of the Distribution and as a result of the transfer of assets and liabilities from the MI
Retirement Program to the MVT Retirement Plan described in Section 3.2, the assets of the MI Retirement Program and the MVT Retirement Plan shall each include common stock of both New MI Corp. and MVT Holding. Each shall be solely responsible
for determining the extent to which its plan shall continue to hold the common stock of the other, provided that, subject to applicable Law and fiduciary obligations, for a period of not less than two years after the Distribution, each plan shall
maintain the common stock fund of the other employer as a permitted investment with respect to the portion of the transferred accounts invested in such fund as of the Distribution (which shall not be interpreted to require that additional
investments in such fund must be permitted). The MI Group and the MVT Group each recognize that various legal requirements may be applicable to the holding of securities of New MI Corp. or MVT Holding in the plan sponsored by it and each agrees to
be solely responsible for maintaining the plan sponsored by it in compliance with all applicable legal requirements. However, each party shall provide such information and deliver such notices to employees as may reasonably be requested by the other
in order to facilitate compliance with applicable legal requirements. 
 3.9. Assumption of Obligations for Certain Plans. Effective
as of the Distribution Date, the MVT Group will assume all liabilities and obligations with respect to all existing or previously terminated employee benefit plans in which the sole participants are employees or former employees (or their respective
dependents and beneficiaries) of entities, trades or businesses acquired by or divested from the MVT Group. 
  

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 ARTICLE IV 
 NON-QUALIFIED RETIREMENT PLANS 
 MVT Employees shall be deemed to have terminated employment on the
Distribution Date for purposes of the MI Deferred Compensation Plans and shall be entitled to the distribution of their account balances under the MI Deferred Compensation Plans in accordance with the terms thereof. To the extent of any underfunding
in the MI Deferred Compensation Trust II as of the Distribution Date, the MVT Group shall, upon reasonable notice by the MI Group, contribute its proportional part of the underfunding to the MI Deferred Compensation Trust II. The MVT Group’s
proportional share of such underfunding, if any, shall be equal to the excess of (i) the account balances of the MVT Employees in the MI Deferred Compensation Plans that are subject to the MI Deferred Compensation Trust II as of the
Distribution Date (disregarding any restricted stock units forfeited as of the Distribution Date) over (ii) the fair market value of the assets of the MI Deferred Compensation Trust II as of the Distribution Date attributable to the
contributions (and earnings thereon) of the MVT Group. The MVT Group shall reimburse the MI Group for the amounts by which the amounts credited after the Distribution Date to the accounts of MVT Employees invested in the Moody’s Single A
Corporate Bond Rate exceed the actual earnings of the related assets attributable to such employees held under the MI Deferred Compensation Trust II during the same time period, which shall, after the Distribution Date, be invested consistent with
past practices. The MVT Group shall make a profit sharing contribution to the MI Deferred Compensation Plans for the plan year ending December 31, 2007 in amounts determined pursuant to the terms of the MI Deferred Compensation Plans based on
compensation paid to MVT Employees from January 1, 2007 through, but not after, the Distribution Date. Such contribution shall be made with respect to MVT Employees who remain in the MVT Group’s employ on December 31, 2007 (or retire,
die or become disabled during calendar year 2007) and who are eligible for an allocation under the terms of the MI Deferred Compensation Plans taking into account employment with the MVT Group after the Distribution Date. Such contribution shall be
made to the MI Deferred Compensation Trust II at a time to be determined by the MI Group which is on or before September 15, 2008. MVT Employees who forfeit restricted MI Corp. stock units credited to their accounts under the MI Deferred
Compensation Plans as a result of being deemed to have terminated employment on the Distribution Date, will be granted restricted stock awards by MVT Holding with the same remaining restriction period as the forfeited restricted MI Corp. stock
units. The number of shares of restricted stock so awarded shall equal the number of units so forfeited, multiplied by a fraction, the numerator of which is the MI Corp. Pre-Distribution Stock Price and the denominator of which is the MVT Holding
Post-Distribution Stock Price. 
 ARTICLE V 
 HEALTH AND WELFARE PLANS 
 5.1. Establishment of Health and Welfare Plans. Except as provided
otherwise in this Article V, effective as of the Distribution Date, the MVT Group shall establish the MVT Health and Welfare Plans. 
  

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 5.2. Transfer of VEBA Assets. The MI Group maintains VEBAs, one for the MI Health Plans for
retirees (the “Retiree VEBA”), one for the Incurred But Not Reported (IBNR) claims under the MI Health Plans (the “IBNR VEBA”) and one for the MI Long-Term Disability Income Plan (the “LTD VEBA”). The MI Long-Term
Disability Income Plan is self-insured and a portion of the MI Health Plans are self-insured. 
 (a) The LTD VEBA shall transfer the
proportional part of the assets of the LTD VEBA as of the Distribution Date attributable to the MVT Group (based on the contributions made by the MVT Group and the benefit payments to MVT Employees) to a corresponding voluntary employees’
beneficiary association under Code Section 501(c)(9) established by the MVT Group (or, at the election of the MVT Group, the MI Group shall transfer an amount equal to the fair market value of such proportional part of the assets to the MVT
Group) as soon as commercially practicable after the amount thereof is determined. 
 (b) Any assets held in the Retiree VEBA as of the
Distribution Date attributable to the contributions of the MVT Group and the earnings thereon shall be retained in the Retiree VEBA. For the avoidance of doubt, on and after the Distribution Date, there shall be no transfer of assets from the
Retiree VEBA to a corresponding voluntary employees’ beneficiary association under Code Section 501(c)(9) established by the MVT Group (or from the MI Group to the MVT Group) and the MVT Group shall not be required to make any contribution
to the Retiree VEBA. 
 (c) To the extent of any underfunding in the IBNR VEBA as of the Distribution Date, the MVT Group shall, as soon as
practicable after the receipt of reasonable notice by the MI Group, contribute its proportional part of the underfunding to the IBNR VEBA. If there is overfunding in the IBNR VEBA as of the Distribution Date, the IBNR VEBA shall transfer to a
corresponding voluntary employees’ beneficiary association under Code Section 501(c)(9) established by the MVT Group its proportional part of such overfunding (or, at the election of the MVT Group, the MI Group shall transfer an amount
equal to such excess (or such other amount as may be determined by the parties to be appropriate so as to effect such transfer on a tax neutral basis) to the MVT Group) as soon as commercially practicable after the amount thereof is determined.
Whether there is over-or underfunding in the IBNR VEBA, as of the Distribution Date, shall be determined by multiplying the claims and administrative expenses paid for the self-insured portion of the MI Health Plans during that portion of the
calendar year which precedes the Distribution Date, annualizing that amount, and multiplying by .20 to estimate the IBNR claim and expense amounts. The IBNR claim and expense amounts will be compared to the assets held in the IBNR VEBA as of the
Distribution Date to determine if there is over-or underfunding. The MVT Group’s share of any over-or underfunding will be computed by multiplying the amount of any over-or underfunding by a fraction, the numerator of which is premiums paid
with respect to MVT Employees under the self-insured portion of the MI Health Plans for the last full month prior to the Distribution Date and the denominator of which is the total premiums paid for the same period under the total self-insured
portion of the MI Health Plans. 
  

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 5.3. Assumption of Health and Welfare Plan Liabilities. 
 (a) General. Except as specified otherwise in this Agreement, liabilities for or relating to claims incurred in respect of MVT
Employees under the MI Health and Welfare Plans prior to the Distribution Date shall remain liabilities of the MI Health and Welfare Plans; provided, however, that the MVT Group shall reimburse the MI Group or the MI Health and Welfare Plans for
third party administrative costs incurred in connection with the processing of run-out claims attributable to MVT Employees, but only if the MI Group has taken reasonable best efforts to secure a waiver of (or otherwise minimize the imposition of)
such costs. Except as specified otherwise in this Agreement, in no event will the MI Health and Welfare Plans have any liability for claims incurred in respect of MVT Employees after the Distribution Date. For purposes of the foregoing, a claim
shall be considered incurred when the applicable services are rendered, the supplies are provided or medication is prescribed. 
 (b) Hospitalizations. If a MVT Employee is in a hospital or other inpatient setting on the Distribution Date, the costs associated with such inpatient treatment shall be allocated between the MI Health Plans and the MVT Health Plans
on a pro rata basis so that the MI Health Plans bear the costs associated with such treatment for the number of days ending with the day prior to the Distribution Date and the MVT Health Plans bear the cost associated with such treatment for the
number of days beginning with the Distribution Date. The MI Health Plans shall pay for such treatment and the MVT Group or the MVT Health Plans shall reimburse the MI Health Plans or the associated MI VEBAs for that portion of the treatment which is
its liability under this paragraph (b). 
 5.4. Elections, Deductibles, Co-Payments and Maximum Benefits. In designing the MVT Health
Plans, the MVT Group will use its reasonable efforts to recognize and give credit for (A) all amounts applied to deductibles, out-of-pocket maximums, co-payments and other applicable benefit coverage limits with respect to expenses incurred by
MVT Employees under the MI Health Plans for that portion of the calendar year prior to the Distribution Date, and (B) all benefits paid to MVT Employees under the MI Health Plans for purposes of determining when such persons have reached their
lifetime maximum benefits under, the MVT Health Plans. The parties recognize that, for certain fully insured alternatives, such recognition and crediting may not be feasible. 
 5.5. HCFA Administration. As of the Distribution Date, the MVT Group shall assume all liabilities relating to, arising out of or resulting from
claims verified by the MI Group or the MVT Group under the HCFA data match reports that relate to MVT Employees. 
 5.6. COBRA. The MI
Group shall be responsible prior to the Distribution Date for compliance with the health care continuation coverage requirements of COBRA and the MI Health Plans with respect to MVT Employees and qualified beneficiaries (as such term is defined
under COBRA) who have a qualifying COBRA event while participating in the MI Health Plans before the Distribution Date. Effective as of the Distribution Date, the MVT Group shall be solely responsible for compliance with the health care continuation
coverage requirements of COBRA and the MVT Health Plans for MVT Employees and their qualified beneficiaries (as 

  

 12 

 
such term is defined under COBRA) who have a qualifying COBRA event while participating in the MI Health Plans before, or the MVT Health Plans on or after,
the Distribution Date. In no event will the MI Group or the MI Health and Welfare Plans have any liability for providing COBRA health care continuation coverage to MVT Employees and their qualified beneficiaries (as such term is defined under COBRA)
after the Distribution Date. 
 5.7. Flexible Spending Accounts. Effective as of the Distribution Date, the MVT Group shall adopt for
the benefit of MVT Employees a Code Section 125 Plan containing flexible spending accounts, shall credit all MVT Employees with a balance (positive or negative) under such flexible spending accounts equal to the balance credited to the MVT
Employee under the corresponding flexible spending account under the MI Health and Welfare Plans as of the Distribution Date, and shall reimburse each MVT Employee for eligible expenses incurred during the plan year of the applicable flexible
spending account under the MI Health and Welfare Plans which includes the Distribution Date that had not previously been reimbursed under the applicable flexible spending account under the MI Health and Welfare Plans. As soon as reasonably
practicable after the Distribution Date, the MI Group shall pay to the MVT Group Code Section 125 Plan the amount of the aggregate balances of the MVT Employees in the flexible spending accounts under the MI Health and Welfare Plans as of the
Distribution Date, if such amount is positive, and the MVT Group shall pay the MI Group the amount of such aggregate balances, if such amount is negative. 
 5.8. Long-Term Disability. From and after the Distribution Date, the MVT Group shall be responsible for providing all benefits described in the summary plan description of the MI Long-Term Disability Plan to
MVT Employees, including MVT Employees who are receiving benefits under a long-term disability income plan as of the Distribution Date. The long-term disability benefits of MVT Employees who are receiving benefits under a long-term disability income
plan as of the Distribution Date shall be continued at the same level and subject to the same terms and conditions as in effect as of the Distribution Date under the applicable long-term disability income plan, it being understood that nothing in
this Section 5.8 shall limit the ability of the MVT Group to modify such long-term disability plan in any manner in which the MI Group is currently permitted to modify the MI Long-Term Disability Plan.  
 5.9. Workers’ Compensation. From and after the Distribution Date, the MVT Group shall cease to be a sponsor of the insurance policy covering
workers’ compensation claims and the related stop loss policy and shall make its own arrangements for payment of workers’ compensation claims. The MVT Group agrees to be responsible for any and all past, present and future workers’
compensation claims of MVT Employees which have not yet been paid at the Separation Date, whether arising before or after the Separation Date. Its responsibility shall extend to any and all direct costs specifically relating to the claims of MVT
Employees including, but not limited to loss costs, claims administration fees and legal expenses. 
 5.10. Directors and Officers
Insurance. The MVT Group intends to obtain D&O Insurance for its officers and directors effective as of the Distribution Date and the parties agree that they will coordinate coverage such that there is no period of time where current or
former MVT Group directors and officers are not covered by D&O Insurance for actions taken while serving in those positions. If requested by the MVT Group, the MI Group shall make best efforts 

  

 13 

 
to purchase a “tail” D&O Insurance policy, with coverage for a period of not less than five (5) years, to cover MVT Group directors and
officers for actions occurring before the Distribution Date in their capacities as MVT Group directors and officers, but for which claims are not made until after the Distribution Date (the terms of which tail shall be subject to the consent of the
MVT Group), and if the MI Group is able to purchase such a “tail” policy with terms acceptable to the MVT Group, the MVT Group shall pay the full cost of any such “tail” insurance relating solely to service as an MVT Group
officer or director. In addition, the MVT Group will reimburse the MI Group upon demand for (i) any liability or costs incurred by the MI Group with respect to the MVT Group’s officers and directors (related solely to service as an MVT
Group officer or director ) subject to the deductible under D&O Insurance, (ii) any claims with respect to the MVT Group’s officers and directors (related solely to service as an MVT Group officer or director) in excess of the policy
limits under D&O Insurance or (iii) any claims with respect to the MVT Group’s officers and directors (related solely to service as an MVT Group officer or director) determined to be outside of the coverage provided under D&O
Insurance, provided that in the cases of (i) and (ii), the determination of to what degree a reimbursable claim pursuant to this sentence is subject to the deductible or is in excess of the policy limit shall be made by taking into account the
total claims (including MI Group liabilities) subject to such deductible or such policy limit and calculating the ratable share of such total claims that represents claims that are reimbursable pursuant to this sentence. The MVT Group will also
reimburse the MI Group for all direct administrative and other costs of administering, investigating and defending against such reimbursable claims, including reasonable attorneys’ fees, to the extent not otherwise reimbursed to the MI Group by
D&O Insurance. The MI Group will consult with the MVT Group in connection with all material decisions regarding (i) administering, investigating and defending against any claims with respect to the MVT Group’s officers and directors
(related solely to service as an MVT Group officer or director) and (ii) the MI Group’s D&O Insurance with respect to claims against MVT Group officers or directors (related solely to service as an MVT Group officer or director), and
in each case shall not take any material action with respect to such claims or such D&O Insurance (including, without limitation, settling or compromising any such claims) without the prior consent of the MVT Group. 
 5.11. Retiree Health Insurance. From and after the Distribution Date, the MI Group will
retain or assume, as applicable, the obligation to provide retiree medical coverage under the terms of the MI Group Retiree Medical Program to all MVT Group retirees eligible for medical coverage as of the Distribution Date (“Current
Retirees”). In addition, MVT Employees who meet the eligibility requirements of the MI Group Retiree Medical Program at the time of the Distribution Date, but have not yet retired (“Current Eligibles,” and together with the Current
Retirees, the “MI Retiree Medical Individuals”), will continue to be eligible for retiree coverage under the MI Group Retiree Medical Program at the time they retire from the MVT Group. For any Current Eligible who retires from the MVT
Group before attaining age 62 as a result of any individual or group early retirement program instituted by the MVT Group, the MVT Group will transfer to the MI Group or the Retiree VEBA the present value of the employer subsidy for the period
between the date on which such MVT Employee retires and the employee’s 62nd birthday. For purposes of the
preceding sentence, the termination of employment of a Current Eligible by the MVT Group for cause, gross misconduct or as a result of documented material performance issues shall not be deemed to be as a result of any individual or group early
retirement program 

  

 14 

 
instituted by the MVT Group. MVT Employees who satisfy the MI Group Retiree Medical Program eligibility requirements, as in effect on the Distribution Date,
within twenty-four (24) months following the Distribution Date, determined based on service and participation under both the MI Health Plans and MVT Health Plans, will be provided retiree medical coverage by the MVT Group at the time of
retirement through the date such MVT Employees become eligible for Medicare coverage, which shall be equal to the coverage provided under the MVT Health Plans to MVT Employees generally, except that the MVT Group may increase or decrease the
contribution levels for retirees, regardless of whether corresponding actions are taken with respect to active employees. The MI Group will be solely responsible for, and, except to the extent provided above with respect to certain Current Eligibles
who retire from the MVT Group before attaining age 62, will hold the MVT Group harmless with respect to, any retiree medical benefits associated with MI Retiree Medical Individuals. The MVT Group will be solely responsible for, and will hold the MI
Group harmless with respect to, any retiree medical benefits associated with MVT Employees who are not MI Retiree Medical Individuals. For the avoidance of doubt, nothing in this Section 5.11 shall be construed as an amendment of the MI Group
Retiree Medical Program or any other employee benefit plan. 
 5.12 MVT Employees on Severance as of the Distribution Date. From and
after the Distribution Date, the MVT Group shall continue to pay severance to eligible MVT Employees whose employment terminated prior to the Distribution Date. If those employees elected COBRA continuation coverage under the MI Health Plan prior to
the Distribution Date, from and after the Distribution Date, the MVT Group shall be responsible for providing such COBRA continuation coverage on the same terms as would have been applicable under the MI Health Plans. 
 ARTICLE VI 
 EQUITY AND OTHER COMPENSATION

 6.1. MI Corp. Employee Stock Purchase Plan. The cash balances of all MVT Employees under the MI Corp. Amended and Restated 2000
Employee Stock Purchase Plan as of the Distribution Date shall be refunded to such individuals as soon as practicable following the Distribution Date. 
 6.2. MI Option Plans. 
 (a) Options Held by MVT Employees. Each MI
Option held by a MVT Employee that is outstanding as of the Distribution shall be converted into a MVT Option, effective immediately after the Distribution. 
 (i) The number of shares of MVT Holding Common Stock subject to a MVT Option and the exercise price per share of MVT Holding Common Stock
subject to a MVT Option shall be determined, as of the Distribution, in accordance with the following conversion formula (to be interpreted and applied in such a way as to minimize any adverse consequences of Section 409A of the Code with
respect to such conversions): 
  

 15 

 (A) The number of shares of MVT Holding Common Stock to be subject to each MVT Option
shall be equal to (x) the product of (i) the number of shares of MI Corp. common stock subject to the applicable MI Option immediately prior to the Distribution and (ii) the MI Corp. Pre-Distribution Stock Price, divided by
(y) the MVT Holding Post-Distribution Stock Price; provided that any fractional share resulting from such calculation shall be rounded down to the nearest whole number. 
 (B) The exercise price per share of MVT Holding Common Stock under each MVT Option shall be equal to (x) the exercise price per share
of MI Corp. common stock at which the applicable MI Option was exercisable immediately prior to the Distribution divided by (y) the quotient obtained by dividing the MI Corp. Pre-Distribution Stock Price by the MVT Holding Post-Distribution
Stock Price; provided that such exercise price shall be rounded up to the nearest whole cent. 
 (ii) Each MVT Option shall
have the same terms and conditions (including vesting) as the corresponding MI Option to which it relates (except as adjusted as provided herein) and shall continue to be subject to the terms of the applicable MI Option Plan; provided,
however, that for purposes of the MVT Options, unless the context otherwise requires, all references to “MI Corp.” therein shall, after the Distribution, be deemed to be to “MVT Holding” and all references to MI Corp.
Common Stock shall be deemed to be to MVT Holding Common Stock. The MI Group and the MVT Group shall each take such actions as may be necessary to effectuate the provisions of this Section. 
 (b) Options Held by MI Group Employees and Directors. Subject to Section 6.2(c), each MI Option held by a MI Group
employee or a director of MI Corp. that is outstanding as of the Distribution shall be converted into a New MI Corp. Option, effective immediately after the Distribution. 
 (i) The number of shares of New MI Corp. Common Stock subject to a New MI Corp. Option and the exercise price per share of New MI Corp.
Common Stock subject to a New MI Corp. Option shall be determined, as of the Distribution, in accordance with the following conversion formula (to be interpreted and applied in such a way as to minimize any adverse consequences of Section 409A
of the Code with respect to such conversions): 
 (A) The number of shares of New MI Corp. Common Stock to be subject to each
New MI Corp. Option shall be equal to (x) the product of (i) the number of shares of MI Corp. common stock subject to the applicable MI Option immediately prior to the Distribution and (ii) the MI Corp. Pre-Distribution Stock Price,
divided by (y) the New MI Corp. Post-Distribution Stock Price; provided that any fractional share resulting from such calculation shall be rounded down to the nearest whole number. 
 (B) The exercise price per share of New MI Corp. Common Stock under each New MI Corp. Option shall be equal to (x) the exercise price
per share of 

  

 16 

 
MI Corp. common stock at which the applicable MI Option was exercisable immediately prior to the Distribution divided by (y) the quotient obtained by
dividing the MI Corp. Pre-Distribution Stock Price by the New MI Corp. Post-Distribution Stock Price; provided that such exercise price shall be rounded up to the nearest whole cent. 
 (ii) Each New MI Corp. Option shall have the same terms and conditions (including vesting) as the corresponding MI Option to which it
relates (except as adjusted as provided herein) and shall continue to be subject to the terms of the applicable MI Option Plan; provided, however, that for purposes of the New MI Corp. Options, unless the context otherwise requires,
all references to “MI Corp.” therein shall, after the Distribution, be deemed to be to “New MI Corp.” and all references to MI Corp. Common Stock shall be deemed to be to New MI Corp. Common Stock. 
 (c) Options Held by Certain MI Group Employees and Directors. Notwithstanding anything in this Section 6.2 to the contrary,
each MI Option that is outstanding as of the Distribution and that is held by an individual who, immediately following the Distribution, is a director of MVT Holding and either a MI Group employee or a director of New MI Corp. shall be converted,
effective immediately after the Distribution, into both a New MI Corp. Option and a MVT Option using the methodology described above such that (i) the aggregate Intrinsic Value of all outstanding MI Options held by such an individual that are
outstanding as of the Distribution shall be maintained under the corresponding New MI Corp. Options and MVT Options in accordance with the methodology set forth above and (ii) the ratio of the per share option exercise price of the New MI Corp.
Option to the New MI Corp. Post-Distribution Stock Price and the ratio of the per share option exercise price of the MVT Option to the MVT Holding Post-Distribution Stock Price is maintained relative to the ratio of the per share exercise price of
the related MI Option to the MI Corp. Pre-Distribution Stock Price in accordance with the methodology set forth above. 75% of the MI Options held by such individuals shall be converted into New MI Corp Options and 25% of such MI Options shall be
converted into MVT Options. 
 (d) Restricted Stock and Stock Held in MI Deferred Compensation Trusts. All shares of MI
Corp. restricted stock and all shares of MI Corp. stock held in the MI Deferred Compensation Trust II or the MI Corp. Amended and Restated Deferred Compensation Trust III (other than the shares associated with the MI Corp. restricted stock units
which will be forfeited by MVT Employees as a result of such MVT Employees being deemed to have terminated employment on the Distribution Date, as described in Article IV hereof) shall be treated the same as all other outstanding shares of MI Corp.
Common Stock in the transactions contemplated by the Investment Agreement and the Separation Agreement; provided, however, that each share of MVT Holding Common Stock and New MI Corp. Common Stock received in such transactions with respect to shares
of MI Corp. restricted stock shall be subject to the same restrictions as the corresponding share of MI Corp. restricted stock to which it relates and shall continue to be subject to the terms of the applicable MI Option Plan. 
  

 17 

 6.3. MVT Corp. Long Term Incentive Plan. The amounts of incentives earned by participants under
the MVT Corp. Long Term Incentive Plan with respect to performance periods that include the Distribution Date that are based on the performance of MI Corp. will be determined jointly by the MI Group, the MVT Group, and Investor as of the
Distribution Date. Payment of the amounts based on the performance of MI Corp. and payment of the amounts based on the performance of MVT Corp. will be made by the MVT Group following the end of the performance period to participants who are
employed by the MVT Group at the end of the applicable performance period, or whose employment terminates during such performance period due to circumstances under which the terms of the MVT Corp. Long Term Incentive Plan provide for payment.

 6.4 New MVT Equity Incentive Plans. MI Corp. will take, or will cause its appropriate Subsidiary to take, reasonable best efforts
to cause MVT Holding to adopt prior to the Distribution Date an MVT Holding equity compensation plan (the “New MVT Option Plan”) and, if requested by Investor and agreed to by MI Corp., which agreement will not be unreasonably withheld, an
MVT Holding annual bonus plan (the “New MVT Bonus Plan”), in each case, in a form satisfactory to the Investor. No fewer than the number of shares equal to 9% of the equity of MVT Holding on a fully diluted basis will be reserved for
issuance under the New MVT Option Plan. If requested by the Investor, MI Corp. will submit the New MVT Option Plan and/or the New MVT Bonus Plan to its shareholders for approval in a manner that satisfies the requirements under
Section 1.162-27(f)(4)(ii) of the Department of Treasury Regulations. MI Corp. further agrees that, if requested by Investor, it will, subject to fiduciary requirements, take reasonable best efforts to approve, on such terms as are requested by
Investor, initial equity compensation grants to employees of the MVT Group, to be made effective as of the Distribution Date (including, if so requested, taking reasonable best efforts to ensure that awards to designated employees are approved by MI
Corp. “outside directors” in a manner that satisfies the requirements of Section 1.162-27(f)(4) of the Department of Treasury Regulations). The MVT Group shall reimburse the MI Group for all reasonable out-of-pocket costs incurred by
the MI Group in taking the actions required of it under this Section 6.4. 
 ARTICLE VII 
 ADMINISTRATIVE MATTERS 
 7.1. Reporting
and Disclosure Communications to Participants. While any member of the MVT Group is a participating employer in the MI Plans, the MVT Group shall take, or cause to be taken, all actions necessary to facilitate the distribution of all MI
Plan-related communications and materials to MVT Employees, including (without limitation) summary plan descriptions and related summaries of material modification(s), summary annual reports, investment information, prospectuses, notices and
enrollment material for the MI Plans and MVT Plans. The MVT Group shall assist the MI Group in complying with all reporting and disclosure requirements of ERISA and the Code, including the preparation of Form Series 5500 annual reports for the MI
Plans, where applicable. 
  

 18 

 7.2. Audits Regarding Vendor Contracts. For the period beginning as of the Distribution Date and
ending on such date as the MI Group and the MVT Group may mutually agree, the MI Group and the MVT Group and their duly authorized representatives shall have the right to conduct joint audits with respect to any vendor contracts that relate to both
the MI Health and Welfare Plans and the MVT Health and Welfare Plans. The scope of such audits shall encompass the review of all correspondence, account records, claim forms, canceled drafts (unless retained by the bank), provider bills, medical
records submitted with claims, billing corrections, vendors’ internal corrections of previous errors and any other documents or instruments relating to the services performed by the vendor under the applicable vendor contracts. The MI Group and
the MVT Group shall agree on the performance standards, audit methodology, auditing policy and quality measures, reporting requirements, and the manner in which costs incurred in connection with such audits will be shared. 
 7.3. Employee Identification Numbers. Until the Distribution Date, the MI Group and the MVT Group shall not change any employee identification
numbers assigned by MI Corp. The MI Group and the MVT Group mutually agree to establish a policy pursuant to which employee identification numbers assigned to either employees of the MI Group or the MVT Group shall not be duplicated between the MI
Group and the MVT Group. 
 7.4. Cooperation. The MI Group and the MVT Group agree to cooperate and use reasonable efforts to promptly
(i) comply with all requirements of this Agreement, ERISA, the Code and other laws and regulations which may be applicable to the matters addressed herein, and (ii) subject to applicable law, provide each other with such information
reasonably required by the other party to assist the other party in administering its employee benefit plans covered by this Agreement and complying with applicable law and regulations and the terms of this Agreement. 
 7.5. Fiduciary Matters. The MI Group and the MVT Group each acknowledge that actions contemplated to be taken pursuant to this Agreement may be
subject to fiduciary duties or standards of conduct under ERISA or other applicable law, and no party shall be deemed to be in violation of this Agreement if such party fails to comply with any provisions hereof based upon such party’s
reasonable good faith determination that to do so would violate such a fiduciary duty or standard. 
 7.6. Consent of Third Parties.
If any provision of this Agreement is dependent on the consent of any third party (such as a vendor) and such consent is withheld, the MI Group and the MVT Group shall use their commercially reasonable efforts to implement the applicable provisions
of this Agreement. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the MI Group and the MVT Group shall negotiate in good faith to implement the provision in a mutually satisfactory manner.

  

 19 

 ARTICLE VIII 
 EMPLOYMENT-RELATED MATTERS 
 8.1. Terms of MVT Group Employment. Subject to Section 5.11 of this
Agreement, the MVT Group shall have sole responsibility for determining all basic terms and conditions of employment for MVT Employees including, without limitation, their pay and benefits in the aggregate. Nothing in this Agreement or any other
agreement between the parties should be construed to change the at-will status of any of the employees of the MI Group or the MVT Group. 
 8.2. Confidentiality and Proprietary Information. No provision of this Agreement or any other agreement between the parties shall be deemed to release any individual for any violation of a MI Group or MVT Group agreement or policy
pertaining to confidential or proprietary information of any member of the MI Group or the MVT Group, as the case may be, or otherwise relieve any individual of his or her obligations under such agreement or policy. 
 8.3. No Termination of Employment; No Third-Party Beneficiaries. No provision of this Agreement or any other agreement between the parties shall
be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any MVT Employee, employee of MI Corp. or other future, present or former employee of the MVT Group or the MI Group under any MVT
Plan, MI Plan or otherwise. No Person other than the parties hereto or their respective successors will acquire or have any benefit, right, remedy or claim under or by reason of this Agreement, except that Sections 6.3, 6.4 and the proviso in
Section 9.7, as well as this sentence, shall inure to the benefit of Investor. Without limiting the generality of the foregoing, except as provided in this Agreement, neither the Distribution nor the termination of the participating employer
status of MVT Corp. or any member of the MVT Group shall cause any employee to be deemed to have incurred a termination of employment. 
 ARTICLE IX 
 GENERAL PROVISIONS 
 9.1. Effect if Distribution Does Not Occur. If the Distribution does not occur, then all actions and events that are, under this Agreement, to be taken or occur effective as of the Distribution Date, or
otherwise in connection with the Distribution, shall not be taken or occur except to the extent specifically agreed by the MVT Group and the MI Group. 
 9.2. Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the parties or any third party as creating the relationship of principal and agent, partnership or joint venture between
the parties, the understanding and agreement being that no provision contained herein, and no act of the parties, shall be deemed to create any relationship between the parties other than the relationship set forth herein. 
  

 20 

 9.3. Affiliates. Each of New MI Corp. and MVT Holding shall cause to be performed, and hereby
guarantee the performance of, any and all actions of the MI Group or the MVT Group, respectively. 
 9.4. Governing Law. To the extent
not preempted by applicable federal law, this Agreement shall be governed by, construed and interpreted in accordance with the laws of the State of Wisconsin, without giving effect to its conflicts of laws provisions. 
 9.5. Notices. Any notice, request, instruction or other document to be given or delivered under this Agreement by any party to another party shall
be in writing and shall be deemed to have been duly given or delivered when (1) delivered in person or sent by telecopy to the facsimile number indicated below with a required confirmation copy sent in accordance with clause (2) below,
(2) deposited in the United States mail, postage prepaid and sent certified mail, return receipt requested or (3) delivered to Federal Express or similar service for overnight delivery to the address of the party set forth below:

 If to New MI Corp. or any member of the MI Group to: 
 Marshall & Ilsley Corporation 
 770 N. Water Street 
 Milwaukee, Wisconsin 53202 
 Fax:
(414) 765-7899 

			
	Attention:	 	Dennis J. Kuester
		 	 Chairman and Chief Executive Officer
 Randall J.
Erickson
 Senior Vice President, General Counsel
 and Corporate
Secretary

 with a copy to: 
 Sidley Austin LLP 
 One S. Dearborn Street 
 Chicago, Illinois 60603 
 Fax:
(312) 853-7036 

			
	Attention:	 	Imad I. Qasim, Esq.
		 	Pran Jha, Esq.

 If to MVT Holding or any member of the MVT Group to: 
 Metavante Holding Company 
 4900 West Brown
Deer Rd. 
 Milwaukee, Wisconsin 53223 
 Fax: (414) 362-1705 

			
	Attention:	 	Frank Martire
		 	 Chief Executive Officer
 Norrie J. Daroga
 Executive Vice President

  

 21 

 with a copy to: 
 Quarles & Brady LLP 
 411 East Wisconsin Avenue 
 Milwaukee, Wisconsin 53202-4497 
 Fax:
(414) 978-8786 
 Attention: Patrick M. Ryan, Esq. 
 Either party may, by written notice to the other parties, change the address or the party to which any notice, request, instruction or other document is to be delivered. 
 9.6. Severability. If any term or other provision of this Agreement is determined to be invalid, illegal or incapable of being enforced by any
rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to either party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto and Investor shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the parties as closely as possible and in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest possible extent. 
 9.7. Amendment. The MVT Parties and the MI Parties may mutually agree to amend the provisions of this Agreement at any time or times, either
prospectively or retroactively, to such extent and in such manner as they mutually deem advisable (subject to procedures required to amend Plans) provided, that, unless the Investment Agreement shall have been terminated, any such amendment shall be
subject to the prior written consent of Investor, which consent shall not be unreasonably withheld or delayed with respect to amendments made after the Distribution Date. Such amendment will only be effective if made in writing. 
 9.8 Successors. This Agreement shall be binding on and inure to the benefit and detriment of any successor, by merger, acquisition of assets or
otherwise, to any of the parties hereto, to the same extent as if such successor had been an original party. 
 9.9. Conflict. In the
event of any conflict between the provisions of this Agreement and any other agreements between the parties or any other Plans, the provisions of this Agreement shall control except to the extent prohibited by law. 
 9.10. Counterparts. This Agreement may be executed in two or more counterparts each of which shall be deemed to be an original, but all of which
together shall constitute but one and the same Agreement. 
  

 22 

 9.11 Authorization, Etc. Each of the parties hereto hereby represents and warrants that it has the
power and authority to execute, deliver and perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such party, that this Agreement constitutes a legal, valid and binding obligation of
each such party and that the execution, delivery and performance of this Agreement by such party does not contravene or conflict with any provision of law or of its charter or bylaws or any agreement, instrument or order binding on such party.

 9.12 Entire Agreement. This Agreement contains the entire agreement among the parties hereto with respect to the subject matter
hereof and supersedes any prior oral understandings among the parties as to the subject matter hereof. 
 9.13. Waivers, Etc. No
failure or delay on the part of the parties in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce
such right or power, preclude any other or further exercise thereof or the exercise of any other right or power. No modification or waiver of any provision of this Agreement nor consent to any departure by the parties therefrom shall in any event be
effective unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 
 9.14 Further Assurances. The MI Parties and the MVT Parties each agree to execute, acknowledge, deliver, file, record and publish such further certificates, amendments to certificates, instruments and
documents, and do all such other acts and things as may be required by law, or as may be required to carry out the intent and purposes of this Agreement and the transactions contemplated hereby. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 
  

 23 

 IN WITNESS WHEREOF, each of the parties have caused this Employee Matters Agreement to be executed on its
behalf by its officers thereunto duly authorized on the day and year first above written. 
  

			
	MARSHALL & ILSLEY CORPORATION
		
	By:	 	 /s/ Mark F. Furlong

	Name:	 	Mark F. Furlong
	Title:	 	 President

	
	NEW M&I CORPORATION
		
	By:	 	 /s/ Gregory A. Smith

	Name:	 	Gregory A. Smith
	Title:	 	 President

	
	METAVANTE HOLDING COMPANY
		
	By:	 	 /s/ Gregory A. Smith

	Name:	 	Gregory A. Smith
	Title:	 	 President

	
	METAVANTE CORPORATION
		
	By:	 	 /s/ Donald Layden Jr.

	Name:	 	 Donald Layden Jr. 

	Title:	 	 Senior Executive Vice President

  

 24Form of Shareholders Agreement

 Exhibit 10.03 
 Form of 
 METAVANTE HOLDING COMPANY 
 SHAREHOLDERS AGREEMENT 
 Dated as of [•] 

 Table of Contents 
  

					
	 	  	 	  	Page
		  	ARTICLE I	  	
			
		  	GOVERNANCE	  	
			
	1.1	  	Composition of the Board of Directors	  	2
	1.2	  	Committees.	  	4
	1.3	  	Articles of Incorporation and By-laws	  	4
	1.4	  	Approval Rights	  	4
	1.5	  	Venture Capital Qualifying Investment	  	5
	1.6	  	Termination of Article I	  	5
			
		  	ARTICLE II	  	
			
		  	REGISTRATION RIGHTS	  	
			
	2.1	  	Demand Registrations.	  	6
	2.2	  	Piggyback Registrations.	  	9
	2.3	  	Registration Procedures	  	10
	2.4	  	Registration Expenses.	  	13
	2.5	  	Participation in Underwritten Registrations.	  	13
	2.6	  	Rule 144; Legended Securities; etc.	  	14
	2.7	  	Holdback	  	15
			
		  	ARTICLE III	  	
			
		  	TRANSFERS; STANDSTILL PROVISIONS; PREEMPTIVE RIGHTS	  	
			
	3.1	  	Investor Group Transfer Restrictions	  	15
	3.2	  	Standstill Provisions	  	16
	3.3	  	Anti-Takeover Provisions	  	18
	3.4	  	Buyout Transactions	  	18
	3.5	  	Preemptive Rights.	  	18
			
		  	ARTICLE IV	  	
			
		  	INDEMNIFICATION	  	
			
	4.1	  	Indemnification.	  	21
			
		  	ARTICLE V	  	
			
		  	DEFINITIONS	  	
			
	5.1	  	Defined Terms	  	24
	5.2	  	Terms Generally	  	30

  

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 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page
		  	Article VI	  	
			
		  	MISCELLANEOUS	  	
			
	6.1	  	Term	  	30
	6.2	  	No Inconsistent Agreements	  	30
	6.3	  	Legend.	  	30
	6.4	  	Amendments and Waivers	  	31
	6.5	  	Successors and Assigns	  	31
	6.6	  	Severability	  	32
	6.7	  	Counterparts	  	32
	6.8	  	Descriptive Headings	  	32
	6.9	  	Governing Law	  	32
	6.10	  	Consent to Jurisdiction	  	32
	6.11	  	Waiver of Jury Trial	  	32
	6.12	  	Enforcement; Attorneys’ Fees	  	33
	6.13	  	No Third Party Beneficiaries	  	33
	6.14	  	Notices	  	33
	6.15	  	Entire Agreement	  	34

  

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 SHAREHOLDERS AGREEMENT, dated as of [•] (as it may be amended from time to time, this
“Agreement”), among (i) Metavante Holding Company, a Wisconsin corporation (the “Company”), (ii) WPM, L.P., a Delaware limited partnership (“Investor”), and
(iii) any other Shareholder that may become a party to this Agreement after the date and pursuant to the terms hereof. 
 W I T
N E S S E T H: 
 WHEREAS, pursuant to an Investment Agreement, dated as of April 3, 2007 (the “Investment
Agreement”), among the Company, Marshall & Ilsley Corporation, a Wisconsin corporation (“MI Corp.”), New M&I Corporation, a Wisconsin corporation, Metavante Corporation, a Wisconsin corporation, and Investor,
Investor has agreed to acquire, on the terms and subject to the conditions set forth in such agreement, (i) newly issued shares of the Class A common stock, par value $0.01 per share (the “Class A Common
Stock”) of the Company and (ii) certain purchase rights with respect to shares of Common Stock pursuant to the Stock Purchase Right Agreement, dated as of the date hereof, between the Company and Investor (“Purchase
Rights”) (such transaction, the “Investment”); 
 WHEREAS, as of the date hereof, Investor will own
[•] shares of Class A Common Stock; 
 WHEREAS, at 12:01 a.m. Eastern Standard Time on the first day following the
date hereof, each outstanding share of Class A Common Stock held by Investor shall automatically convert into a share of Common Stock; 
 WHEREAS, it is a condition to the consummation of the transactions contemplated by the Investment Agreement that the Company execute and deliver this Agreement; and 
 WHEREAS, each of the parties hereto wishes to set forth in this Agreement certain terms and conditions regarding the Investment and the ownership of
shares of Common Stock, including certain registration rights applicable to such shares, restrictions on the transfer of such shares, restrictions on certain actions relating to the Company, and the management of the Company and its subsidiaries.

 NOW, THEREFORE, in consideration of the mutual agreements contained herein, the parties hereto hereby agree as follows: 

 ARTICLE I 
 GOVERNANCE 
 1.1 Composition of the Board of Directors. (a) The by-laws of the Company shall
provide that so long as this Article I is in effect the Board of Directors of the Company (the “Board”) shall consist of eleven directors, such directors to be nominated and elected in accordance with this Agreement and the
provisions of the by-laws of the Company. As of the Closing Date, the directors shall consist of (i) three directors designated by Investor (such designees and any persons nominated pursuant to Section 1.1(b) and elected as
directors and any persons designated as replacement directors for such designees or their replacements pursuant to Section 1.1(c), the “Investor Designees”), (ii) two directors who shall be officers of the Company,
one of whom shall be the President and Chief Executive Officer of the Company and one of whom shall be the Senior Vice President and Chief Operating Officer of the Company, (iii) one director who shall be designated by MI Corp. and shall
initially be Dennis J. Kuester (such designee and any person designated as a replacement director for such designee or their replacement pursuant to Section 1.1(d), the “MI Designee”), and (iv) five additional
directors designated pursuant to Section 6.2 of the Investment Agreement, each of whom shall qualify as Independent Directors and one of whom shall also be a director of MI Corp. (such designees, any persons nominated and elected as directors
or designated as replacement directors for such designees or their replacements pursuant to Section 1.1(d), the “Initial Unaffiliated Directors”); provided, however, that if Investor or MI Corp. is prevented by
Applicable Law or regulatory process from designating any of its designees pursuant to the foregoing clause (i), (iii) or (iv) (in the case of a MI Corp. director), as applicable, or if such designation is otherwise prohibited by
Section 6.2(a) of the Investment Agreement (because such designation would result in the Company being an affiliate of New MI Corp. for purposes of Section 23A or 23B of the Federal Reserve Act), then such directors shall be Independent
Directors selected pursuant to the foregoing clause (iv) in a manner which addresses the reason that the designee was originally prevented from being designated. The Chairman of the Board of the Company shall be Dennis J. Kuester for a period
of one year from the date hereof. If Dennis J. Kuester is unable to serve as Chairman of the Board during such one-year period, and after such one-year period, the President and Chief Executive Officer of the Company shall, subject to the approval
of the Board, succeed Dennis J. Kuester as the Chairman of the Board. In connection with the 2008 annual meeting of the Company, the Company shall take all actions necessary to provide that the Investor Designees are nominated for re-election to the
Board at such annual meeting and the remaining directors shall be nominated in accordance with the provisions of this Agreement and the by-laws of the Company. 
 (b) Following the 2008 annual meeting of shareholders of the Company: (i) so long as the Investor Percentage Interest equals or exceeds 17.5%, Investor shall 

  

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have the right to nominate three directors; (ii) if the Investor Percentage Interest is less than 17.5% but equals or exceeds 7.5% Investor shall have
the right to nominate two directors; (iii) if the Investor Percentage Interest is less than 7.5% but the fair market value, as determined by the Board in good faith, of the Voting Securities Beneficially Owned by the Investor Group
equals or exceeds $150 million, Investor shall have the right to nominate one director; and (iv) if the Investor Percentage Interest is less than 7.5% and the fair market value, as determined by the Board in good faith, of the Voting Securities
Beneficially Owned by the Investor Group is less than $150 million, Investor shall not have the right to nominate any directors. Such nominees shall, subject to Applicable Law, be the Company’s nominees to serve on the Board and the Company
shall solicit proxies for them to the same extent as it does for any of its other nominees to the Board. Following the 2008 annual meeting of shareholders of the Company, the remaining directors of the Board shall be nominated in accordance with
this Agreement and the provisions of the by-laws of the Company. 
 (c) Subject to Section 1.1(b), the remaining Investor Designees then
in office shall have the right to designate any replacement for an Investor Designee upon the death, resignation, retirement, disqualification or removal from office of such director; provided, that if an Investor Designee is removed for
cause by the shareholders, the remaining Investor Designee shall not designate the person who was removed as such replacement Investor Designee. 
 (d) Until the 2008 annual meeting of shareholders of the Company, (i) the remaining MI Designees then in office shall have the right to designate any replacement for a MI Designee upon the death, resignation, retirement,
disqualification or removal from office of such director; provided, that if an MI Designee is removed for cause by the shareholders, the remaining MI Designees shall not designate the person who was removed as such replacement MI Designee and
(ii) the Initial Unaffiliated Directors by majority vote or consent of those Initial Unaffiliated Directors then in office shall have the right to designate any replacement for an Initial Unaffiliated Director upon the death,
resignation, retirement, disqualification or removal from office of such director; provided, that if an Initial Unaffiliated Director is removed for cause by the shareholders, the remaining Initial Unaffiliated Directors shall not designate
the person who was removed as such replacement Initial Unaffiliated Director. 
 (e) For purposes of constituting the initial Board as of the
Closing Date upon consummation of the Transactions, no Investor Designee shall be deemed not to be an Independent Director because of the ownership of Common Stock by Investor or because of the rights of Investor under this Agreement. 
 (f) Until the Board shall determine otherwise, the regular meetings of the Board shall be held on the third Thursday of each February, April, June,
August, October and December. 
  

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 1.2 Committees. 
 (a) The Board shall have the following committees: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee (as such terms are defined in the Company’s by-laws). Each of
the foregoing committees shall have three members. 
 (b) All the members of each of the Audit Committee, Compensation Committee and
Nominating and Corporate Governance Committee shall qualify as Independent Directors. To the extent permitted by Applicable Law and the rules of the New York Stock Exchange, at least one member of the Compensation Committee (who shall be the
Chairman of the Compensation Committee), Nominating and Corporate Governance Committee and the Audit Committee shall be an Investor Designee. 
 1.3 Articles of Incorporation and By-laws. The Company and Investor shall take or cause to be taken all lawful action necessary to ensure at all times as of and following the Closing Date that the articles of incorporation and
by-laws of the Company are not inconsistent with the provisions of this Agreement or the transactions contemplated hereby. 
 1.4 Approval
Rights. In addition to any other approval required, during any time that the restrictions of Section 3.1(a) and Section 3.1(b) are in effect, the Company shall not, and shall cause its subsidiaries not to, take any of the following
actions without the approval of the Board by Supermajority Vote: 
 (i) entering into a merger, reorganization, share
exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving the Company that if consummated, would result in a Change of Control; provided, however, that for the purposes
of this clause (i) of Section 1.4, the words “a majority of” and “all or substantially all of” in the definition of “Change of Control” shall be replaced by the words “twenty percent of”; 

(ii) acquiring (including by merger, business combination, reorganization or other similar transaction), in a single transaction or a
series of related transactions, any business or assets for consideration having a value (valuing any non-cash consideration at fair market value as determined by the Board in good faith) in excess of $300 million; 
 (iii) making or committing to make any capital expenditure or series of related capital expenditures in excess of $300 million;

 (iv) disposing of (including by merger, business combination, reorganization or other similar transaction), in a single
transaction or a series of 

  

 4 

 
related transactions, any business or assets for consideration having a value (valuing non-cash consideration at fair market value as determined by the Board
in good faith) in excess of $100 million; and 
 (v) (A) incurring any indebtedness for borrowed money or issuing any debt
securities (other than indebtedness or debt securities owed or issued solely between or among the Company and/or one or more wholly owned Subsidiaries), or (B) guaranteeing any indebtedness for borrowed money of any other Person if the amount
of such incurred or guaranteed indebtedness exceeds $300 million. 
 1.5 Venture Capital Qualifying Investment. (a) Investor
represents and warrants that Investor Fund is a “venture capital operating company” within the meaning of Department of Labor “plan asset” regulations (“VCOC”). Investor agrees to notify the Company promptly if
Investor Fund ceases to be a VCOC or if, in Investor’s good faith judgment, the provisions set forth in Section 1.5(b) are no longer required in order for the ownership of Common Stock to qualify as a venture capital investment
within the meaning of Department of Labor “plan asset” regulations. 
 (b) The Company hereby agrees that, subject to Applicable
Law and existing contractual restrictions and provided that Investor Fund executes a confidentiality agreement in form reasonably satisfactory to the Company covering Investor Fund and its representatives which governs the confidentiality and use of
any information received by Investor Fund or its representatives from the Company pursuant to this Section 1.5, it shall (i) furnish Investor Fund with such financial and operating data and other information with respect to
the business and properties of the Company as the Company prepares and compiles for its directors in the ordinary course and as Investor Fund may from time to time reasonably request, (ii) permit Investor Fund to discuss the affairs,
finances and accounts of the Company, and to make proposals and furnish advice with respect thereto, with the principal officers of the Company within thirty days after the end of each fiscal quarter of the Company, and (iii) invite a
representative of Investor Fund to attend all meetings of the Board in a nonvoting observer capacity if none of the Investor Designees is a member of the Board and, in this respect, shall give such representative copies of all notices, minutes,
consents and other material that it provides to the directors and such representative shall be entitled to participate in discussions of matters brought to the Board. The provisions of this Section 1.5 (b) shall terminate on the
earlier of (i) the date of termination of this Article I pursuant to Section 1.6, (ii) the date on which Investor Fund ceases to be a VCOC and (iii) the date on which, in Investor’s good faith judgment,
the provisions of this Section 1.5(b) are no longer required in order for the ownership of Common Stock to qualify as a venture capital investment within the meaning of Department of Labor “plan asset” regulations. 

1.6 Termination of Article I. Subject to Section 6.1, this Article I (other than Section 1.3) shall terminate and be of
no further force or effect on the earlier of (i) the 

  

 5 

 
date on which the Investor Percentage Interest is less than 7.5% and the fair market value, as determined by the Board in good faith, of the Voting
Securities Beneficially Owned by the Investor Group is less than $150 million and (ii) the tenth anniversary of the Closing Date. 
 ARTICLE II 
 REGISTRATION RIGHTS 
 2.1 Demand Registrations. 
 (a) Requests for Registration. At any time following the first
anniversary of the Closing Date, Investor may request in writing, on behalf of Investor Group, that the Company effect the registration of all or any part of the Registrable Securities held by Investor Group (a “Registration
Request”), provided that, prior to the second anniversary of the Closing Date, the number of shares of Common Stock to be sold by Investor Group pursuant to a Registration Request shall be limited to an amount that will not cause the
Investor Percentage Interest to be less than 25%. Promptly after its receipt of any Registration Request, the Company will give written notice of such request to all other Shareholders, and will use its reasonable best efforts to register, in
accordance with the provisions of this Agreement, all Registrable Securities that have been requested to be registered in the Registration Request or by any other Shareholders by written notice to the Company given within fifteen Business Days after
the date the Company has given such Shareholders notice of the Registration Request. The Company will pay all Registration Expenses incurred in connection with any registration pursuant to this Section 2.1. Any registration requested by
Investor pursuant to Section 2.1(a) or 2.1(c) is referred to in this Agreement as a “Demand Registration”. 
 (b)
Limitation on Demand Registrations. Investor will be entitled to initiate no more than four Demand Registrations (including Short-Form Registrations permitted pursuant to Section 2.1(c)). No request for registration will count for the
purposes of the limitations in this Section 2.1(b) if (i) Investor determines in good faith to withdraw the proposed registration prior to the effectiveness of the Registration Statement relating to such request due to marketing
conditions or regulatory reasons relating to the Company, (ii) the Registration Statement relating to such request is not declared effective within 180 days of the date such Registration Statement is first filed with the Commission
(other than solely by reason of Investor having refused to proceed) and Investor withdraws its Registration Request prior to such Registration Statement being declared effective, (iii) prior to the sale of at least 90% of the Registrable
Securities included in the applicable registration relating to such request, such registration is adversely affected by any stop order, injunction or other order or requirement of the Commission or other governmental agency or court for any reason
and the Company fails to have such stop order, injunction or other order or requirement removed, withdrawn or resolved to Investor’s reasonable satisfaction within thirty days of the date of such order, (iv) more 

  

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than 10% of the Registrable Securities requested by Investor to be included in the registration are not so included pursuant to Section 2.1(f), or
(v) the conditions to closing specified in the underwriting agreement or purchase agreement entered into in connection with the registration relating to such request are not satisfied (other than as a result of a material default or
breach thereunder by Investor). Notwithstanding the foregoing, the Company will pay all Registration Expenses in connection with any request for registration pursuant to Section 2.1(a) regardless of whether or not such request counts toward the
limitation set forth above. 
 (c) Short-Form Registrations. The Company will use its reasonable best efforts to qualify for
registration on Form S-3 or any comparable or successor form or forms or any similar short-form registration (“Short-Form Registrations”), and, if requested by Investor and available to the Company, such Short-Form Registration
will be a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis of the Registrable Securities, pursuant to Rule 415. In no event shall the Company be obligated to effect any shelf
registration other than pursuant to a Short-Form Registration. The Company will pay all Registration Expenses incurred in connection with any Short-Form Registration. 
 (d) Restrictions on Demand Registrations. If the filing, initial effectiveness or continued use of a registration statement, including a shelf registration statement pursuant to Rule 415, with respect to a
Demand Registration would (i) require the Company to make a public disclosure of material non-public information, which disclosure in the good faith judgment of the Board (A) would be required to be made in any Registration
Statement so that such Registration Statement would not be materially misleading, (B) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement and (C) would in the good
faith judgment of the Board reasonably be expected to have a material adverse effect on the Company or its business if made at such time, or (ii) would in the good faith and judgment of the Board reasonably be expected to have a material
adverse effect on the Company or its business or on the Company’s ability to effect a planned or proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction, then the Company may upon giving prompt
written notice of such action to the participants in such registration (each of whom hereby agrees to maintain the confidentiality of all information disclosed to such participants) delay the filing or initial effectiveness of, or suspend use of,
such Registration Statement, provided, that the Company shall not be permitted to do so (x) more than three times during any twelve-month period or (y) for periods exceeding, in the aggregate, one hundred twenty-five
days during any twelve-month period. In the event the Company exercises its rights under the preceding sentence, such Shareholders agree to suspend, promptly upon their receipt of the notice referred to above, their use of any prospectus relating to
such registration in connection with any sale or offer to sell Registrable Securities. If the Company so postpones the filing of a prospectus or the effectiveness of a Registration Statement, Investor will be 

  

 7 

 
entitled to withdraw such request and, if such request is withdrawn, such registration request will not count for the purposes of the limitation set forth in
Section 2.1(b). The Company will pay all Registration Expenses incurred in connection with any such aborted registration or prospectus. 
 (e) Selection of Underwriters. 
 (i) If Investor intends that the Registrable Securities covered by its
Registration Request shall be distributed by means of an underwritten offering, Investor will so advise the Company as a part of the Registration Request, and the Company will include such information in the notice sent by the Company to the other
Shareholders with respect to such Registration Request. In such event, the lead underwriter to administer the offering will be chosen by Investor subject to the prior written consent, not to be unreasonably withheld or delayed, of the Company.

 (ii) If the offering is underwritten, the right of any Shareholder to registration pursuant to this Section 2.1 will
be conditioned upon such Shareholder’s participation in such underwriting and the inclusion of such Shareholder’s Registrable Securities in the underwriting, and each such Shareholder will (together with the Company and the other
Shareholders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. If any Shareholder disapproves of the terms of the
underwriting, such Shareholder may elect to withdraw therefrom by written notice to the Company, the managing underwriter and Investor. 
 (f) Priority on Demand Registrations. The Company will not include in any underwritten registration pursuant to this Section 2.1 any securities that are not Registrable Securities, without the prior written consent of Investor.
If the managing underwriter advises the Company that in its reasonable opinion the number of Registrable Securities (and, if permitted hereunder, other securities requested to be included in such offering) exceeds the number of securities that can
be sold in such offering without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), the Company will include in such offering only such number of securities that in the reasonable
opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority:
(i) first, Registrable Securities of Investor Group and (ii) second, Registrable Securities of any other Shareholders who have delivered written requests for registration pursuant to Section 2.1(a), pro rata on
the basis of the aggregate number of Registrable Securities owned by each such Shareholder and (iii) any other securities of the Company that have been requested to be so included, subject to the terms of this Agreement. 
  

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 (g) Effective Registration Statement. A registration requested pursuant to Section 2.1(a)
shall not be deemed to have been effected unless it is declared effective by the Commission and remains effective for the period specified in Section 2.3(b). 
 2.2 Piggyback Registrations. 
 (a) Right to Piggyback. Whenever the Company proposes to
register any of its securities, other than a registration pursuant to Section 2.1 or a Special Registration, and the registration form to be filed may be used for the registration or qualification for distribution of Registrable Securities, the
Company will give prompt written notice (and in any event no later than fifteen Business Days prior to the filing of a Registration Statement with respect to such registration) to all Shareholders of its intention to effect such a registration and,
subject to Section 2.2(d), will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten Business Days after the date of the Company’s notice
(a “Piggyback Registration”). Any Shareholder that has made such a written request may withdraw its Registrable Securities from such Piggyback Registration by giving written notice to the Company and the managing underwriter, if
any, on or before the tenth Business Day prior to the planned effective date of such Piggyback Registration. The Company may terminate or withdraw any registration under this Section 2.2 prior to the effectiveness of such registration, whether
or not any Shareholder has elected to include Registrable Securities in such registration, and except for the obligation to pay Registration Expenses pursuant to Section 2.2(c) the Company will have no liability to any Shareholder in connection
with such termination or withdrawal. 
 (b) Underwritten Registration. If the registration referred to in Section 2.2(a) is
proposed to be underwritten, the Company will so advise the Shareholders as a part of the written notice given pursuant to Section 2.2(a). In such event, the right of any Shareholder to registration pursuant to this Section 2.2 will be
conditioned upon such Shareholder’s participation in such underwriting and the inclusion of such Shareholder’s Registrable Securities in the underwriting, and each such Shareholder will (together with the Company and the other Shareholders
and other holders of securities distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. If any Shareholder
disapproves of the terms of the underwriting, such Shareholder may elect to withdraw therefrom by written notice to the Company, the managing underwriter and Investor. 
 (c) Piggyback Registration Expenses. The Company will pay all Registration Expenses in connection with any Piggyback Registration, whether or not any registration or prospectus becomes effective or final.

 (d) Priority on Primary Registrations. If a Piggyback Registration relates to an underwritten primary offering on behalf of the
Company, and the managing 

  

 9 

 
underwriters advise the Company that in their reasonable opinion the number of securities requested to be included in such registration exceeds the number
which can be sold without adversely affecting the marketability of such offering (including an adverse effect on the per share offering price), the Company will include in such registration or prospectus only such number of securities that in the
reasonable opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority:
(i) first, the securities the Company proposes to sell, (ii) second, Registrable Securities of any Shareholders who have requested registration of Registrable Securities pursuant to Sections 2.1 or 2.2, pro
rata on the basis of the aggregate number of such securities or shares owned by each such Shareholder and (iii) third, any other securities of the Company that have been requested to be so included, subject to the terms of
this Agreement. 
 2.3 Registration Procedures. Subject to Section 2.1(d), whenever the Shareholders of Registrable Securities
have requested that any Registrable Securities be registered pursuant to Sections 2.1 or 2.2 of this Agreement, the Company will use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities as soon
as reasonably practicable in accordance with the intended method of disposition thereof and pursuant thereto. The Company shall use its reasonable best efforts to as expeditiously as possible: 
 (a) prepare and file with the Commission a Registration Statement with respect to such Registrable Securities, make all required filings with the National
Association of Securities Dealers and thereafter use its reasonable best efforts to cause such Registration Statement to become effective as soon as reasonably practicable, provided that before filing a Registration Statement or any
amendments or supplements thereto, the Company will, in the case of a Demand Registration, furnish to Shareholders’ Counsel copies of all such documents proposed to be filed, which documents will be subject to review of such counsel at the
Company’s expense; 
 (b) prepare and file with the Commission such amendments and supplements to such Registration Statement as may be
necessary to keep such Registration Statement effective for a period of either (i) not less than (A) three months, (B) if such Registration Statement relates to an underwritten offering, such longer period as a prospectus is
required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or (C) two years in the case of shelf registration statements (or in each case such shorter period ending on the date that the
securities covered by such shelf registration statement cease to constitute Registrable Securities) or (ii) such shorter period as will terminate when all of the securities covered by such Registration Statement have been disposed of in
accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration Statement (but in any event not before the expiration of any longer period required under the Securities Act), and comply 

  

 10 

 
with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement until such time as all of
such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration Statement; 
 (c) furnish to each seller of Registrable Securities such number of copies, without charge, of such Registration Statement, each amendment and supplement thereto, including each preliminary prospectus, final
prospectus, any other prospectus (including any prospectus filed under Rule 424, Rule 430A or Rule 430B under the Securities Act and any “issuer free writing prospectus” as such term is defined under Rule 433 promulgated under the
Securities Act), all exhibits and other documents filed therewith and such other documents as such seller may reasonably request including in order to facilitate the disposition of the Registrable Securities owned by such seller; 
 (d) register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests
and do any and all other acts and things that may be reasonably necessary or reasonably advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the
Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (ii) subject itself to taxation in any such jurisdiction or
(iii) consent to general service of process in any such jurisdiction); 
 (e) notify each seller of such Registrable Securities
and Shareholders’ Counsel, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the happening of any event as a result of which, the prospectus
contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and, as soon as reasonably practicable, prepare and furnish to
such seller a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or
omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 
 (f) notify each seller of any Registrable Securities covered by such Registration Statement and Shareholders’ Counsel (i) when such Registration Statement or the prospectus or any prospectus supplement or post-effective
amendment has been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission for amendments or supplements to such Registration
Statement or to amend or to supplement such prospectus or for additional information, and (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement or the initiation of any
proceedings for any of such purposes; 
  

 11 

 (g) cause all such Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on the New York
Stock Exchange or the NASDAQ stock market, as determined by the Company; 
 (h) provide a transfer agent and registrar for all such
Registrable Securities not later than the effective date of such Registration Statement; 
 (i) enter into such customary agreements
(including underwriting agreements and, subject to Section 2.7, lock-up agreements in customary form, and including provisions with respect to indemnification and contribution in customary form) and take all such other customary actions as
Investor, the selling Shareholders or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, making members of senior management of the Company
available to participate in “road show” and other customary marketing activities); 
 (j) make available for inspection by any
seller of Registrable Securities and Shareholders’ Counsel, any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such seller or underwriter, all
financial and other records, pertinent corporate documents and documents relating to the business of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested
by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement, provided that it shall be a condition to such inspection and receipt of such information that the inspecting Person
(i) enter into a confidentiality agreement in form and substance reasonably satisfactory to the Company and (ii) agree to minimize the disruption to the Company’s business in connection with the foregoing; 
 (k) timely provide to its security holders earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder; 
 (l) in the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order
suspending or preventing the use of any related prospectus or ceasing trading of any securities included in such Registration Statement for sale in any jurisdiction, use every reasonable effort to promptly obtain the withdrawal of such order;

 (m) obtain one or more comfort letters, addressed to the underwriters, if any, dated the effective date of such Registration Statement and
the date of the closing under the underwriting agreement for such offering, signed by the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by comfort letters as such
underwriters shall reasonably request; and 
  

 12 

 (n) provide legal opinions of the Company’s counsel, addressed to the underwriters, if any, dated
the date of the closing under the underwriting agreement, with respect to the Registration Statement, each amendment and supplement thereto (including the preliminary prospectus) and such other documents relating thereto as the underwriter shall
reasonably request in customary form and covering such matters of the type customarily covered by legal opinions of such nature. 
 As a
condition to registering Registrable Securities, the Company may require each Shareholder of Registrable Securities as to which any registration is being effected to furnish the Company with such information regarding such Shareholder and pertinent
to the disclosure requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing. 
 2.4 Registration Expenses. 
 (a) Except as otherwise provided in this Agreement, all expenses
incidental to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, word processing, duplicating and
printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and all independent certified public accountants, underwriters and other Persons retained by the Company (all such expenses,
“Registration Expenses”), will be borne by the Company. The Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expenses of any annual audit or quarterly review, the expenses of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the
Company are then listed or on the New York Stock Exchange or NASDAQ. All Selling Expenses will be borne by the holders of the securities so registered pro rata on the basis of the amount of proceeds from the sale of their shares so
registered. 
 (b) In connection with each Demand Registration and each Piggyback Registration in which members of Investor Group
participate, the Company will reimburse Investor for the reasonable fees and disbursements of one counsel (“Shareholders’ Counsel”). 
 2.5 Participation in Underwritten Registrations. 
 (a) No Shareholder may participate in any
registration hereunder that is underwritten unless such Shareholder (i) agrees to sell its Registrable Securities on the basis provided in any underwriting arrangements approved by Investor (including, without limitation, pursuant to the
terms of any over-allotment or “green shoe” option requested by the managing underwriter(s), provided that no Shareholder will be required to sell more than the number of Registrable Securities that such Shareholder has 

  

 13 

 
requested the Company to include in any registration), (ii) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, and (iii) cooperates with the Company’s reasonable requests in connection with such registration or qualification (it
being understood that the Company’s failure to perform its obligations hereunder, which failure is caused by such Shareholder’s failure to cooperate with such reasonable requests, will not constitute a breach by the Company of this
Agreement). Notwithstanding the foregoing, no Shareholder will be required to agree to any indemnification obligations on the part of such Shareholder that are materially greater than its obligations pursuant to Section 4.1(b). 
 (b) Each Shareholder that is participating in any registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 2.3(f), such Shareholder will forthwith discontinue the disposition of its Registrable Securities pursuant to the Registration Statement until such Shareholder receives copies of a supplemented or amended
prospectus as contemplated by such Section 2.3(f). In the event the Company gives any such notice, the applicable time period mentioned in Section 2.3(b) during which a Registration Statement is to remain effective will be extended by the
number of days during the period from and including the date of the giving of such notice pursuant to this Section 2.5(b) to and including the date when each seller of a Registrable Security covered by such Registration Statement will have
received the copies of the supplemented or amended prospectus contemplated by Section 2.3(f). 
 2.6 Rule 144; Legended Securities;
etc. 
 (a) The Company will use its reasonable best efforts to timely file all reports and other documents required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Shareholder, make publicly available such
information as necessary to permit sales pursuant to Rule 144), and will take such further action as any Shareholder may reasonably request, all to the extent required from time to time to enable such Shareholder to sell shares of Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the request of any Shareholder, the Company will deliver to such Shareholder a written statement as to whether it has
complied with such information requirements. 
 (b) The Company will not issue new certificates for shares of Registrable Securities without
a legend restricting further transfer unless (i) such shares have been sold to the public pursuant to an effective Registration Statement under the Securities Act or Rule 144, or (ii) (x) otherwise permitted under
the Securities Act, (y) the Shareholder of such shares shall have delivered to the Company an opinion of counsel, which opinion and counsel shall be reasonably satisfactory to the Company, to such effect, and (z) the
Shareholder of such shares expressly requests the issuance of such certificates in writing. 
  

 14 

 2.7 Holdback. In consideration for the Company agreeing to its obligations under this Agreement,
each Shareholder agrees in connection with any registration of the Company’s securities (whether or not such Shareholder is participating in such registration) upon the request of the Company and the underwriters managing any underwritten
offering of the Company’s securities, not to effect (other than pursuant to such registration) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant to Rule 144 or Rule 144A, or make any
short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Registrable Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of
the Company without the prior written consent of the Company or such underwriters, as the case may be, during the Holdback Period, provided that nothing herein will prevent any Shareholder that is a partnership or corporation from making a
distribution of Registrable Securities to the partners or shareholders thereof or a transfer to an Affiliate that is otherwise in compliance with applicable securities laws, so long as such distributees agree to be so bound. With respect to such
underwritten offering of Registrable Securities covered by a registration pursuant to Sections 2.1 or 2.2, the Company further agrees not to effect (other than pursuant to such registration or pursuant to a Special Registration) any public sale or
distribution, or to file any Registration Statement (other than such registration or a Special Registration) covering any, of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the
Holdback Period with respect to such underwritten offering, if required by the managing underwriter, provided that notwithstanding anything to the contrary herein, the Company’s obligations under this Section 2.7 shall not apply
during any twelve-month period for more than an aggregate of ninety days. 
 ARTICLE III 
 TRANSFERS; STANDSTILL PROVISIONS; PREEMPTIVE RIGHTS 
 3.1 Investor Group Transfer Restrictions. (a) Prior to the first anniversary of the Closing Date, no member of Investor Group will, directly or indirectly, sell, transfer, make any short sale of, loan, grant any option for the
purchase of or otherwise dispose of any shares of Common Stock (it being understood that transfers of, or other transactions with respect to ownership interests in the Investor Fund or ownership interests in other members of the Investor Group the
purpose of which is not to transfer shares of Common Stock shall not be considered to be direct or indirect transfers of shares of Common Stock) except (i) to other members of Investor Group who agree in writing to be bound by the terms
of this Agreement, (ii) pursuant to the terms of a Buyout Transaction, (iii) in connection with a bona fide pledge to, or similar arrangement in connection with a bona 

  

 15 

 
fide borrowing from, a financial institution, or (iv) in a transaction approved by a majority of the directors of the Company who qualify as
Independent Directors who are not Investor Designees. 
 (b) Following the first anniversary of the Closing Date and prior to the second
anniversary of the Closing Date, no member of Investor Group will, directly or indirectly, sell, transfer, make any short sale of, loan, grant any option for the purchase of or otherwise dispose of any shares of Common Stock (it being understood
that transfers of, or other transactions with respect to ownership interests in the Investor Fund or ownership interests in other members of the Investor Group the purpose of which is not to transfer shares of Common Stock shall not be considered to
be direct or indirect transfers of shares of Common Stock) except (i) to other members of Investor Group who agree in writing to be bound by the terms of this Agreement, (ii) pursuant to the terms of a Buyout Transaction,
(iii) if following the closing of such transfer, the Investor Percentage Interest would not be less than 17.5%, (iv) in connection with a bona fide pledge to, or similar arrangement in connection with a bona fide borrowing
from, a financial institution or (v) in a transaction approved by a majority of the directors of the Company who qualify as Independent Directors who are not Investor Designees. 
 (c) Any transfer or attempted transfer of shares of Common Stock in violation of this Section 3.1 shall, to the fullest extent permitted by law, be
null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third parties not to, record or recognize any such purported transaction on the share register of the Company. 
 (d) Investor acknowledges that this Section 3.1 may be enforced by the Company at the direction of a majority of the Independent Directors who are
not Investor Designees. 
 (e) This Section 3.1 shall terminate and be of no further force or effect on the second anniversary of the
Closing Date, provided that such termination shall not relieve any party of liability for such party’s breach of this Article III prior to such termination. 
 3.2 Standstill Provisions. (a) Unless specifically requested in writing in advance by the Company’s Board of Directors, Investor will not and will cause each Investor Group member not to (and Investor
will not and will cause each Investor Group member not to at any time assist or encourage others to): 
 (i) acquire or agree,
offer, seek or propose to acquire, directly or indirectly, alone or in concert with any other Person, by purchase or otherwise, any (A) ownership of any of the material assets or businesses of the Company or any subsidiary thereof, or any
rights or options to acquire such ownership (including from any third party), or (B) ownership, including, but not limited to, beneficial ownership as defined in Rule 13d-3 under the Exchange Act, of any 

  

 16 

 
securities of the Company or any subsidiary thereof, or any rights or options to acquire such ownership (including from any third party), if such ownership
would result in an Investor Percentage Interest in excess of 40%; 
 (ii) solicit proxies (as such terms are defined in
Rule 14a-1 under the Exchange Act), whether or not such solicitation is exempt under Rule 14a-2 under the Exchange Act, with respect to any matter from holders of any shares of stock of the Company or any securities convertible into or
exchangeable for or exercisable (whether currently or upon the occurrence of any contingency) for the purchase of such stock, or make any communication exempted from the definition of solicitation by Rule 14a-1(l)(2)(iv) under the Exchange Act;

 (iii) initiate, or induce or attempt to induce any other Person, entity or group (as defined in Section 13(d)(3) of
the Exchange Act) to initiate, any shareholder proposal or tender offer for any securities of the Company or any subsidiary thereof, any change of control of the Company or any subsidiary thereof or the convening of a shareholders’ meeting of
the Company or any subsidiary thereof; 
 (iv) enter into any discussions, negotiations, arrangements or understandings with
any other Person with respect to any matter described in the foregoing subparagraphs (i) through (iii); 
 (v) request
the Company (or its directors, officers, employees or agents), directly or indirectly, to amend or waive any provision of this Section 3.2(a); or 
 (vi) take any action with respect to any of the matters described in this Section 3.2(a) that requires public disclosure. 
 (b) The provisions of Section 3.2(a) shall not apply in respect of any action taken by the Investor Designees in their capacity as members of the Board. 
 (c) The provisions of Section 3.2(a) shall terminate on earliest of (i) the two year anniversary of the Closing Date,
(ii) the date on which any Investor Designee that Investor is entitled to designate pursuant to Section 1.1(b) is not elected to the Board at any annual meeting of the shareholders of the Company (or at any special meeting held to
elect directors in lieu of an annual meeting) and is not otherwise appointed to the Board, and (iii) the date of a Change of Control (the “Standstill Termination Date”). In addition, the provisions of Section 3.2(a)
shall not apply at any time after (A) the Board resolves to pursue a Buyout Transaction or a transaction that is contemplated by the Board to result in a Change of Control or (B) the Board approves, recommends or accepts a Buyout
Transaction or a transaction that would result in a Change of Control proposed by any Person (other than any Investor Group member); provided, however, that the provisions 

  

 17 

 
of Section 3.2(a) shall again become operative at any time that the Board (1) resolves not to pursue any such transaction described in clause
(A) above or (2) rejects or announces that it has withdrawn its recommendation of any such transaction described in clause (B) above. 
 3.3 Anti-Takeover Provisions. From the date hereof until the Standstill Termination Date, the Company shall take all reasonable actions to ensure that (i) to the extent permissible under Applicable
Law, no “fair price,” “moratorium,” “control share acquisition” or other form of antitakeover statute or regulation under Wisconsin law, (ii) no anti-takeover provision in the articles of incorporation or
by-laws of the Company or other similar organizational documents of its subsidiaries, and (iii) no shareholder rights plan, “poison pill” or similar measure, in each case that contains restrictions that are different from or in
addition to those contained in Sections 3.1 and 3.2 (including with respect to the time periods specified in Section 3.1), is applicable to Investor’s ownership of Common Stock. 
 3.4 Buyout Transactions. So long as Investor is in compliance with Section 3.1, nothing set forth in Section 3.1 or Section 3.2
shall prohibit Investor from (i) selling or transferring shares of Common Stock pursuant to the terms of a Buyout Transaction, (ii) voting its shares of Common Stock with respect to any Buyout Transaction or
(iii) endorsing a Buyout Transaction or any other transaction that would constitute a Change of Control proposed by any Person (other than any member of the Investor Group or any Controlled Affiliate of a member of the Investor Group);
provided that, in the case of clause (iii) above, (A) no member of the Investor Group or any Controlled Affiliate of a member of the Investor Group is an Acquiring Person with respect to any such transaction that constitutes a
Change of Control, (B) no member of the Investor Group or any Controlled Affiliate of a member of the Investor Group solicits or induces such Person to propose such a transaction and (C) no member of the Investor Group or any Controlled
Affiliate of a member of the Investor Group is providing equity or debt financing in connection with such transaction. 
 3.5 Preemptive
Rights. 
 (a) Sale of New Stock. Until the date on which the Investor’s Investor Percentage Interest is less than 10%, if the
Company at any time or from time to time makes a Qualified Equity Offering, Investor shall be afforded the opportunity to acquire from the Company for the same price and on the same terms as such securities are proposed to be offered to others, in
the aggregate up to the amount of New Stock required to enable it to maintain its Investor Percentage Interest. 
 (b) Notice.

 (i) In the event the Company intends to make a Qualified Equity Offering that is an underwritten public offering or a
private offering made to 

  

 18 

 
financial institutions for resale pursuant to Rule 144A, no later than five business days after the initial filing of a registration statement with the
Commission with respect to such underwritten public offering or the commencement of marketing with respect to such Rule 144A offering, it shall give Investor written notice of its intention (including, in the case of a registered public offering and
to the extent possible, a copy of the prospectus included in the registration statement filed in respect of such offering) describing, to the extent then known, the anticipated amount of securities, range of prices, timing and other material terms
of such offering. Investor shall have five business days from the date of receipt of any such notice to notify the Company in writing that it intends to exercise such preemptive purchase rights and as to the amount of New Stock Investor desires to
purchase, up to the maximum amount calculated pursuant to Section 3.5(a) (the “Designated Stock”). Such notice shall constitute a non-binding indication of interest of Investor to purchase the Designated Stock so specified at
the range of prices and other terms set forth in the Company’s notice to it. The failure to respond during such five Business Day period shall constitute a waiver of the preemptive rights in respect of such offering. 
 (ii) If the Company proposes to make a Qualified Equity Offering that is not an underwritten public offering or Rule 144A offering (a
“Private Placement”), the Company shall give Investor written notice of its intention, describing, to the extent then known, the anticipated amount of securities, price and other material terms upon which the Company proposes to
offer the same. Investor shall have five Business Days from the date of receipt of the notice required by the immediately preceding sentence to notify the Company in writing that it intends to exercise such preemptive purchase rights and as to the
amount of Designated Stock Investor desires to purchase, up to the maximum amount calculated pursuant to Section 3.5(a). Such notice shall constitute the binding agreement of Investor to purchase the amount of Designated Stock so specified (or
a proportionately lesser amount if the amount of New Stock to be offered in such Private Placement is subsequently reduced) upon the price and other terms set forth in the Company’s notice to it. The failure of Investor to respond during the
five Business Day period referred to in the second preceding sentence shall constitute a waiver of the preemptive rights in respect of such offering. 
 (c) Purchase Mechanism. 
 (i) If Investor exercises its preemptive purchase rights
provided in Section 3.5(b)(ii), the closing of the purchase of the New Stock with respect to which such right has been exercised shall be conditioned on the consummation of the Private Placement giving rise to such preemptive purchase rights
and shall take place simultaneously with the closing of the Private Placement or on such other date as the Company and the Investor shall agree in writing; provided, that 

  

 19 

 
the actual amount of Designated Stock to be sold to the Investor pursuant to its exercise of preemptive rights hereunder shall be reduced if the aggregate
amount of New Stock sold in the Private Placement is reduced and, at the option of the Investor (to be exercised by delivery of written notice to the Company within three Business Days of receipt of notice of such increase), shall be increased if
such aggregate amount of New Stock sold in the Private Placement is increased. In connection with its purchase of Designated Stock, Investor shall execute an instrument in form and substance reasonably satisfactory to the Company containing
representations, warranties and agreements of Investor that are customary for private placement transactions. 
 (ii) If the
Investor exercises its preemptive purchase rights provided in Section 3.5(b)(i), the Company shall offer the Investor, if such underwritten public offering or Rule 144A offering is consummated, the Designated Stock (as adjusted to reflect the
actual size of such offering when priced) at the same price as the New Stock is offered to the underwriters or initial purchasers and shall provide written notice of such price to Investor as soon as practicable prior to such consummation.
Contemporaneously with the execution of any underwriting agreement or purchase agreement entered into between the Company and the underwriters or initial purchasers of such underwritten public offering or Rule 144A offering, Investor shall enter
into an instrument in form and substance reasonably satisfactory to the Company acknowledging Investor’s binding obligation to purchase the Designated Stock to be acquired by it and containing representations, warranties and agreements of
Investor that are customary in private placement transactions, and the failure to enter into such an instrument at or prior to such time shall constitute a waiver of the preemptive rights in respect of such offering. Any offers and sales pursuant to
this Section 3.5 in the context of a registered public offering shall be also conditioned on reasonably acceptable representations and warranties of the Investor regarding its status as the type of offeree to whom a private sale can be made
concurrently with a registered public offering in compliance with applicable securities laws. 
 (d) Failure of Purchase. In the event
the Investor fails to exercise its preemptive purchase rights provided in this Section 3.5 within the applicable five Business Day period or, if so exercised, the Investor does not consummate such purchase within the applicable period, the
Company shall thereafter be entitled during the period of 120 days following the conclusion of the applicable period to sell or enter into an agreement (pursuant to which the sale of New Stock covered thereby shall be consummated, if at all, within
60 days from the date of such agreement) to sell the New Stock not purchased pursuant to this Section 3.5 at a price which is at a discount (expressed as a percentage) to the market price of the shares of the Company that does not exceed by
more than 5% the discount (expressed as a percentage) to the market price offered in the Qualified Equity Offering giving rise to such preemptive purchase rights 

  

 20 

 
hereunder (if such a discount was so offered). In the event the Company has not sold the New Stock or entered into an agreement to sell the New Stock within
said 120 day period, the Company shall not thereafter offer, issue or sell such New Stock without first offering such securities to Investor in the manner provided in this Section 3.5. 
 (e) The Investor shall not have any rights to participate in the negotiation of the proposed terms of any Private Placement, underwritten public offering
or Rule 144A offering. 
 (f) The Company and the Investor shall cooperate in good faith to facilitate the exercise of the Investor’s
preemptive rights hereunder, including securing any required approvals or consents, in a manner that does not jeopardize the timing, marketing, pricing or execution of any offering of the Company’s securities. 
 ARTICLE IV 
 INDEMNIFICATION 
 4.1 Indemnification. 
 (a) The Company
agrees to indemnify and hold harmless each Shareholder, its officers, directors and managers and each Person who is a controlling Person of such Shareholder within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act (each such person being referred to herein as a “Covered Person”) against, and pay and reimburse such Covered Persons for, any losses, claims, damages, liabilities, joint or several, to which such Covered Person may
become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue
or alleged untrue statement of material fact contained or incorporated by reference in any Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto, or any document incorporated by reference
therein, or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will pay and reimburse such Covered Persons for any legal or
any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding, provided that the Company shall not be liable to a Covered Person in
any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made or
incorporated by reference in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or any document incorporated by reference therein, in reliance upon, and in conformity with, written
information prepared and furnished to the Company by such Covered Person expressly for use therein or arises out of or is based on 

  

 21 

 
such Shareholder’s failure to deliver a copy of the Registration Statement or prospectus or any amendments or supplements thereto after the Company has
furnished such Shareholder with a sufficient number of copies thereof. In connection with an underwritten offering, the Company, if requested, will indemnify such underwriters, their officers and directors and each Person who controls such
underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Covered Persons. 
 (b) In connection with any Registration Statement in which a Shareholder is participating, each such Shareholder will furnish to the Company in writing such information and affidavits as the Company reasonably
requests for use in connection with any such Registration Statement or prospectus and, will indemnify and hold harmless the Company, its directors and officers, each underwriter and any Person who is or might be deemed to be a controlling person of
the Company, any of its subsidiaries or any underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, damages, liabilities, joint or several, to which the Company or
any such director or officer, any such underwriter or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in the Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or
(ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is made in such Registration
Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto in reliance upon and in conformity with written information prepared and furnished to the Company by such Shareholder expressly for use therein, and such
Shareholder will reimburse the Company and each such director, officer, underwriter and controlling Person for any legal or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such
loss, claim, liability, action or proceeding, provided that the obligation to indemnify and hold harmless will be individual and several to each Shareholder and will be limited to the net amount of proceeds actually received by such
Shareholder from the sale of Registrable Securities pursuant to such Registration Statement. 
 (c) Any Person entitled to indemnification
hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest
between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party will not, without the indemnified party’s prior consent, 

  

 22 

 
settle or compromise any action or claim or consent to the entry of any judgment unless such settlement or compromise includes as an unconditional term
thereof the release of the indemnified party from all liability, which release shall be reasonably satisfactory to the indemnified party. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be
obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between
such indemnified party and any other of such indemnified parties with respect to such claim. 
 (d) The indemnification provided for under
this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the registration and sale of
any securities by any Person entitled to any indemnification hereunder and the expiration or termination of this Agreement. 
 (e) If the
indemnification provided for in Section 4.1(a) or Section 4.1(b) is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then
the indemnifying party, in lieu of indemnifying such indemnified party thereunder, will contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense as
well as any other relevant equitable considerations. The relevant fault of the indemnifying party and the indemnified party will be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission. Notwithstanding the foregoing, the amount any Shareholder will be obligated to contribute pursuant to this Section 4.1(e) will be limited to an amount equal to the net proceeds to such Shareholder of the Registrable Securities sold
pursuant to the Registration Statement which gives rise to such obligation to contribute (less the aggregate amount of any damages which the Shareholder has otherwise been required to pay in respect of such loss, claim, damage, liability or action
or any substantially similar loss, claim, damage, liability or action arising from the sale of such Registrable Securities). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  

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 ARTICLE V 
 DEFINITIONS 
 5.1 Defined Terms. Capitalized terms when used in this Agreement have the following
meanings: 
 “Acquiring Person” has the meaning set forth in the definition of Change of Control; provided,
however, that for purposes of Section 3.4, an Acquiring Person shall not include any Investor solely by reason of Investor’s taking or agreeing to take any action permitted under Section 3.4. 
 “Affiliate” means, with respect to any Person, (i) any Person directly or indirectly Controlling, Controlled by or under
common Control with such Person or (ii) any officer, director, manager, general partner or trustee of any of the foregoing; provided, however, that for purposes of this Agreement the Company and any Person directly or
indirectly Controlled by the Company shall not be deemed to be Affiliates of Investor or of the Investor Group. 
 “Agreement” has the meaning set forth in the preamble. 
 “Applicable Law” means all applicable
provisions of (i) constitutions, treaties, statutes, laws (including the common law), rules, regulations, ordinances, codes or orders of any Governmental Entity, (ii) any consents or approvals of any Governmental Entity, and
(iii) any orders, decisions, injunctions, judgments, awards, decrees of or agreements with any Governmental Entity. 
 “Beneficially Own” with respect to any securities shall mean having “beneficial ownership” of such securities (as determined pursuant to Rule 13d-3 under the Exchange Act), including pursuant to any agreement,
arrangement or understanding, whether or not in writing. 
 “Board” has the meaning set forth in Section 1.1(a).

 “Business Day” means any day on which banks are not required or authorized to close in the City of New York. 

“Buyout Transaction” means a tender offer, merger, sale of all or substantially all the Company’s assets or any similar
transaction, except such a transaction that is proposed by or involves a member of the Investor Group or an Affiliate of any member of the Investor Group and has not been approved by the Board, that offers each holder of Voting Securities (other
than, if applicable, the Person proposing such transaction) the opportunity to dispose of Voting Securities Beneficially Owned by each such holder for the same consideration or otherwise contemplates the acquisition of Voting Securities Beneficially
Owned by each such holder for the same consideration. 
  

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 “Change of Control” means the consummation of any transaction or series of related
transactions involving (i) any purchase or acquisition (whether by way of merger, share exchange, consolidation, business combination or similar transaction or otherwise) by any Person or group (within the meaning of
Section 13(d)(3) of the Exchange Act) (such other Person or group, an “Acquiring Person”), of any of (A) securities representing a majority of the outstanding voting power of the Company entitled to elect the Board,
(B) the majority of the outstanding shares of common stock of the Company, or (C) all or substantially all of the assets of the Company and its Subsidiaries, taken together as a whole, (ii) any sale, lease, exchange, transfer,
license or disposition of all or substantially all of the assets of the Company and its Subsidiaries, taken together as a whole, to an Acquiring Person or (iii) any merger, consolidation or business combination in which the holders of
voting securities of the Company immediately prior to the transaction, as a group, do not hold securities representing a majority of the outstanding voting power entitled to elect the board of directors of surviving entity in such merger,
consolidation or business combination. 
 “Class A Common Stock” has the meaning set forth in the recitals. 
 “Closing Date” has the meaning set forth in the Investment Agreement. 
 “Commission” means the Securities and Exchange Commission or any other federal agency administering the Securities Act. 
 “Common Stock” means the common stock, par value $0.01 per share, of the Company (i) into which the Class A Common Stock
held by the Investor shall automatically convert pursuant to its terms and (ii) purchased by Investor pursuant to the exercise of the Purchase Rights and any securities issued in respect thereof, or in substitution therefor, in
connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 
 “Company” has the meaning set forth in the preamble. 
 “Control” means the
power to direct the affairs of a Person by reason of ownership of Voting Securities, by contract or otherwise. 
 “Covered
Person” has the meaning set forth in Section 4.1(a). 
 “Demand Registration” has the meaning set forth in
Section 2.1(a). 
  

 25 

 “Designated Stock” has the meaning set forth in Section 3.5(b)(i). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute and the rules and regulations
thereunder, as in effect from time to time. 
 “Governmental Entity” means any federal, state, local or foreign court,
legislative, executive or regulatory authority or agency. 
 “Holdback Period” means, with respect to any registered offering
covered by this Agreement, (i) ninety days after and during the ten days before, the effective date of the related Registration Statement or, in the case of a takedown from a shelf registration statement, ninety days after the date of
the prospectus supplement filed with the Commission in connection with such takedown and during such prior period (not to exceed ten days) as the Company has given reasonable written notice to the holder of Registrable Securities or
(ii) such shorter period as Investor, the Company and the underwriter of such offering, if any, shall agree. 
 “Independent Director” means an individual who, as a member of the Board following the Closing Date, would be independent of the Company under the rules of the New York Stock Exchange, Inc. or such other securities exchange
on which the Common Stock is listed. 
 “Initial Unaffiliated Director” has the meaning set forth in Section 1.1(a).

 “Investment” has the meaning set forth in the recitals. 
 “Investment Agreement” has the meaning set forth in the recitals. 
 “Investor” has the meaning set forth in the preamble. 
 “Investor Affiliate” means an Affiliate of Investor other than any “portfolio company” (as such term is customarily used among institutional investors) of Investor or any Affiliate of
Investor. 
 “Investor Cessation Date” has the meaning set forth in Section 6.1. 
 “Investor Designees” has the meaning set forth in Section 1.1(a). 
 “Investor Fund” shall mean Warburg Pincus Private Equity IX, L.P., a Delaware limited partnership, or any Successor Fund that
Beneficially Owns Common Stock. 
 “Investor Group” means Investor, Investor Fund and any Investor Affiliate. 
  

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 “Investor Percentage Interest” means the percentage of Total Voting Power, determined on
the basis of the number of Voting Securities actually outstanding, that is controlled directly or indirectly by Investor Group, including as Beneficially Owned. 
 “Investor Permitted Transferee” means each of (i) Investor Fund, (ii) an Investor Affiliate, (iii) the owners of Investor, including Beneficial Owners of any owners
of Investor, in connection with any liquidation of, or a distribution with respect to equity interests owned in, Investor (including but not limited to any distributions by the owners of Investor to their Beneficial Owner) or (iv) any
financial institution that acquires shares of Common Stock pursuant to Section 3.1(a)(iii). 
 “MI Corp.” has the
meaning set forth in the recitals. 
 “MI Designees” has the meaning set forth in Section 1.1(a). 
 “New Stock” means common stock of the Company or securities convertible into or exchangeable for common stock of the Company offered in a
public or nonpublic offering by the Company. 
 “Person” means an individual, a partnership, a joint venture, a corporation,
a limited liability company, a trust, an unincorporated organization or a government or department or agency thereof. 
 “Piggyback
Registration” has the meaning set forth in Section 2.2(a). 
 “Private Placement” has the meaning set forth in
Section 3.5(b)(ii). 
 “Public Offering” means an offering of Common Stock pursuant to a Registration Statement filed in
accordance with the Securities Act. 
 “Purchase Rights” has the meaning set forth in the recitals. 
 “Qualified Equity Offering” means a public or nonpublic offering of common stock of the Company or securities convertible into or
exchangeable for common stock of the Company (collectively, “New Stock”) solely for cash and not pursuant to a Special Registration; provided, however, that none of the following offerings shall constitute a Qualified Equity
Offering: (i) any offering pursuant to any stock purchase plan, stock ownership plan, stock option plan or other similar plan where stock is being issued or offered to a trust, other entity or otherwise, to or for the benefit of any
employees, officers, consultants, directors, customers, lenders or vendors of the Company, or (ii) any offering made as part of or in connection with a merger or acquisition, a partnership or joint venture or strategic alliance or
investment by the Company or a similar non-capital-raising transaction. 
  

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 “Register,” “registered” and “registration” refers to
a registration effected by preparing and filing a Registration Statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such Registration Statement, and compliance with applicable state securities laws
of such states in which Shareholders notify the Company of their intention to offer Registrable Securities. 
 “Registrable
Securities” means (i) all Common Stock, (ii) any other stock or securities that the Shareholders of the Common Stock may be entitled to receive, or will have received pursuant to such Shareholders’ ownership of
the Common Stock, in lieu of or in addition to Common Stock, or (iii) any equity securities issued or issuable directly or indirectly with respect to the securities referred to in the foregoing clauses (i) or (ii) by way of
conversion or exchange thereof or share dividend or share split or in connection with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization. As to any particular
securities constituting Registrable Securities, such securities will cease to be Registrable Securities when (w) they have been effectively registered or qualified for sale by prospectus filed under the Securities Act and disposed of in
accordance with the Registration Statement covering therein, (x) they have been sold to the public pursuant to Rule 144 or Rule 145 or other exemption from registration under the Securities Act or (y) they have been acquired
by the Company. 
 “Registration Expenses” has the meaning set forth in Section 2.4(a). 
 “Registration Request” has the meaning set forth in Section 2.1(a). The term Registration Request will also include, where
appropriate, a Short-Form Registration request made pursuant to Section 2.1(c). 
 “Registration Statement” means the
prospectus and other documents filed with the Commission to effect a registration under the Securities Act. 
 “Rule 144”
means Rule 144 under the Securities Act or any successor or similar rule as may be enacted by the Commission from time to time, as in effect from time to time. 
 “Rule 144A” means Rule 144A under the Securities Act or any successor or similar rule as may be enacted by the Commission from time to time, as in effect from time to time. 
  

 28 

 “Rule 145” means Rule 145 under the Securities Act or any successor or similar rule as
may be enacted by the Commission from time to time, as in effect from time to time. 
 “Rule 415” means Rule 415 under the
Securities Act or any successor or similar rule as may be enacted by the Commission from time to time, as in effect from time to time. 
 “Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute and the rules and regulations thereunder, as in effect from time to time. 
 “Selling Expenses” means all underwriting discounts, selling commissions and transfer taxes applicable to the sale of Registrable
Securities hereunder and any other Registration Expenses required by law to be paid by a selling Shareholder. 
 “Shareholder” means any Investor Permitted Transferee who holds outstanding Registrable Securities and is or becomes a party to this Agreement. 
 “Shareholders’ Counsel” has the meaning set forth in Section 2.4(b). 
 “Short-Form Registrations” has the meaning set forth in Section 2.1(c). 
 “Special
Registration” means the registration of (i) equity securities and/or options or other rights in respect thereof solely registered on Form S-4 or Form S-8 (or successor form) or (ii) shares of equity
securities and/or options or other rights in respect thereof to be offered to directors, members of management, employees, consultants, customers, lenders or vendors of the Company or its direct or indirect subsidiaries or in connection with
dividend reinvestment plans. 
 “Standstill Termination Date” has the meaning set forth in Section 3.2(c). 

“Successor Fund” means one or more successor funds to the Investor Fund, each of which is Controlled by Warburg Pincus LLC and/or
Warburg Pincus & Co. (or a Controlled Affiliate of one of such entities) and is managed by Warburg Pincus LLC or its Affiliates. 
 “Supermajority Vote” means the affirmative vote of at least eight members of the Board. 
 “Total Voting
Power” at any time shall mean the total combined voting power in the general election of directors of all the Voting Securities then outstanding. 
 “Transactions” has the meaning set forth in the Investment Agreement. 
  

 29 

 “Voting Securities” means, at any time, shares of any class of equity securities of the
Company, which are then entitled to vote generally in the election of directors. 
 5.2 Terms Generally. The words “hereby”,
“herein”, “hereof”, “hereunder” and words of similar import refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which such word appears. All references herein to Articles
and Sections shall be deemed references to Articles and Sections of this Agreement unless the context shall otherwise require. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The definitions given for terms in this Article V and elsewhere in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. References herein to any agreement or letter (including the Investment Agreement) shall be deemed references to such agreement or letter as it may be amended, restated or
otherwise revised from time to time. 
 ARTICLE VI 
 MISCELLANEOUS 
 6.1 Term. This Agreement will be effective as of the date hereof and will continue in
effect thereafter until the earliest of (a) its termination by the consent of all parties hereto or their respective successors in interest (with the consent of a majority of Independent Directors who are not Investor Designees),
(b) except for those provisions of this Agreement that terminate as of a date specified in such provisions, which provisions shall terminate in accordance with the terms thereof, the date on which Investor Group ceases to hold any shares
of Registrable Securities (“Investor Cessation Date”) and (c) the dissolution, liquidation or winding up of the Company. 
 6.2 No Inconsistent Agreements. The Company will not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to the holders of Registrable
Securities in this Agreement or grant any registration rights to any other Person without obtaining the prior approval of Investor. 
 6.3
Legend. 
 (a) All certificates representing the shares of Common Stock held by each Shareholder shall bear a legend substantially in
the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A SHAREHOLDERS AGREEMENT (A COPY OF WHICH IS ON
FILE WITH THE SECRETARY OF THE COMPANY). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES 

  

 30 

 
REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH SHAREHOLDERS AGREEMENT AND (A) PURSUANT TO A
REGISTRATION STATEMENT EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF
THE PROVISIONS OF SUCH SHAREHOLDERS AGREEMENT.” 
 (b) Upon the permitted sale of any shares of Common Stock pursuant to
(i) an effective Registration Statement under the Securities Act or pursuant to Rule 144 or (ii) another exemption from registration under the Securities Act or upon the termination of this Agreement, the certificates
representing such shares of Common Stock shall be replaced, at the expense of the Company, with certificates or instruments not bearing the legends required by this Section 6.3 provided that the Company may condition such replacement of
certificates under the foregoing clause (ii) upon the receipt of an opinion of securities counsel reasonably satisfactory to the Company. 
 6.4 Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended or waived only upon the prior written consent of the Company (to the extent approved by a majority of Independent
Directors who are not Investor Designees) and Investor. A copy of each such amendment shall be sent to each Shareholder and shall be binding upon each party hereto, provided that the failure to deliver a copy of such amendment shall not
impair or affect the validity of such amendment. 
 6.5 Successors and Assigns. This Agreement will be binding upon and inure to the
benefit of and be enforceable by the Company and its successors and permitted assigns and will be binding upon Investor and its successors and permitted assigns. This Agreement will inure to the benefit of and be enforceable by Investor and solely
with respect to Article II and Article IV, any Shareholder who is a permitted assignee hereunder. Notwithstanding the foregoing, no member of Investor Group may assign its rights under this Agreement without the prior written consent of the Company,
provided that, subject to Section 3.1, Investor may assign its rights under Article II and Article IV, absent such consent, in connection with a sale, transfer or disposition to any Investor Permitted Transferee who is a Shareholder.
Notwithstanding anything to the contrary in this Agreement, the Company may assign this Agreement in connection with a merger, reorganization or sale, transfer or contribution of all or substantially all of the assets or shares of the Company to any
Person; provided, that such Person expressly or by operation of law or otherwise assumes the due and punctual performance and observance of every covenant, agreement and condition of this Agreement to be performed and observed by the Company.

  

 31 

 6.6 Severability. Whenever possible, each provision of this Agreement will be interpreted in such
manner as to be effective and valid under Applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any Applicable Law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 
 6.7 Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Agreement. 
 6.8 Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this
Agreement. 
 6.9 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of
Wisconsin regardless of the laws that might otherwise govern under applicable principles or rules of conflicts of law to the extent such principles or rules are not mandatorily applicable by statute and would require the application of the laws of
another jurisdiction. 
 6.10 Consent to Jurisdiction. Each party irrevocably submits to the exclusive jurisdiction of any federal or
state court located in the State of Wisconsin, for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby (and agrees not to commence any such suit, action or other proceeding except
in such courts). Each party further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address set forth or referred to in Section 6.14 shall be effective service of process
for any such suit, action or other proceeding. Each party irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or other proceeding in the above-named courts, or that any such suit, action or other
proceeding brought in any such court has been brought in an inconvenient forum. 
 6.11 Waiver of Jury Trial. Each party hereby
waives, to the fullest extent permitted by Applicable Law, any right it may have to a trial by jury in respect of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each party
(a) certifies and acknowledges that 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 and
(b) acknowledges that it understands and has considered the implications of this waiver and makes this waiver voluntarily, and that it and the other parties have been induced to enter into the Agreement by, among other things, the mutual
waivers and certifications in this Section 6.11. 
  

 32 

 6.12 Enforcement; Attorneys’ Fees. Each party hereto acknowledges that money damages
would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it
may have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions
hereof, provided that no Shareholder will have any right to an injunction to prevent the filing or effectiveness of any Registration Statement of the Company. In any action or proceeding brought to enforce any provision of this Agreement, the
successful party shall be entitled to recover reasonable attorneys’ fees in addition to its costs and expenses and other available remedies. 
 6.13 No Third Party Beneficiaries. Nothing in this Agreement shall confer any rights upon any Person other than the parties hereto and each such party’s respective heirs, successors and permitted assigns, all of whom shall be
third party beneficiaries of this Agreement, provided that the Persons indemnified under Article IV are intended third party beneficiaries of Article IV. 
 6.14 Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if
(a) delivered personally, (b) mailed, certified or registered mail with postage prepaid, (c) sent by reputable overnight courier or (d) sent by fax (provided a confirmation copy is sent by one
of the other methods set forth above), as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof): 
 If to the Company, to it at: 
 Metavante Corporation 
 4900 West Brown Deer Road 
 Milwaukee, WI 53223-2459 
 Attention: Frank Martire 
                  President and Chief Executive Officer 
 Facsimile: 414-362-1705 
  

 33 

     with a copy to (which shall not constitute notice): 

Metavante Corporation 
 4900 West Brown Deer Road 
 Milwaukee, WI 53223-2459 
 Attention: Norrie Daroga 
                     Executive Vice President, Chief Risk Officer 
                     and Secretary

 Facsimile: 414-362-1705 
 If to Investor, to it at: 
 WPM, L.P. 
 c/o Warburg Pincus Private Equity IX, L.P. 
 466 Lexington Avenue 
 New York, New York 10017 
 Attention: James Neary 
 Facsimile: 212-878-9351 
     with a copy to (which shall not constitute
notice): 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 
 New York, New York 10019 
 Attention: Andrew R. Brownstein 
                     Igor Kirman

 Facsimile: (212) 403-2000 
 If to any other Shareholder, to its address set forth on the signature page of such Shareholder to this Agreement with a copy (which shall not constitute notice) to any party so indicated thereon. 
 All notices and other communications hereunder shall be in writing and shall be deemed duly given (w) on the date of delivery if by personal delivery,
(x) upon confirmation of receipt if delivered by facsimile, (y) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service (z) when received if delivered by certified or
registered mail, return receipt requested, postage prepaid. 
 6.15 Entire Agreement. This Agreement, constitutes the entire agreement
and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 
 [the remainder of this page left intentionally blank] 
  

 34 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their authorized
representatives as of the date first above written. 
  

					
	METAVANTE HOLDING COMPANY	 	
			
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	
		
	WPM, L.P.	 	
			
	By:	 	WPM GP, LLC, its general partner	 	
			
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	

  

 35

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