Document:

pstx-ex101_262.htm

Exhibit 10.1

FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

THIS FIFTH AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of June 24, 2021, by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 115 South Union Street, Suite 300, Alexandria, Virginia 22314 (in its individual capacity, “Oxford”; and in its capacity as Collateral Agent, “Collateral Agent”), the Lenders listed on Schedule 1.1 thereof  from time to time including Oxford in its capacity as a Lender (each a “Lender” and collectively, the “Lenders”), and POSEIDA THERAPEUTICS, INC., a Delaware corporation with offices located at 9390 Towne Centre Drive, Suite 200, San Diego, California 92121 and VINDICO NANOBIOTECHNOLOGY LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent with offices located at  9390 Towne Centre Drive, Suite 200, San Diego, California 92121 individually and collectively, jointly and severally, “Borrower”).

WHEREAS, Collateral Agent, Borrower and the Lenders party thereto from time to time have entered into that certain Loan and Security Agreement, dated as of July 25, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”) pursuant to which the Lenders have provided to Borrower certain loans in accordance with the terms and conditions thereof; and

WHEREAS, Borrower, Lenders and Collateral Agent desire to amend certain provisions of the Loan Agreement as provided herein and subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Lenders and Collateral Agent hereby agree as follows:

	
 
	
1.
	
Definitions.  Capitalized terms used herein but not otherwise defined shall have the respective meanings given to them in the Loan Agreement.

 

	
 
	
2.
	
Section 2.5 of the Loan Agreement is hereby amended by deleting the word “and” immediately following Section 2.5(f), replacing “.” at the end of Section 2.5(g) with “; and” and adding Section 2.5(h) thereto as follows:

 

(h)Fifth Amendment Facility Fee.  A fully earned, non‐refundable fifth amendment facility fee of One Million Fifty One Thousand Dollars ($1,051,000.00) to be shared between the Lenders pursuant to their respective Commitment Percentages, which shall become due and payable upon the earlier of: (i) the Maturity Date, (ii) the acceleration of any Term Loan, or (iii) the prepayment of a Term Loan pursuant to Section 2.2(b) or (c).

 

	
 
	
3.
	
Section 10 of the Loan Agreement is hereby amended by amending the address for Collateral Agent therein as follows:

 

		
	
If to Collateral Agent:
	
OXFORD FINANCE LLC

115 South Union Street

Suite 300

Alexandria, Virginia 22314

Attention: Legal Department

Fax: (703) 519‐5225

Email: LegalDepartment@oxfordfinance.com

	
 
	
 

	
 
	
 

	
with a copy (which shall not constitute notice) to:
	
Greenberg Traurig, LLP

One International Place

Boston, MA 02110

Attn: Abdullah Malik

Fax: (617) 897-0983

 

Email: malikab@gtlaw.com

 

 

 

	
 
	
4.
	
Section 13.1 of the Loan Agreement is hereby amended by amending and restating the following definitions therein as set forth below:

 

“Amortization Date” is July 1, 2023.

 

“Basic Rate” is, with respect to a Term Loan, the per annum rate of interest (based on a year of three hundred sixty (360) days) equal to the greater of (i) eight and ninety-four hundredths percent (8.94%) and (ii) the sum of (a) the thirty (30) day U.S. LIBOR rate reported in The Wall Street Journal on the last Business Day of the month that immediately precedes the month in which the interest will accrue, plus (b) six and ninety-four hundredths percent (6.94%).  Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a LIBOR Transition Event, Collateral Agent may amend this Agreement to replace the Basic Rate with a LIBOR Replacement Rate. Any such amendment with respect to a LIBOR Transition Event will become effective at 5:00 p.m. (Eastern Standard Time) on the third Business Day after Collateral Agent has notified Borrower of such amendment.  Any determination, decision or election that may be made by Collateral Agent pursuant hereto will be conclusive and binding absent manifest error and may be made in Collateral Agent’s sole discretion and without consent from any other party.

 

“Maturity Date” is December 1, 2025.

 

	
 
	
5.
	
Section 13.1 of the Loan Agreement is hereby further amended by adding the following definitions thereto in alphabetical order:

 

“Fifth Amendment Date” is June 24, 2021.

 

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

 

“LIBOR Replacement Rate” means the sum of: (a) the alternate benchmark rate (which may include SOFR) that has been selected by Collateral Agent giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBOR rate for U.S. dollar-denominated syndicated credit facilities and (b) the LIBOR Replacement Spread; provided that, if the LIBOR Replacement Rate as so determined would be less than zero, the LIBOR Replacement Rate will be deemed to be zero for the purposes of this Agreement.

“LIBOR Replacement Spread” means, with respect to any replacement of the Basic Rate, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Collateral Agent giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR rate for U.S. dollar-denominated syndicated credit facilities at such time.

“LIBOR Transition Event” means the occurrence of one or more of the following events with respect to the LIBOR rate: 

 

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(1)    a public statement or publication of information by or on behalf of the administrator of the LIBOR rate announcing that such administrator has ceased or will cease to provide the LIBOR rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR rate; 

(2)   a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBOR rate, a resolution authority with jurisdiction over the administrator for the LIBOR rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR rate, which states that the administrator of the LIBOR rate has ceased or will cease to provide the LIBOR rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR rate; or

(3)   a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR rate announcing that the LIBOR rate is no longer representative.

 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

	
 
	
6.
	
The Amortization Table attached to the Disbursement Letter dated as of the Effective Date is hereby amended and restated in its entirety as set forth on Exhibit A hereto.

 

	
 
	
7.
	
The Amortization Table attached to the Disbursement Letter dated as of August 13, 2018 is hereby amended and restated in its entirety as set forth on Exhibit B hereto.

 

	
 
	
8.
	
The Amortization Table attached to the Disbursement Letter dated as of February 11, 2019 is hereby amended and restated in its entirety as set forth on Exhibit C hereto.

 

	
 
	
9.
	
Limitation of Amendment.

 

	
 
	
a.
	
The amendments set forth in Sections 2 through 8 above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document as amended hereby, or (b) otherwise prejudice any right, remedy or obligation which Lenders or Borrower may now have or may have in the future under or in connection with any Loan Document, as amended hereby.

 

	
 
	
b.
	
This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

 

	
 
	
10.
	
To induce Collateral Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows: 

 

	
 
	
a.
	
Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in 

 

 

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which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

 

	
 
	
b.
	
Borrower has the power and due authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

 

	
 
	
c.
	
The organizational documents of Borrower delivered to Collateral Agent on the Effective Date, and updated pursuant to subsequent deliveries by the Borrower to the Collateral Agent, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

 

	
 
	
d.
	
The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

 

	
 
	
e.
	
The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (i) any law or regulation binding on or affecting Borrower, (ii) any contractual restriction with a Person binding on Borrower, (iii) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (iv) the organizational documents of Borrower; 

 

	
 
	
f.
	
The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and 

 

	
 
	
g.
	
This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

 

	
 
	
11.
	
The Borrower hereby remises, releases, acquits, satisfies and forever discharges the Lenders and Collateral Agent, their agents, employees, officers, directors, predecessors, attorneys and all others acting or purporting to act on behalf of or at the direction of the Lenders and Collateral Agent (“Releasees”), of and from any and all manner of actions, causes of action, suit, debts, accounts, covenants, contracts, controversies, agreements, variances, damages, judgments, claims and demands whatsoever, in law or in equity, which any of such parties ever had, now has or, to the extent arising from or in connection with any act, omission or state of facts taken or existing on or prior to the date hereof, may have after the date hereof against the Releasees, for, upon or by reason of any matter, cause or thing whatsoever relating to or arising out of the Loan Agreement or the other Loan Documents on or prior to the date hereof through the date hereof.  Without limiting the generality of the foregoing, the Borrower waives and affirmatively agrees not to allege or otherwise pursue any defenses, affirmative defenses, counterclaims, claims, causes of action, setoffs or other rights they do, shall or may have as of the date hereof, including the rights to contest: (a) the right of Collateral Agent and each Lender to exercise its rights and remedies described in the Loan Documents; (b) any provision of this Amendment or the Loan Documents; or (c) any conduct of the Lenders or other Releasees relating to or arising out of the Loan Agreement or the other Loan Documents on or prior to the date hereof.

 

	
 
	
12.
	
Except as expressly set forth herein, the Loan Agreement shall continue in full force and effect without alteration or amendment.  This Amendment and the Loan Documents as amended hereby represent the entire agreement about this subject matter and supersede prior negotiations or agreements.

 

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13.
	
This Amendment shall be deemed effective as of the date first set forth above upon (a) the due execution and delivery to Collateral Agent of this Amendment by each party hereto and (b) Borrower’s payment of all Lenders’ Expenses incurred through the date hereof, which may be debited (or ACH’d) from any of Borrower’s accounts.

 

	
 
	
14.
	
This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitute one and the same instrument.

 

	
 
	
15.
	
This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California.

 

 

[Balance of Page Intentionally Left Blank]

 

5

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to Loan and Security Agreement to be executed as of the date first set forth above.

			
	
BORROWER:
	
 
	
 

	
 
	
 
	
 

	
POSEIDA THERAPEUTICS, INC.

VINDICO NANOBIOTECHNOLOGY LLC

 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By    /s/ Mark Gergen
	
 
	
 

	
Name: Mark Gergen
	
 
	
 

	
Title: President & CBO
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
COLLATERAL AGENT AND LENDER:
	
 
	
 

	
 
	
 
	
 

	
OXFORD FINANCE LLC

	
 
	
 
	
 

	
 
	
 
	
 

	
By      /s/ Joshua Friedman
	
 
	
 

	
Name: Joshua Friedman
	
 
	
 

	
Title: Chief Financial Officer
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

 

 

 

 

 

 

Exhibit A

Amortization Table to the Disbursement Letter dated as of the Effective Date

Please see attached.

 

 

 

Exhibit B

Amortization Table to the Disbursement Letter dated as of August 13, 2018

Please see attached.

 

 

 

 

Exhibit C

Amortization Table to the Disbursement Letter dated as of February 11, 2019

Please see attached.EX-10.1

 Exhibit 10.1 

FISERV, INC. 
 EXECUTIVE
SEVERANCE AND CHANGE OF CONTROL POLICY 
 Effective August 10, 2021 

1.    Purpose; Effective Date. This Severance and Change of Control Policy
(this “Policy”) has been established by the Company effective August 10, 2021 (the “Effective Date”) to provide Eligible Executives with the opportunity to receive severance benefits in the event of a
termination of employment under certain circumstances in order to attract and retain qualified executives. 

2.    Definitions. The following terms, when capitalized herein, shall have the meanings given below.
Other defined terms are included throughout this Policy. 
 (a)    “Administrator” means
the Committee with respect to Eligible Executives who are subject to the provisions of Section 16 of the Securities Exchange Act of 1934, and the Chief Executive Officer of the Company with respect to all other Eligible Executives. 

(b)    “Base Salary” means the Eligible Executive’s annualized rate of base cash
compensation paid on each regularly scheduled payday for the executive’s regular work schedule, determined as of his or her Termination Date, and is calculated to include any before-tax contributions that
are deducted for Company benefit plan purposes. Base Salary does not include taxable or nontaxable fringe benefits or awards, payout of accrued vacation, the value of any performance awards, bonuses, commissions or other incentive pay, or any
payments which are not made on each regular payday, regardless of how such payments may be characterized. 

(c)    “Board” means the Board of Directors of the Company. 

(d)     “Cause” means any behavior or reason, as determined by the Company in its sole
discretion, which constitutes cause for the termination of an Eligible Executive’s employment and includes but shall not be limited to any of the following: willful disregard of job duties; failure to repeatedly correct informed performance
deficiencies; dishonesty (including, but not limited to, falsification of reports or the unauthorized removal or misuse of any Employer property); theft; breach of trust; unethical conduct; insubordination (including, but not limited to, willful
negligence or refusal to carry out instructions); violation of Employer policies, procedures, or code of conduct; disclosure of confidential information about the Employer; conviction for (or a plea of nolo contendere to) any act of fraud,
misappropriation, theft or embezzlement, and/or a felony; or breach of any written non-disclosure, non-competition or
non-solicitation agreement, or any other material written agreement, in effect with the Employer. 

(e)     “Change of Control” has the meaning given in (i) the Amended and
Restated Fiserv, Inc. 2007 Omnibus Incentive Plan or (ii) if the Board has adopted a replacement omnibus equity incentive plan for the Amended and Restated Fiserv, Inc. 2007 Omnibus Incentive Plan, the Company’s most recently adopted
omnibus equity incentive plan. 

 (f)    “Code” means the Internal
Revenue Code of 1986, as amended. Any reference to a specified provision of the Code shall include any successor provision thereto and the regulations promulgated thereunder. 

(g)     “Committee” means the Compensation Committee of the Board (or a successor
committee with the same or similar authority). 
 (h)    “Company” means Fiserv, Inc., a
Wisconsin corporation, and any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise, including, without limitation, any successor due to a Change of Control) to the business or assets of Fiserv, Inc.

 (i)    “Eligible Executive” means (i) an individual who is a member of the
Company’s Management Committee and (ii) any other individual designated to participate herein by the Administrator. 

(j)    “Eligible Termination” means a termination of an Eligible Executive’s
employment that also constitutes a “separation from service” under Section 409A of the Code (or if the Eligible Executive is not employed in the United States, termination of employment as defined under applicable local law), either
(i) by the Employer without Cause at any time while this Policy is in effect, (ii) due to a resignation by the Eligible Executive as a result of a material diminution in authority, duties, or responsibilities of such Eligible Executive, as
compared to the authority, duties, or responsibilities of such individual upon becoming an Eligible Executive, or (iii) due to a resignation by an Eligible Executive within two (2) years following a Change of Control as a result of
(A) a requirement that the Eligible Executive relocate his or her principal place of employment by more than fifty (50) miles from the Eligible Executive’s principal place of employment immediately before the Change of Control
(provided that the relocation increases the length of the Eligible Executive’s commute) or (B) a reduction of the sum of the Eligible Executive’s Base Salary and total incentive opportunity by more than 10% compared to the level in
effect immediately before the Change of Control. An Executive’s resignation pursuant to clause (ii) shall be considered an Eligible Termination only if all of the following conditions are met: (A) the Eligible Executive must provide
written notice to the Company (in accordance with Section 14(f) hereof) of the existence of the circumstances providing grounds for the Eligible Termination within thirty (30) days of the initial existence of such grounds, (B) the
Employer fails to cure such circumstances within thirty (30) days of receiving such notice, and (C) the Eligible Executive actually terminates his or her employment no later than ninety (90) days after the first occurrence of the
circumstances giving rise to the Eligible Termination if such circumstances are not cured. 

(k)    “Employer” means the Company and its direct and indirect subsidiaries. 

(l)    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. Any
reference to a specified provision of ERISA shall include any successor provision thereto and the regulations promulgated thereunder. 

(m)    “Group Health Plan” means Employer-provided medical and/or dental coverage. 

  
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 (n)    “Release” means the agreement
described in Section 5. 
 (o)    “Severance Benefits” means each of the benefits
described in Section 4 of this Policy. 
 (p)    “Termination Date” means the date
on which the Eligible Executive’s employment with the Employer terminates. 
 3.    Eligible
Termination. An Eligible Executive shall be entitled to receive the benefits under Section 4 upon an Eligible Termination. If an Eligible Executive’s employment terminates other than due to an Eligible Termination, then the
Eligible Executive shall not be entitled to any benefits under this Policy. 
 4.    Severance Benefits.
If an Eligible Executive experiences an Eligible Termination, then, subject to Sections 5, 6, 7, 8 and 9, the Company will provide the Eligible Executive with the benefits described in this Section 4 which are in lieu of, and intended to
incorporate and comply with, any statutory or common law severance requirements. 
 (a)    Severance
Pay. The Company will pay to the Eligible Executive cash severance in an amount equal to one and one-half (1.5) times the sum of (i) the Eligible Executive’s Base Salary plus (ii) the
Eligible Executive’s target annual cash incentive amount for the year in which the Termination Date occurs, or if no target has been set as of the Termination Date, then the target annual cash incentive amount for the prior year
(the “Severance Payment”). Such payment will be made as soon as reasonably practicable following the expiration of the revocation period of the Release, but, with respect to any Eligible Executive who is subject to Code
Section 409A, not later than March 15 after the year of termination. The Severance Payment shall be deemed to include any severance entitlements to which the Eligible Executive may be entitled under any applicable local law or collective
agreement ( “Statutory Severance”) and the Eligible Executive shall be entitled to any payments in lieu of notice to which they are entitled under contract or applicable local law (a “Notice Payment”). For the sake of clarity, in
no event will the Eligible Executive receive cash severance totaling more than the sum of (x) the greater of the Severance Payment and Statutory Severance plus (y) a Notice Payment, if any. 

(b)    Insurance Coverage. 

(i)    If the Eligible Executive is eligible for Group Health Plan coverage in the United States, and
provided the Eligible Executive is eligible for COBRA continuation coverage and timely elects such coverage, then the Eligible Executive shall continue to be covered, without a requirement that the Eligible Executive pay any premium, by the same or
substantially equivalent coverage applicable to the Eligible Executive immediately prior to the Termination Date for a period of eighteen (18) months following the Termination Date or, if earlier, until the Eligible Executive has obtained new
employment and is eligible to be covered by such new employer’s group health plan. 
 (ii)    If the
Eligible Executive is not covered by, or eligible for, a Group Health Plan in the United States, then the Company shall facilitate the provision of benefits to the Eligible Executive and their dependents that are intended to mimic,

  
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to the maximum extent possible, the health insurance benefits to which the Eligible Executive (and their dependents) were entitled on the Termination Date, at the Company’s expense and in a
manner determined by the Company in its sole discretion which may include a cash payment (to be made in a lump sum or over time) to provide funds for the Eligible Executive to purchase health insurance coverage. The foregoing benefits shall be
provided for a period of eighteen (18) months following the Termination Date or, if earlier, until the Eligible Executive has obtained new employment and is eligible to be covered by such new employer’s group health plan. 

(iii)    In either case of paragraph (i) or (ii), the Eligible Executive shall promptly notify the
Company when the Eligible Executive becomes eligible for group health plan coverage from a new employer. 

(c)    Outplacement Services. The Company will provide, at its expense, outplacement services
through a firm selected by the Company until the two-year anniversary of the Termination Date; provided that the cost to the Company of such services shall not exceed 10% of the Eligible
Executive’s Base Salary. Neither cash nor any other benefit is available to the Eligible Executive in lieu of outplacement assistance. 

(d)    Advisor Benefits. The Company shall reimburse the Eligible Executive for up to $25,000 (or
the equivalent in any other currency at an exchange rate to be determined by the Company) in the aggregate of fees and expenses of consultants and/or legal or accounting advisors engaged by the Eligible Executive to advise the Eligible Executive as
to matters relating to the computation of benefits due and payable under this Section 4 until the two-year anniversary of the Termination Date. The Eligible Executive shall provide the Company with a copy
of any invoice for such services within sixty (60) days of the receipt of such service and the Company will provide reimbursement as soon as reasonably practicable thereafter. 

(e)    Equity Awards. The Eligible Executive’s equity awards shall be treated as follows,
provided that if the Eligible Executive also meets the definition of “retirement” under the applicable award agreement and the retirement treatment of an award is better than the treatment described below, then the Eligible
Executive shall receive the retirement treatment for such award. 
 (i)    Stock Options. Any
unvested stock options outstanding on the Termination Date shall continue to vest for twelve (12) months following the Termination Date based on the vesting dates and corresponding vesting amounts indicated in the applicable award agreement
and, along with any stock options that are vested as of the Termination Date, shall be exercisable until the earlier of (a) the date the award expires by its terms and (b) 90 days after the last vesting date following the Termination Date. Any
unvested stock options outstanding on the Termination Date that will not vest during the twelve (12) months following the Termination Date shall be forfeited as of the Termination Date. 

(ii)    Performance Share Units. Any performance share units that are outstanding on the Termination
Date, and for which the performance period has not ended, shall vest at the end of the performance period on a pro rata basis by 

  
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multiplying (A) the number of units that would have vested had the Eligible Executive remained employed for the entire performance period by (B) a fraction, the numerator of which is
the number of full months (inclusive of the month in which the Termination Date occurs) between the first day of the performance period and the Termination Date, and the denominator of which is the total number of months in the performance period.
Any performance units that vest, if any, pursuant to this clause (ii) shall be settled at the same time such award would have been settled if the Eligible Executive had remained employed. 

(iii)    Restricted Stock Units. Any restricted stock units outstanding on the Termination Date
shall continue to vest for twelve (12) months following the Termination Date based on the vesting dates and corresponding vesting amounts indicated in the applicable award agreement and shall be settled following vesting in accordance with the
terms of the applicable award agreement. Any unvested restricted stock units outstanding on the Termination Date that will not vest during the twelve (12) months following the Termination Date shall be forfeited as of the Termination Date. 

(iv)    Change of Control. Notwithstanding clauses (i)-(iii) above, if the Eligible Executive’s
Eligible Termination occurs within two years following a Change of Control, then (A) all unvested restricted stock units and stock options shall vest 100% on the Termination Date, (B) stock options shall remain exercisable until the
earlier of (1) the date the award expires by its terms and (2) 90 days after the Termination Date, and (C) any performance share units shall be treated as set forth in the respective award agreement. 

(f)    Nonduplication. Notwithstanding the foregoing, if an Eligible Executive is a party to an
employment or similar agreement with the Company or an affiliate that provides severance benefits, then as to each category of severance benefits described in this Section 4 that are also provided by the Eligible Executive’s agreement, the
Eligible Executive shall be eligible solely for the benefits described in such agreement in lieu of the benefits described above. As to any category of severance benefits described in this Section 4 that are not provided under the Eligible
Executive’s agreement, the Eligible Executive shall, subject to the approval of the Administrator, remain eligible for those benefits hereunder. 

5.    Requirement of Release. Payment of any Severance Benefits under this Policy are conditioned upon the
Eligible Executive timely signing, and not revoking, a release agreement (in a form satisfactory to the Company and in compliance with any laws applicable to such release) which will include a release of all claims (including but not limited to
pursuant to any contract, tort, or wage and hour claims, and any claims under any federal, state or local laws) against the Employer and its affiliates and may include restrictive covenants provided that such covenants shall not materially expand
the scope or term of restrictive covenants to which the Eligible Executive is already subject pursuant to other plans or agreements as of the Termination Date (the “Release”). The Eligible Executive must sign (and not revoke) the
Release within the timeframes set forth therein, provided that, unless otherwise required by law, the cumulative period given to the Eligible Executive to review and revoke the Release shall not exceed seventy (70) days. In no
event shall payment of any Severance Benefit be made prior to the effective date of the Release. 

  
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 6.    Application of Code Sections 280G and 4999. Upon a
Change of Control, in the event that the Company’s legal counsel or accountants determine that any payment, benefit or transfer by the Company under this Policy or any other plan, agreement, or arrangement to or for the benefit of an Eligible
Executive (in the aggregate, the “Total Payments”) to be subject to the tax (“Excise Tax”) imposed by Code Section 4999 but for this Section 6, then, notwithstanding any other provision of this Policy to
the contrary, the Total Payments shall be delivered either (a) in full or (b) in an amount such that the value of the aggregate Total Payments that the Eligible Executive is entitled to receive shall be One Dollar ($1.00) less than the
maximum amount that the Eligible Executive may receive without being subject to the Excise Tax, whichever of (a) or (b) results in the receipt by the Eligible Executive of the greatest benefit on an
after-tax basis (taking into account applicable federal, state and local income taxes and the Excise Tax). In the event that clause (b) results in a greater
after-tax benefit to the Eligible Executive, payments or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles, in order: (i) the payment or benefit
with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (ii) the payment or benefit with
the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (iii) cash payments shall be reduced prior to non-cash benefits;
provided that if the foregoing order of reduction or elimination would violate Code Section 409A, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative
present value of the parachute payments). 
 The Company shall direct its legal counsel or accountants to prepare the calculation described hereinabove,
including the calculation regarding whether payments are owed under clause (a) or (b) above, upon the written request of the Eligible Executive. 

7.    Death of Executive. If an Eligible Executive dies after becoming eligible for Severance Benefits and
executing the Release but before full receipt of the Severance Benefits, then the Severance Benefits for which Executive is eligible shall be paid to the Eligible Executive’s estate, other than the insurance coverage benefits set forth in
Section 4(b), which shall be available to the Eligible Executive’s dependents who are otherwise eligible for such benefits in accordance with Section 4(b). If an Eligible Executive dies after becoming eligible for Severance Benefits
but before executing the Release, then no Severance Benefits with respect to the Eligible Executive are payable under this Policy unless the Eligible Executive’s estate executes a release comparable to the Release for and on behalf of the
estate of the Eligible Executive. 
 8.    Offsets. The Company may, in its discretion and to the extent
permitted under applicable law and/or Code Section 409A, offset against the Eligible Executive’s benefits under this Policy the fair market value of unreturned property, and any outstanding loan, debt or other amount the Eligible Executive
owes to the Employer. The Company may recover any overpayment of benefits made to an Eligible Executive or an Eligible Executive’s estate under this Policy or, to the extent permitted by applicable law, offset any other overpayment made to the
Eligible Executive against any Policy benefits or other amount the Employer owes the Eligible Executive or the Eligible Executive’s estate. 

  
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 9.    Repayment Obligations;
Re-employment  
 (a)    Re-employment. In the event an Eligible Executive is re-employed by the Employer in any position within eighteen (18) months of the Termination Date, then
(i) the payment of any Severance Benefits payable with respect to the prior termination immediately will cease and such Severance Benefits will no longer be payable under this Policy, other than continued vesting of equity awards, and
(ii) to the extent permitted by applicable law, the Administrator may require the Eligible Executive repay to the Company a pro-rata portion of the Severance Payment, calculated by multiplying the
Severance Payment by (18-n)/18, where “n” equals the number of months (determined to two decimal points) between the Termination Date and the Eligible Executive’s
re-employment date. 
 (b)    Breach or Determination of
Cause. Should the Eligible Executive violate any applicable confidentiality, non-competition, non-solicitation,
non-disparagement or similar provisions contained in the Release or in any other agreement with the Employer to which the Eligible Executive is bound, or should the Company discover after termination that the
Eligible Executive engaged while employed by the Employer in conduct that could have resulted in a termination for Cause had the facts been known to the Company at the time of the Eligible Executive’s termination, then the Company shall be
entitled to immediately cease payment of any remaining Severance Benefits under this Policy and, to the extent permitted by law, to require the Eligible Executive to repay the Severance Benefits. 

10.    Administration This Policy shall be administered by the Administrator. The Administrator shall have
the absolute discretion and exclusive right to interpret, construe and administer the Policy and to make final determinations on all questions arising under the Policy, including but not limited to questions concerning eligibility for, the amount of
and receipt of Policy benefits. All decisions of the Administrator will be conclusive, final and binding upon the parties. 

11.    Amendment or Termination of the Policy The Company reserves the right to amend or terminate this
Policy at any time in its sole discretion by action of the Board or the Committee. The Administrator reserves the right to adjust the Severance Benefits payable to any particular Eligible Executive in its sole discretion, and such adjustment shall
automatically be considered an amendment to this Policy as applicable to such Eligible Executive. 
 12.    Claims
and Appeals Procedure. 
 (a)    Claims Procedure. An Eligible Executive or his or
her authorized representative (the “Claimant”) who believes that a Severance Benefit is owed hereunder may file a written claim for such Severance Benefit with the Vice President of Benefits (the “Claims
Administrator”) by emailing such claim to legalpapers@fiserv.com setting forth their claim. Any claim must be submitted in writing within sixty (60) days after the date the Severance Benefit should have been paid or provided. 

The Claims Administrator will render a decision within a reasonable period of time, ordinarily within ninety (90) days after the claim is
received. However, the Claims Administrator may extend the reply period for an additional ninety (90) days under special circumstances. If the reply period will be extended, then the Claims Administrator will notify the Claimant in writing
during the initial 90-day period of the special circumstance requirement an extension and the date by which a decision is expected to be rendered. 

  
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 If the claim is denied in whole or in part, then the Claims Administrator will provide the
Claimant with a written notice of its decision, including: the specific reason(s) for denial; the specific Policy provision(s) on which the denial is based; a description of any additional material or information necessary for the Claimant to
perfect the claim and an explanation why such material or such information is necessary; appropriate information as to the steps to be taken if the Claimant wishes to appeal and the time limits for requesting an appeal and the Eligible
Executive’s right to bring a civil action under Section 502(a) of ERISA following completion of the appeals process described in subsection (b) below. 

(b)    Appeals Procedure. If a Claimant receives a notice of denial of benefits under this Policy,
then within sixty (60) days of the written notice of denial, the Claimant may make a written request for an appeal to Chief Human Resources Officer (the “Appeals Administrator”) by emailing such request to
legalpapers@fiserv.com. If the Claimant does not request a review of the initial determination within such 60-day period, then the Claimant will be barred from challenging the determination in the future. 

As part of the appeals process, the Claimant may submit written comments, documents, records or other information relating to the denied claim.
Such information shall be considered in the review regardless of whether such information was submitted or considered in the initial benefit determination. 

Upon request and free of charge, the Appeals Administrator will provide the Claimant with reasonable access to and copies of all documents,
records and other information which (i) was relied upon in making the initial claims decision; (ii) was submitted, considered or generated in the course of making the initial claims decision, without regard to whether such information was
actually relied upon in making the decision; or (iii) demonstrates compliance with the administrative processes and safeguards designed to ensure and to verify that benefit claims determinations are made in accordance with governing Policy
documents and that, where appropriate, the Policy provisions have been applied consistently with respect to similarly situated claimants. 

Within a reasonable period of time, ordinarily not later than sixty (60) days, after receipt of a request for a review, the Appeals
Administrator will review the appeal and reach a final decision as to whether the denial of benefits was justified. If special circumstances require that the sixty (60)-day time period be extended, the Appeals
Administrator will notify the Claimant within the initial 60-day period indicating the special circumstances requiring an extension and the date (not later than one hundred and twenty (120) days after
receipt of the Claimant’s request for a review) by which a decision on review is expected. 
 If the Appeals Administrator makes an
adverse benefit determination on review, the Claimant will be notified of the decision, including: the specific reason(s) for denial; the specific reference(s) to pertinent Policy provisions on which the denial is based; a statement that the
Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to their claim; and a statement of the Eligible Executive’s right to bring a civil action
under Section 502(a) of ERISA. 

  
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 No legal action may be brought until sixty (60) days after the Eligible Executive has
exhausted the appeal available under the Policy; provided, however, any such legal action must be brought within one year after exhausting the appeal. 

13.    Code Section 409A. The Company intends for the Severance Benefits to
be exempt from Code Section 409A to the maximum extent possible and further intends that any Severance Benefits that are not exempt from Code Section 409A shall be provided in a manner that is in compliance with Code Section 409A, and
this Policy shall be interpreted, to the maximum extent possible, consistent with such intent. The provisions of Code Section 409A are incorporated by reference herein to the extent needed to may any such payment that is not exempt from Code
Section 409A to be compliant therewith. However, the Company does not guarantee that any Severance Benefit intended to be exempt from Code Section 409A shall be so exempt, or that any Severance Benefit intended to comply with Code
Section 409A shall so comply. 
 14.     Miscellaneous 

(a)    Tax and Other Withholding. All payments under this Policy will be made net of amounts
withheld to cover any applicable taxes or other amounts that the Company is legally required to withhold. 

(b)    Funding. This Policy is not funded, and payment of benefits hereunder is made from the
general assets of the Employer. 
 (c)    No Entitlement or Interest. No Eligible Executive shall
become entitled to benefits under this Policy until he or she has satisfied all requirements for eligibility and the conditions required to receive the benefits specified in this Policy have been satisfied. No interest shall accrue on any benefit to
which an Eligible Executive may be entitled under this Policy. 
 (d)    Anti-assignment. Eligible
Executives cannot assign, pledge or encumber any benefits that they are eligible to receive under this Policy. Subject to state and federal law, no creditor may attach or garnish any Eligible Executive’s Severance Benefits. 

(e)    No Employment Right. An Eligible Executive’s eligibility under this Policy will not
create a right to further employment with the Employer or interfere with the ability of the Employer to terminate their employment at any time, as may be permitted under applicable law. 

(f)    Notice. All notices and other communications required hereunder shall be in writing and shall
be delivered personally or mailed by registered or certified mail, return receipt requested, or by overnight express courier service. In the case of an Eligible Executive, mailed notices shall be addressed at the home address which the Eligible
Executive most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to the Administrator and emailed to legalpapers@fiserv.com. 

  
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 (g)    Compliance with Applicable Law. The
Administrator reserves the right to make changes with respect to the amount or timing of any payments for any Eligible Executive to the extent necessary to comply with any applicable law without the Eligible Executive’s consent. The Policy is
intended to be a pension plan covering a select group of management or highly compensated employees for purposes of ERISA. 

(h)    Governing Law. To the extent not pre-empted by
federal law, the Plan shall be construed in accordance with and governed by the laws of Wisconsin without regard to conflicts of law principles. 

  
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