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EXHIBIT 10.1

June 10, 2021

Keir Gumbs

Dear Keir:

Congratulations! It is my pleasure to extend you a conditional offer of employment for the position of Chief Legal Officer of Broadridge Financial Solutions, Inc. (the “Company” or “Broadridge”) reporting to Tim Gokey, Chief Executive Officer.  Subject to approval of the Broadridge Board of Directors, you will be appointed a Corporate Officer with the title of Corporate Vice President. This position will be based in Washington, D.C. Your anticipated start date, assuming you satisfy the pre-conditions of employment, will be July 27, 2021, or such other date as we find mutually agreeable.
I wanted to take this opportunity to highlight some of the compensation and benefit packages currently available to executive officers, along with various Company policies currently applicable to executive officers. The descriptions of the policies and plans in this letter do not provide all of their terms, and they are subject to the terms and conditions of the actual plan documents or policies, as in effect from time to time. Current versions of some of the policies are attached to this letter. The plans and policies may be amended from time to time or terminated, as set forth in the applicable plan or policy documents.
Please note that your participation in the following Corporate Officer plans, benefits and perquisites described in this offer letter is subject to your appointment as a Corporate Officer by Broadridge's Board of Directors: the officer annual performance-based cash incentive award; the Change in Control Severance Plan; the Officer Severance Plan; the Executive Auto Program; the corporate officer benefits under the Executive Retirement and Savings Plan, and Matching Gift Program.

Base Salary

Your initial annual base salary of $550,000 will be paid on a monthly basis, generally on the 25th day of each month. You will be eligible to participate in Broadridge's annual performance appraisal process and merit review cycle.

Officer Annual Performance-Based Cash Incentive Award (Bonus)

Subject to the approval of the Compensation Committee of the Broadridge Board of Directors (the "Compensation Committee" ), you will be eligible for an annual performance-based cash incentive award (“Officer Bonus”) beginning in fiscal year 2022 (July 1, 2021 to June 30, 2022). Your fiscal year 2022 Officer Bonus target will be 85% of your base salary and will be capped at 200% of the target amount for fiscal year 2022. Your fiscal year 2022 bonus will be prorated based on the number of days you are employed by Broadridge divided by 365.

The Officer Bonus award will be payable following completion of the fiscal year and you must be employed with Broadridge on June 30th of the closing fiscal year to be eligible to receive any award. Any such award will be paid by September 15th of the following fiscal year, subject to any deferral elections. 

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Your Officer Bonus will be determined by the Compensation Committee in its discretion, taking into account financial and non-financial performance of the Company, your individual performance, recommendations from the Chief Executive Officer, and any other factors the Compensation Committee deems relevant, limited to the maximum award amount. The financial metrics for this component of your bonus will be consistent with all other Corporate Officers in Shared Services roles and will be established by the Compensation Committee.

Within 60 days of your start date, you will be required to have completed, in conjunction with your manager, a written performance plan including personal performance objectives in connection with your cash incentive award that you will have to achieve for the balance of the fiscal year.

Annual Equity Grants

As an executive officer, you will be eligible to receive annual equity awards under the terms of the Broadridge 2018 Omnibus Award Plan or any successor thereto (the "Omnibus Plan"), subject to the approval of the Compensation Committee. As described below, the Chief Executive Officer will recommend to the Compensation Committee that you receive $1,210,000 in target value of annual equity awards during fiscal year 2022, split equally between performance-based restricted stock units ("PRSUs") and stock options. The terms of such fiscal year 2022 awards will be as described in the Omnibus Plan and the applicable award agreements and will be consistent with the terms of the other corporate officer annual equity awards.
•PRSUs: Grants are currently scheduled to be made annually in October of each year, with the number of PRSUs based on target values that are reviewed and approved annually by the Compensation Committee. Your fiscal year 2022 annual grant will have a target value of approximately $605,000 (as determined by the Compensation Committee), to be made in October 2021 and will vest in April 2024 subject to achieving pre-established financial performance conditions, so long as you remain continuously employed with Broadridge through the vesting date. Under the current plan, PRSU awards can pay out between 0% to 150% of the applicable target PRSUs, based on the Company's achievement of its earnings per share financial goals over the two-year performance period.

•Stock Options: Grants are currently scheduled to be made annually in February of each year, with the number of options based on target values that are reviewed and approved annually by the Compensation Committee.  Your fiscal year 2022 stock option grant will have a target value of approximately $605,000 (as determined by the Compensation Committee), to be granted in February 2022. The exercise price per share of the stock options will be equal to the closing price of Broadridge stock on the date of grant, and the term of the stock option will be as set forth in the applicable stock option agreement.  Under the current plan, this award will vest 25% per year over four years, so long as you remain continuously employed with Broadridge through the vesting dates, subject to the conditions set forth in the applicable award agreement.

You will receive award agreements that you will be expected to electronically accept shortly after the grant date, which will contain the full terms and conditions of these grants including exercise price (in the case of the stock options), vesting and termination provisions. Your receipt of these awards will be subject to your acceptance of certain restrictive covenants including non-competition, non-solicitation and confidentiality covenants included in the award agreements. The Company reserves the right to amend or terminate this equity program at any time.

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Replacement Restricted Stock Unit (“RSU”) Grants

In addition to the annual equity awards mentioned above, and in consideration of the awards you will forfeit with your current employer, subject to approval by the Compensation Committee, Broadridge management will recommend that Replacement RSU awards be made to you under the terms of the Omnibus Plan, with an expected aggregate target value of approximately $4,200,000 (as determined by the Compensation Committee).

Subject to the approval of the Compensation Committee, a Replacement RSU award will be granted in August 2021. The grant will vest, subject to the conditions set forth in the award agreement, as follows:

•$1,350,000 will vest on December 15, 2021;
•$2,040,000 will vest on the first anniversary of the grant date; and
•$810,000 will vest on the second anniversary of the grant date.

The number of Replacement RSUs awarded to you will be based on the average closing price of Broadridge common stock for the 30 days prior to the date the materials describing these awards are distributed to the Compensation Committee.  You will receive a RSU agreement that you will be expected to electronically accept shortly after the grant date, which will contain the full terms and conditions of this grant. Your receipt of this award will be subject to your acceptance of certain restrictive covenants including non-competition, non-solicitation and confidentiality covenants included in the award agreement.

Note that the grant of the Replacement RSU award is contingent upon certain equity being forfeited at your current employer.  In the event these circumstances change and these awards are not forfeited, the amounts noted above will decrease accordingly.  

Benefits and Perquisites

Broadridge provides its executive officers with a qualified 401(k) plan, and health and welfare benefits on the same terms as those offered to other employees. You will also be eligible to participate in the Executive Auto Program which currently provides for a car allowance or lease in the approximate amount of $15,000 per year.

You will be eligible to participate in the Broadridge Executive Retirement and Savings Plan (“ERSP”). The ERSP is a nonqualified retirement plan designed to complement Broadridge's 401(k) plan by providing additional tax-deferred savings and offering additional earnings opportunities on your investments. You will become eligible to elect salary and bonus deferrals into the ERSP on the first day of the quarter following your hire date. Once you have completed six months of service, you will become eligible to receive Company Contributions on compensation earned in excess of the IRS compensation limits.

In addition, the Broadridge Foundation, a charitable foundation established and funded by the Company, provides up to $10,000 per calendar year in matching of charitable contributions made by executive officers to qualified tax-exempt organizations.

You are eligible to participate in the Executive Retiree Health Insurance Plan if you retire after you have attained the age of 55 and have been credited with at least 10 years of service. This plan is a post-retirement benefit plan pursuant to which the Company helps defray your health care costs until you reach the age of 65.

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You will accrue up to 4 weeks of vacation and 3 personal holidays annually.  In addition, there are generally 9 paid holidays per calendar year.   

Confidentiality Agreement

In consideration of this offer of employment, you agree to execute the Employee Confidentiality Agreement attached to this letter as Attachment A.

Code of Business Conduct and Ethics 

You will be subject to the requirements of the Code of Business Conduct and Ethics, as in effect from time to time.  The current version of this Code is attached to this letter as Attachment B. 

Change in Control Severance Plan and Officer Severance Plan

As an executive officer, you will be eligible to participate in the Change in Control Severance Plan (the "CIC Plan") and the Officer Severance Plan, as such plans may be in effect from time to time, if your employment terminates as set forth in the applicable plan documents. The CIC Plan currently provides executive officers of the Company protection in the event of a qualifying termination within the applicable protection period following a change in control of the Company.  The Officer Severance Plan currently provides for severance benefits when an executive officer is terminated without "cause" as defined in the Officer Severance Plan (but without duplication of benefits under the CIC Plan).

Clawback Policy

As an executive officer, you will be subject to Broadridge's Clawback Policy, as in effect from time to time, which provides for reimbursement by an executive officer of all or part of cash or equity incentive-based compensation. 

A copy of the current version of this policy is provided in Attachment C for your review.

Pre-Clearance and Insider Trading Policy and Prohibition on Hedging and Pledging

The Broadridge pre-clearance and insider trading policy recognizes that in the course of performing their duties, executive officers have access to Material Nonpublic Information relating to Broadridge or other companies (as defined in the policy) and sets out the restrictions on trading in securities while in possession of such information.

A copy of the current version of this policy is provided in Attachment D for your review.

Regulation FD Policy

The SEC’s Regulation FD- Fair Disclosure requires that the Company provide fair disclosure of material nonpublic information concerning the Company and not provide any advantage to any particular securities market professional, analyst or investor.  In that regard, our Regulation FD Policy provides that only the Chief Executive Officer, President, Chief Financial Officer, General Counsel and members of the Investor Relations staff are authorized to communicate on behalf of Broadridge to securities market professionals, 
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analysts or investors, and also provides other requirements Broadridge employees are required to comply with in order to ensure Broadridge’s compliance with Regulation FD.  

A copy of the current version of this policy is provided in Attachment E for your review. 

Stock Ownership and Retention and Holding Period Guidelines

The Company's stock ownership guidelines reinforce the goal of increasing Broadridge equity ownership in order to more closely align executive officer interests with those of our stockholders. Under the ownership guidelines, as currently in effect, you are expected to hold a number of shares of Broadridge common stock with a total equity value equal to at least two times your annual base salary. This calculation is performed as of June 30th each year.

A copy of the current version of this policy is provided in Attachment F for your review.

Section 409A

It is intended that this letter will comply with Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), and any regulations and guidelines promulgated thereunder (collectively, "Section 409A"), to the extent this letter is subject thereto, and this letter shall be interpreted on a basis consistent with such intent. Notwithstanding any provision to the contrary, if you are deemed on the date of your "separation from service" (within the meaning of Treas. Reg. Section  1.409A-1(h)) with Broadridge to be a "specified employee" (within the meaning of Treas. Reg. Section  1.409A-1(i)), then with regard to any payment or benefit under any severance, deferred compensation or other plan, program or arrangement of Broadridge or its affiliates that is considered deferred compensation under Section 409A payable on account of a "separation from service" that is required to be delayed pursuant to Section 409A(a)(2)(B) of the Code (after taking into account any applicable exceptions to such requirement), such payment or benefit shall be made or provided on the date that is the earlier of (i) the expiration of the six (6)-month period measured from the date of your "separation from service," or (ii) the date of your death (the "Delay Period”). 
 
Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this paragraph (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to you in a lump sum and any remaining payments and benefits due will be paid or provided in accordance with the normal payment dates specified for them. With respect to any reimbursement or in-kind benefit arrangements of Broadridge and its subsidiaries that constitute deferred compensation for purposes of Section 409A, except as otherwise permitted by Section 409A, the following conditions shall be applicable: (i) the amount eligible for reimbursement, or in-kind benefits provided, under any such arrangement in one calendar year may not affect the amount eligible for reimbursement, or in-kind benefits to be provided, under such arrangement in any other calendar year (except that the health and dental plans may impose a limit on the amount that may be reimbursed or paid), (ii) any reimbursement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. Whenever payments under this letter are to be made in installments, each such installment shall be deemed to be a separate payment for purposes of Section 409A. 

Notwithstanding any provision of this letter to the contrary, for purposes of any provision of this letter providing for the payment of any amounts or benefits upon or following a termination of employment that are considered deferred compensation under Section 409A, references to your "termination of employment" (and corollary terms) with Broadridge shall be construed to refer to your "separation from 
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service" (within the meaning of Treas. Reg. Section 1.409A-1(h)) with Broadridge.  In no event whatsoever shall Broadridge or its affiliates be liable for any additional tax, interest or penalties that may be imposed on you by Section 409A or any damages for failing to comply with Section 409A.

Terms

Any cash incentive awards, bonuses, equity awards, and benefits described in this letter are subject to the terms and conditions of the applicable plan documents and award agreements. Compensation of the Company’s executive officers including any cash incentive awards, bonus payments and equity grants is subject to approval of the Compensation Committee, is not guaranteed and is subject to change or modification, elimination and/or replacement by an alternate program due to business conditions.

Your employment is “at will.” This means that your employment is for no definite period of time, and either you or the Company may terminate your employment at any time, with or without cause or notice.  You agree that you will comply with the terms of all written codes of conduct and policies adopted by the Company, including without limitation, the Broadridge Code of Business Conduct and Ethics, as such codes and policies are in effect from time to time.

In accordance with our policy, this offer is contingent upon successfully meeting our pre-employment conditions involving a drug test, criminal background check and verification of employment with your previous and current employer(s).  Please advise Broadridge once you have given notice.  Enclosed you will find several items which outline our pre-employment screening process.     

You will also receive the I-9 form required by the U.S. Government.  In order to comply with the Immigration Reform and Control Act of 1986, you will need to provide documents that establish your identity and authorization to work in the United States.  Please review the I-9 form for a list of acceptable documents and have these documents available on your first day of employment. In the interim, should you have any questions, please contact Yasmin Alberto at Yasmin.Alberto@broadridge.com. 

You hereby represent and warrant to the Company that (a) the execution, delivery and performance of this letter by you does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which you are a party or by which you are bound, and (b) you are not a party to, or bound by, any employment agreement, noncompetition agreement, non-solicitation agreement, confidentiality agreement or similar agreement with any other person or entity.  Please be reminded that Broadridge does not want you to use or bring with you at any time, any confidential information, trade secrets and/or proprietary information from any of your former employers.

This letter and the attachments referenced herein constitute the complete understanding between you and the Company concerning the subject matter(s) addressed, and they supersede any prior oral or written understanding regarding the terms and conditions of your employment with Broadridge.  No oral modifications to the commitments made herein shall be valid.  Any changes to these terms must be in writing and signed by you and an authorized representative of Broadridge. 

The amount of any payment made to you by Broadridge will be reduced by any required taxes, withholdings, and other authorized employee deductions as may be required by law or as you have elected under the applicable benefit plans.

If any provision of this letter is invalid or unenforceable, the balance of this letter shall remain in effect.  This letter shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to the principles of conflict of laws thereof.  Unless settlement of a dispute by arbitration is otherwise provided for in an applicable plan or agreement (which arbitration provision shall apply), any lawsuits arising out of or in connection with this letter shall be brought in the Supreme Court of New York, New York County, or in the Federal District Court for the Southern District of New York.  Each party hereby 
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consents to the jurisdiction and venue of such courts.  You acknowledge that the terms of this letter are reasonable and that you have had a reasonable opportunity to consult with an attorney before agreeing to the terms of this letter.  

We think you will find Broadridge to be an exciting and dynamic place to work.  We hope that you will consider our offer carefully and make the decision to join our team at Broadridge

Sincerely,

/s/ Tim Gokey

Tim Gokey
Chief Executive Officer

I accept the offer as stated above:

         /s/ Keir Gumbs

Keir Gumbs 
Date June 10, 2021

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EXHIBIT 10.2

NOTE: CERTAIN IDENTIFIED INFORMATION IN THIS AGREEMENT HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. SUCH PORTIONS HAVE BEEN REDACTED AND ARE MARKED WITH A “[****]” IN PLACE OF THE REDACTED LANGUAGE.

NOVATION AGREEMENT

    This Novation Agreement (this “Novation Agreement”), dated July 28, 2021, is entered into by and among International Business Machines Corporation (“Transferor”), Kyndryl, Inc. (“Kyndryl” or “Transferee”), and Broadridge Financial Solutions, Inc. (“Customer”).  Transferor, Transferee and Customer are collectively referred to herein as the "Parties" and individually as a “Party”.  Any capitalized terms used but not defined herein shall have the meanings given to such terms in: (A) prior to the Transfer Date, the Old Services Agreements, and (B) on or after the Transfer Date, the New Agreements, in each case, as hereinafter defined.

WHEREAS, on October 8, 2020, Transferor announced its intention to separate the Infrastructure Services unit from its Global Technology Services division and move such Infrastructure Services unit into Transferee, which will ultimately become a new publicly traded company; 

WHEREAS, as a preliminary step in this separation, in all jurisdictions where Transferor provides services to Customer under the Old Services Agreement, Kyndryl shall commence operations as a wholly owned Transferor affiliate as of September 1, 2021 (the “Transfer Date”);

WHEREAS, Transferee will then be spun out of Transferor and become a separate, publicly traded company (the “Spin”) on a date to be announced (the “Spin Date”);

    WHEREAS, Transferor and Customer are parties to: 

(1)2019 Master Services Agreement, made and entered into as of December 31, 2019 (together with all exhibits, attachments, and amendments thereto, the “MSA”);  

(2)Amended and Restated 2019 Information Technology Services Agreement, made and entered into as of December 31, 2019 (together with all exhibits, attachments and amendments thereto, the “A&R ITSA”); and

(3)Broadridge Vendor GDPR Annex - Compliance with the EU General Data Protection Regulation, dated June 14, 2018, as amended (the “GDPR Annex”).

    

The above agreements are hereafter collectively referred to as the “Old Services Agreements” pursuant to which Transferor provides certain information technology services to Customer. 

WHEREAS, in connection with the Spin, Transferor intends to transfer by novation all of its rights, liabilities, duties and obligations under the Old Services Agreements to Transferee and Transferee intends to accept the transfer by novation of all such rights, liabilities, duties and obligations, as of the Transfer Date.

NOW, THEREFORE, in consideration of the representations, warranties, promises and covenants contained herein, and other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

1.Effective as of the Transfer Date: (a) Transferor hereby novates to Transferee all of its rights, title and interests and duties, liabilities and obligations in, to and under and the Old Services Agreements, thereby replacing the Old Services Agreements with new agreements that duplicate each of the Old Services Agreements (as hereby amended) in its entirety, except Transferee is a party in place of Transferor (collectively, the “New Agreements”); (b) Transferee hereby expressly accepts all such rights, title and interests and assumes and agrees to be bound by and to perform all of the duties, liabilities and obligations of Transferee under the New Agreements.  All references in the New Agreements to “International Business Machines Corporation” (or “IBM”) (except for any new references to IBM added to the New Agreements pursuant to this Novation Agreement) shall be deemed from and after the Transfer Date to be references to “Kyndryl, Inc.” (or “Kyndryl”).  Customer’s contractual relationship under the New Agreements will, as of the Transfer Date, be between Customer and Transferee instead of Transferor.
  
2.Notwithstanding anything to the contrary herein or in the New Agreements, as a material inducement for Customer to enter into this Novation Agreement, in consideration of which Transferor will receive substantial benefit, but only during the period from the Transfer Date to the Spin Date, Transferor hereby  agrees that it shall be jointly and severally liable for the performance of all obligations, duties and liabilities of Transferee under the New Agreements. 

3.Transferor and Transferee each represents and warrants that: (a) on or before the Transfer Date, Transferee shall: (i) commence operations as a wholly owned Transferor affiliate in in all jurisdictions where Transferee provides services to Customer under the New Agreements, and (ii) the entire portion of Transferor’s business that provides any services to Customer under the Old Services Agreements shall be transferred to Transferee (except for services which are still provided by the Transferor pursuant to Section 8 herein); (b) as of the Transfer Date, Transferee shall be adequately capitalized to meet or exceed all duties, liabilities and obligations under all of Transferee’s respective contracts with Customer and third parties; (c) the security, 
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controls, infrastructure, software, processes and personnel used by Transferee to provide the services to Customer under the New Agreements shall be the same or better than the security, controls, infrastructure, software, processes and personnel used by Transferor to provide the services to Customer under the Old Services Agreements; and (d) Transferee shall comply in a timely and thorough manner with the applicable requirements of Customer’s enterprise vendor management program. 

4.Solely during the period from the Transfer Date to the Spin Date, Transferor and Transferee shall jointly and severally indemnify, defend and hold Customer harmless from and against any breach of Section 3 herein.  From and after the Spin Date, Transferee shall indemnify, defend and hold Customer harmless from and against any breach of Section 3 herein.  

5.Customer consents to the novation of the Old Services Agreements (as hereby amended) from Transferor to Transferee. 

6.On the Transfer Date, Transferor hereby releases and forever discharges Customer from all of Customer’s duties, liabilities and obligations under the New Agreements.

7.On the Spin Date, except for claims based on fraud, gross negligence or willful misconduct, Customer hereby releases and forever discharges Transferor from any breach of contract claims solely under the New Agreements.  Notwithstanding the foregoing and for the avoidance of doubt, the release in this Section 7 only applies to breach of contract claims under the New Agreements, and applies neither to claims based on any other agreement, including, without limitation, the Novation Agreement, nor to claims against Transferor for damages incurred by Customer based on any other legal theory.

8.Subject to Section 9 herein, Customer agrees that Transferee may engage Transferor as a subcontractor to perform only the following services listed and detailed in this Section 8, under the New Agreements from and after the Transfer Date, in each case, solely from the applicable Service Location(s) (as defined in the MSA or A&R ITSA, as applicable): (a) product maintenance services; (b) public cloud services provided under the MSA (as defined in SOW PC-20-0034, dated September 30, 2020, and the following amendments of the MSA: Amendment No. 6, Amendment No. 7 and Amendment No. 10); (c) Security services (as defined in Attachment 2-B (Managed Network Services) (solely with respect to the firewall network devices), and Attachment 2-G (Enterprise Security Services), under both the MSA and the A&R ITSA.  For the avoidance of doubt, other than the foregoing services listed in this Section 8, Transferee must obtain Customer’s prior written consent pursuant to the New Agreements to subcontract any services performed under the New Agreements to Transferor.

9.Notwithstanding anything to the contrary in the New Agreements or herein, Transferor and Transferee hereby agree that the agreement between them 
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governing Transferor’s provision of the services to Customer on behalf of Transferee shall: (a) contain provisions at least materially equivalent to those contained in the New Agreements that shall enable Transferee to comply with Transferee’s obligations under the New Agreements; and (b) in connection with any services under the New Agreements performed by Transferor and the locations where such services are performed: (i) require Transferor to comply with all information security and architecture, audit, inspection, data, data processing, data protection and other material provisions under the New Agreements (as if Transferor were Supplier under the New Agreements, and such locations were Service Locations owned or leased by Supplier under the New Agreements), and (ii) permit Customer to exercise directly against Transferor, all information security and architecture, audit, inspection, data, data processing, data protection and other material provisions under the New Agreements (as if Transferor were Supplier under the New Agreements, and such locations were Service Locations owned or leased by Supplier under the New Agreements).   

10.Attachment A attached hereto and made a part hereof sets forth amendments to the Old Services Agreements that together with the Old Services Agreements, constitute the New Agreements.  

11.Promptly after the Transfer Date, Transferor and Transferee shall, at their sole cost and expense, cooperate with Customer, as requested by Customer in responding to Customer’s clients’ questions about the foregoing to such clients’ reasonable satisfaction.     

12.Transferor will provide Customer with at least seven (7) days’ written notice prior to the Spin Date.

13.All liability arising under or relating to this Novation Agreement shall be determined and resolved in accordance with: (a) prior to the Transfer Date, the Old Services Agreements, and (b) on or after the Transfer Date, the New Agreements.  

14.Any invoice received by Customer from Transferor for services rendered under the Old Services Agreements prior to the Transfer Date should be paid according to the terms of the invoice.  Transferee shall provide Customer with further written information to enable Customer to make other payments directly to Transferee.  

15.Effective as of the Transfer Date and subject to Section 9 herein, Transferee shall be the processor of personal data under the New Agreements, including under any data processing agreements in the New Agreements and in respect of any business contact information Transferor collected in connection with providing services to Customer under the Old Services Agreements.  In addition, subject to Section 9 herein, Transferee may engage as subprocessors, Transferee’s Affiliates pre-approved in writing by Customer and Transferor (solely with respect to the services set forth in Section 8 herein) under the New Agreement.  Following the Spin Date, Transferee’s subprocessors 
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that are located in non-adequate countries shall be considered Data Importers under the EU Standard Contractual Clause attached to the applicable data processing agreement. 

16.Transferor, Transferee and Customer each represents and warrants and covenants to the other that:  (a) it has full power and authority to enter into this Agreement and to consummate (or to consent to, in the case of Customer) the transactions contemplated hereby; (b) the execution and delivery of this Novation Agreement have been duly authorized by all necessary action on the part of such Party; and (c) this Novation Agreement constitutes a valid and binding agreement and obligation of each Party, enforceable against such Party in accordance with its terms.

17.This Novation Agreement, together with the Old Services Agreements and the New Agreements, are the complete agreement between the Parties and replace any prior oral and/or written communications between the Parties concerning this subject matter, and no Party has relied or is relying upon any representation made by or on behalf of the other that is not specified in the foregoing agreements.  This Novation Agreement shall be binding upon and inure to the benefit of each of the Parties and their respective successors and assigns. 
    
18.This Novation Agreement shall apply the governing law and jurisdiction provisions from: (a) if prior to the Transfer Date, the Old Services Agreements, and (b) if on or after the Transfer Date, the New Agreements.

19.This Novation Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together will constitute one and the same instrument, and signatures may be exchanged electronically and shall be deemed originals.  Any copy of this Novation Agreement made by reliable means is considered an original.

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    IN WITNESS WHEREOF, the Parties have executed this Novation Agreement as of the day and year first above written.

                    TRANSFEROR:
International Business Machines Corporation 

                    By:_/s/Loyd Simpson________________    

                    Name:_Loyd Simpson_______________

                    Title:___Global Client Partner Executive__
                    
                    Date: 7/28/2021

                    TRANSFEREE:
                    Kyndryl, Inc.

                    By:___/s/ Rick Ruiz________________    

                    Name:Rick Ruiz________________

                    Title:__GM, Kyndryl Project Office___
                    
                    Date: 7/28/2021
                    
CUSTOMER:
Broadridge Financial Solutions, Inc.

                    By:/s/Michael Synn_______________    

                    Name:Michael Synn_______________

                    Title:____________________________

                    Date: 7/28/2021

Broadridge Financial Solutions, Inc.

                    By:/s/Pierce Greene_____________    

                    Name:__Pierce Greene______________

                    Title:____________________________

                    Date: 7/28/2021
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ATTACHMENT A

Effective as of the Transfer Date:

1.Section 29.11 (Notices) of the MSA, is amended to update the notification information for the Supplier as follows: 

The initial notification information for each Contracting Party is: 
For Supplier:  
Kyndryl, Inc.
One Vanderbilt Avenue, 15th Floor
New York, NY 10017
Attention: Vice President, Financial Services

with a copy to: 
Kyndryl, Inc.
One Vanderbilt Avenue, 15th Floor
New York, NY 10017
Attention:   General Counsel

Customer shall pay Supplier (i.e., Transferee) the Fees for the Services invoiced in accordance with the MSA (as hereby amended) and the A&R ITSA (as hereby amended), in accordance with the banking information supplied to Customer’s Enterprise Vendor Management group.

2.The Parties agree that the name of the MSA is hereby modified from “2019 Master Services Agreement” to “Private Cloud Information Technology Services Agreement”.

3.[****]

4.    Notwithstanding anything to the contrary in the MSA or the A&R ITSA: (a) the EBA Financial Services Addendum attached as Appendix B hereto and made a part hereof  (the “EBA Addendum”) applies to each of the MSA and the A&R ITSA where Customer uses the Services to perform outsourcing that is subject to the regulatory oversight of the Regulator (as defined in the EBA Addendum) under Applicable Law (as defined in the EBA Addendum) as long as Customer or Customer’s End User (as defined in the EBA Addendum) is a Regulated Entity (as defined in the EBA Addendum) and is subject to oversight by the Regulator in relation to any Services being consumed under the MSA or A&R ITSA, as applicable; and (b) to the extent any requirement set forth in either the MSA or the A&R ITSA prior to the Transfer Date conflicts with any requirement set forth in the EBA Addendum, then the more stringent requirement shall apply on and after the Transfer Date.  
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Appendix B

EBA FINANCIAL SERVICES ADDENDUM

1.Definitions.  The following definitions apply to this EBA Addendum:
“Applicable Law” means the applicable laws and regulations administered by the Regulator in connection with Regulated Entity’s use of the Kyndryl Services.
“BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms and any valid laws which give effect to its provisions under Applicable Law.  
“EBA Guidelines” means EBA/GL/2019/02, “Guidelines on outsourcing”, published by the European Banking Authority on 25 February 2019, or any successor or update thereto (subject to such successor or update being in force). 
“End User” means any client of the Customer or any service recipient of services provided by the Customer to such client. 
“Notice” means any notice provided in accordance with the Agreement.  
“Regulated Entity” means the Customer or the Customer’s End User if and so long as: (i) such entity is regulated by or subject to oversight by the Regulator; and (ii) such entity is either (A) an “institution” as defined in Article 4(1)(3) of Regulation (EU) No 575/2013, (B) a “payment institution” as defined in Article 4(4) of Directive (EU) 2015/2366 or “electronic money institution” as defined in Article 2(1) of Directive 2009/110/EC, in each case provided such entity subject to the EBA Guidelines, or (C) otherwise subject to the EBA Guidelines pursuant to Applicable Law.
“Regulator” means a government, regulatory body, or competent authority in the European Economic Area, with binding authority to regulate Regulated Entity’s financial services activities.
“Resolution Authority” has the meaning as set out in Article 2 of the BRRD.
“Special Resolution Event” means, with respect to a BRRD Institution, the occurrence of an insolvency, resolution, or other similar proceeding or event, including pursuant to recovery and resolution, special administration, special resolution regime or analogous applicable laws or regulations.
“Sub-outsourcing” means a situation where Kyndryl further transfers its obligations to provide the Services under the Agreement to another service provider.

All capitalized terms used but not defined in this Addendum have the same means ascribed to them in the Agreement (as hereby amended).

2.Information Security Program. The parties agree that Kyndryl has, pursuant to the Private Cloud Information Technology Services Agreement and the A&R ITSA,  implemented and will maintain an information and security program which is designed to provide at least the same level of protection as evidenced by:
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•the Kyndryl security controls verified by Kyndryl’s appropriately skilled and knowledgeable external auditors in its then-current System Organization Controls 1, Type 2 report (the "Report"); and
•its then-current certification under ISO 27001 (the “Certifications”)
or, in each case, such alternative industry standard reports or certifications that are its successor or reasonable alternative (provided that they are at least as protective as the standards set out above) as determined by the Parties (together, the "Kyndryl Information Security Program").

Kyndryl shall provide to Customer and End Users, at Customer’s request and no additional charge, copies of Kyndryl’s Report and Certifications.  Customer may by Notice submit requests for the expansion of scope of Certifications and the Report, and the Parties shall agree on the scope of such expansion.

3.Right of Access and Audit.
a.Kyndryl agrees to provide the Regulated Entity (which, as defined below, could be either Customer or the Customer's End User), the Regulator and the Resolution Authority (each a “Requester”) with:
i.full access to its relevant business premises (e.g., head offices and operations centers), including the full range of relevant devices, systems, networks and data used for providing the services outsourced, including related financial information, personnel and Kyndryl’s external auditors; and
ii.unrestricted rights of inspection and auditing related to the Services used by Customer to enable the Requester to monitor the Services and to ensure compliance with all applicable regulatory and contractual requirements.
(3.a.i. and ii. are collectively the "Right of Access and Audit").
b.The Requester will exercise the Right of Access and Audit and Kyndryl will cooperate with the Requester in accordance with the following stipulations in the EBA Guidelines:

i.The Requester will exercise the Right of Access and Audit in a proportional manner, taking into account the complexity of the Services used by Customer, the risks arising from the Services used by Customer, the criticality or importance of the Services used by Customer, and the potential impact of the Services on the continuity of Customer's activities.  
ii.The Requester shall adhere to relevant, commonly accepted, national and international audit standards.
iii.The Requester can appoint a third party to exercise the Right of Access and Audit. The Requester or such third party shall 
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have the appropriate and relevant skills and knowledge to perform the audit effectively.
iv.If the Requester's exercise of the Right of Access and Audit could, in Kyndryl’s reasonable opinion, create a risk for another Kyndryl customer's environment (e.g., impact on service levels, availability of data, and confidentiality), Requester and Kyndryl shall agree on a way to address the request that provides Requester a similar level of assurance which ensures that risks to another Kyrndryl customer’s environment are avoided or mitigated.
v.Where sufficient to comply with the Requester’s regulatory obligations, the Requester shall perform the audit by: (i) requesting Kyndryl to provide it with copies of Certifications and the Report; or (ii) if Kyndryl has implemented a process for pooled audits, through a pooled audit conducted in cooperation with other Kyndryl clients in accordance with such process.
c.Kyndryl acknowledges that nothing in this EBA Addendum will limit or restrict relevant Regulators' or Resolution Authorities' information gathering and investigatory powers under article 63(1)(a) of Directive 2014/59/EU and article 65(3) of Directive 2013/36/EU.  Kyndryl's customer audit policies will not apply to the Right of Access and Audit described in this Section 3.  If there is a conflict between this Section 3 and another Section of the Agreement, the terms of this Section 3 will control.   
4.Performance Reporting.  In addition to any reporting requirements in the Agreement, Kyndryl shall provide ongoing reporting in writing to Customer of developments that may have a material impact on Kyndryl’s ability to provide the Services.

5.Sub-outsourcing.  
a.No Sub-outsourcing of any material portion of the Services is permitted under the Agreement without Customer’s prior written consent in each instance.
b.For any Sub-outsourcing, Kyndryl shall:
i.perform due diligence on the proposed sub-contractor;
ii.enter into a written agreement with such sub-contractor which requires such sub-contractor to comply with all Applicable Laws and relevant contractual obligations of Kyndryl under the MSA (as hereby amended) or the A&R ITSA (as hereby amended), as applicable; and
iii.oversee such sub-contractor in line with the terms of the MSA (as hereby amended) or the A&R ITSA (as hereby amended), as applicable. 

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6.Compliance with Laws and Protection of Data. Kyndryl will comply with all legal requirements regarding the protection of data that are applicable to it and binding on it in the performance of the Services, including, where applicable, requirements relating to protection of personal data, banking secrecy or similar confidentiality duties.

7.Data Retrieval.  Without limiting any rights under the Agreement, in the event that Kyndryl: (a) is declared bankrupt or in liquidation (or equivalent), (b) is dissolved or wound up, or (c) discontinues its entire business operations of providing the Services (except as the result of any assignment permitted under the Agreement), Customer will have the immediate right to retrieve all data of Customer and End Users unless prohibited by law or the order of a governmental or regulatory body or insolvency practitioner (or equivalent). 

8.Resolution and the BRRD.
a.This Section 6 applies to Regulated Entities that are subject to the requirements of the BRRD as implemented under Applicable Law (each a "BRRD Institution").
b.Kyndryl acknowledges that when a BRRD Institution is taken into resolution, the BRRD Institution will be subject to a range of powers exercisable by the designated Resolution Authority, including pursuant to Articles 68 and 71 of the BRRD. In the event that a BRRD Institution is taken into resolution in accordance with the BRRD, Kyndryl shall comply with all laws applicable to it in relation to that resolution and, if so requested in writing, will cooperate in good faith with the Resolution Authority (but without prejudice to any rights or remedies Kyndryl has under the Agreement) regarding any concerns in respect of the ongoing provision of the Services to Customer. 
c.Kyndryl acknowledges that the occurrence of a Special Resolution Event does not, in and of itself, constitute a material breach giving rise to Kyndryl's termination for cause rights with respect to the Agreement, provided that the Customer continues to fulfill its substantive obligations under the Agreement (as such term is understood for the purposes of Article 68 of the BRRD), including payment obligations.   
9.Confidentiality.  Any information, responses and documentation provided by Kyndryl or by Customer in connection with this EBA Addendum (“Confidential Compliance Information”) will be treated as confidential information of the party owning it and will be provided to the recipient pursuant to confidentiality obligations reasonably acceptable to the party owning the Confidential Compliance Information (which, in case of the Regulator, means confidentiality obligations set out under applicable law) and will not be disclosed by the recipient, except that Confidential Compliance Information may be disclosed to (a) the Regulator, provided that the Customer obtains confidential treatment or similar protections, (b) the Customer, provided that all Confidential Compliance 
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Information of Kyndryl will be treated as confidential information of Kyndryl under the Agreement and this EBA Addendum, and (c) the End Users which are Regulated Entities.  Notwithstanding anything to the contrary in the Agreement, other Confidential Compliance Information of Kyndryl (excluding the Report, Certifications and any other information from, referring to or otherwise included in the Kyndryl Information Security Program) may be disclosed by Customer to End Users which are Regulated Entities.  
10.The Parties agree that they may have to modify parts of this EBA Addendum to accommodate access to, and audit of, a Public Cloud environment.

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