Document:

Employment Agreement

 EXHIBIT 10.11 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT (“Agreement”) effective as
of October 1, 2005 by and among Fiserv, Inc., a Wisconsin corporation (“Fiserv”), Fiserv Mercosur, Inc., a Delaware corporation (the “Company”), and Arun Maheshwari
(“Employee”). 
 WHEREAS, the Company wishes to assure itself of the services of Employee for the period provided for
in this Agreement; and 
 WHEREAS, Employee desires to enter into an agreement to provide for his employment with the Company upon the terms
provided for in this Agreement; and 
 WHEREAS, as the parent of the Company, Fiserv desires to provide certain additional incentives to
Employee and to guarantee the obligations of the Company; and 
 NOW, THEREFORE, in consideration of the mutual promises contained herein,
the Company, Fiserv and Employee agree as follows: 
 Section 1. Employment Duties. The Company agrees to employ Employee,
and Employee agrees to be employed by the Company, for the period stated in this Agreement and upon the other terms and conditions herein provided. During his employment, Employee agrees to serve as President of the Fiserv Global Services Group
(“FGS”), with such responsibilities and duties as are required of Employee by the senior management of Fiserv consistent with the duties of President of FGS. During the term of this Agreement, the responsibilities and duties
of Employee shall not be reduced from those responsibilities and duties contemplated by this Section 1. As President of FGS, Employee shall have the same level of authority with respect to FGS as other group presidents of Fiserv, subject to
Fiserv’s standard policies that require approval for certain actions. Employee shall report to Fiserv’s Chief Operating Officer, or other senior officer designated by the Chief Operating Officer, one of whom will be designated as
Employee’s direct supervisor (the “Direct Supervisor”). 
 Section 2. Term. The term of
employment (the “Employment Term”) under this Agreement shall be for a period commencing as of the date hereof and terminating on the date five (5) years after the date hereof, unless sooner terminated as provided
herein. The Employment Term may be extended annually beyond the period set forth in the prior sentence for additional one-year terms upon mutual agreement of Employee, the Company and Fiserv. 
 Section 3. Performance. During the Employment Term, Employee shall devote his full business time, best efforts and business judgment
to the advancement of the interests of Fiserv and the Company and to the discharge of the responsibilities and offices held by him. Employee shall not engage in any other business activity, whether or not pursued for pecuniary advantage, except as
may be approved by the senior management of Fiserv, including 

 Employee’s Direct Supervisor; provided, however, that the foregoing shall not prohibit or limit
Employee from participating in civic, charitable or other not-for-profit activities or to manage personal passive investments, provided that such activities do not materially interfere with Employee’s services required under this Agreement and
do not violate the Code of Conduct or other corporate policies of Fiserv. Employee hereby acknowledges that he has read Fiserv’s Code of Conduct in effect as of the date hereof, attached hereto as Exhibit A, and agrees that he will comply in
all material respects with such Code of Conduct and Fiserv’s other corporate policies regarding activities in the workplace, as they may be amended from time to time. 
 Section 4. Compensation and Benefits. For all services to be rendered by Employee in any capacity during the period of his employment
under this Agreement, the Company shall pay or cause to be paid to Employee and shall provide or cause to be provided to him the following during the term of this Agreement: 
 (a) Salary. An annual salary at a minimum rate of $400,000 per year, commencing on the date of this Agreement. Thereafter,
Employee’s Direct Supervisor will determine Employee’s salary, which shall in no event be less than $400,000 per year. Employee’s performance will be evaluated based upon mutually approved criteria developed jointly by Employee and
his Direct Supervisor. The term “salary” shall not include any payment or other benefit that is denominated as or is in the nature of a bonus, incentive payment, commission, profit-sharing payment, retirement or pension accrual, insurance
benefit, other fringe benefit or expense allowance, whether or not taxable to Employee as income. 
 (b) Signing
Bonuses. Employee shall be entitled to receive a cash bonus of $200,000 payable with the Company’s first regular payroll after the commencement of the Employment Term and a cash bonus of $200,000 payable with the Company’s first
regular payroll after the date that is 180 days after the commencement of the Employment Term. 
 (c) FGS Performance
Bonus. Employee shall be entitled to receive a cash bonus of $100,000 payable in March 2007 if (i) FGS has 500 billable positions by December 31, 2006, (ii) FGS is operating at a profitable monthly run-rate by December 31,
2006 and (iii) FGS has received service quality ratings from its clients equal to or less than 3.0 on Fiserv’s standard client survey. 
 (d) Special Bonus. Employee shall be entitled to receive a Special Bonus (as defined below) payable (i) to Employee or his heirs, as the case may be, in the event of the termination of Employee’s
employment at any time by reason of death pursuant to Section 5(a) or disability pursuant to Section 5(b), (ii) to Employee in the event Employee is terminated pursuant to Section 5(c)(ii) and Employee is not convicted of the
felony that was the direct cause of the termination; (iii) to Employee in the event of the 

 termination of Employee’s employment after December 31, 2008 by reason of his retirement or
other termination pursuant to Section 5(f) or (iv) to the extent applicable pursuant to Section 5(d) or (e), to Employee in the event of the termination of Employee’s employment at any time pursuant to Section 5(d) or (e).
The earliest to occur of any such termination referred to in the foregoing sentence is hereinafter referred to as the “Special Bonus Termination Date”. Employee shall not be entitled to the Special Bonus if the
Employee’s employment is terminated for cause pursuant to and as defined in Section 5(c). The “Special Bonus” shall be an amount (which shall not be less than zero) in cash equal to the sum of (i) twenty-four
(24) times the average monthly NOP from the commencement of the Employment Term through the Special Bonus Termination Date and (ii) thirty (30) times the average monthly NOP for the eighteen (18) months preceding the Special
Bonus Termination Date; provided, however, that solely for purposes of calculating the average monthly NOP under this clause (ii), a value of zero shall be ascribed to the NOP for each month by which the number of months from the commencement
of the Employment Term through the Special Bonus Termination Date is less than eighteen (18). 
 (e) Definition of NOP.
For purposes of Section 4(d), “NOP” shall mean net income of FGS for each month (“Net Income”), plus the following adjustments: 
 (i) To Net Income, there shall be added: (A) income taxes; (B) interest expense (income); (C) amortization (capitalization)
of internally developed software; and (D) any special bonus expense (expense reversal) under section 4(d). 
 (ii) From
Net Income, there shall be subtracted a cost of net capital as described in Exhibit B attached hereto. 
 (iii) To Net Income,
there shall be added the aggregate of (A) general corporate allocations from Fiserv and its affiliates (other than FGS) and (B) the portion of costs demonstrably in excess of fair market value for specific charges for services and
materials provided by Fiserv and its affiliates (other than FGS) in excess of one percent (1%) of FGS’ revenues. 
 (iv) The calculation of NOP shall include as an expense (A) Employee’s annual salary and (B) bonuses, incentive compensation, and benefits paid to Employee under Sections 4(b), (c), (f) or (g) of this Agreement.

 Net Income shall be derived from an income statement of FGS prepared using the same accounting principles, procedures, policies and methods
that Fiserv uses to prepare its annual audited consolidated financial statements. 

 (f) Incentive Compensation. Commencing January 1, 2007, Employee shall be
entitled to participate in an incentive compensation program to be designed and implemented from time to time, but no less than annually, by Employee’s Direct Supervisor. If Employee shall not be employed by the Company on the date of payment
of any incentive compensation hereunder, Employee shall not be entitled to any portion of any payment under the incentive compensation program referred to in the preceding sentence; provided, however, that in the event of termination of the
Employment Term hereunder due to death or disability under Section 5(a) or (b) hereof, as the case may be, Employee shall be entitled to a pro rata portion (based on the date of death or determination of disability) of the amount
determined ultimately to be payable to Employee under Employee’s incentive compensation program referred to above. 
 (g)
Regular Benefits. In addition to the salary and bonuses provided above, Employee shall be entitled to participate in any employee benefit plans (other than any equity incentive plans), welfare benefit plans, retirement plans and other fringe
benefit plans from time to time in effect for employees of Fiserv generally at the same level as Employee; provided, however, that such right or participation in any such plans and the degree or amount thereof shall be subject to the
terms of the applicable plan documents, generally applicable Fiserv policies and to action by the Board of Directors of Fiserv or any administrative or other committee provided in or contemplated by such plan, it being mutually agreed that this
Agreement is not intended to impair the right of any committee or other group or person concerned with the administration of such plan to exercise in good faith the full discretion reposed in them by such plan. 
 (h) Withholding, Taxes, etc. All compensation or other benefits payable or owing to Employee hereunder shall be subject to
withholding taxes and other legally required deductions pursuant to Federal, state or local law in any applicable jurisdiction. 
 Section 5. Termination. Notwithstanding the Employment Term of Employee under this Agreement, Employee’s employment hereunder and the term of this Agreement shall terminate under the following circumstances:

 (a) Death. In the event Employee dies, this Agreement shall terminate as of the end of the month during which his
death occurs. 
 (b) Disability. If Employee, due to physical or mental illness, becomes so disabled as to be unable to
perform substantially all of his duties for a continuous period of six months, either party may by notice terminate Employee’s employment effective as of the last day of the calendar month during which such notice is given. If any question
arises as to whether Employee has become so disabled as to be unable to perform his duties due to physical or mental illness, Employee will submit to the Company and Fiserv 

 a certification in reasonable detail of a physician selected by Employee or his guardian to whom the
Company and Fiserv have no reasonable objection as to whether Employee was so disabled. In the event that the Company or Fiserv shall contest such certification, Employee shall be examined by a health care practitioner mutually satisfactory to
Employee (or his guardian), the Company and Fiserv who shall determine conclusively for purposes of this Agreement whether such certification was appropriate. 
 (c) Termination for Cause by Company. Employee’s employment may be terminated for cause, effective immediately upon written
notice to Employee by Employee’s Direct Supervisor that shall set forth the specific nature of the reasons for termination. Only the following acts or omissions by Employee shall constitute “cause” for termination: (i) dishonesty
or similar serious misconduct, directly related to the performance of Employee’s duties and responsibilities hereunder, which results from a willful act or omission and which is materially injurious to the operations, financial condition or
business reputation of the Company, FGS, Fiserv or their affiliates; (ii) Employee being named as a defendant in any felony criminal proceedings, and as a result of being named as a defendant, the operations, financial condition or reputation
of the Company, FGS, Fiserv or their affiliates are materially injured or Employee is convicted of a felony; (iii) Employee’s drug or alcohol abuse which materially impairs the performance of his duties and responsibilities as set forth
herein; (iv) incompetent performance or substantial or continuing inattention to or neglect of duties and responsibilities assigned to Employee pursuant to this Agreement for which Employee receives notice and fails to cure (if applicable) in
accordance with Fiserv’s Corrective Action Policy; (v) continuing willful and unreasonable refusal by Employee to perform Employee’s duties or responsibilities (unless significantly changed without Employee’s consent) for which
Employee receives notice and fails to cure (if applicable) in accordance with Fiserv’s Corrective Action Policy; (vi) violation in any material respect of Fiserv’s Code of Conduct, as it may be amended from time to time, or other
Fiserv corporate policies regarding activities in the workplace in effect at the time; or (vii) any other breach or breaches of this Agreement by Employee, which breaches are, singularly or in the aggregate, material, and which are not cured
within 30 days of written notice of such breach or breaches to Employee from the Company or Fiserv. 
 (d) Termination by
Employee for Material Breach. Employee’s employment may be terminated by the Employee by written notice to Employee’s Direct Supervisor (with a copy sent to the Secretary of the Company and of Fiserv) in the event of a material breach
by the Company or Fiserv of any of the provisions of this Agreement, provided, however, that the Company or Fiserv, as the case may be, shall have been given adequate notice and an opportunity to cure any such event of a material
breach. In the event of termination during the Employment Term pursuant to the first sentence of this Section 5(d), Employee shall be entitled to receive the greater of (i) an amount equal to three (3) months of Employee’s then
current salary or (ii) an amount equal to the Special Bonus. 

 (e) Termination by the Company for Convenience. Employee’s employment may be
terminated by the Company by written notice to Employee by Employee’s Direct Supervisor at any time after December 31, 2008 for any reason. In the event of termination by the Company other than as specified in Section 5(a),
(b) or (c) above, Employee shall be entitled to receive the greater of (i) an amount equal to three (3) months of Employee’s then current salary or (ii) an amount equal to the Special Bonus. 
 (f) Termination by Employee for Convenience. Employee’s employment may be terminated by the Employee by written notice to
Employee’s Direct Supervisor (with a copy sent to the Secretary of the Company and of Fiserv) at any time for any reason, including retirement. In the event of termination by Employee other than as specified in Section 5(a), (b) or
(d) above, Employee shall not be entitled to any termination benefits except for any applicable Special Bonus pursuant to Section 4(d). 
 (g) Miscellaneous. Any payment under this Section 5 will be subject to withholding taxes and other legally required deductions. All other benefits being received by Employee shall cease upon termination of
employment, subject to applicable law. 
 Section 6. Non-Competition and Confidential Information. During the term of this
Agreement and for a period thereafter equal to the lesser of the number of months Employee was employed by the Company prior to the payment of the Special Bonus or eighteen (18) months, Employee shall not (a) directly or indirectly
solicit, except for the account of or on behalf of the Company, Fiserv or their affiliates, any customer of Company, Fiserv or their affiliates with which Employee had indirect or direct contact in connection with the business of FGS during the
Employment Term, (b) disclose any confidential information of the Company, Fiserv and/or their affiliates which is now known to Employee or which hereafter may become known to him as a result of his employment or association with the Company,
Fiserv and/or their affiliates or use the same in any way other than in connection with the business of the Company, Fiserv or their affiliates, (c) solicit, hire, cause to be hired or otherwise enable, encourage or assist, directly or
indirectly, any employees of the Company, Fiserv or FGS to terminate their employment with the Company, Fiserv or FGS or (d) be or become engaged in any enterprise having the name “Fiserv” or any derivative thereof or any name likely
to cause confusion with respect to such name. Employee agrees that all intellectual property under development by Employee and/or developed during Employee’s employment by the Company or its affiliates, as the case may be, is and shall remain
the sole property of the Company or its affiliates, as the case may be. The provisions of Fiserv’s standard confidentiality provisions generally applicable to employees of Fiserv and its affiliates, are hereby incorporated by reference. A copy
of those provisions is attached hereto as Exhibit C. Company acknowledges that Employee has 

 previously been employed by companies rendering similar services to that of Company and that Employee has performed
similar duties for such companies as set forth in Section 1 to this Agreement. Confidential information shall not include techniques and/or business practices developed by Employee during this previous employment and shall not include
information publicly available in the conduct of business similar to that of Company. 
 Section 7. Conflicting Interest.
Employee represents and warrants that the execution of this Agreement and the performance of his duties and obligations hereunder will not breach or be in conflict with any other agreement to which he is a party or is bound and that he is not now
subject to any covenants against competition or similar covenants which may affect the performance of his duties hereunder. Employee has provided Fiserv and Company with a copy of all agreements to which Employee is a party or is bound with all
prior employer(s), and a list of all such agreements is set forth on Exhibit D hereto. Employee represents and warrants that he has not and will not exercise any stock options referenced in any agreement set forth on Exhibit D hereto. Except with
regard to any suit, demand or claim by any third party against Fiserv, Company or their affiliates arising from a breach by Employee of any covenant against competition, non-solicitation or non-hire set forth in any of those agreements set forth on
Exhibit D hereto, Employee agrees to indemnify and hold harmless the Company, Fiserv and their affiliates from and against any and all claims, demands, actions, causes of action, losses, and expense (including reasonable attorneys’ fees)
resulting from any suit, demand, or claim by any third party, whether against the Company, Fiserv or Employee, arising out of or relating to any such covenants against competition, non-solicitation, non-hire or any other covenants which may affect
the performance of Employee’s duties hereunder. 
 Section 8. Assignment; Successors and Assigns. None of the
Company, Fiserv or Employee may assign this Agreement or any interest therein by operation of law or otherwise, without the prior written consent of the other party; provided, however, that the Company or Fiserv may assign its rights
under this Agreement without the consent of Employee to any subsidiary of Fiserv or in the event that the Company or Fiserv effects a reorganization, consolidates with or merges into any other business entity or transfers all or substantially all of
its properties or assets or the stock or the assets of the Company to another business entity. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding upon the Company, Fiserv and Employee, their respective successors,
executors, administrators, heirs, and/or permitted assigns. 
 Section 9. Severability. If any provision of this Agreement
shall be declared illegal or unenforceable by a final judgment of a court of competent jurisdiction, the remainder of this Agreement, or the application of such provision in circumstances other than those as to which it is so declared illegal or
unenforceable, shall not be affected thereby, and each remaining provision of this Agreement shall be valid and be enforceable to the fullest extent permitted by law. 

 Section 10. Notices. All notices to be sent under this Agreement shall be sufficient
when delivered in hand or mailed by registered or certified mail to the Company and Fiserv at 255 Fiserv Drive, Brookfield, Wisconsin 53045, United States of America, Attention: Secretary or such other address as it shall designate in writing to
Employee; or to Employee at 737 Brandywine Drive, Moorestown, New Jersey 08057, or such other address as Employee shall designate in writing to the Company and Fiserv. 
 Section 11. Waiver. No term or condition of this Agreement shall be deemed to have been waived, nor shall thereby create any estoppel against the enforcement of any provision of this Agreement,
except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or
condition for the future or as to any act other than that specifically waived. 
 Section 12. Arbitration. Any controversy
or claim arising out of or relating to this Agreement, or breach thereof, shall be settled by arbitration in accordance with the then applicable rules of the American Arbitration Association, and the judgment on the award rendered may be entered in
any court having jurisdiction thereof. Each party shall pay its own expenses of any such proceeding. 
 Section 13.
Amendment. No term or provision or the duration of this Agreement shall be altered, varied or contradicted except by a writing to that effect, executed by authorized officers of the Company and Fiserv and by Employee. If Employee continues in
the employ of the Company after the expiration of this Agreement and without a written extension or successor agreement, the provisions of Section 6 shall survive and be deemed a condition of Employee’s continued employment under any
informal employment arrangement. 
 Section 14. Entire Agreement. This Agreement and each paragraph herein constitute the
entire understanding of Employee, the Company and Fiserv with respect to Employee’s employment. As of the commencement of its term, this Agreement supersedes any prior agreement or arrangement relative to Employee’s employment with the
Company. No modification or waiver of any provision of this Agreement shall be made unless made in writing and signed by Employee and such other person as Employee’s Direct Supervisor may designate for such purpose. 
 Section 15. Governing Law. This Agreement shall be deemed to have been entered into under the laws of the State of Wisconsin,
United States of America, without regard to conflict of law provisions that would defer to the substantive laws of another jurisdiction. The rights and obligations of the parties hereunder shall be governed and determined in accordance with such
laws. 

 Section 16. Headings. The headings of sections or paragraphs herein are included
solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
 Section 17. Execution in Counterparts. For the convenience of the parties, this Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. 
 Section 18. Guarantee. Fiserv hereby guarantees the obligations of the Company to make
payments and otherwise hereunder in accordance with the terms of the Company’s commitments and agreements hereunder. 

 IN WITNESS WHEREOF, the parties hereto have set their hands as of the date first written above.

  

			
	FISERV, INC.
		
	By:	 	 /s/ Norman J. Balthasar

	Title:	 	Senior Executive Vice President
	Date:	 	October 27, 2005
	
	FISERV MERCOSUR, INC.
		
	By:	 	 /s/ Kenneth R. Jensen

	Title:	 	Vice President
	Date:	 	October 27, 2005
	
	EMPLOYEE
		
		 	 /s/ Arun Maheshwari

		 	Arun Maheshwari
	Date:	 	October 27, 2005

 Exhibit A 
 Fiserv, Inc. Code of Conduct 

 Fiserv, Inc. 
 Code of Conduct 
 Adopted March 24, 2003 
 Amended February 18, 2004 
 Governing Principles 
 Fiserv operates in an honest and ethical manner for the benefit of its shareholders by maintaining a workforce and work environment that is focused on
producing quality products and providing quality service for our clients. 
 To foster mutually beneficial relationships with clients that,
of necessity, rely on trust and loyalty, Fiserv strives to maintain long-term relationships with its employees, clients and suppliers based on: 
 Fairness in all our dealings with our fellow employees, shareholders, clients and suppliers through our consistent and careful adherence to all Fiserv policies and all applicable laws and regulations and consideration for the general
good of all parties in instances where policy or other guidance is not clearly defined. 
 Integrity in all actions and communications
within our Corporation and with our suppliers and clients, including protecting our Corporation’s and clients’ confidential information and trade secrets. 
 Quality in our products and services, so our Corporation is the supplier of choice for products and services to our clients. 
 Responsibility for our words and actions and a commitment to do what we say as representatives of our Corporation. 
 Respect and compassion for our fellow employees, shareholders, clients and suppliers so that they are motivated to work enthusiastically for our mutual benefit. 
 Implementing Regulations 
 Introduction. The
Fiserv, Inc. Code of Conduct sets forth principles to guide the operation of Fiserv’s business, to deter wrongdoing and to promote honest and ethical conduct, full, fair, accurate, timely and understandable disclosure in reports filed by Fiserv
with the Securities and Exchange Commission, compliance with applicable laws, the prompt internal reporting of violations of this Code of Conduct and accountability for adherence to this Code of Conduct. This Code of Conduct is applicable to all
employees of Fiserv and its subsidiaries, including without limitation Fiserv’s Chief Executive 

 
Officer, Chief Financial Officer and Corporate Controller. Operating a corporation in an honest, ethical and legal manner requires the constant effort and
vigilance of all members of the organization under the leadership of the Board of Directors and the Chief Executive Officer. 
 The Role
of the Board. The Fiserv Board of Directors represents the Corporation’s shareholders’ interest in perpetuating a successful business, including optimizing long-term financial returns. The Audit Committee is ultimately responsible for
overseeing the Compliance Officer and the interpretation and enforcement of this Code. 
 Conflicts of Interest. Directors and
employees should not place themselves in a position where their actions, personal interests, or actions/interests of those for whom they act are, or are likely to be, in actual or apparent conflict between personal and professional relationships
involving the Corporation. Directors, officers and employees may not have any direct or indirect interest in any enterprise doing business with or competing with the Corporation, except when the interest has been fully disclosed to and approved by
the Corporation prior to any such interested activity. 
 Confidentiality. All directors and employees agree upon their service as a
director or employment to observe strict confidentiality with regard to all information they obtain in connection with their service as a director or employment regarding the financial condition and operating results, accounts, transactions, trade
secrets or other business affairs of the Corporation or its clients. 
 Financial Integrity. The Corporation requires its financial
personnel to record and report accurately, completely and timely all financial transactions involving the Corporation. Adherence to the Financial Policies Manual is a matter of mutual trust engaged in by all employees of the Corporation. A failure
anywhere within the Corporation to do so is a breach of that trust not only to the Corporation’s shareholders and the investing public who rely on the integrity of the Corporation’s financial statements but also to all the other employees
of the Corporation who are equally reliant upon the fundamental integrity of the Corporation and its processes. 
 Financial
Disclosure. As a reporting company under the Federal securities laws, Fiserv is subject to rules governing public disclosure of material information, including Rule 10b-5 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and Regulation FD. In keeping with those obligations, the Corporation pursues a policy of prompt, timely, full, accurate and understandable disclosure in all reports and documents Fiserv files with the Securities and Exchange Commission
and in other public communications made by Fiserv. 
 Trading in Securities. All employees of the Corporation are subject to the
limitations on trading in the Corporation’s outstanding securities while aware of material non-public information. In addition, directors and executive officers (and selected other officers) are subject to internal policies restricting the sale
of Fiserv securities during 

 
certain “blackout” periods as well as pre-approvals of such sales. Directors and executive officers are also subject to filing requirements under
Section 16(a) of the Exchange Act and subject to the short-swing profits rules of Section 16(b) of the Exchange Act. Directors and the Chief Operating Officer are subject to Rule 144 under the Securities Act of 1933, as amended, in
connection with the sale of any Fiserv securities. The Corporation will cooperate fully in any investigation by any law enforcement agency, including the Securities and Exchange Commission, the NASD, any stock exchange or any other law enforcement
agency, of trading irregularities in the Corporation’s Common Stock. 
 Compliance with Law Generally. The Corporation seeks at
all times to comply with law, rules and regulations in all material respects. The effort to make Fiserv compliant with law is a joint effort of all employees from the Directors to the most junior employee. Thus, all employees of the Corporation are
enjoined to report to their supervisor any instances of non-compliance with law by the Corporation or by any employee of the Corporation. Supervisors in turn are required to assure that such information is communicated to the business unit head and
ultimately to the Compliance Officer, who will work with the internal departments in the Corporation charged with seeking to investigate and cure any such reported transgressions. 
 Conduct in the Workplace. The Corporation seeks to maintain a workplace that respects the rights of all employees to succeed to their maximum
potential. The Corporation does not discriminate on the grounds of race, sex, religion, national background or otherwise in hiring, rewarding or promoting employees. 
 Conduct in the Marketplace. All marketing and sales material developed and used by the Corporation in the marketplace must accurately and fairly describe the Corporation’s products and services, their
features, functionality and capabilities. In making sales presentations, responding to questions or otherwise in the sales process, Corporation representatives are not to spread negative, unfounded, unsubstantiated, rumored or otherwise unreliable
or hostile information about a competitor. If asked a direct question about a competitor, responses should be limited only to known facts about a competitor, not speculation or rumor or, indefensibly, falsehood. 
 In foreign markets the Corporation adheres to the United States Foreign Corrupt Practices Act that prohibits “special” payments to foreign
governmental officials. 
 Corrective Action. As a means to enforce this Code of Conduct, all employees who are found in violation of
any aspect of the Code of Conduct are subject to discipline, according to the Corporation’s Corrective Action Policy, up to and including discharge. 
 Accountability / Compliance 
 All employees, officers and directors of the Corporation are charged with the responsibility to
comply with the Code of Conduct. This Code of Conduct must of necessity be self-enforcing. Nevertheless, violations of this Code of Conduct should be 

 
reported promptly to the Compliance Officer identified below. The Corporation, through the Audit Committee, has also established a procedure for reporting,
including anonymously, of complaints or concerns about questionable financial, accounting or auditing matters. The Compliance Officer investigates all such violations and complaints and reports regarding such matters, as appropriate, to the Audit
Committee. Those who do not choose to adhere to this Code of Conduct or who impede adherence by others should remove herself or himself from Fiserv voluntarily or they will subject themselves to the Corporation’s Corrective Action Policy, as
mentioned above. 
 No retribution will be taken against an employee or Director for providing information or assisting in an investigation
the employee or Director reasonably believed constituted a violation of this Code of Conduct. Any employee or Director threatening, harassing, or in any way discriminating against another employee or Director for reporting such a matter in good
faith will be disciplined. 
 To assure ongoing adherence to the Code of Conduct, the Board of Directors has appointed the head of Corporate
Human Resources as its Compliance Officer to receive information concerning violations or alleged violations of this Code of Conduct, interpret and enforce the Code of Conduct, and assist employees in learning, understanding and accepting the Code
of Conduct so that the Code of Conduct is applied in the daily conduct of their duties. 
 Fiserv employs both proactive and remedial
measures to attempt to ensure compliance with its Code of Conduct by all members of the organization under the leadership of the Board of Directors and the Chief Executive Officer. 
 Annually, each appropriate officer or Director of the Corporation is required to disclose any potential conflicts of interest. For the protection of its
information regarding the accounts, transactions, trade secrets or other business affairs of the company or its clients, each new employee of the Corporation is required to enter into a confidentiality agreement. 
 As a means to enforce its Code of Conduct, all employees who are found in violation of any aspect of the Code of Conduct will be subject to discipline,
including according to the Corporation’s Corrective Action Policy, up to and including discharge or removal. 
 Adoption / Publication

 This Code of Conduct has been adopted by Fiserv’s Board of Directors by a majority of the Directors on March 24, 2003 and
amended on February 18, 2004. Fiserv’s Board of Directors must similarly adopt any amendments to, or waivers of, this Code of Conduct. 
 In compliance with the Sarbanes-Oxley Act, this Code of Conduct is or will be published by inclusion as an exhibit to Fiserv’s Annual Report on Form 10-K or by 

 
posting on Fiserv’s website, www.Fiserv.com, in the area generally addressing Investor information. Any amendments to the Code of Conduct will be
published by filing a Current Report on Form 8-K within five business days of such amendment or by posting such amendment, or a description of such amendment, on Fiserv’s website. 
 Any waivers or implicit waivers duly approved by the Board of Directors will be published within five business days of the granting of such waiver, or
such shorter time period as may be required by Securities and Exchange Commission rules, with a brief description of the nature of and reasons for the waiver, the name of the person to whom the waiver was granted and the date of the waiver by
posting on Fiserv’s website, www.Fiserv.com, in the area generally addressing Investor information or by filing a Current Report on Form 8-K. For purposes hereof, a “waiver” shall mean the approval by the Board of Directors of
a material departure from a provision of this Code of Conduct and an “implicit waiver” shall mean Fiserv’s failure to take action within a reasonable period of time regarding a material departure from a provision of this Code of
Conduct that has been made known to an executive officer of Fiserv. Any waiver involving a related party transaction will also require the approval of the Audit Committee. 
 Conclusion 
 Fiserv is always seeking to do better and to improve. It will do so only through the
efforts of its entire community. 

 Exhibit B 
 Cost of Capital 
 Cost of Capital Charge or (Benefit) = (8%* X Net Working Capital) + (5.5%** X Property and
Equipment and Purchased Software) - interest income on outside investments 

	*	8% represents the annual cost of capital rate. 

	**	5.5% represents the rate of interest that would equalize the lease vs. buy decision on fixed assets. This rate will be adjusted annually by Fiserv Corporate Finance if long-term
interest rates fluctuate materially. 

 Net Working Capital is defined as the sum of controllable assets such as cash, investments,
prepaids and other assets reduced by controllable liabilities such as accounts payable, accruals and deferred revenue. Net Working Capital excludes intercompany receivables/payables, fixed assets, purchased and capitalized software, acquisition
intangibles (i.e., goodwill, customer base, non-competition agreements), accrued/deferred income taxes and capital lease obligations. Net Working Capital also excludes accrual of the Special Bonus. 
 Property and Equipment is defined as the net book value of land, buildings, leasehold improvements, furniture, fixtures, equipment, autos, and capitalized leased
assets. This definition coincides with the classification on the balance sheet. 
 Purchased Software is defined as the net book value of purchased
software and coincides with the classification on the balance sheet. 
 The monthly computation should use beginning of the month balances. 
 This cost of capital calculation may require amendment for business acquisitions. 

 Exhibit C 
 Fiserv Confidentiality Provisions 

 [logo of fiserv] 
 EMPLOYEE CONFIDENTIAL INFORMATION 
 AND DEVELOPMENT AGREEMENT 
 In consideration of my employment at Fiserv, Inc. and/or its affiliates (“Fiserv”) or my continued employment at will by Fiserv, and the payment to me of the
salary or other compensation that I receive during my employment, I agree as follows: 
  

	1.	I will not, without Fiserv’s prior written permission, disclose to anyone outside of Fiserv or use in any other way, either during or after my employment, any Fiserv
confidential information or material, or any information or material received in confidence from third parties by Fiserv. I understand the unauthorized use of recording devices to record or disseminate confidential or trade secret information is
strictly prohibited. “Recording device” means any device that is capable of capturing or recording sounds or images, including, but not limited to, cameras, camcorders, video devices, camera or video enabled cell phones, cassette
recorders, and digital voice or image recorders. PDAs, MP3 and DVD devices, laptop computers, and other devices are included if they are equipped with any device or technology that has the capability to record images or sounds. If I leave
Fiserv’s employ, I will return all Fiserv property in my possession, including all confidential information and other proprietary material such as software, code, drawings, notebooks, reports, Developments, and customer lists.

  

	2.	I will not disclose to Fiserv any information or material that is confidential to others, or use such information in its business, or cause it to be used. 

 

	3.	I will comply, and do all things necessary for Fiserv to comply, with the laws and regulations of all governments under which Fiserv does business, and with the provisions of
contracts between any such government or its contractors and Fiserv that relate to intellectual property or to the safeguarding of confidential information or material. 

  

	4.	I hereby assign to Fiserv my entire right, title, and interest in any idea, invention, design of a useful article (whether the design is ornamental or otherwise), computer program
and related documentation, and other work of authorship (collectively, “Developments”), hereafter made or conceived solely or jointly by me, or created wholly or in part by me, whether or not such Developments are patentable,
copyrightable, or susceptible to other forms of protection. These Developments will relate to the actual or anticipated Fiserv business or research and development, and shall include any Development that may be suggested by me or result from any
task assigned to me or work performed by me for or on Fiserv’s behalf. 

 The above provisions concerning assignment of
Developments apply only while I am employed by Fiserv in an executive, managerial, product or technical planning, technical, research, programming, or engineering capacity (including without limitation, development, product, manufacturing, systems,
consulting, support, and field testing). 
 Excluded are any Developments that I cannot assign to Fiserv because of my prior agreement with
                                        
                                        
        , effective until
                                        
                                        
         
 (Give name and date or write “none”.) 
 I acknowledge that the copyright and any other intellectual property right in designs, computer programs, and related documentation, and works of
authorship, created within the scope of my employment, directly or indirectly, belong to Fiserv by operation of law. 
  

	5.	In connection with any Developments assigned by Section 4 above, I will promptly: (a) disclose completely all facts regarding them to Fiserv; and (b) on Fiserv’s
request, execute a specific assignment of title to Fiserv, and do anything else reasonably necessary to enable Fiserv to secure a patent, copyright, or other form of protection related thereto. 

	6.	Fiserv and their licensees (direct and indirect) are not required to designate me as author of any design, computer program, or related documentation, or other work of authorship
assigned in Section 4 above when distributed publicly or otherwise, nor to make any distribution thereof. I waive and release, to the extent permitted by law, all my rights to the foregoing. 

  

	7.	I have identified below all Developments not assigned by Section 4 above in which I have any right, title, or interest, and that were previously made or conceived solely or
jointly by me, or written wholly or in part by me, but neither published nor filed in any patent office. 

 If I do not have
any to identify, I have written “none” on this line:
                                        
                             
 (It is in your interest to establish that any of the above were made, conceived, or written before your employment by Fiserv. You should not disclose
them in detail, but identify them only by the titles and dates of documents describing them. If you wish Fiserv to consider any of these items, you may contact the Fiserv Legal Department, which will provide you with instructions for submitting them
to Fiserv.) 
 (If you have entered “none” above, do not complete the following information.) 
 Following are Developments not covered by Section 4, in which I have any right, title, or interest, and were previously conceived or written either
wholly or in part by me, but not published and/or filed in any Patent Office. 
 Description of Developments: 
  

					
	Title and Date on Document (if applicable)	    		 	Name of Witness on Document                               
     
	  	    		 	  
	  	    		 	  
	  	    		 	  
	  	    		 	  

  

	8.	I acknowledge Fiserv is entitled to an accounting and repayment of all profits, compensation, commission, and benefits that I directly or indirectly realize in connection with any
breach of this Agreement; such remedy shall be in addition to and not limit Fiserv’s right to injunctive relief under this Agreement in the event of any breach or threatened breach by you, directly or indirectly. 

  

	9.	The term “affiliates” as used in this Agreement, includes any entity owned or controlled, directly or indirectly, by Fiserv, Inc. 

  

	10.	I agree not to engage in any activity that creates a conflict of interest with Fiserv’s interests or interferes with my compliance with this Agreement.

  

	11.	This is my entire agreement with Fiserv relating to the subject matter hereof, and it supersedes all previous oral or written communications, representations, understandings,
undertakings, or agreements by or with Fiserv. I acknowledge receipt of a copy of this Agreement. 

  

									
	  	    		 	  	    		 	  
	Employee’s Full Name (please print)	    		 	Employee Signature            	    		 	Date                                    
					
	  	    		 	  	    		 	  
	Human Resources Manager	    		 	Signature	    		 	Date

 Exhibit D 
 Agreements with Former Employer(s) of Employee 
  

	1.	Offer Letter dated June 7, 1996 between Arun Maheshwari and Computer Sciences Corporation as successor in interest to Policy Management Systems Corporation

  

	2.	Employees Agreement Not to Divulge and Assignment of Interest dated June 6, 1996 between Arun Maheshwari and Computer Sciences Corporation as successor in interest to Policy
Management Systems Corporation and its Subsidiaries 

  

	3.	Computer Sciences Corporation Code of Ethics and Standards of Conduct 

  

	4.	Computer Sciences Corporation Prospectus dated November 12, 2004 for 9,000,000 Shares of Common Stock Issuable Pursuant to 2004 Incentive Plan 

  

	5.	Computer Sciences Corporation 2004 Incentive Plan 

  

	6.	Stock Option Schedule N11 Additional Terms and ConditionsKey Executive Employment and Severance Agreement

 EXHIBIT 10.12 
 KEY EXECUTIVE EMPLOYMENT AND SEVERANCE AGREEMENT 
 THIS AGREEMENT, made and entered
into as of the 1st day of October, 2005, by and between Fiserv, Inc., a Wisconsin corporation (hereinafter referred to as the “Company”), and Arun Maheshwari (hereinafter referred to as the “Executive”). 
 W I T N E S S E T H 
 WHEREAS, the Executive is employed by the Company and/or a subsidiary of the Company (hereinafter referred to collectively as the
“Employer”) in a key executive capacity and the Executive’s services are valuable to the conduct of the business of the Company; 
 WHEREAS, the Company desires to continue to attract and retain dedicated and skilled management employees in a period of industry consolidation, consistent with achieving the best possible value for its shareholders in any change in
control of the Company; 
 WHEREAS, the Company recognizes that circumstances may arise in which a change in control of the Company
occurs, through acquisition or otherwise, thereby causing a potential conflict of interest between the Company’s needs for the Executive to remain focused on the Company’s business and for the necessary continuity in management prior to
and following a change in control, and the Executive’s reasonable personal concerns regarding future employment with the Employer and economic protection in the event of loss of employment as a consequence of a change in control; 
 WHEREAS, the Company and the Executive are desirous that any proposal for a change in control or acquisition of the Company will be considered by
the Executive objectively and with reference only to the best interests of the Company and its shareholders; 
 WHEREAS, the Executive
will be in a better position to consider the Company’s best interests if the Executive is afforded reasonable economic security, as provided in this Agreement, against altered conditions of employment which could result from any such change in
control or acquisition; 
 WHEREAS, the Executive possesses intimate knowledge of the business and affairs of the Company and has
acquired certain confidential information and data with respect to the Company; and 
 WHEREAS, the Company desires to insure, insofar
as possible, that it will continue to have the benefit of the Executive’s services and to protect its confidential information and goodwill. 

 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
hereinafter set forth, the parties hereto mutually covenant and agree as follows: 
 1. Definitions. 
 (a) Accrued Benefits. The term “Accrued Benefits” shall include the following amounts, payable as described herein: (i) all base
salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive’s employment for reasonable and necessary expenses incurred by the Executive on behalf of the
Employer for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect;
(iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the
Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the
aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been
attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive’s death, the Executive’s surviving spouse or other beneficiary) may be entitled on the Termination Date as compensatory fringe
benefits or under the terms of any benefit plan of the Employer, excluding severance payments under any Employer severance policy, practice or agreement in effect on the Termination Date. Payment of Accrued Benefits shall be made promptly in
accordance with the Company’s prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice
establishing such benefits. 
 (b) Act. The term “Act” means the Securities Exchange Act of 1934, as amended. 
 (c) Affiliate and Associate. The terms “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms
in Rule l2b-2 of the General Rules and Regulations under the Act. 
 (d) Annual Cash Compensation. The term “Annual Cash
Compensation” shall mean the sum of (i) the Executive’s Annual Base Salary (determined as of the time of the Change in Control of the Company or, if higher, immediately prior to the date the Notice of Termination is given) plus
(ii) an amount equal to (A) if the Executive has been employed by the Company for three or more years prior to the Change in Control of the Company, the highest annual incentive bonus the Executive received for any of the three fiscal
years prior to the Change in Control of the Company, or (B) if the Executive has not been employed by the Company for three or more years prior to the Change in Control of the Company, the greater of (x) 60% of the Executive’s Annual
Base Salary as of the time of the Change in Control of the Company or (y) the highest annual incentive bonus the Executive received for any of the two fiscal years prior to the Change in Control of the Company in which the Executive was
employed by the Company (the aggregate amount set forth in clause (i) and clause (ii) shall hereafter be referred to as the “Annual Cash Compensation”). 

 (e) Beneficial Owner. A Person shall be deemed to be the “Beneficial Owner” of any
securities: 
 (i) which such Person or any of such Person’s Affiliates or Associates has the right to acquire (whether
such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, rights, warrants or options, or otherwise; provided,
however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, (A) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s Affiliates or
Associates until such tendered securities are accepted for purchase, or (B) securities issuable upon exercise of Rights issued pursuant to the terms of the Company’s Shareholder Rights Agreement, dated as of February 24, 1998, between
the Company and Equiserve Limited Partnership, as amended from time to time (or any successor to such Rights Agreement), at any time before the issuance of such securities; 
 (ii) which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right to vote or dispose of
or has “beneficial ownership” of (as determined pursuant to Rule l3d-3 of the General Rules and Regulations under the Act), including pursuant to any agreement, arrangement or understanding; provided, however, that a Person
shall not be deemed the Beneficial Owner of, or to beneficially own, any security under this clause (ii) as a result of an agreement, arrangement or understanding to vote such security if the agreement, arrangement or understanding:
(A) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations under the Act and (B) is not also
then reportable on a Schedule l3D under the Act (or any comparable or successor report); or 
 (iii) which are
beneficially owned, directly or indirectly, by any other Person with which such Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except
pursuant to a revocable proxy as described in clause (ii) above) or disposing of any voting securities of the Company. 
 (f)
Cause. “Cause” for termination by the Employer of the Executive’s employment in connection with a Change in Control of the Company shall be limited to (i) the engaging by the Executive in intentional conduct not taken in
good faith that the Company establishes, by clear and convincing evidence, has caused demonstrable and serious financial injury to the Employer, as evidenced by a determination in a binding and final judgment, order or decree of a court or
administrative agency of competent jurisdiction, in effect after exhaustion or lapse of all rights of appeal, in an action, suit or proceeding, whether civil, criminal, administrative or investigative; (ii) conviction of a felony (as evidenced
by binding and final judgment, order or decree of a court of competent jurisdiction, in effect after exhaustion of all rights of appeal), which substantially impairs the Executive’s ability to perform his duties or responsibilities; or
(iii) continuing willful and unreasonable refusal by the Executive to perform the Executive’s duties or responsibilities (unless significantly changed without the Executive’s consent). 

 (g) Change in Control of the Company. A “Change in Control of the Company” shall be
deemed to have occurred if an event set forth in any one of the following paragraphs shall have occurred: 
 (i) any Person
(other than (A) the Company or any of its subsidiaries, (B) a trustee or other fiduciary holding securities under any employee benefit plan of the Company or any of its subsidiaries, (C) an underwriter temporarily holding securities
pursuant to an offering of such securities or (D) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock in the Company (“Excluded Persons”))
is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates after November 14,
2001, pursuant to express authorization by the Board that refers to this exception) representing 20% or more of either the then outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding
voting securities; or 
 (ii) the following individuals cease for any reason to constitute a majority of the number of
directors of the Company then serving: (A) individuals who, on November 14, 2001 constituted the Board and (B) any new director (other than a director whose initial assumption of office is in connection with an actual or threatened
election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved by a
vote of at least two-thirds (2/3) of the directors then still in office who either were directors on November 14, 2001, or whose appointment, election or nomination for election was previously so approved (collectively the “Continuing
Directors”); provided, however, that individuals who are appointed to the Board pursuant to or in accordance with the terms of an agreement relating to a merger, consolidation, or share exchange involving the Company (or any direct or
indirect subsidiary of the Company) shall not be Continuing Directors for purposes of this Agreement until after such individuals are first nominated for election by a vote of at least two-thirds (2/3) of the then Continuing Directors and are
thereafter elected as directors by the shareholders of the Company at a meeting of shareholders held following consummation of such merger, consolidation, or share exchange; and, provided further, that in the event the failure of any such
persons appointed to the Board to be Continuing Directors results in a Change in Control of the Company, the subsequent qualification of such persons as Continuing Directors shall not alter the fact that a Change in Control of the Company occurred;
or 
 (iii) the shareholders of the Company approve a merger, consolidation or share exchange of the Company with any other
corporation or approve the issuance of voting securities of the Company in connection with a 

 merger, consolidation or share exchange of the Company (or any direct or indirect subsidiary of the
Company) pursuant to applicable stock exchange requirements, other than (A) a merger, consolidation or share exchange which would result in the voting securities of the Company outstanding immediately prior to such merger, consolidation or
share exchange continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the combined voting power of the voting securities of the Company or
such surviving entity or any parent thereof outstanding immediately after such merger, consolidation or share exchange, or (B) a merger, consolidation or share exchange effected to implement a recapitalization of the Company (or similar
transaction) in which no Person (other than an Excluded Person) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired
directly from the Company or its Affiliates after November 14, 2001, pursuant to express authorization by the Board that refers to this exception) representing 20% or more of either the then outstanding shares of common stock of the Company or
the combined voting power of the Company’s then outstanding voting securities; or 
 (iv) the shareholders of the Company
approve of a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets (in one transaction or a series of related transactions
within any period of 24 consecutive months), other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity at least 75% of the combined voting power of the voting securities of which are owned
by Persons in substantially the same proportions as their ownership of the Company immediately prior to such sale. 
 Notwithstanding the foregoing, no
“Change in Control of the Company” shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately
prior to such transaction or series of transactions continue to own, directly or indirectly, in the same proportions as their ownership in the Company, an entity that owns all or substantially all of the assets or voting securities of the Company
immediately following such transaction or series of transactions. 
 (h) Code. The term “Code” means the Internal Revenue
Code of 1986, including any amendments thereto or successor tax codes thereof. 
 (i) Covered Termination. Subject to
Section 2(b), the term “Covered Termination” means any termination of the Executive’s employment during the Employment Period where the Termination Date, or the date Notice of Termination is delivered, is any date prior to
the end of the Employment Period. 

 (j) Employment Period. Subject to Section 2(b), the term “Employment Period”
means a period commencing on the date of a Change in Control of the Company, and ending at 11:59 p.m. Central Time on the third anniversary of such date. 
 (k) Good Reason. The Executive shall have “Good Reason” for termination of employment in connection with a Change in Control of the Company in the event of: 
 (i) any breach of this Agreement by the Employer, including specifically any breach by the Employer of the agreements contained in
Section 3(b), Section 4, Section 5, or Section 6, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith that the Employer remedies promptly after receipt of notice
thereof given by the Executive; 
 (ii) any reduction in the Executive’s base salary, percentage of base salary available
as incentive compensation or bonus opportunity or benefits, in each case relative to those most favorable to the Executive in effect at any time during the 180-day period prior to the Change in Control of the Company or, to the extent more favorable
to the Executive, those in effect at any time during the Employment Period; 
 (iii) the removal of the Executive from, or any
failure to reelect or reappoint the Executive to, any of the positions held with the Employer on the date of the Change in Control of the Company or any other positions with the Employer to which the Executive shall thereafter be elected, appointed
or assigned, except in the event that such removal or failure to reelect or reappoint relates to the termination by the Employer of the Executive’s employment for Cause or by reason of disability pursuant to Section 12; 

(iv) a good faith determination by the Executive that there has been a material adverse change, without the Executive’s written
consent, in the Executive’s working conditions or status with the Employer relative to the most favorable working conditions or status in effect during the 180-day period prior to the Change in Control of the Company, or, to the extent more
favorable to the Executive, those in effect at any time during the Employment Period, including but not limited to (A) a significant change in the nature or scope of the Executive’s authority, powers, functions, duties or responsibilities,
or (B) a significant reduction in the level of support services, staff, secretarial and other assistance, office space and accoutrements, but in each case excluding for this purpose an isolated, insubstantial and inadvertent event not occurring
in bad faith that the Employer remedies within ten (10) days after receipt of notice thereof given by the Executive; 
 (v) the relocation of the Executive’s principal place of employment to a location more than 35 miles from the Executive’s principal place of employment on the date 180 days prior to the Change in Control of the Company;

 (vi) the Employer requires the Executive to travel on Employer business 20% in excess of
the average number of days per month the Executive was required to travel during the 180-day period prior to the Change in Control of the Company; or 
 (vii) failure by the Company to obtain the Agreement referred to in Section 17(a) as provided therein. 
 (l) Person. The term “Person” shall mean any individual, firm, partnership, corporation or other entity, including any successor (by merger or otherwise) of such entity, or a group of any of the foregoing acting in concert.

 (m) Termination Date. Except as otherwise provided in Section 2(b), Section 10(b), and
Section 17(a), the term “Termination Date” means (i) if the Executive’s employment is terminated by the Executive’s death, the date of death; (ii) if the Executive’s employment is terminated by reason
of voluntary early retirement, as agreed in writing by the Employer and the Executive, the date of such early retirement which is set forth in such written agreement; (iii) if the Executive’s employment is terminated for purposes of this
Agreement by reason of disability pursuant to Section 12, the earlier of thirty days after the Notice of Termination is given or one day prior to the end of the Employment Period; (iv) if the Executive’s employment is
terminated by the Executive voluntarily (other than for Good Reason), the date the Notice of Termination is given; and (v) if the Executive’s employment is terminated by the Employer (other than by reason of disability pursuant to
Section 12) or by the Executive for Good Reason, the earlier of thirty days after the Notice of Termination is given or one day prior to the end of the Employment Period. Notwithstanding the foregoing, 
 (A) If termination is for Cause pursuant to Section 1(f)(iii) and if the Executive has cured the conduct constituting such
Cause as described by the Employer in its Notice of Termination within such thirty-day or shorter period, then the Executive’s employment hereunder shall continue as if the Employer had not delivered its Notice of Termination. 
 (B) If the Executive shall in good faith give a Notice of Termination for Good Reason and the Employer notifies the Executive that a
dispute exists concerning the termination within the fifteen-day period following receipt thereof, then the Executive may elect to continue his or her employment during such dispute and the Termination Date shall be determined under this paragraph.
If the Executive so elects and it is thereafter determined that Good Reason did exist, the Termination Date shall be the earliest of (1) the date on which the dispute is finally determined, either (x) by mutual written agreement of the
parties or (y) in accordance with Section 22, (2) the date of the Executive’s death or (3) one day prior to the end of the Employment Period. If the Executive so elects and it is thereafter determined that Good Reason
did not exist, then the employment of the Executive hereunder shall continue after such determination as if the Executive had not delivered the Notice of Termination asserting Good Reason and there shall be no Termination Date arising out of such
Notice. In either case, this Agreement continues, until the Termination Date, if any, as if the 

 Executive had not delivered the Notice of Termination except that, if it is finally determined that Good
Reason did exist, the Executive shall in no case be denied the benefits described in Section 9 (including a Termination Payment) based on events occurring after the Executive delivered his Notice of Termination. 
 (C) Except as provided in Section 1(m)(B), if the party receiving the Notice of Termination notifies the other party that a
dispute exists concerning the termination within the appropriate period following receipt thereof and it is finally determined that the reason asserted in such Notice of Termination did not exist, then (1) if such Notice was delivered by the
Executive, the Executive will be deemed to have voluntarily terminated his employment and the Termination Date shall be the earlier of the date fifteen days after the Notice of Termination is given or one day prior to the end of the Employment
Period and (2) if delivered by the Company, the Company will be deemed to have terminated the Executive other than by reason of death, disability or Cause. 
 2. Termination or Cancellation Prior to Change in Control. 
 (a) Subject to Section 2(b), the Employer and the Executive shall each retain the right to terminate the employment of the Executive at any
time prior to a Change in Control of the Company. Subject to Section 2(b), in the event the Executive’s employment is terminated prior to a Change in Control of the Company, this Agreement shall be terminated and cancelled and of no
further force and effect, and any and all rights and obligations of the parties hereunder shall cease. 
 (b) Anything in this Agreement to
the contrary notwithstanding, if a Change in Control of the Company occurs and if the Executive’s employment with the Employer is terminated (other than a termination due to the Executive’s death or as a result of the Executive’s
disability) during the period of 180 days prior to the date on which the Change in Control of the Company occurs, and if it is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third
party who has taken steps reasonably calculated to effect a Change in Control of the Company or (ii) otherwise arose in connection with or in anticipation of a Change in Control of the Company, then for all purposes of this Agreement such
termination of employment shall be deemed a “Covered Termination,” “Notice of Termination” shall be deemed to have been given, and the “Employment Period” shall be deemed to have begun on the date of such termination
which shall be deemed to be the “Termination Date” and the date of the Change of Control of the Company for purposes of this Agreement. 
 3. Employment Period; Vesting of Certain Benefits. 
 (a) If a Change in Control of the Company occurs
when the Executive is employed by the Employer, the Employer will continue thereafter to employ the Executive during the Employment Period, and the Executive will remain in the employ of the Employer in accordance with and subject to the terms and
provisions of this Agreement. Any termination of the Executive’s employment during the Employment Period, whether by the Company or the Employer, shall be deemed a termination by the Company for purposes of this Agreement. 

 (b) If a Change in Control of the Company occurs when the Executive is employed by the Employer,
(i) the Company shall cause all restrictions on restricted stock awards made to the Executive prior to the Change in Control of the Company to lapse such that the Executive is fully and immediately vested in the Executive’s restricted
stock upon such a Change in Control of the Company; and (ii) the Company shall cause all stock options granted to the Executive prior to the Change in Control of the Company pursuant to the Company’s stock option plan(s) to be fully and
immediately vested upon such a Change in Control of the Company. 
 4. Duties. During the Employment Period, the Executive shall, in
the same capacities and positions held by the Executive at the time of the Change in Control of the Company or in such other capacities and positions as may be agreed to by the Employer and the Executive in writing, devote the Executive’s best
efforts and all of the Executive’s business time, attention and skill to the business and affairs of the Employer, as such business and affairs now exist and as they may hereafter be conducted; provided, however, that the Executive shall be
entitled (a) to serve as director of other corporations and (b) to devote time to personal and financial activities, in each case so long as such activities do not materially affect the Executive’s ability to perform the
Executive’s duties hereunder. 
 5. Compensation. During the Employment Period, the Executive shall be compensated as follows:

 (a) The Executive shall receive, at reasonable intervals (but not less often than monthly) and in accordance with such standard policies as
may be in effect immediately prior to the Change in Control of the Company, an annual base salary in cash equivalent of not less than twelve times the Executive’s highest monthly base salary for the twelve-month period immediately preceding the
month in which the Change in Control of the Company occurs or, if higher, an annual base salary at the rate in effect immediately prior to the Change in Control of the Company (which base salary shall, unless otherwise agreed in writing by the
Executive, include the current receipt by the Executive of any amounts which, prior to the Change in Control of the Company, the Executive had elected to defer, whether such compensation is deferred under Section 401(k) of the Code or
otherwise), subject to adjustment as hereinafter provided in Section 6 (such salary amount as adjusted upward from time to time is hereafter referred to as the “Annual Base Salary”). 
 (b) The Executive shall receive fringe benefits at least equal in value to the highest value of such benefits provided for the Executive at any time
during the 180-day period immediately prior to the Change in Control of the Company or, if more favorable to the Executive, those provided generally at any time during the Employment Period to any executives of the Employer of comparable status and
position to the Executive; and shall be reimbursed, at such intervals and in accordance with such standard policies that are most favorable to the Executive that were in effect at any time during the 180-day period immediately prior to the Change in
Control of the Company, for any and all monies advanced in connection with the Executive’s employment for reasonable and necessary expenses incurred by the Executive on behalf of the Employer, including travel expenses. 
 (c) The Executive and/or the Executive’s family, as the case may be, shall be included, to the extent eligible thereunder (which eligibility shall
not be conditioned on the 

 Executive’s salary grade or on any other requirement which excludes persons of comparable status to the Executive
unless such exclusion was in effect for such plan or an equivalent plan at any time during the 180-day period immediately prior to the Change in Control of the Company), in any and all plans providing benefits for the Employer’s salaried
employees in general, including but not limited to group life insurance, hospitalization, medical, dental, profit sharing and stock bonus plans; provided, that, (i) in no event shall the aggregate level of benefits under such plans in
which the Executive is included be less than the aggregate level of benefits under plans of the Employer of the type referred to in this Section 5(c) in which the Executive was participating at any time during the 180-day period
immediately prior to the Change in Control of the Company and (ii) in no event shall the aggregate level of benefits under such plans be less than the aggregate level of benefits under plans of the type referred to in this
Section 5(c) provided at any time after the Change in Control of the Company to any executive of the Employer of comparable status and position to the Executive. 
 (d) The Executive shall annually be entitled to not less than the amount of paid vacation and not fewer than the highest number of paid holidays to which
the Executive was entitled annually at any time during the 180-day period immediately prior to the Change in Control of the Company or such greater amount of paid vacation and number of paid holidays as may be made available annually to other
executives of the Employer of comparable status and position to the Executive at any time during the Employment Period. 
 (e) The Executive
shall be included in all plans providing additional benefits to executives of the Employer of comparable status and position to the Executive, including but not limited to deferred compensation, split-dollar life insurance, supplemental retirement,
stock option, stock appreciation, stock bonus and similar or comparable plans; provided, that, (i) in no event shall the aggregate level of benefits under such plans be less than the highest aggregate level of benefits under plans of the
Employer of the type referred to in this Section 5(e) in which the Executive was participating at any time during the 180-day period immediately prior to the Change in Control of the Company; (ii) in no event shall the aggregate
level of benefits under such plans be less than the aggregate levels of benefits under plans of the type referred to in this Section 5(e) provided at any time after the Change in Control of the Company to any executive of the Employer
comparable in status and position to the Executive; and (iii) the Employer’s obligation to include the Executive in bonus or incentive compensation plans shall be determined by Section 5(f). 
 (f) To assure that the Executive will have an opportunity to earn incentive compensation after a Change in Control of the Company, the Executive shall be
included in a bonus plan of the Employer which shall satisfy the standards described below (such plan, the “Bonus Plan”). Bonuses under the Bonus Plan shall be payable with respect to achieving such financial or other goals reasonably
related to the business of the Employer as the Employer shall establish (the “Goals”), all of which Goals shall be attainable, prior to the end of the Employment Period, with approximately the same degree of probability as the most
attainable goals under the Employer’s bonus plan or plans as in effect at any time during the 180-day period immediately prior to the Change in Control of the Company (whether one or more, the “Company Bonus Plan”) and in view of the
Employer’s existing and projected financial and business circumstances applicable at the time. The amount of the bonus (the “Bonus Amount”) that the Executive is eligible to earn under the Bonus Plan shall be no less than the amount
of the Executive’s maximum 

 award provided in such Company Bonus Plan (such bonus amount herein referred to as the “Targeted Bonus”), and
in the event the Goals are not achieved such that the entire Targeted Bonus is not payable, the Bonus Plan shall provide for a payment of a Bonus Amount equal to a portion of the Targeted Bonus reasonably related to that portion of the Goals which
were achieved. Payment of the Bonus Amount shall not be affected by any circumstance occurring subsequent to the end of the Employment Period, including termination of the Executive’s employment. 
 6. Annual Compensation Adjustments. During the Employment Period, the Board of Directors of the Company (or an appropriate committee thereof) will
consider and appraise, at least annually, the contributions of the Executive to the Company, and in accordance with the Company’s practice prior to the Change in Control of the Company, due consideration shall be given to the upward adjustment
of the Executive’s Annual Base Salary, at least annually, (a) commensurate with increases generally given to other executives of the Company of comparable status and position to the Executive, and (b) as the scope of the
Company’s operations or the Executive’s duties expand. 
 7. Termination For Cause or Without Good Reason. If there is a
Covered Termination for Cause or due to the Executive’s voluntarily terminating his or her employment other than for Good Reason (any such terminations to be subject to the procedures set forth in Section 13), then the Executive
shall be entitled to receive only Accrued Benefits. 
 8. Termination Giving Rise to a Termination Payment. If there is a Covered
Termination by the Executive for Good Reason, or by the Company other than by reason of (i) death, (ii) disability pursuant to Section 12, or (iii) Cause (any such terminations to be subject to the procedures set forth in
Section 13), then the Executive shall be entitled to receive, and the Company shall promptly pay, Accrued Benefits and, in lieu of further base salary for periods following the Termination Date, as liquidated damages and additional
severance pay and in consideration of the covenant of the Executive set forth in Section 14(a), the Termination Payment pursuant to Section 9(a). 
 9. Payments Upon Termination. 
 (a) Termination Payment. 
 (i) Subject to Section 9(a)(ii), the
“Termination Payment” shall be an amount equal to the Annual Cash Compensation times two (2). The Termination Payment shall be paid to the Executive in cash equivalent ten (10) business days after the Termination Date. Such lump sum
payment shall not be reduced by any present value or similar factor, and the Executive shall not be required to mitigate the amount of the Termination Payment by securing other employment or otherwise, nor will such Termination Payment be reduced by
reason of the Executive securing other employment or for any other reason. The Termination Payment shall be in lieu of, and acceptance by the Executive of the Termination Payment shall constitute the Executive’s release of any rights of the
Executive to, any other cash severance payments under any Company severance policy, practice or agreement. 

 (ii) Notwithstanding any other provision of this Agreement, if any portion of the
Termination Payment or any other payment under this Agreement, or under any other agreement with or plan of the Employer (in the aggregate, “Total Payments”), would constitute an “excess parachute payment,” then the Executive
shall have the option to have the Total Payments to be made to the Executive reduced such that the value of the aggregate Total Payments that the Executive is entitled to receive shall be One Dollar ($1) less than the maximum amount which the
Executive may receive without becoming subject to the tax imposed under Section 4999 of the Code (or any successor provision). For purposes of this Agreement, the terms “excess parachute payment” and “parachute payments”
shall have the meanings assigned to them in Section 280G of the Code (or any successor provision) and such “parachute payments” shall be valued as provided therein. Present value for purposes of this Agreement shall be calculated in
accordance with Section 1274(b)(2) of the Code (or any successor provision). Within forty days following a Covered Termination or notice by one party to the other of its belief that there is a payment or benefit due the Executive that will
result in an “excess parachute payment” as defined in Section 280G of the Code (or any successor provision), the Executive and the Company, at the Company’s expense, shall obtain the opinion (which need not be unqualified) of
nationally recognized tax counsel (“National Tax Counsel”) selected by the Company’s independent auditors and reasonably acceptable to the Executive (which may be regular outside counsel to the Company), which opinion sets forth
(A) the amount of the Base Period Income, (B) the amount and present value of Total Payments, (C) the amount and present value of any excess parachute payments determined without regard to any reduction of Total Payments pursuant to
this Section 9(a)(ii) and (D) the net after-tax proceeds to the Executive, taking into account the tax imposed under Section 4999 of the Code if (x) the Total Payments were reduced in accordance with the first sentence of
this Section 9(a)(ii) or (y) the Total Payments were not so reduced. As used in this Agreement, the term “Base Period Income” means an amount equal to the Executive’s “annualized includable compensation for the
base period” as defined in Section 280G(d)(1) of the Code. For purposes of such opinion, the value of any noncash benefits or any deferred payment or benefit shall be determined by the Company’s independent auditors in accordance with
the principles of Section 280G(d)(3) and (4) of the Code (or any successor provisions), which determination shall be evidenced in a certificate of such auditors addressed to the Company and the Executive. The opinion of National Tax
Counsel shall be addressed to the Company and the Executive and shall be binding upon the Company and the Executive. If such National Tax Counsel opinion determines that there would be an excess parachute payment, then, at the Executive’s
option, then, at the Executive’s sole discretion, the Termination Payment hereunder or any other payment or benefit determined by such counsel to be includable in Total Payments may be reduced or eliminated as specified by the Executive in
writing delivered to the Company within thirty days of his receipt of such opinion so that under the bases of calculations set forth in such opinion there will be no excess parachute payment. If such National Tax Counsel so requests in connection
with the opinion required by this Section 9(a), the Executive and the Company shall obtain, at the Company’s expense, and the National Tax Counsel may rely on, the advice of a 

 firm of recognized executive compensation consultants as to the reasonableness of any item of
compensation to be received by the Executive solely with respect to its status under Section 280G of the Code and the regulations thereunder. 
 (iii) The Company agrees to bear all costs associated with, and to indemnify and hold harmless, the National Tax Counsel of and from any and all claims, damages, and expenses resulting from or relating to its
determinations pursuant to this Section 9(a), except for claims, damages or expenses resulting from the gross negligence or willful misconduct of such firm. 
 (b) Additional Benefits. If there is a Covered Termination and the Executive is entitled to Accrued Benefits and the Termination Payment, then the Company shall provide to the Executive the following additional
benefits: 
 (i) The Executive shall receive, at the expense of the Company, outplacement services, on an individualized basis
at a level of service commensurate with the Executive’s status with the Company immediately prior to the date of the Change in Control of the Company (or, if higher, immediately prior to the termination of the Executive’s employment),
provided by a nationally recognized executive placement firm selected by the Company; provided that the cost to the Company of such services shall not exceed 10% of the Executive’s Annual Base Salary. 
 (ii) Until the earlier of the end of the Employment Period or such time as the Executive has obtained new employment and is covered by
benefits which in the aggregate are at least equal in value to the following benefits, the Executive shall continue to be covered, at the expense of the Company, by the same or equivalent life insurance, hospitalization, medical and dental coverage
as was required hereunder with respect to the Executive immediately prior to the date the Notice of Termination is given. 
 (iii) The Company shall reimburse the Executive for up to $15,000 in the aggregate of fees and expenses of consultants and/or legal or accounting advisors engaged by the Executive to advise the Executive as to matters relating to the
computation of benefits due and payable under this Section 9. 
 (iv) The Company shall cause all performance plan
awards granted to the Executive pursuant to any long-term incentive plan maintained by the Company to be paid out at target, as if all performance requirements had been satisfied, on a pro rata basis based on the completed portion of each award
cycle. 
 10. Death. 
 (a)
Except as provided in Section 10(b), in the event of a Covered Termination due to the Executive’s death, the Executive’s estate, heirs and beneficiaries shall receive all the Executive’s Accrued Benefits through the
Termination Date. 

 (b) In the event the Executive dies after a Notice of Termination is given (i) by the Company or
(ii) by the Executive for Good Reason, the Executive’s estate, heirs and beneficiaries shall be entitled to the benefits described in Section 10(a) and, subject to the provisions of this Agreement, to such Termination Payment
as the Executive would have been entitled to had the Executive lived. For purposes of this Section 10(b), the Termination Date shall be the earlier of thirty days following the giving of the Notice of Termination, subject to extension
pursuant to Section 1(m), or one day prior to the end of the Employment Period. 
 11. Retirement. If, during the
Employment Period, the Executive and the Employer shall execute an agreement providing for the early retirement of the Executive from the Employer, or the Executive shall otherwise give notice that he is voluntarily choosing to retire early from the
Employer, the Executive shall receive Accrued Benefits through the Termination Date; provided, that if the Executive’s employment is terminated by the Executive for Good Reason or by the Company other than by reason of death, disability
or Cause and the Executive also, in connection with such termination, elects voluntary early retirement, the Executive shall also be entitled to receive a Termination Payment pursuant to Section 8. 
 12. Termination for Disability. If, during the Employment Period, as a result of the Executive’s disability due to physical or mental illness
or injury (regardless of whether such illness or injury is job-related), the Executive shall have been absent from the Executive’s duties hereunder on a full-time basis for a period of six consecutive months and, within thirty days after the
Company notifies the Executive in writing that it intends to terminate the Executive’s employment (which notice shall not constitute the Notice of Termination contemplated below), the Executive shall not have returned to the performance of the
Executive’s duties hereunder on a full-time basis, the Company may terminate the Executive’s employment for purposes of this Agreement pursuant to a Notice of Termination given in accordance with Section 13. If the
Executive’s employment is terminated on account of the Executive’s disability in accordance with this Section, the Executive shall receive Accrued Benefits through the Termination Date and shall remain eligible for all benefits provided by
any long term disability programs of the Company in effect at the time of such termination. 
 13. Termination Notice and Procedure.
Any Covered Termination by the Company or the Executive (other than a termination of the Executive’s employment that is a Covered Termination by virtue of Section 2(b)) shall be communicated by a written notice of termination
(“Notice of Termination”) to the Executive, if such Notice is given by the Company, and to the Company, if such Notice is given by the Executive, all in accordance with the following procedures and those set forth in
Section 23: 
 (a) If such termination is for disability, Cause or Good Reason, the Notice of Termination shall indicate in
reasonable detail the facts and circumstances alleged to provide a basis for such termination. 
 (b) Any Notice of Termination by the
Company shall have been approved, prior to the giving thereof to the Executive, by a resolution duly adopted by a majority of the directors of the Company (or any successor corporation) then in office. 
 (c) If the Notice is given by the Executive for Good Reason, the Executive may cease performing his duties hereunder on or after the date fifteen days
after the delivery of Notice 

 of Termination and shall in any event cease employment on the Termination Date. If the Notice is given by the Company,
then the Executive may cease performing his duties hereunder on the date of receipt of the Notice of Termination, subject to the Executive’s rights hereunder. 
 (d) The Executive shall have thirty days, or such longer period as the Company may determine to be appropriate, to cure any conduct or act, if curable, alleged to provide grounds for termination of the
Executive’s employment for Cause under this Agreement pursuant to Section 1(f)(iii). 
 (e) The recipient of any Notice of
Termination shall personally deliver or mail in accordance with Section 23 written notice of any dispute relating to such Notice of Termination to the party giving such Notice within fifteen days after receipt thereof; provided,
however, that if the Executive’s conduct or act alleged to provide grounds for termination by the Company for Cause is curable, then such period shall be thirty days. After the expiration of such period, the contents of the Notice of
Termination shall become final and not subject to dispute. 
 14. Further Obligations of the Executive. 
 (a) Competition. The Executive agrees that, in the event of any Covered Termination where the Executive is entitled to Accrued Benefits and the
Termination Payment, the Executive shall not, for a period expiring six months after the Termination Date, without the prior written approval of the Company’s Board of Directors, participate in the management of, be employed by or own any
business enterprise at a location within the United States that engages in substantial competition with the Company or its subsidiaries, where such enterprise’s revenues from any competitive activities amount to 10% or more of such
enterprise’s net revenues and sales for its most recently completed fiscal year; provided, however, that nothing in this Section 14(a) shall prohibit the Executive from owning stock or other securities of a competitor
amounting to less than five percent of the outstanding capital stock of such competitor. 
 (b) Confidentiality. During and following
the Executive’s employment by the Company, the Executive shall hold in confidence and not directly or indirectly disclose or use or copy or make lists of any confidential information or proprietary data of the Company (including that of the
Employer), except to the extent authorized in writing by the Board of Directors of the Company or required by any court or administrative agency, other than to an employee of the Company or a person to whom disclosure is reasonably necessary or
appropriate in connection with the performance by the Executive of duties as an executive of the Company. Confidential information shall not include any information known generally to the public or any information of a type not otherwise considered
confidential by persons engaged in the same business or a business similar to that of the Company. All records, files, documents and materials, or copies thereof, relating to the business of the Company which the Executive shall prepare, or use, or
come into contact with, shall be and remain the sole property of the Company and shall be promptly returned to the Company upon termination of employment with the Company. 
 (c) No Solicitation. The Executive agrees that, in the event of any Covered Termination where the Executive is entitled to Accrued Benefits and
the Termination Payment, the Executive shall not, for a period expiring two years after the Termination Date, without the prior written approval of the Company’s Board of Directors, hire or solicit for employment any person who is or was
employed by the Company during the then immediately preceding twelve months, other than pursuant to a general published solicitation of employment. 

 15. Expenses and Interest. If, after a Change in Control of the Company, (a) a dispute arises
with respect to the enforcement of the Executive’s rights under this Agreement or (b) any legal or arbitration proceeding shall be brought to enforce or interpret any provision contained herein or to recover damages for breach hereof, in
either case so long as the Executive is not acting in bad faith, then the Company shall reimburse the Executive for any reasonable attorneys’ fees and necessary costs and disbursements incurred as a result of the dispute, legal or arbitration
proceeding (“Expenses”), and prejudgment interest on any money judgment or arbitration award obtained by the Executive calculated at the rate of interest announced by The Bank of New York, from time to time at its prime or base lending
rate from the date that payments to him or her should have been made under this Agreement. Within ten days after the Executive’s written request therefor, the Company shall pay to the Executive, or such other person or entity as the Executive
may designate in writing to the Company, the Executive’s reasonable Expenses in advance of the final disposition or conclusion of any such dispute, legal or arbitration proceeding. 
 16. Payment Obligations Absolute. The Company’s obligation during and after the Employment Period to pay the Executive the amounts and to
make the benefit and other arrangements provided herein shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any setoff, counterclaim, recoupment, defense or other right which the Company
may have against him or anyone else. Except as provided in Section 15, all amounts payable by the Company hereunder shall be paid without notice or demand. Each and every payment made hereunder by the Company shall be final, and the
Company will not seek to recover all or any part of such payment from the Executive, or from whomsoever may be entitled thereto, for any reason whatsoever. 
 17. Successors. 
 (a) If the Company sells, assigns or transfers all or substantially all of its
business and assets to any Person or if the Company merges into or consolidates or otherwise combines (where the Company does not survive such combination) with any Person (any such event, a “Sale of Business”), then the Company shall
assign all of its right, title and interest in this Agreement as of the date of such event to such Person, and the Company shall cause such Person, by written agreement in form and substance reasonably satisfactory to the Executive, to expressly
assume and agree to perform from and after the date of such assignment all of the terms, conditions and provisions imposed by this Agreement upon the Company. Failure of the Company to obtain such agreement prior to the effective date of such Sale
of Business shall be a breach of this Agreement constituting “Good Reason” hereunder, except that for purposes of implementing the foregoing the date upon which such Sale of Business becomes effective shall be deemed the Termination Date.
In case of such assignment by the Company and of assumption and agreement by such Person, as used in this Agreement, “Company” shall thereafter mean such Person which executes and delivers the agreement provided for in this
Section 17 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law, and this Agreement shall inure to the benefit of, and be enforceable by, such Person. The Executive shall, in his or her
discretion, be entitled to proceed against any or all of such Persons, 

 any Person which theretofore was such a successor to the Company and the Company (as so defined) in any action to enforce
any rights of the Executive hereunder. Except as provided in this Section 17(a), this Agreement shall not be assignable by the Company. This Agreement shall not be terminated by the voluntary or involuntary dissolution of the Company.

 (b) This Agreement and all rights of the Executive shall inure to the benefit of and be enforceable by the Executive’s personal or
legal representatives, executors, administrators, heirs and beneficiaries. All amounts payable to the Executive under Sections 7, 8, 9, 10, 11, 12 and 15 if the Executive had lived shall be paid, in the event of the Executive’s
death, to the Executive’s estate, heirs and representatives; provided, however, that the foregoing shall not be construed to modify any terms of any benefit plan of the Employer, as such terms are in effect on the date of the Change in
Control of the Company, that expressly govern benefits under such plan in the event of the Executive’s death. 
 18.
Severability. The provisions of this Agreement shall be regarded as divisible, and if any of said provisions or any part hereof are declared invalid or unenforceable by a court of competent jurisdiction, the validity and enforceability of the
remainder of such provisions or parts hereof and the applicability thereof shall not be affected thereby. 
 19. Contents of Agreement;
Waiver of Rights; Amendment. This Agreement sets forth the entire understanding between the parties hereto with respect to the subject matter hereof, and the Executive hereby waives all rights under, any prior or other agreement or understanding
between the parties with respect to such subject matter. This Agreement may not be amended or modified at any time except by written instrument executed by the Company and the Executive. 
 20. Withholding. The Company shall be entitled to withhold from amounts to be paid to the Executive hereunder any federal, state or local
withholding or other taxes or charges which it is from time to time required to withhold; provided, that the amount so withheld shall not exceed the minimum amount required to be withheld by law. The Company shall be entitled to rely on an
opinion of the National Tax Counsel if any question as to the amount or requirement of any such withholding shall arise. 
 21. Certain
Rules of Construction. No party shall be considered as being responsible for the drafting of this Agreement for the purpose of applying any rule construing ambiguities against the drafter or otherwise. No draft of this Agreement shall be taken
into account in construing this Agreement. Any provision of this Agreement which requires an agreement in writing shall be deemed to require that the writing in question be signed by the Executive and an authorized representative of the Company.

 22. Governing Law; Resolution of Disputes. This Agreement and the rights and obligations hereunder shall be governed by and
construed in accordance with the laws of the State of Wisconsin. Any dispute arising out of this Agreement shall, at the Executive’s election, be determined by arbitration under the rules of the American Arbitration Association then in effect
(in which case both parties shall be bound by the arbitration award) or by litigation. Whether the dispute is to be settled by arbitration or litigation, the venue for the arbitration or litigation shall be Milwaukee, Wisconsin or, at the
Executive’s election, if the Executive is not then residing or working in the Milwaukee, Wisconsin metropolitan area, in the judicial district encompassing the 

 city in which the Executive resides; provided, that, if the Executive is not then residing in the United States,
the election of the Executive with respect to such venue shall be either Milwaukee, Wisconsin or in the judicial district encompassing that city in the United States among the thirty cities having the largest population (as determined by the most
recent United States Census data available at the Termination Date) which is closest to the Executive’s residence. The parties consent to personal jurisdiction in each trial court in the selected venue having subject matter jurisdiction
notwithstanding their residence or situs, and each party irrevocably consents to service of process in the manner provided hereunder for the giving of notices. 
 23. Notice. Notices given pursuant to this Agreement shall be in writing and, except as otherwise provided by Section 13(d), shall be deemed given when actually received by the Executive or actually
received by the Company’s Secretary or any officer of the Company other than the Executive. If mailed, such notices shall be mailed by United States registered or certified mail, return receipt requested, addressee only, postage prepaid, if to
the Company, to Fiserv, Inc., Attention: Secretary (or President, if the Executive is then Secretary), 255 Fiserv Drive, Brookfield, Wisconsin 53045, or if to the Executive, at the address set forth below the Executive’s signature to this
Agreement, or to such other address as the party to be notified shall have theretofore given to the other party in writing. 
 24. No
Waiver. No waiver by either party at any time of any breach by the other party of, or compliance with, any condition or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same time or any prior or subsequent time. 
 25. Headings. The headings herein contained are for reference only
and shall not affect the meaning or interpretation of any provision of this Agreement. 
 26. Payments. It is intended that any
amounts payable under this Agreement and the Company’s and Executive’s exercise of authority or discretion hereunder shall comply with Section 409A of the Code (including the Treasury regulations and other published guidance relating
thereto) so as not to subject Executive to the payment of any interest or additional tax imposed under Section 409A of the Code. In furtherance of this intent, (a) the Termination Payment shall be paid no later than the 15th day of the
third month following the calendar year in which the Executive’s termination of employment giving rise to such payment occurs (or such earlier date as may apply to cause the lump sum payment to qualify as a “short-term deferral” under
Section 409A of the Code), unless due to the circumstances giving rise to such lump sum payment the payment thereof must be delayed for six months in order to meet the requirements of Section 409A(a)(2)(B) of the Code applicable to
“specified employees,” and (b) to the extent that any Treasury regulations, guidance or changes to Section 409A after the date of this Agreement would result in the Executive becoming subject to interest and additional tax under
Section 409A of the Code, the Company and Executive agree to amend this Agreement in order to bring this Agreement into compliance with Code Section 409A. 

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

  

			
	FISERV, INC.
		
	By:	 	 /s/ Leslie M. Muma

	Its:	 	President & C.E.O.
		
	Attest:	 	 /s/ Charles W. Sprague

	Its:	 	Secretary
	
	EXECUTIVE:
		
		 	 /s/ Arun Maheshwari (SEAL)

		
	Address:	 	505 Avellino Isles Circle, #38102
		 	Naples, FL 34119

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]