Document:

exv4w1

Exhibit 4.1

Execution Version

WARRANT CONFIRMATION AMENDMENT AGREEMENT

     THIS WARRANT CONFIRMATION AMENDMENT AGREEMENT (this “Agreement”) dated as of May 4, 2011 is
between Core Laboratories N.V. (“Issuer”) and Citibank, N.A. (“Dealer”). Unless otherwise defined
herein, each capitalized term used herein shall have the meaning assigned to such term in the
Confirmation referred to below.

RECITALS

     WHEREAS, Issuer and Dealer (by way of an assignment from Lehman Brothers OTC Derivatives Inc.
(“Lehman”) dated March 10, 2009), a copy of the agreement evidencing which is attached hereto as
Exhibit A), are parties to a confirmation dated October 31, 2006 (as amended by that
certain letter agreement dated as of November 15, 2006 between Lehman, as represented by its agent
Lehman Brothers Inc. as its agent, and Issuer, the “Confirmation”), a copy of which is attached
hereto as Exhibit B, relating to Warrants on shares of common stock (par value EUR 0.04) of
Issuer issued by Issuer to Dealer;

     WHEREAS, Issuer has declared and paid dividends and also had a two-for-one stock split that
reduced the par value of the common stock to EUR 0.02 since the date of the Confirmation that
collectively have resulted in an adjustment to the number of outstanding and Daily Warrants and the
Strike Price, such that as of the date of this Agreement, the current aggregate number of
outstanding Warrants is 6,592,140 Warrants, the number of Daily Warrants is 329,607 Warrants and
the current Strike Price is $61.2482;

     WHEREAS, Issuer and Dealer have agreed to amend the Confirmation and accelerate the expiration
of part of the Transaction evidenced thereby, subject to the terms and conditions of this
Agreement;

     NOW, THEREFORE, in consideration of the premises set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

     1. Amendments to Confirmation.

     (a) The Confirmation is hereby amended by deleting in their entirety the “Number of Warrants”,
“Daily Number of Warrants”, “Strike Price,” and “Expiration Date(s)” (as specified in Part 2 of the
Confirmation) and replacing them with the following:

	 	 	 

	Number of Warrants:

	 	6,592,140
	 
	 	 
	Accelerated Daily Number of Warrants:

	 	82,402
	 
	 	 
	Remaining Daily Number of Warrants:

	 	247,205
	 
	 	 
	Strike Price:

	 	For Warrants with Expiration Dates
that fall in the period beginning on
and including the First Expiration
Date and ending on and including the
Final Expiration Date, the Strike
Price shall be

 

 

	 	 	 

	 

	 	$61.2482; for Warrants with Expiration Dates that
fall in the period beginning on and including the
First Accelerated Expiration Date and ending on and
including the Final Accelerated Expiration Date, the
Strike Price for all Warrants with each such
particular Expiration Date will be determined by
reference to the table set forth in Annex A,
using as the input the VWAP Price on such Expiration
Date (using linear interpolation or extrapolation if
the particular VWAP Price on such Expiration Date
does not appear in such table).
	 
	 	 
	Expiration Date(s):

	 	Each Scheduled Trading Day in the period beginning on and including the
First Expiration Date and ending on and including the Final Expiration Date shall be an
“Expiration Date” for a number of Warrants equal to the Remaining Daily Number of
Warrants on such date, and each Scheduled Trading Day in the period beginning on and
including the First Accelerated Expiration Date and ending on and including the Final
Accelerated Expiration Date shall be an “Expiration Date” for a number of Warrants
equal to the Accelerated Daily Number of Warrants on such date.
	 
	 	 
	 

	 	Notwithstanding the foregoing and anything to the
contrary in the Equity Definitions, if a Market
Disruption Event occurs on any Expiration Date that
falls in the period beginning on and including the
First Expiration Date and ending on and including the
Final Expiration Date, the Calculation Agent shall
(i) make adjustments, if applicable, to the Remaining
Daily Number of Warrants for which such day shall be
an Expiration Date and (ii) designate the Scheduled
Trading Day immediately following such day (which may
be an Expiration Date for another Remaining Daily
Number of Warrants) as the Expiration Date for the
remaining Remaining Daily Number of Warrants or a
portion thereof for the original Expiration Date;
provided that any such designation shall be subject
to legal, regulatory or self-regulatory requirements
and related policies and procedures applicable to
Dealer (whether or not such requirements, policies or
procedures are imposed by law or have been
voluntarily adopted by Dealer); provided further that
if such Expiration Date has not occurred

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	 	pursuant to immediately preceding clause (ii) as of
the third Scheduled Trading Day following the Final
Expiration Date under this Transaction, the
Calculation Agent shall have the right to declare
such Scheduled Trading Day to be the final Expiration
Date and the Calculation Agent shall determine its
good faith estimate of the fair market value for the
Shares as of the Valuation Time on that third
Scheduled Trading Day or on any subsequent Scheduled
Trading Day, as the Calculation Agent shall determine
using commercially reasonable means.
	 
	 	 
	 

	 	Notwithstanding the foregoing and anything to the
contrary in the Equity Definitions, if a Market
Disruption Event occurs on any Expiration Date that
falls in the period beginning on and including the
First Accelerated Expiration Date and ending on and
including the Final Accelerated Expiration Date, the
Calculation Agent shall (i) make adjustments, if
applicable, to the Accelerated Daily Number of
Warrants for which such day shall be an Expiration
Date and (ii) designate the Scheduled Trading Day
immediately following such day (which may be an
Expiration Date for another Accelerated Daily Number
of Warrants) as the Expiration Date for the remaining
Accelerated Daily Number of Warrants or a portion
thereof for the original Expiration Date; provided
that any such designation shall be subject to legal,
regulatory or self-regulatory requirements and
related policies and procedures applicable to Dealer
(whether or not such requirements, policies or
procedures are imposed by law or have been
voluntarily adopted by Dealer); provided further that
if such Expiration Date has not occurred pursuant to
immediately preceding clause (ii) as of the third
Scheduled Trading Day following the Final Accelerated
Expiration Date under this Transaction, the
Calculation Agent shall have the right to declare
such Scheduled Trading Day to be the final Expiration
Date and the Calculation Agent shall determine its
good faith estimate of the fair market value for the
Shares as of the Valuation Time on that third
Scheduled Trading Day or on any subsequent Scheduled
Trading Day, as the
Calculation Agent shall determine using commercially
reasonable means.

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     (b) The Confirmation is hereby amended by inserting new sections after “Final Expiration Date”
in Part 2 of the Confirmation as follows:

	 	 	 

	First Accelerated Expiration Date:	 	The Scheduled Trading Day that is 20 Scheduled
Trading Days prior to the Final Accelerated Expiration Date.
	 	 	 
	Final Accelerated Expiration Date:	 	June 1, 2011

     2. Representations.

     (a) On the date of this Agreement, each party represents to the other party that (i) it is
duly organized and validly existing under the laws of the jurisdiction of its organization or
incorporation; (ii) it has the power to execute this Agreement, to deliver this Agreement and to
perform its obligations under this Agreement and has taken all necessary action to authorize such
execution delivery and performance; and (iii) its obligations under this Agreement constitute its
legal, valid and binding obligations, enforceable in accordance with their terms (subject to
applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’
rights generally and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at law)).

     (b) On the date of this Agreement, Issuer represents to Dealer as follows:

	 	(1)	 	(A) none of Issuer and its officers and directors is aware of
any material nonpublic information regarding Issuer or the Shares and (B) all
reports and other documents filed by Issuer with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934 (the “Exchange Act”)
when considered as a whole (with the more recent such reports and documents
deemed to amend inconsistent statements contained in any earlier such reports
and documents), do not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances in which they were
made, not misleading.
	 
	 	(2)	 	(A) the assets of Issuer at their fair valuation exceed the
liabilities of Issuer, including contingent liabilities, (B) the capital of
Issuer is adequate to conduct the business of Issuer and (C) Issuer has the
ability to pay its debts and obligations as such debts mature and does not
intend to, or does not believe that it will, incur debt beyond its ability to
pay as such debts mature.
	 
	 	(3)	 	Issuer is receiving no additional payment for the issuance and
delivery of Shares to Dealer.

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	 	(4)	 	Issuer is not compensating any financial advisor in connection
with this Agreement.

     (c) On the date of this Agreement, Dealer represents to Issuer as follows:

	 	(1)	 	Dealer is the beneficial owner of the Warrants, free and clear
of any lien and any other limitation or restriction, other than limitations and
restrictions set forth in the Confirmation as imposed by applicable securities
laws, and has been for a period of at least one (1) year prior to the date of
this Agreement.
	 
	 	(2)	 	Dealer is not, and has not been during the preceding three
months, an “affiliate” of Issuer as that term is defined in Rule 144(a)(1)
promulgated under the Securities Act of 1933.
	 
	 	(3)	 	Dealer is making no additional payment for the delivery of
Shares by Issuer in connection with a Net Share Settlement of the Warrants.

     3. Acknowledgement of Dealer. Dealer acknowledges that Issuer is the issuer of the Shares.
Dealer also understands and acknowledges that, for this and other reasons, Issuer has access to
(and may be or is in possession of) information about Issuer and the Shares (which may include
material, non-public information) that may be or is material and superior to the information
available to Dealer, that Dealer does not have such access to such information, and that Issuer is
not sharing any such information with Dealer. Dealer acknowledges that it is entering into this
Agreement without any reliance on Issuer or any of Issuer’s representatives (except that Dealer is
relying on Issuer’s representations, warranties and agreements set forth in the Confirmation and in
this Agreement), that this Agreement has not been solicited by Issuer and has been entered into at
Dealer’s initiative based on Dealer’s current investment or trading strategies. Dealer represents
to Issuer that Dealer, together with Dealer’s professional advisers, is a sophisticated investor
with respect to the Shares and Issuer, and is capable of evaluating the risks associated with the
Transaction under the Confirmation as amended by this Agreement, including the risk of transacting
on the basis of inferior information, and that Dealer is capable of sustaining any loss resulting
therefrom without material injury.

     Dealer also specifically acknowledges that Issuer would not enter into this Agreement in the
absence of Dealer’s representations and acknowledgments set out in this Agreement, and that this
Agreement, including such representations and acknowledgments, are a fundamental inducement to
Issuer, and a substantial portion of the consideration provided by Dealer, in this transaction, and
that Issuer would not enter into this transaction but for this inducement.

     4. Effectiveness. This Agreement shall become effective when each party hereto shall have
received a counterpart hereof signed by the other party hereto. Upon the effectiveness of this
Agreement, (a) all references to the Confirmation will be deemed to be the Confirmation, as amended
by this Agreement, and (b) all references in the Confirmation to the “Transaction” will be deemed
to be to the Transaction as amended by this Agreement.

     5. Amendments. No amendment, modification or waiver in respect of this Agreement will be
effective unless in writing and executed by each of the parties hereto.

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     6. No Additional Amendments or Waivers. Except as amended hereby, all the terms of the
Transaction and provisions in the Confirmation shall remain and continue in full force and effect
and are hereby confirmed in all respects.

     7. Counterparts. This Agreement may be signed in any number of counterparts (including by
PDF, facsimile or email transmission), each of which shall be an original, with the same effect as
if all of the signatures hereto were upon the same instrument.

     8. (a) Waiver of Trial by Jury. EACH OF ISSUER AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS
OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF DEALER OR ITS AFFILIATES
IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

     (a) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE
OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH
ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF
INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS.

[Signature page follows.]

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     The parties hereto have caused this Agreement to be duly executed as of the day and year first
above written.

	 	 	 	 	 
	 	CITIBANK, N.A.

 	 
	 	By:  	/s/ James Heathcote
 	 
	 	 	Name:  	James Heathcote 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	CORE LABORATORIES N.V.

 	 
	 	By: 	Core Laboratories International B.V., its Sole Managing Director 	 
	 	 	 
	 	By:  	                                              /s/ Jan Willem Sodderland
 	 
	 	 	Name:  	Jan Willem Sodderland 	 
	 	 	Title:  	Managing Director of Core Laboratories
International B.V. 	 
	 

[Signature Page to Warrant Confirmation Amendment Agreement]

 

 

Exhibit A

Transfer and Assignment Agreement

TRANSFER AND ASSIGNMENT AGREEMENT (this “Transfer Agreement”)

dated as of March 9, 2009 between:

LEHMAN BROTHERS OTC DERIVATIVES INC. (the “Transferor”)

AND

CITIBANK, N.A. (the “Transferee”).

The Transferor and Core Laboratories N.V. (the “Remaining Party”) have entered into the transaction
described on Annex A attached hereto (the “Transaction”), evidenced by the confirmation (as
amended) described on such Annex A, a copy of which is attached hereto (the
“Confirmation”).

With effect from and including the date hereof (the “Transfer Date”), the Transferor wishes to
transfer and assign to the Transferee, and the Transferee wishes to accept and assume, all the
rights, liabilities, duties and obligations of the Transferor under and in respect of the
Transaction under the Confirmation.

Section 8(j) of the Confirmation permits the Transferor to effect the transfer and assignment
contemplated by this Transfer Agreement without the consent of the Remaining Party.

The Transferor wishes to have released and discharged, as a result and to the extent of the
transfer and assignment described above, its obligations under and in respect of the Transaction.

Accordingly, the parties agree as follows: —

	1. 	Definitions.

Terms defined in the 2002 ISDA Master Agreement as published in 2002 by the International Swaps and
Derivatives Association, Inc., (the “2002 ISDA Master Agreement”) are used herein as so defined,
unless otherwise provided herein.

	2. 	Transfer, Release, Discharge and Undertakings.

On a date to be determined by the Transferor and the Transferee (the “Fee Date”), and as
consideration (the “Consideration”) for the transfer and assignment described herein, the
Transferee agrees to pay the Transferor, by wire transfer to the account specified on Annex
B attached hereto, the amount, determined by the Transferor and the Transferee in a
commercially reasonable manner using an options pricing model customarily applied in
over-the-counter equity derivatives with inputs already agreed between the Transferor and the
Transferee, as specified in that certain fee letter agreement (the “Fee Letter Agreement”) dated as
of the Fee Date between the Transferee and Transferor attached as Annex C hereto, without
deduction, set-

A-1

 

off or counterclaim in immediately available funds. This Transfer Agreement shall not be
effective, and no party shall have any rights or obligations hereunder, unless and until the
Transferor has received the Consideration. The Transferor shall notify the Remaining Party and the
Transferee immediately upon receipt of the Consideration. With effect from and including the
Transfer Date and in consideration of the mutual representations, warranties and covenants
contained in this Transfer Agreement and other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged by each of the parties):

	(a)	 	the Transferor assigns, transfers, sells, conveys, and sets over (the “Transfer”), to the
Transferee all rights, liabilities, title, obligations, and duties of the Transferor in, to,
under, and in respect of, the Transaction and the Confirmation;
	 
	(b)	 	the Transferee accepts such Transfer of the Transaction and the Confirmation and assumes and
agrees to perform each obligation and liability of the Transferor arising or to be performed
under the Confirmation, in each case with the same force and effect as if the Transferee had
been named as a party to the Confirmation instead of the Transferor;
	 
	(c)	 	the Transferor is released and discharged from further obligations to the Remaining Party
with respect to the Transaction and the Confirmation and the rights of the Remaining Party
against the Transferor thereunder are cancelled; provided that such release and discharge
shall not affect any rights, liabilities or obligations of the Remaining Party or the
Transferor with respect to payments or other obligations due and payable or due to be
performed on or prior to the Transfer Date, and all such payments and obligations shall be
paid or performed by the Remaining Party or the Transferor in accordance with the terms of the
Transaction; and
	 
	(d)	 	all references to the Transferor in the Confirmation shall be deemed to be references to the
Transferee, and all references to “Lehman Brothers Inc.” or “Agent” in the Confirmation shall
be deemed to be removed and all provisions relating to such entity to be of no effect, and the
Transferee shall promptly provide the Remaining Party with the relevant account and address
information that shall replace the Transferor’s account and address information.

	3.	 	Representations and Warranties.

	(a)	 	On the Transfer Date:

	 	(i)	 	Except as may be otherwise set forth in clause (iii)(B) below, each of the
Transferor and the Transferee makes to each other those representations and warranties
set forth in Section 3(a) of the 2002 ISDA Master Agreement with references in such
Section to “this Agreement” or “any Credit Support Document” being deemed references to
this Transfer Agreement alone.
	 
	 	(ii)	 	Each of the Transferor and the Transferee represents and warrants to each other
that this Transfer Agreement is being executed and performed in the ordinary course of
such party’s business and that it is not required to obtain the approval of any court
or regulatory agency as a condition to such execution and performance. Notwithstanding
the foregoing, the Transferor represents and warrants that this

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	 	 	 	Transfer Agreement is being entered into in accordance with and pursuant to that
certain Order Approving Consensual Assumption and Assignment of Prepetition
Derivatives Contracts (the “Order”), which Order was entered by the bankruptcy court
having jurisdiction over the Transferor’s Chapter 11 bankruptcy case. Without the
prejudice to any rights or remedies it may have under the Order or otherwise, the
Transferee acknowledges the validity of the Order to the extent that the Order is
applicable to this Transfer Agreement and the Transaction.
	 
	 	(iii)	 	The Transferor represents and warrants to the Transferee that:

	 	(A)	 	it has made no prior transfer (whether by way of security or
otherwise) of the Transaction or the Confirmation or any interest or obligation
in or under the Confirmation or in respect of the Transaction; and
	 
	 	(B)	 	as of the Transfer Date, all obligations of the Transferor
under the Transaction required to be performed on or before the Transfer Date
have been fulfilled; provided, that one or more Events of Default and/or
Termination Events have occurred in respect of the bankruptcy, ratings and/or
other credit standing of the Transferor, which Event(s) of Default or
Termination Event(s) shall be deemed to have been cured by the terms of this
Transfer Agreement and pursuant to the Order.

	 	(iv)	 	The Transferee represents to the Transferor that it is a “qualified
institutional buyer” as such term is defined in Rule 144A(a) under the Securities Act
of 1933, as amended.
	 
	 	(b)	 	The Transferor makes no representation or warranty and does not assume any
responsibility with respect to the legality, validity, effectiveness, adequacy or
enforceability of the Transaction or the Confirmation or any documents relating thereto
and assumes no responsibility for the condition, financial or otherwise, of the
Remaining Party, the Transferee or any other person or for the performance and
observance by the Remaining Party, the Transferee or any other person of any of its
obligations under the Transaction or the Confirmation or any document relating thereto
and any and all such conditions and warranties, whether express or implied by law or
otherwise, are hereby excluded.
	 
	 	(c)	 	Each party to this Transfer Agreement represents to the other party (i) that it
is acting for its own account, and it has made its own independent decisions to enter
into this Transfer Agreement and the transactions contemplated hereby (collectively,
the “Transfer and Assignment Transaction”) and as to whether the Transfer and
Assignment Transaction is appropriate or proper for it based upon its own judgment and
upon advice from such advisers as it has deemed necessary; (ii) it is not relying on
any communication (written or oral) of the other party as investment advice or as a
recommendation to enter into the Transfer and Assignment Transaction, it being
understood that information and explanations related to the terms and conditions of the
Transfer and Assignment Transaction will not be considered investment advice or a
recommendation to enter into the

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	 	 	 	Transfer and Assignment Transaction; and (iii) it is capable of assessing the merits
of and understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of the Transfer and
Assignment Transaction and is capable of assuming, and assumes, the risks of the
Transfer and Assignment Transaction. No communication (written or oral) received
from any party will be deemed to be an assurance or guarantee as to the expected
results of the Transfer and Assignment Transaction, and no party to the Transfer and
Assignment Transaction is acting as a fiduciary for or an advisor to any other party
with respect to the Transfer and Assignment Transaction.
	 
	 	(d)	 	With the exception of the representations and warranties made under this
Section 3, each of the Transferor and the Transferee represents and warrants to each
other that neither the other party to this Transfer Agreement nor any of their
respective Affiliates have made, as of the Transfer Date, any representation on which
it is relying or is entitled to rely.

	4.	 	Prior Adjustments.

The Transferor represents and warrants to the Transferee that, as a result of adjustments made
pursuant to the terms of the Transaction prior to the Transfer Date, the Number of Warrants, the
Daily Number of Warrants and the Strike Price as of the Transfer Date are 3,200,580, 160.029 and
USD 126,2575, respectively.

	5.	 	Counterparts.

This Transfer Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission), each of which will be
deemed an original.

	6.	 	Costs and Expenses.

Unless otherwise agreed, the parties will each pay their own costs and expenses (including legal
fees) incurred in connection with this Transfer Agreement and as a result of the negotiation,
preparation and execution of this Transfer Agreement.

	7.	 	Amendments.

No amendment, modification or waiver in respect of this Transfer Agreement will be effective unless
in writing (including a writing evidenced by a facsimile transmission) and executed by each of the
parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging
system.

	8.	 	(a) Governing Law.

	 	 	This Transfer Agreement will be governed by, and construed in accordance with, the law of
the State of New York without reference to its choice of law doctrine.

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	 	(b)	 	Jurisdiction.

	 	 	With respect to any suit, action or proceedings relating to this Transfer Agreement, each
party irrevocably submits to the non-exclusive jurisdiction of the courts of the State of
New York and the United States District Court located in the Borough of Manhattan in New
York City.

	9.	 	Waiver of Jury Trial.

The parties waive, to the fullest extend permitted by applicable law, any right they may have to a
trial by jury in respect of any suit, action or proceeding relating to this Transfer Agreement.
The parties certify that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of such a suit, action or
proceeding, seek to enforce the foregoing waiver and acknowledge that they have been induced to
enter into this Transfer Agreement by, among other things, the mutual waivers and certifications in
this Section 9.

[Signature page follows]

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IN WITNESS WHEREOF the parties have executed this Transfer Agreement on the respective dates
specified below with effect from and including the Transfer Date.

	 	 	 	 	 
	 	LEHMAN BROTHERS OTC DERIVATIVES INC.

 	 
	 	By:  	/s/ James P. Fogarty
 	 
	 	 	Name:  	James P. Fogarty 	 
	 	 	Title:  	President & COO	 
	 	 	Date:	 3/9/09 	 
	 
	 	CITIBANK, N.A.

 	 
	 	By:  	/s/ Herman Hirsch
 	 
	 	 	Name:  	Herman Hirsch 	 
	 	 	Title:  	Authorized Representative
	 
	 	 	Date: 	3/9/09 	 

A-6

 

	 	 	 	 	 

ANNEX A

The Transaction evidenced by the Confirmation dated as of October 31, 2006 between Lehman Brothers
OTC Derivatives Inc., represented by Lehman Brothers Inc., as its agent, and Core Laboratories N.V.
(the “Confirmation”), as amended by that certain letter agreement (the “Amendment”) dated as of
November 15, 2006 between Lehman Brothers OTC Derivatives Inc., represented by Lehman Brothers
Inc., as its agent, and Core Laboratories N.V. An executed copy of the Confirmation and the
Amendment are attached to this Annex A.

LEHMAN BROTHERS OTC DERIVATIVES INC.

1271 SIXTH AVENUE, 43rd FLOOR, NEW YORK, NEW YORK 10020

 

Exhibit B

Confirmation

Lehman Brothers Inc., acting as Agent

Lehman Brothers OTC Derivatives Inc., acting as Principal

Attention: Transaction Management Group

Telephone: (212) 526-9986

Facsimile: (646) 885-9546

November 15, 2006

Core Laboratories N.V.

Herengracht 424

1017 BZ Amsterdam

The Netherlands

Re:      Warrant Transaction Amendment

     This letter agreement (the “Amendment”) amends the terms and conditions of the Transaction
(the “Transaction”) entered into between Lehman Brothers OTC Derivatives Inc. (“Dealer”)
represented by Lehman Brothers Inc. (“Agent”) as its agent, and Core Laboratories N.V. (“Issuer”),
pursuant to a letter agreement dated October 31, 2006 (the “Confirmation”), pursuant to which
Dealer purchased from Issuer a Number of Warrants equal to 2,683,325. This Amendment relates to,
and sets forth the terms of, the purchase by Dealer from Issuer of an additional Number of Warrants
(the “Additional Number of Warrants”).

     Upon the effectiveness of this Amendment, all references in the Confirmation to the “Number of
Warrants” shall be deemed to be to the Number of Warrants, as amended hereby and all references in
the Confirmation to the “Transaction” shall be deemed to be to the Transaction as amended hereby.
Except to the extent specified below, all other provisions of the Confirmation shall apply to the
Additional Number of Warrants as if such Additional Number of Warrants were originally subject to
the Confirmation. Capitalized terms used herein without definition shall have the meanings assigned
to them in the Confirmation.

Amendments. In connection with the purchase by Dealer from Issuer of the Additional Number of
Warrants, the Confirmation is hereby amended as follows:

1. The number “2,638,325” opposite the caption “Number of Warrants” in the Confirmation shall be
replaced by the number “3,165,990.”

2. The number “131,916.25” opposite the caption “Daily Number of Warrants” in the Confirmation
shall be replaced by the number “158,299.5.”

3. An additional “Premium” equal to USD 8,350,000 shall be payable by Dealer to Issuer with respect
to the Additional Number of Warrants on November 17, 2006.

B-1

 

4. The “Trade Date” with respect to obligations under this Amendment shall mean November 15, 2006.

5. The “Effective Date” with respect to obligations under this Amendment shall mean November 17,
2006.

Opinion. Issuer shall deliver to Dealer an opinion of counsel, dated as of November 17, 2006 and
reasonably acceptable to Dealer in form and substance, with respect to the matters set forth in
Section 3(a)(i) and (ii) of the Agreement and with respect to the execution, delivery and
performance of the Transaction as amended hereby not violating or conflicting with the
constitutional documents of Issuer or with the Third Amended and Restated Credit Agreement among
Core Laboratories N.V., Core Laboratories LP, JP Morgan Chase Bank, N.A., Bank of America, N.A., JP
Morgan Securities Inc. and Banc of America Securities LLC, dated as of March 24, 2005, as amended
to date.

Repeated Representations. Each of Issuer and Dealer hereby repeats their respective representations
and warranties set forth in Section 7 of the Confirmation.

No Additional Amendments or Waivers. Except as amended hereby, all the terms of the Transaction and
provisions in the Confirmation shall remain and continue in full force and effect and are hereby
confirmed in all respects.

Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if all of the signatures thereto and hereto were upon the same
instrument.

Governing Law. The provisions of this Amendment shall be governed by the New York law (without
reference to choice of law doctrine).

     Please confirm that the foregoing correctly sets forth the terms of our agreement by executing
this Amendment and returning it in the manner indicated in the attached cover letter.

	 	 	 	 	 
	 	Yours faithfully,

Lehman Brothers OTC Derivatives Inc.

 	 
	 	By:  	/s/ Anatoly Kozlov
 	 
	 	 	Name:  	Anatoly Kozlov 	 
	 	 	Title:  	Authorized Signatory 	 

B-2

 

Agreed and Accepted By:

Core Laboratories N.V.

By: Core Laboratories International B.V.,

       its Sole Managing Director

	 	 	 	 	 
	 	 	 
	 	By:  	 /s/ Jan Heinsbroek
 	 
	 	 	Name:  	Jan Heinsbroek 	 
	 	 	Title:  	Managing Director of Core Laboratories International B.V. 	 

B-3

 

	 	 	October 31, 2006
	 
	To: 	 	 Core Laboratories N.V.

Herengracht 424

1017 BZ Amsterdam

The Netherlands
	 
	From: 	 	 Lehman Brothers Inc., acting as Agent

Lehman Brothers OTC Derivatives Inc., acting as Principal

Attention: Transaction Management Group

Telephone: (212) 526-9986

Facsimile: (646) 885-9546
	 
	Re: 	 	 Issuer Warrant Transaction

(Transaction Reference Number:_______________)

Ladies and Gentlemen:

     The purpose of this communication (this “Confirmation”) is to set forth the terms and
conditions of the above-referenced transaction entered into on the Trade Date specified below (the
“Transaction”) between Lehman Brothers OTC Derivatives Inc. (“Dealer”) represented by Lehman
Brothers Inc. (“Agent”) as its agent, and Core Laboratories N.V. (“Issuer”). This communication
constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. Lehman
Brothers OTC Derivatives Inc. is not a member of the Securities Investor Protection Corporation.

     1. This Confirmation is subject to, and incorporates, the definitions and provisions of the
2000 ISDA Definitions (including the Annex thereto) (the “2000 Definitions”) and the definitions
and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions” and,
together with the 2000 Definitions, the “Definitions”), in each case as published by the
International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency
between the 2000 Definitions and the Equity Definitions, the Equity Definitions will govern. For
purposes of the Equity Definitions, each reference herein to a Warrant shall be deemed to be a
reference to a Call Option or an Option, as context requires.

     This Confirmation evidences a complete and binding agreement between Dealer and Issuer as to
the terms of the Transaction to which this Confirmation relates. This Confirmation shall be
subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement (the “ISDA
Form”) as if Dealer and Issuer had executed an agreement in such form (without any Schedule but
with the elections set forth in this Confirmation). For the avoidance of doubt, the Transaction
shall be the only transaction under the Agreement.

     All provisions contained in, or incorporated by reference to, the Agreement will govern this
Confirmation except as expressly modified herein. In the event of any inconsistency between this
Confirmation and either the Definitions or the Agreement, this Confirmation shall govern.

B-4

 

     2. The Transaction is a Warrant Transaction, which shall be considered a Share Option
Transaction for purposes of the Equity Definitions. The terms of the particular Transaction to
which this Confirmation relates are as follows:

	 	 	 	 	 

	General Terms:
	 	 	 	 
	 
	 	 	 	 
	Trade Date:

	 	October 31, 2006

	 
	 	 	 	 
	Effective Date:

	 	November 6, 2006, subject to postponement pursuant to Section 8(m) hereof

	 
	 	 	 	 
	Warrant Style:

	 	European

	 
	 	 	 	 
	Warrant Type:

	 	Call

	 
	 	 	 	 
	Seller:

	 	Issuer

	 
	 	 	 	 
	Buyer:

	 	Dealer

	 
	 	 	 	 
	Shares:

	 	The Common Stock of Core Laboratories N.V., par value EUR 0.04 per share (NYSE
Ticker Symbol: “CLB”).

	 
	 	 	 	 
	Number of Warrants:

	 	2,638,325	 
	 
	 	 	 	 
	Daily Number of Warrants:

	 	131,916.25	 
	 
	 	 	 	 
	Warrant Entitlement:

	 	One Share per Warrant

	 
	 	 	 	 
	Strike Price:

	 	USD127.5575

	 
	 	 	 	 
	Premium:

	 	USD48,150,000

	 
	 	 	 	 
	Premium Payment Date:

	 	The Effective Date

	 
	 	 	 	 
	Exchange:

	 	New York Stock Exchange

	 
	 	 	 	 
	Related Exchange:

	 	All Exchanges

	 
	 	 	 	 
	Procedures for Exercise:
	 	 	 	 
	 
	 	 	 	 
	Expiration Time:

	 	Valuation Time

	 
	 	 	 	 
	Expiration Date(s):

	 	Each Scheduled Trading Day in the period beginning on and including the
First Expiration Date and ending on and including the Final Expiration Date shall be an
“Expiration Date” for a number of Warrants equal to the Daily Number of Warrants on
such date.

B-5

 

	 	 	 	 	 

	 

	 	Notwithstanding the foregoing and anything to the
contrary in the Equity Definitions, if a Market
Disruption Event occurs on any Expiration Date
(including the First Expiration Date), the
Calculation Agent shall (i) make adjustments, if
applicable, to the Daily Number of Warrants for which
such day shall be an Expiration Date and (ii)
designate the Scheduled Trading Day immediately
following such day (which may be an Expiration Date
for another Daily Number of Warrants) as the
Expiration Date for the remaining Daily Number of
Warrants or a portion thereof for the original
Expiration Date; provided that any such designation
shall be subject to legal, regulatory or
self-regulatory requirements and related policies and
procedures applicable to Dealer (whether or not such
requirements, policies or procedures are imposed by
law or have been voluntarily adopted by Dealer);
provided further that if such Expiration Date has not
occurred pursuant to clause (ii) as of the third
Scheduled Trading Day following the Final Expiration
Date under this Transaction, the Calculation Agent
shall have the right to declare such Scheduled
Trading Day to be the final Expiration Date and the
Calculation Agent shall determine its good faith
estimate of the fair market value for the Shares as
of the Valuation Time on that third Scheduled Trading
Day or on any subsequent Scheduled Trading Day, as
the Calculation Agent shall determine using
commercially reasonable means.

	 
	 	 	 	 
	First Expiration Date:

	 	The Scheduled Trading Day that is 20 Scheduled Trading Days
prior to the Final Expiration Date.

	 
	 	 	 	 
	Final Expiration Date:

	 	January 25, 2012.

	 
	 	 	 	 
	Market Disruption Event:

	 	Section 6.3(a) of the Equity Definitions is hereby amended by
deleting the words “during the one hour period that ends at the relevant Valuation
Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the
case may be,” in clause (ii) thereof.

	 
	 	 	 	 
	Automatic Exercise:

	 	Applicable; and means that each Warrant not previously exercised under
the Transaction will be deemed to be automatically exercised at the

B-6

 

	 	 	 	 	 

	 

	 	Expiration Time on the relevant Expiration Date
unless Buyer notifies Seller (by telephone or in
writing) prior to the Expiration Time on the
Expiration Date that it does not wish Automatic
Exercise to occur, in which case Automatic Exercise
will not apply.

	 
	 	 	 	 
	Issuer’s Telephone Number and
Telex and/or Facsimile Number
and Contact Details for purpose of
Giving Notice:

	 	To be provided by Issuer.

	 
	 	 	 	 
	Settlement Terms:
	 	 	 	 
	 
	 	 	 	 
	Valuation Date:

	 	Each Expiration Date

	 
	 	 	 	 
	Net Share Settlement:

	 	On each Settlement Date, Issuer shall deliver to Dealer a
number of Shares equal to the Number of Shares to be Delivered for such Settlement Date
and will pay to Dealer the related Fractional Share Amount, if any.

	 
	 	 	 	 
	Number of Shares to be Delivered:

	 	For each Settlement Date, the Option Cash Settlement
Amount (determined as if Cash Settlement were applicable) for the Warrants for which
the Expiration Date is the corresponding Valuation Date divided by the Settlement Price
for such corresponding Valuation Date, rounded down to the nearest whole number.

	 
	 	 	 	 
	Settlement Price:

	 	For any Valuation Date, the VWAP Price for such Valuation Date.

	 
	 	 	 	 
	VWAP Price:

	 	For any Valuation Date, the volume weighted average price per Share for
such Valuation Date based on transactions executed on the New York Stock Exchange for
the period between 9:30 a.m. and 4:00 p.m. New York City Time during such Valuation
Date, as reported on Bloomberg Page “CLB <Equity> AQR.N” (or any successor
thereto) or, in the event such price is not so reported on such Valuation Date for any
reason, as reasonably determined by the Calculation Agent.

	 
	 	 	 	 
	Other Applicable Provisions:

	 	The provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11
(except that the Representation and Agreement contained in Section 9.11 of the Equity
Definitions shall be modified by excluding any representations

B-7

 

	 	 	 	 	 

	 

	 	therein relating to restrictions, obligations,
limitations or requirements under applicable
securities laws as a result of the fact that Seller
is the Issuer of the Shares) and 9.12 of the Equity
Definitions will be applicable as if “Physical
Settlement” applied to the Transaction.

	 
	 	 	 	 
	Adjustments:
	 	 	 	 
	 
	 	 	 	 
	Method of Adjustment:

	 	Calculation Agent Adjustment

	 
	 	 	 	 
	Extraordinary Dividend:

	 	Any dividend or distribution that has an ex-dividend date occurring
on or after the Trade Date and on or prior to the Expiration Date.

	 
	 	 	 	 
	Extraordinary Events:
	 	 	 	 
	 
	 	 	 	 
	New Shares:

	 	In the definition of New Shares in Section 12.1(i) of the Equity
Definitions, the text in clause (i) shall be deleted in its entirety and replaced with
“publicly quoted, traded or listed on any of the New York Stock Exchange, the American
Stock Exchange or the Nasdaq Global Select Market or the Nasdaq Global Market (or their
respective successors)”.

	 
	 	 	 	 
	Consequences of Merger Events:
	 	 	 	 
	 
	 	 	 	 
	(a) Share-for-Share:

	 	Modified Calculation Agent Adjustment

	 
	 	 	 	 
	(b) Share-for-Other:

	 	Cancellation and Payment (Calculation Agent Determination)

	 
	 	 	 	 
	(c) Share-for-Combined:

	 	Cancellation and Payment (Calculation Agent Determination)

	 
	 	 	 	 
	Tender Offer:

	 	Applicable.

	 
	 	 	 	 
	Consequences of Tender Offers:
	 	 	 	 
	 
	 	 	 	 
	(a) Share-for-Share:

	 	Modified Calculation Agent Adjustment

	 
	 	 	 	 
	(b) Share-for-Other:

	 	Cancellation and Payment (Calculation Agent Determination) on
that portion of the Other Consideration that consists of cash; Modified Calculation
Agent Adjustment on the remainder of the Other Consideration.

	 
	 	 	 	 
	(c) Share-for-Combined:

	 	Modified Calculation Agent Adjustment

B-8

 

	 	 	 	 	 

	Nationalization, Insolvency and Delisting:

	 	Cancellation and Payment (Calculation Agent Determination); provided that in
addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it
shall also constitute a Delisting if the Exchange is located in the United States
and the Shares are not immediately re-listed, re-traded or re-quoted on any of the
New York Stock Exchange, the American Stock Exchange, the Nasdaq Global Select
Market or the Nasdaq Global Market (or their respective successors); if the Shares
are immediately re-listed, re-traded or re-quoted on any such exchange or quotation
system, such exchange or quotation system shall thereafter be deemed to be the
Exchange.

	 
	 	 	 	 
	Additional Disruption Events:
	 	 	 	 
	 
	 	 	 	 
	(a) Change in Law:

	 	Applicable; provided that Section 12.9(a)(ii) of the Equity
Definitions is hereby amended by replacing the phrase “the interpretation” in the third
line thereof with the phrase “or announcement or statement of the formal or informal
interpretation”.

	 
	 	 	 	 
	(b) Failure to Deliver:

	 	Applicable

	 
	 	 	 	 
	(c) Insolvency Filing:

	 	Applicable

	 
	 	 	 	 
	(d) Hedging Disruption:

	 	Not Applicable

	 
	 	 	 	 
	(e) Increased Cost of Hedging:

	 	Not Applicable

	 
	 	 	 	 
	(f) Loss of Stock Borrow:

	 	Applicable

	 
	 	 	 	 
	Maximum Stock Loan Rate:

	 	200 basis points per annum

	 
	 	 	 	 
	(g) Increased Cost of Stock Borrow:

	 	Not Applicable

	 
	 	 	 	 
	Hedging Party:

	 	Dealer for all applicable Additional Disruption Events

	 
	 	 	 	 
	Determining Party:

	 	Dealer for all applicable Additional Disruption Events

	 
	 	 	 	 
	Non-Reliance:

	 	Applicable

	 
	 	 	 	 
	Agreements and Acknowledgments
Regarding Hedging Activities:

	 	Applicable

B-9

 

Additional Acknowledgments: Applicable

	 	3.	 	Calculation Agent: Dealer
	 
	 	4.	 	Account Details:
	 
	 	 	 	Dealer Payment Instructions:
	 
	 	 	 	     To be provided by Dealer.
	 
	 	 	 	Issuer Payment Instructions:
	 
	 	 	 	     To be provided by Issuer.
	 
	 	5.	 	Offices:
	 
	 	 	 	The Office of Dealer for the Transaction is:

	 	 	 	Lehman Brothers OTC Derivatives Inc.

745 Seventh Avenue

New York, New York 10019

	 	 	 	The Office of Issuer for the Transaction is:

	 	 	 	Core Laboratories N.V.

Herengracht 424

1017 BZ Amsterdam

The Netherlands

	 	6.	 	Notices: For purposes of this Confirmation:
	 
	 	(a)	 	Address for notices or communications to Issuer:

	 	To: 	 	 Core Laboratories N.V.

Herengracht 424

1017 BZ Amsterdam

The Netherlands

	 	 	 	with a copy:

	 	To: 	 	 Core Laboratories LP

6316 Windfern Road

Houston, Texas 77040

Attn: General Counsel

Telephone:  (713) 328-2673

Facsimile:  (713) 328-2152

B-10

 

	 	(b)	 	Address for notices or communications to Dealer:

	 	To: 	 	 Lehman Brothers Inc., acting as Agent

Lehman Brothers OTC Derivatives Inc., acting as Principal

745 Seventh Avenue

New York, New York 10019

Attn:  Transaction Management Group

Telephone No.: (212) 526-9986

Facsimile No.: (646) 885-9546

	 	 	 	with a copy:

	 	To: 	 	 Lehman Brothers Inc., acting as Agent

Lehman Brothers OTC Derivatives Inc., acting as Principal

745 Seventh Avenue

New York, New York 10019

Attn: Steve Roti — US Equity Linked

Telephone No.:  (212) 526-0055

Facsimile No.:  (917) 552-0561

	 	7.	 	Representations, Warranties and Agreements:

     (a) In addition to the representations and warranties in the Agreement and those contained
elsewhere herein, Issuer represents and warrants to and for the benefit of, and agrees with, Dealer
as follows:

     (i) On the Trade Date, (A) none of Issuer and its officers and directors is aware of
any material nonpublic information regarding Issuer or the Shares and (B) all reports and
other documents filed by Issuer with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934 (the “Exchange Act”) when considered as a whole (with the
more recent such reports and documents deemed to amend inconsistent statements contained in
any earlier such reports and documents), do not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances in which they were made, not
misleading.

     (ii) Without limiting the generality of Section 13.1 of the Equity Definitions, Issuer
acknowledges that Dealer is not making any representations or warranties with respect to the
treatment of the Transaction under FASB Statements 133, 149 or 150, EITF Issue No. 00-19 (or
any successor issue statements) or under FASB’s Liabilities & Equity Project.

     (iii) Prior to the Effective Date, Issuer shall deliver to Dealer evidence of corporate
authority authorizing the Transaction and such other certificate or certificates as Dealer
shall reasonably request.

     (iv) Issuer is not entering into this Confirmation to create actual or apparent trading
activity in the Shares (or any security convertible into or exchangeable for

B-11

 

Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any
security convertible into or exchangeable for Shares) or otherwise in violation of the
Exchange Act.

     (v) Issuer is not, and after giving effect to the transactions contemplated hereby will
not be, an “investment company” as such term is defined in the Investment Company Act of
1940, as amended.

     (vi) On any Expiration Date, Issuer shall not, and shall cause its affiliates and
affiliated purchasers (each as defined in Rule 10b-18 under the Exchange Act) not to,
directly or indirectly (including, without limitation, by means of a cash-settled or other
derivative instrument) purchase, offer to purchase, place any bid or limit order that would
effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent
interest, including a unit of beneficial interest in a trust or limited partnership or a
depository share) or any security convertible into or exchangeable for Shares.

     (vii) Issuer understands that no obligations of Dealer to it hereunder will be entitled
to the benefit of deposit insurance and that such obligations will not be guaranteed by any
affiliate of Dealer or any governmental agency.

     (viii) On the Trade Date (A) the assets of Issuer at their fair valuation exceed the
liabilities of Issuer, including contingent liabilities, (B) the capital of Issuer is
adequate to conduct the business of Issuer and (C) Issuer has the ability to pay its debts
and obligations as such debts mature and does not intend to, or does not believe that it
will, incur debt beyond its ability to pay as such debts mature.

     (ix) On each Expiration Date, the Shares shall not be subject to a “restricted period,”
as such term is defined in Regulation M under the Exchange Act.

     (x) Any Shares, when issued and delivered in a Net Share Settlement of the Warrants or
a Share Termination Alternative settlement in accordance with the terms of this
Confirmation, will be duly authorized and validly issued, fully paid and nonassessable, and
the issuance thereof will not be subject to any preemptive or similar rights.

     (b) Each of Dealer and Issuer agrees and represents that it is an “eligible contract
participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended.

     (c) Each of Dealer and Issuer acknowledges that the offer and sale of the Transaction to it is
intended to be exempt from registration under the Securities Act of 1933, as amended (the
“Securities Act”), by virtue of Section 4(2) thereof. Accordingly, Dealer represents and warrants
to Issuer that (i) it has the financial ability to bear the economic risk of its investment in the
Transaction and is able to bear a total loss of its investment, (ii) it is an “accredited investor”
as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is
entering into the Transaction for its own account without a view to the distribution or resale
thereof, and (iv) the assignment, transfer or other disposition of the Transaction has not been and
will not be registered under the Securities Act and is restricted under this Confirmation, the
Securities Act and state securities laws.

B-12

 

     (d) Each of Dealer and Issuer agrees and acknowledges that Dealer is a “financial
institution,” “swap participant” and “financial participant” within the meaning of Sections
101(22), 101(53C) and 101(22A) of Title 11 of the United States Code (the “Bankruptcy Code”). The
parties hereto further agree and acknowledge (A) that this Confirmation is (i) a “securities
contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which
each payment and delivery hereunder is a “settlement payment,” as such term is defined in Section
741(8) of the Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in Section
101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder is a
“transfer,” as such term is defined in Section 101(54) of the Bankruptcy Code, and (B) that Dealer
is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17),
546(e), 546(g), 555 and 560 of the Bankruptcy Code.

     8. Other Provisions:

     (a) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary
Events. If Issuer shall owe Buyer any amount pursuant to Section 12.2, 12.3, 12.6, 12.7 or 12.9 of
the Equity Definitions (except in the event of an Insolvency, a Nationalization, a Tender Offer or
a Merger Event, in each case, in which the consideration or proceeds to be paid to holders of
Shares consists solely of cash) or pursuant to Section 6(d)(ii) of the Agreement (except in the
event of an Event of Default in which Issuer is the Defaulting Party or a Termination Event in
which Issuer is the Affected Party, that resulted from an event or events within Issuer’s control)
(a “Payment Obligation”), Issuer shall have the right, in its sole discretion, to satisfy any such
Payment Obligation by the Share Termination Alternative (as defined below) by giving irrevocable
telephonic notice to Buyer, confirmed in writing within one Scheduled Trading Day, between the
hours of 9:00 AM and 4:00 PM, New York City time, on the relevant Merger Date, Tender Offer Date or
Early Termination Date, as applicable (“Notice of Share Termination”). Upon such Notice of Share
Termination, the following provisions shall apply on the Scheduled Trading Day immediately
following the Merger Date, Tender Offer Date or Early Termination Date, as applicable:

	 	 	 

	Share Termination Alternative:

	 	Applicable and means that Issuer shall
deliver to Dealer the Share Termination
Delivery Property on the date on which
the Payment Obligation would otherwise be
due pursuant to Section 12.7 or 12.9 of
the Equity Definitions or Section
6(d)(ii) of the Agreement, as applicable
(the “Share Termination Payment Date”),
in satisfaction of the Payment
Obligation.
	 
	 	 
	Share Termination Delivery Property:

	 	A number of Share Termination Delivery
Units, as calculated by the Calculation
Agent, equal to the Payment Obligation
divided by the Share Termination Unit
Price. The Calculation Agent shall
adjust the Share Termination Delivery
Property by replacing any fractional
portion of a security therein with an
amount of cash equal to the

B-13

 

	 	 	 

	 

	 	value of such fractional security based on the values used to calculate the
Share Termination Unit Price.
	 
	 	 
	Share Termination Unit Price:

	 	The value of property contained in one
Share Termination Delivery Unit on the
date such Share Termination Delivery
Units are to be delivered as Share
Termination Delivery Property, as
determined by the Calculation Agent in
its discretion by commercially reasonable
means and notified by the Calculation
Agent to Issuer at the time of
notification of the Payment Obligation.
	 
	 	 
	Share Termination Delivery Unit:

	 	In the case of a Termination Event, Event
of Default or Delisting, one Share or, in
the case of a Merger Event, a Tender
Offer, a Nationalization or an
Insolvency, a unit consisting of the
number or amount of each type of property
received by a holder of one Share
(without consideration of any requirement
to pay cash or other consideration in
lieu of fractional amounts of any
securities) in such Merger Event, Tender
Offer, Nationalization or Insolvency. If
such Merger Event, Tender Offer,
Nationalization or Insolvency involves a
choice of consideration to be received by
holders, such holder shall be deemed to
have elected to receive the maximum
possible amount of cash.
	 
	 	 
	Failure to Deliver:

	 	Applicable
	 
	 	 
	Other applicable provisions:

	 	If Share Termination Alternative is
applicable, the provisions of Sections
9.8, 9.9, 9.10, 9.11 (except that the
Representation and Agreement contained in
Section 9.11 of the Equity Definitions
shall be modified by excluding any
representations therein relating to
restrictions, obligations, limitations or
requirements under applicable securities
laws as a result of the fact that Seller
is the Issuer of the Shares) and 9.12 of
the Equity Definitions will be
applicable, as if “Physical Settlement”
were applicable and all references to
“Shares” shall be read as references to
“Share Termination Delivery Units”.

     (b) Registration/Private Placement Procedures.

          (i) If, in the reasonable judgment of Dealer upon the advice of counsel, either (a) any
securities of Issuer or its affiliates comprising any Share Termination Delivery Units or

B-14

 

(b) any Shares, in either case deliverable to Dealer hereunder (any such securities or Shares,
“Delivered Securities”) would not be immediately freely transferable by Dealer under Rule 144(k)
under the Securities Act, then the provisions set forth in this Section 8(b) shall apply. At the
election of Issuer by notice to Buyer within one Exchange Business Day after the relevant delivery
obligation arises, but in any event at least one Exchange Business Day prior to the date on which
such delivery obligation is due, either (A) all Delivered Securities delivered by Issuer to Buyer
shall be, at the time of such delivery, covered by an effective registration statement of Issuer
for immediate resale by Buyer (such registration statement and the corresponding prospectus (the
“Prospectus”) (including, without limitation, any sections describing the plan of distribution) in
form and content commercially reasonably satisfactory to Buyer) or (B) Issuer shall deliver
additional Delivered Securities so that the value of such Delivered Securities, as determined by
the Calculation Agent to reflect an appropriate liquidity discount equals the value of the number
of Delivered Securities that would otherwise be deliverable if such Delivered Securities were
freely tradeable (without prospectus delivery) upon receipt by Buyer (such value, the “Freely
Tradeable Value”); provided that Issuer may not make the election described in this clause (B) if,
on the date of its election, it has taken, or caused to be taken, any action that would make
unavailable either the exemption pursuant to Section 4(2) of the Securities Act for the delivery by
Issuer to Dealer (or any affiliate designated by Dealer) of the Delivered Securities or the
exemption pursuant to Section 4(1) or Section 4(3) of the Securities Act for resales of the
Delivered Securities by Dealer (or any such affiliate of Dealer). (For the avoidance of doubt, as
used in this paragraph (b) only, the term “Issuer” shall mean the issuer of the relevant
securities, as the context shall require.)

     (ii) If Issuer makes the election described in clause (b)(i)(A) above:

     (A) Buyer (or an Affiliate of Buyer designated by Buyer) shall be afforded a
reasonable opportunity to conduct a “due diligence” investigation with respect to
Issuer that is customary in scope for underwritten offerings of equity securities;
provided that if Buyer is not reasonably satisfied with the results of the
investigation described in this subclause (A) or Issuer’s compliance with clause
(b)(i)(A) above and subclause (ii)(B) below, then Issuer shall be deemed to have
made the election described in clause (b)(i)(B) above; and

     (B) Buyer (or an Affiliate of Buyer designated by Buyer) and Issuer shall enter
into an agreement (a “Registration Agreement “) on commercially reasonable terms in
connection with the public resale of such Delivered Securities by Buyer or such
Affiliate substantially similar to underwriting agreements customary for
underwritten offerings of equity securities, in form and substance commercially
reasonably satisfactory to Buyer or such Affiliate and Issuer, which Registration
Agreement shall include, without limitation, provisions substantially similar to
those contained in such underwriting agreements relating to the indemnification of,
and contribution in connection with the liability of, Buyer and its Affiliates and
Issuer, shall provide for the payment by Issuer of all expenses in connection with
such resale, including all registration costs and all fees and expenses of counsel
for Buyer, and shall provide for the delivery of accountants’ “comfort letters” to
Buyer or such Affiliate with respect to the financial

B-15

 

statements and certain financial information contained in or incorporated by
reference into the Prospectus.

(iii) If Issuer makes or is deemed to make the election described in clause
(b)(i)(B) above:

     (A) All Delivered Securities shall be delivered to Dealer (or any Affiliate of
Dealer designated by Dealer) pursuant to the exception from the registration
requirements of the Securities Act provided by Section 4(2) thereof;

     (B) Buyer (or an Affiliate of Buyer designated by Buyer) and any potential
institutional purchaser of any such Delivered Securities from Buyer or such
Affiliate identified by Buyer shall be afforded a commercially reasonable
opportunity to conduct a due diligence investigation in compliance with applicable
law with respect to Issuer customary in scope for private placements of equity
securities (including, without limitation, the right to have made available to them
for inspection all financial and other records, pertinent corporate documents and
other information reasonably requested by them);

     (C) Buyer (or an Affiliate of Buyer designated by Buyer) and Issuer shall enter
into an agreement (a “Private Placement Agreement “) on commercially reasonable
terms in connection with the private placement of such Delivered Securities by
Issuer to Buyer or such Affiliate and the private resale of such shares by Buyer or
such Affiliate, substantially similar to private placement purchase agreements
customary for private placements of equity securities, in form and substance
commercially reasonably satisfactory to Buyer and Issuer, which Private Placement
Agreement shall include, without limitation, provisions substantially similar to
those contained in such private placement purchase agreements relating to the
indemnification of, and contribution in connection with the liability of, Buyer and
its Affiliates and Issuer, shall provide for the payment by Issuer of all expenses
in connection with such resale, including all fees and expenses of counsel for
Buyer, and shall contain representations, warranties and agreements of Issuer
reasonably necessary or advisable to establish and maintain the availability of an
exemption from the registration requirements of the Securities Act for such resales;
and

     (D) Issuer agrees that any Delivered Securities so delivered to Dealer, (i) may
be transferred by and among Dealer and its Affiliates, and Issuer shall effect such
transfer without any further action by Dealer and (ii) after the minimum “holding
period” within the meaning of Rule 144(d) under the Securities Act has elapsed with
respect to such Delivered Securities, Issuer shall promptly remove, or cause the
transfer agent for such Delivered Securities to remove, any legends referring to any
such restrictions or requirements from such Delivered Securities upon delivery by
Dealer (or such Affiliate of Dealer) to Issuer or such transfer agent of seller’s
and broker’s representation letters customarily delivered by Dealer in connection
with resales of restricted securities pursuant to Rule 144 under the Securities Act,
without any further requirement for

B-16

 

the delivery of any certificate, consent, agreement, opinion of counsel, notice
or any other document, any transfer tax stamps or payment of any other amount or any
other action by Dealer (or such affiliate of Dealer).

     (E) Issuer and Dealer shall not take, or cause to be taken, any action that
would make unavailable either the exemption pursuant to Section 4(2) of the
Securities Act for the delivery by Issuer to Dealer (or any affiliate designated by
Dealer) of the Delivered Securities or the exemption pursuant to Section 4(1) or
Section 4(3) of the Securities Act for resales of the Delivered Securities by Dealer
(or any such affiliate of Dealer).

     (c) Make-whole. If Issuer makes the election described in clause (b)(i)(B) of Section 8(b)
hereof, then in either case Dealer or its affiliate may sell such Shares or Share Termination
Delivery Units, as the case may be, during a period (the “Resale Period”) commencing on the
Exchange Business Day following delivery of such Shares or Share Termination Delivery Units, as the
case may be, and ending on the Exchange Business Day on which Dealer completes the sale of all such
Shares or Share Termination Delivery Units, as the case may be, or a sufficient number of Shares or
Share Termination Delivery Units, as the case may be, so that the realized net proceeds of such
sales exceed the amount of the Payment Obligation (in the case of clause (x), or in the case that
both clause (x) and clause (y) apply) or the Freely Tradeable Value (in the case that only clause
(y) applies)(such amount of the Payment Obligation or Freely Tradeable Value, as the case may be,
the “Required Proceeds”). If any of such delivered Shares or Share Termination Delivery Units
remain after such realized net proceeds exceed the Required Proceeds, Dealer shall return such
remaining Shares or Share Termination Delivery Units to Issuer. If the Required Proceeds exceed
the realized net proceeds from such resale, Issuer shall transfer to Dealer by the open of the
regular trading session on the Exchange on the Exchange Trading Day immediately following the last
day of the Resale Period the amount of such excess (the “Additional Amount”) in cash or in a number
of additional Shares (“Make-whole Shares”) in an amount that, based on the Relevant Price on the
last day of the Resale Period (as if such day was the “Valuation Date” for purposes of computing
such Relevant Price), has a dollar value equal to the Additional Amount. The Resale Period shall
continue to enable the sale of the Make-whole Shares in the manner contemplated by this Section
8(c). This provision shall be applied successively until the Additional Amount is equal to zero,
subject to Section 8(f).

     (d) Additional Termination Events. The occurrence of either one of the following shall
constitute an Additional Termination Event with respect to which the Transaction is the sole
Affected Transaction and Issuer is the sole Affected Party:

     (i) Any person or group, other than Issuer, Issuer’s subsidiaries or any employee
benefits plan of Issuer or its subsidiaries, files a Schedule 13D or Schedule TO (or any
successor schedule, form or report) pursuant to the Exchange Act, disclosing that such
person or group has become the beneficial owner of shares with a majority of total voting
power of the Shares; or

     (ii) Issuer consolidates with or merges with or into another person or sells, conveys,
transfers or leases all or substantially all of its properties and assets to any

B-17

 

person
(other than one of its subsidiaries) or any person (other than one of its
subsidiaries) consolidates with or merges with or into Issuer, and the Shares are
reclassified into, converted for or converted into the right to receive any other property
or security, provided that none of these circumstances will be an Additional Termination
Event if persons that beneficially own the Shares immediately prior to the transaction own,
directly or indirectly, a majority of the total voting power of all outstanding voting stock
of the surviving or transferee person immediately after the transaction in substantially the
same proportion as their ownership of the Shares immediately prior to the transaction; or

     (iii) Issuer’s shareholders approve any plan or proposal for the liquidation or
dissolution of Issuer.

     The term “person” and the term “group” as used in this Section 8(d) have the meanings
given by Section 13(d) and 14(d) of the Exchange Act or any successor provisions.

     The term “group” as used in this Section 8(d) includes any group acting for the purpose
of acquiring, holding or disposing of securities within the meaning of Rule 13d-5(b)(1)
under the Exchange Act or any successor provision.

     The term “beneficial owner” as used in this Section 8(d) is determined in accordance
with Rules 13d-3 and 13d-5 under the Exchange Act or any successor provisions, except that a
person will be deemed to have beneficial ownership of all shares that person has the right
to acquire irrespective of whether the right is exercisable immediately or only after the
passage of time.

     Notwithstanding the foregoing, it will not constitute an Additional Termination Event
if at least 90% of the consideration for the Shares (excluding cash payments for fractional
            shares and cash payments made in respect of dissenter’s appraisal rights and cash payment of
the settlement amount, if any) in the transaction or transactions described above consists
of common stock (or depositary shares or receipts evidencing common stock) traded on a
United States national securities exchange or which will be so traded when exchanged in
connection with such transaction or transactions.

     (e) Repurchase Notices. Issuer shall, on any day on which Issuer effects any repurchase of
Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on such
day if, following such repurchase, the Notice Percentage as determined on such day is (i) greater
than 9.5% and (ii) greater by 0.5% than the Notice Percentage included in the immediately preceding
Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the Notice
Percentage as of the date hereof). The “Notice Percentage” as of any day is the fraction,
expressed as a percentage, the numerator of which is the Number of Shares and the denominator of
which is the number of Shares outstanding on such day.

     (f) Beneficial Ownership. Notwithstanding anything to the contrary in the Agreement or this
Confirmation, in no event shall Buyer be entitled to receive, or shall be deemed to receive, any
Shares if, upon such receipt of such Shares, the “beneficial ownership”

B-18

 

(within the meaning of Section 13 of the Exchange Act and the rules promulgated thereunder) of
Shares by Buyer or any entity that directly or indirectly controls Buyer (collectively, “Buyer
Group”) would be equal to or greater than 8% or more of the outstanding Shares. If any delivery
owed to Buyer hereunder is not made, in whole or in part, as a result of this provision, Issuer’s
obligation to make such delivery shall not be extinguished and Issuer shall make such delivery as
promptly as practicable after, but in no event later than one Exchange Business Day after, Buyer
gives notice to Issuer that such delivery would not result in Buyer Group directly or indirectly so
beneficially owning in excess of 8% of the outstanding Shares.

     (g) Limitations on Settlement by Issuer. Notwithstanding anything herein or in the Agreement
to the contrary, in no event shall Issuer be required to deliver Shares in connection with the
Transaction in excess of 5,276,650 Shares (the “Capped Number”). Issuer represents and warrants
(which shall be deemed to be repeated on each day that the Transaction is outstanding) that the
Capped Number is equal to or less than the number of authorized but unissued Shares of the Issuer
that are not reserved for future issuance in connection with transactions in the Shares (other than
the Transaction) on the date of the determination of the Capped Number (such Shares, the “Available
Shares”). In the event Issuer shall not have delivered the full number of Shares otherwise
deliverable as a result of this Section 8(g) (the resulting deficit, the “Deficit Shares”), Issuer
shall be continually obligated to deliver, from time to time until the full number of Deficit
Shares have been delivered pursuant to this paragraph, Shares when, and to the extent, that (i)
Shares are repurchased, acquired or otherwise received by Issuer or any of its subsidiaries after
the Trade Date (whether or not in exchange for cash, fair value or any other consideration), (ii)
authorized and unissued Shares reserved for issuance in respect of other transactions prior to such
date which prior to the relevant date become no longer so reserved and (iii) Issuer additionally
authorizes and issues Shares that are not reserved for other transactions. Issuer shall
immediately notify Dealer of the occurrence of any of the foregoing events (including the number of
Shares subject to clause (i), (ii) or (iii) and the corresponding number of Shares to be delivered)
and promptly deliver such Shares thereafter. Issuer shall not take any action to decrease the
number of Available Shares below the Capped Number. Issuer shall for as long as the Transaction is
outstanding maintain distributable retained earnings (“vrij uitkeerbare reserve”) of not less than
the maximum number of shares that Issuer may be required to deliver in connection with the
Transaction multiplied by the par value of such Shares. The par value of any Shares issued in
connection with the Transaction shall be charged to (“ten laste gebracht van”) the distributable
retained earnings (“vrij uitkeerbare reserve”) referred to in the preceding sentence.

     (h) Right to Extend. Dealer may postpone any Exercise Date or any other date of valuation or
delivery with respect to some or all of the relevant Warrants (in which event the Calculation Agent
shall make appropriate adjustments to the Number of Shares to be Delivered with respect to one or
more Valuation Dates), if Dealer determines, in its reasonable discretion, that such extension is
reasonably necessary or appropriate to preserve Dealer’s hedging or hedge unwind activity hereunder
in light of existing liquidity conditions or to enable Dealer to effect purchases of Shares in
connection with its hedging, hedge unwind or settlement activity hereunder in a manner that would,
if Dealer were Issuer or an affiliated purchaser of Issuer, be in compliance with applicable legal,
regulatory or self-regulatory requirements, or with related policies and procedures applicable to
Dealer; provided that no event shall an Exercise Date occur after the Final Expiration Date.

B-19

 

     (i) Equity Rights. Buyer acknowledges and agrees that this Confirmation is not intended to
convey to it rights with respect to the Transaction that are senior to the claims of common
stockholders in the event of Issuer’s bankruptcy. For the avoidance of doubt, the parties agree
that the preceding sentence shall not apply at any time other than during Issuer’s bankruptcy to
any claim arising as a result of a breach by Issuer of any of its obligations under this
Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that this
Confirmation is not secured by any collateral that would otherwise secure the obligations of Issuer
hereinunder or pursuant to any other agreement.

     (j) Transfer and Assignment. Buyer may transfer or assign its rights and obligations
hereunder and under the Agreement, in whole or in part, without the consent of Issuer to any
Affiliate of Buyer or to any “qualified institutional buyer” as such term is defined in Rule
144A(a) under the Securities Act of 1933, or if such “qualified institutional investor” is an
individual residing or a legal entity incorporated within the European Economic Area, only if such
individual or legal entity qualifies as a “professional market party” as such term defined in
Article 1a, paragraph 3 of the exemption regulation to the Dutch Act on the Supervision of
Securities Trade 1995 (Vrijstellingsregeling Wet toezicht effectenverkeer 1995). Any other
transfer or assignment of Buyer’s rights and obligations hereunder or under the Agreement shall
require the consent of Issuer, which consent shall not be unreasonably withheld.

     (k) Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Issuer and each of its employees, representatives, or other agents may, at Issuer’s
sole discretion, disclose to any and all persons, without limitation of any kind, the tax treatment
and tax structure of the Transaction and all materials of any kind (including opinions or other tax
analyses) that are provided to Issuer relating to such tax treatment and tax structure.

     (l) Designation by Dealer. Notwithstanding any other provision in this Confirmation to the
contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other
securities to or from Issuer, Dealer may designate any of its affiliates to purchase, sell, receive
or deliver such shares or other securities and otherwise to perform Dealer’s obligations in respect
of the Transaction on behalf of Dealer and any such designee may assume such obligations. Dealer
shall be discharged of its obligations to Issuer to the extent of any such performance.

     (m) Netting and Set-off. (i) If on any date cash would otherwise be payable or Shares or
other property would otherwise be deliverable hereunder or pursuant to the Agreement or pursuant to
any other agreement between the parties by Issuer to Dealer and cash would otherwise be payable or
Shares or other property would otherwise be deliverable hereunder or pursuant to the Agreement or
pursuant to any other agreement between the parties by Dealer to Issuer and the type of property
required to be paid or delivered by each such party on such date is the same, then, on such date,
each such party’s obligation to make such payment or delivery will be automatically satisfied and
discharged and, if the aggregate amount that would otherwise have been payable or deliverable by
one such party exceeds the aggregate amount that would otherwise have been payable or deliverable
by the other such party, replaced by an obligation of the party by whom the larger aggregate amount
would have been payable or deliverable to pay or deliver to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

B-20

 

          (ii) In addition to and without limiting any rights of set-off that a party hereto may
have as a matter of law, pursuant to contract or otherwise, upon the occurrence of an Early
Termination Date, Dealer shall have the right to terminate, liquidate and otherwise close
out the Transaction and to set off any obligation or right that Dealer may have to or
against Issuer hereunder or under the Agreement against any right or obligation Dealer may
have against or to Issuer, including without limitation any right to receive a payment or
delivery pursuant to any provision of the Agreement or hereunder. In the case of a set-off
of any obligation to release, deliver or pay assets against any right to receive assets of
the same type, such obligation and right shall be set off in kind. In the case of a set-off
of any obligation to release, deliver or pay assets against any right to receive assets of
any other type, the value of each of such obligation and such right shall be determined by
the Calculation Agent and the result of such set-off shall be that the net obligor shall pay
or deliver to the other party an amount of cash or assets, at the net obligor’s option, with
a value (determined, in the case of a delivery of assets, by the Calculation Agent) equal to
that of the net obligation. In determining the value of any obligation to release or
deliver Shares or any right to receive Shares, the value at any time of such obligation or
right shall be determined by reference to the market value of the Shares at such time, as
determined by the Calculation Agent. If an obligation or right is unascertained at the time
of any such set-off, the Calculation Agent may in good faith estimate the amount or value of
such obligation or right, in which case set-off will be effected in respect of that
estimate, and the relevant party shall account to the other party at the time such
obligation or right is ascertained.

          (iii) Notwithstanding any provision of the Agreement (including without limitation
Section 6(f) thereof) and this Confirmation (including without limitation this Section 8(m))
or any other agreement between the parties to the contrary, (A) Dealer may net and set off
any rights of Dealer against Issuer arising under the Transaction only against obligations
of Dealer to Issuer arising under any transaction or instrument if such transaction or
instrument does not convey rights to Dealer senior to the claims of common stockholders in
the event of Issuer’s bankruptcy; and (B) in the event of Issuer’s bankruptcy, Dealer waives
any and all rights it may have to set-off in respect of the Transaction, whether arising
under agreement, applicable law or otherwise. Dealer will give notice to Issuer of any
netting or set off effected under this provision.

     (n) Additional Termination Event. If Dealer reasonably determines upon the advice of counsel
that it is advisable to terminate a portion of the Transaction so that Dealer’s related hedging
activities will comply with applicable securities laws, rules or regulations, an Additional
Termination Event shall occur in respect of which (1) Issuer shall be the sole Affected Party and
(2) the Transaction shall be the sole Affected Transaction.

     (o) Effectiveness. If, prior to the Effective Date, Dealer reasonably determines that it is
advisable to cancel the Transaction because of concerns that Dealer’s related hedging activities
could be viewed as not complying with applicable securities laws, rules or regulations, the
Transaction shall be cancelled and shall not become effective, and neither party shall have any
obligation to the other party in respect of the Transaction.

B-21

 

     (p) Opinion. Issuer shall deliver to Dealer an opinion of counsel, dated as of the Trade Date
and reasonably acceptable to Dealer in form and substance, with respect to the matters set forth in
Section 3(a)(i) and (ii) of the Agreement and with respect to the execution, delivery and
performance of the Transaction not violating or conflicting with the constitutional documents of
Issuer or with the Third Amended and Restated Credit Agreement among Core Laboratories N.V., Core
Laboratories LP, JP Morgan Chase Bank, N.A., Bank of America, N.A., JP Morgan Securities Inc. and
Banc of America Securities LLC, dated as of March 24, 2005, as amended to date.

     (q) Waiver of Trial by Jury. EACH OF ISSUER AND BUYER HEREBY IRREVOCABLY WAIVES (ON ITS OWN
BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTION OR THE ACTIONS OF BUYER OR ITS AFFILIATES
IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

     (r) Governing Law. THIS CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE
OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH
ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF
INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS.

     (s) Role of Agent. Lehman Brothers Inc. in its capacity as Agent will be responsible for (A)
effecting this Transaction, (B) issuing all required confirmations and statements to Dealer and
Issuer, (C) maintaining books and records relating to this Transaction in accordance with its
standard practices and procedures and in accordance with applicable law and (D) unless otherwise
requested by Issuer, receiving, delivering, and safeguarding Issuer’s funds and any securities in
connection with this Transaction, in accordance with its standard practices and procedures and in
accordance with applicable law.

	 	(i)	 	Agent is acting in connection with this Transaction solely in its capacity as
Agent for Dealer and Issuer pursuant to instructions from Dealer and Issuer. Agent
shall have no responsibility or personal liability to Dealer or Issuer arising from any
failure by Dealer or Issuer to pay or perform any obligations hereunder, or to monitor
or enforce compliance by Dealer or Issuer with any obligation hereunder, including,
without limitation, any obligations to maintain collateral. Each of Dealer and Issuer
agrees to proceed solely against the other to collect or recover any securities or
monies owing to it in connection with or as a result of this Transaction. Agent shall
otherwise have no liability in respect of this Transaction, except for its gross
negligence or willful misconduct in performing its duties as Agent.

B-22

 

	 	(ii)	 	Any and all notices, demands, or communications of any kind relating to this
Transaction between Dealer and Issuer shall be transmitted exclusively through Agent at
the following address:
	 
	 	 	 	Lehman Brothers Inc., acting as Agent

Lehman Brothers OTC Derivatives Inc., acting as Principal

745 Seventh Avenue

New York, New York 10019

Attn: Transaction Management Group

Telephone No.: (212) 526-9986

Facsimile No.: (646) 885-9546

	 
	 	(iii)	 	The date and time of the Transaction evidenced hereby will be furnished by the
Agent to Dealer and Issuer upon written request.
	 
	 	(iv)	 	The Agent will furnish to Issuer upon written request a statement as to the
source and amount of any remuneration received or to be received by the Agent in
connection with the Transaction evidenced hereby.
	 
	 	(v)	 	Dealer and Issuer each represents and agrees (A) that this Transaction is not
unsuitable for it in the light of such party’s financial situation, investment
objectives and needs and (B) that it is entering into this Transaction in reliance upon
such tax, accounting, regulatory, legal and financial advice as it deems necessary and
not upon any view expressed by the other or the Agent.

     (t) Regulatory Provisions. (i) Issuer represents and warrants that it has received and read
and understands the Notice of Regulatory Treatment and the OTC Option Risk Disclosure Statement.
(i) The Agent will furnish Issuer upon written request a statement as to the source and amount of
any remuneration received or to be received by the Agent in connection with the Transaction
evidenced hereby.

     Issuer hereby agrees (a) to check this Confirmation carefully and immediately upon receipt so
that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the
foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement
between Dealer and Issuer with respect to the Transaction, by manually signing this Confirmation or
this page hereof as evidence of agreement to such terms and providing the other information
requested herein and immediately returning an executed copy via facsimile to (646) 885-9546.

	 	 	 	 	 
	 	Yours faithfully,

Lehman Brothers OTC Derivatives Inc.

 	 
	 	By:  	/s/ Anatoly Kozlov
 	 
	 	 	Name:  	Anatoly Kozlov 	 
	 	 	Title:  	Authorized Signatory 	 

B-23

 

	 	 	 	 	 

Agreed and Accepted By:

	 	 	 	 	 

	Core Laboratories N.V.	 	 
	 
	 	 	 	 
	By:

	 	Core Laboratories International B.V.,
its Sole Managing Director	 	 
	 
	 	 	 	 
	By:

	 	/s/ Jane Willem Sodderland
 

Name: Jan Willem Sodderland
	 	 
	 

	 	Title: Managing Director of Core Laboratories International B.V.	 	 

B-24

 

Annex A

	 	 	 
	VWAP Price ($)	 	Strike Price ($)
	87.0000
	 	58.6100
	87.5000
	 	58.6800
	88.0000
	 	58.7400
	88.5000
	 	58.8000
	89.0000
	 	58.8700
	89.5000
	 	58.9200
	90.0000
	 	58.9700
	90.5000
	 	59.0300
	91.0000
	 	59.0800
	91.5000
	 	59.1400
	92.0000
	 	59.1900
	92.5000
	 	59.2400
	93.0000
	 	59.2800
	93.5000
	 	59.3300
	94.0000
	 	59.3800
	94.5000
	 	59.4200
	95.0000
	 	59.4700
	95.5000
	 	59.5100
	96.0000
	 	59.5500
	96.5000
	 	59.5900
	97.0000
	 	59.6300
	97.5000
	 	59.6700
	98.0000
	 	59.7100
	98.5000
	 	59.7400
	99.0000
	 	59.7800exv10w01

  

Exhibit 10.1

INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED PURSUANT TO RULE 24b-2 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, IS OMITTED AND IS NOTED WITH **. A COPY OF THIS
AGREEMENT, INCLUDING ALL INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED HAS BEEN
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION

BROKER AGREEMENT FOR
CONSUMER DISCLOSURE SERVICE

THIS AGREEMENT, made this 1st day of January, 2011 (“Effective Date”), by
and between EQUIFAX INFORMATION SERVICES LLC, a Georgia limited liability company with its
principal place of business at 1550 Peachtree Street, N.W., Atlanta, Georgia, 30309 (“Equifax”),
and Intersections Inc. a corporation with its principal place of business at 3901
Stonecroft Boulevard, Chantilly, Virginia 20151 (“Broker”).

     WHEREAS, Broker has the computer capability to create List & Stack Reports and to provide
Single Bureau Reports and List & Stack Reports directly to the individual consumers who are the
subject of the report information; and

     WHEREAS, Equifax publishes and distributes individual consumer credit report information
known as “Equifax Credit Information”; and

     WHEREAS, Broker desires, and Equifax agrees, to allow Broker to make Equifax Credit
Information available to the individual consumers who are the subject of the Equifax Credit
Information, subject to the terms of this Agreement; and

     WHEREAS, Broker and Equifax enter into this Agreement in order to provide for the foregoing,
in accordance with the terms and subject to the conditions contained in this Agreement:

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants contained in
this Agreement, the parties agree as follows:

	1.	 	DEFINITIONS. For the purposes of this Agreement, the following terms have the
meanings set forth below:

	 	A.	 	“Affiliate” of any Party shall mean any other legal entity directly or indirectly
Controlling, Controlled by, or under direct or indirect common Control with such
specified Party. “Control” means a legal entity possesses, directly or indirectly, the
power to direct or cause the direction of the management and policies of another legal
entity, whether through the ownership of voting securities, by contract or otherwise.

	 	B.	 	“Alert” means a Credit Information Update report delivered by Broker as part of
its Alert Product.

	 	C.	 	“Alert Product” means a product offered by Broker, in which a Consumer enrolled
in the product is notified on a monthly, weekly or daily basis of changes to his or her
credit file.

	 	D.	 	“Consumer Subject” means the Consumer who is the subject of the Credit
Information.

	 	E.	 	“Consumer Information” means any information or data about a Consumer provided by
the Consumer to Broker, and then by Broker to Equifax, in connection with a Transaction.
Notwithstanding the foregoing, Consumer Information does not include information
regarding the Consumer already in the possession of Equifax prior to such Transaction.

	 	F.	 	“Credit Information” and “Equifax Credit Information” means (i) raw, unformatted
data relating to the credit history of Consumers in the United States, as prepared and
distributed by Equifax, and (ii) Credit Information Updates.

	 	G.	 	“Credit Information Updates” means either:

	 	i.	 	Daily. The output of a batch processing service in which Equifax monitors an
enrolled

 

 

  

	 	 	 	Consumer’s Equifax credit file on a daily basis and notifies Broker regarding specific
changes to such Consumer’s Equifax credit file. The data elements to be monitored are
(i) delinquencies; (ii) new inquiries (since previous report); (iii) active/inactive
status changes; (iv) new accounts opened; (v) changes of address; and (vi) new public
records and public record changes. The Parties may modify or increase the number of
data elements that are scanned for upon mutual agreement. Or,
	 
	 	ii.	 	Quarterly. The CMS monthly batch process that returns the full file fixed
formatted credit file and may also return such data attributes as agreed between the
Parties. The CMS Quarterly Credit Information Updates may be used solely for the
purpose of creating Alerts on a quarterly basis for the consumer (i.e., comparing the
consumer’s current CMS Quarterly Credit Information Update to the prior CMS Quarterly
Credit Information Update) or to perform credit scoring. The credit score can only be
applied to the current month’s data and not to the previous month’s compare data. The
CMS Quarterly Credit Information Updates will be provided and processed monthly based
on the month that the consumer began receiving the CMS Quarterly Credit Information
Update; provided however, that Broker must not submit any individual consumer’s name
for a CMS Quarterly Credit Information Update any more frequently than quarterly
(except for error resolution); provided further, such individual consumer’s name may
be submitted to request other information (e.g. a full credit report) on a more
frequent basis. The Credit Information provided through the CMS Quarterly Credit
Information Updates may not be used to provide a full credit file, including a Single
Bureau Report or List & Stack report, to the consumer or for any other purpose.
Notwithstanding the above, the parties agree that Broker shall continue to receive
Credit Information Updates on a monthly basis for those consumers (identified by
program in Schedule G, Monthly Batch List).

	 	H.	 	“Equifax Marks” means any and all existing or future trademarks, trade names or
service marks owned or used by Equifax or any of its Affiliates.

	 	I.	 	“FCRA” means the Fair Credit Reporting Act, 15 U.S.C. 1681 et. seq., as amended.

	 	J.	 	“List & Stack Report” means a consumer report composed by providing the
information contained in the separate credit reports from two or more of the three
national consumer reporting agencies into a single report, commonly known as either (i)
a dual bureau or 2-in1 report or (ii) a tri-bureau or 3-in-1 report; provided, however,
that the information from each consumer reporting agency cannot be reformatted,
commingled or translated so that the source is no longer distinct. All information on a
List & Stack Report must be designate sources of the information.

	 	K.	 	“Party” means either Equifax or Broker.

	 	L.	 	“Person” means any individual, corporation (including any non-profit
corporation), general or limited partnership, limited liability company, joint venture,
estate, trust, association, organization, labor union, or other entity or governmental
authority.

	 	M.	 	“Product” means a Single Bureau Report, List & Stack Report, or Alert, and/or
credit scoring for the Consumer based solely on raw, unformatted data relating to the
credit history of the Consumer in the United States, as prepared and distributed by
Equifax.

	 	N.	 	“Single Bureau Report” means a consumer report composed solely of the information
contained in the Consumer’s Equifax credit report.

	 	O.	 	“Transaction” means (i) in the context of a Single Bureau Report or a List &
Stack Report, an inquiry for Equifax Credit Information regarding a single Consumer
transmitted by Broker to Equifax and the resulting transmission of Equifax Credit
Information from Equifax to Broker; and (ii) in the context of the Alert Product, each
transmission of a Credit Information Update regarding a single Consumer from Equifax to
Broker.

	2.	 	PROVISION OF EQUIFAX CREDIT INFORMATION.

 

 

  

	 	2.1	 	Scope of Agreement.

     (A) Supply of Credit Information. Equifax will provide its Credit Information, as
requested and as available, to Broker, subject to the terms and conditions of this Agreement.

          (B) Products. Broker will market and sell the Products during the term of this
Agreement. The Products provided by Broker will be identified as products of Broker.

          (C) Grant of License — Single Bureau and List & Stack Reports. Subject to the terms
and conditions of this Agreement, on a nonexclusive basis, Equifax licenses Broker to use the
Credit Information (excluding, for this purpose, Credit Information Updates) provided by Equifax to
Broker in a single Transaction to produce and deliver a Single Bureau Report or a List & Stack
Report directly and exclusively to the Consumer Subject, and to produce and deliver a credit score
directly and exclusively to the Consumer Subject, and for no other use. List & Stack Reports may
be delivered via the Internet (subject to Section 2.3(G), postal mail or by any other method that
is mutually agreed upon by the Parties. For purposes of clarity, the foregoing license does not
include delivery of consumer reports or Credit Information to any corporation, general or limited
partnership, limited liability company, joint venture, estate, trust, association, organization,
labor union, or other business, entity or governmental authority. In addition, during the Initial
Term, as defined in Section 23.1, Equifax licenses Broker to use the Quarterly Credit Information
Update to provide credit scoring for the Consumer as outlined in Section 1(H)(ii).

          (D) Grant of License — Alert Services. Subject to the terms and conditions of this
Agreement, on a nonexclusive basis, Equifax licenses Broker to use the Credit Information Update
provided by Equifax regarding a Consumer in a single Transaction to produce and deliver an Alert
directly and exclusively to that Consumer Subject, and for no other use. Alerts may be delivered
via the Internet (subject to Section 2.3(G), postal mail or by any other method that is mutually
agreed upon by the Parties.

	 	(E)	 	Exclusivity.
	 
	 	 	 	i. Authentication. Broker agrees that it shall use Equifax’s eIDverifierTM
Authentication Service as its exclusive online authentication for all websites owned
or operated by Broker and/or its Affiliates that provide the Products. The terms and
conditions governing eIDverifier Authentication Service are set forth in the Services
Agreement between Equifax and Broker dated December 21, 2000 and attached hereto as
Schedule H.

	 	2.2	 	Limitations on Use of Credit Information.

(A) Consumer Authorization. Broker certifies that it will order Credit Information
from Equifax only when Broker is duly authorized by the Consumer Subject and Broker intends
to use the Credit Information in accordance with the FCRA and all state law FCRA
counterparts. Except as provided in Section 2.3(J), in no event will Broker disclose the
Credit Information to any third party other than the Consumer Subject. Broker will hold all
Credit Information (including the Alerts, List & Stack Reports and Single Bureau Reports
compiled or derived therefrom) licensed under this Agreement in strict confidence and will
not reproduce, reveal or make it accessible in whole or in part, in any manner whatsoever, to
any Person other than the Consumer Subject, except to employees and as provided in Section
2.3(J), unless required by law, or unless Broker first obtains Equifax’s written consent.
Broker may not use the Credit Information for any purpose other than as expressly set forth
in Section 2.1(C).

(B) Product Limitations. Broker will not create any product or service other than a
Single Bureau Report, a List & Stack Report or an Alert, or credit scoring for the Consumer
based solely on raw, unformatted data relating to the credit history of the Consumer in the
United States, as prepared and distributed by Equifax, from any Credit Information provided
hereunder. Broker will, in compiling and delivering the Single Bureau Reports, List & Stack
Reports and Alerts, transmit the underlying Credit Information accurately and in its entirety
(except to the extent the Credit Information is suppressed for security purposes or as may be
otherwise required by this Agreement). Broker will include the date the information was last
checked or revised by Equifax and the full name and mailing address of the Equifax office
identified by Equifax as providing the Equifax Credit Information. Broker will not merge or
combine Equifax Credit Information with information from any other source.

(C) No Storage. Pursuant to the following terms and the provisions in Schedule C,
Broker may maintain, copy, capture or otherwise retain the raw files from Equifax of the
Equifax Credit Information for thirty (30) days after the expiration of the usage period, but
in no event for longer than one-hundred twenty days (the

 

 

  

	 	 	 	“Storage Period”):

	 	•	 	Broker will only use the Equifax Credit Information for the purposes expressly
permitted in this Agreement.

	 	•	 	Equifax retains the right to review and approve the final technical implementation
for Broker’s access to Equifax Credit Information.

	 	•	 	Broker must logically segregate the Equifax data from other CRA information.

	 	•	 	Broker must have a formal process for expunging Equifax data from its systems after
the Storage Period.

	 	 	 	After the expiration of the Storage Period, Broker will not maintain, copy, capture or
otherwise retain in any manner any Equifax Credit Information; except that Broker may capture
and retain the name and address of the Consumer Subjects and the date and time of inquiries
solely for the purpose of (a) audit trail; (b) calculation of the amount of usage of Equifax
Credit Information and provision of specifics relating to such usage to Consumer Subjects;
and (c) any legal or regulatory requirement.

	 	2.3	 	Broker Obligations and Equifax Rights.

(A) Equifax’s Audit Rights. Equifax may at its expense, from time to time, conduct
various audits of Broker’s practices and procedures to confirm Broker’s compliance with this
Agreement, including the use of pre-approved statements in advertising as listed in Schedule
E; provided that any such review of promotion and marketing statements may not occur more
than once per quarter unless Equifax has reason to believe that Broker is not in compliance
with this Agreement. Broker will reasonably cooperate in all those audits. Equifax may
conduct on-site audits of Broker’s facilities during normal business hours, and upon
reasonable notice and agreed upon schedule. In addition, Equifax may conduct audits by mail
that may require Broker to provide documentation regarding the use of particular Credit
Information ordered by Equifax and the authentication and authorization of the underlying
Consumers. Any audit hereunder shall not disrupt the normal business operations of Broker.

(B) No Unauthorized Representations. Broker will make no representations or
warranties on behalf of Equifax or relating to the Credit Information except as authorized in
writing by Equifax. A sample of Broker’s current terms and conditions of use applicable to
the Products are attached hereto as Schedule A. Broker will not modify such terms and
conditions in a manner intended to diminish or otherwise adversely affect any exculpatory
provisions therein that currently inure to the benefit of Equifax.

(C) Submission of Inquiries; Facilities. Broker will request the Credit
Information from Equifax by electronic means or other means as may be agreed to from time to
time by Equifax and Broker. Each request will contain sufficient identifying information
concerning the Consumer about whom the information is requested to enable Equifax to provide
the Credit Information, and will identify in the manner specified by Equifax, the fact that
the request is being made by Broker. Broker will be responsible for obtaining and
maintaining at its expense all hardware, software and telecommunications facilities necessary
to order, access and receive the Credit Information (either directly or through a Service
Provider subject to Section 2.3[J]). Equifax will provide reasonable consultation to Broker
to assist in defining those hardware and software needs.

(D) Consumer Authentication. Broker will verify that each Consumer who receives a
Product from Broker is the subject of the Credit Information contained in such Product, in
accordance with the authentication procedures set forth in Schedule B (Broker authentication
procedures). Equifax may also verify that each Consumer for whom Credit Information is
requested is the subject of the Credit Information requested by Broker. Broker acknowledges
and agrees that an additional verification process will be provided by Equifax in the event
Equifax receives a flag (indicating a possible match) from a fraud detection database.

(E) Consumer Handling. Broker will refer all Consumers who have questions or
disputes about Equifax’s Credit Information contained in Broker’s Products to the telephone
number, website linked directly into the Equifax dispute webpage, and/or address for
Equifax’s consumer assistance center (as provided to Broker from time to time by Equifax),
and not to Equifax’s telephone number for complimentary credit reports or any other address
and/or telephone number. In no case will Broker attempt to, or hold itself out to the
Consumer or to the public as being able to, handle disputes on behalf of Equifax or to
reinvestigate Equifax’s Credit Information contained in the Products. Within ten days of the
signing of this Agreement, Broker will provide to Equifax in writing an overview of Broker’s
procedures for directing questions from consumers to Equifax about the underlying raw data
contained in, or any disputes pertaining to the Equifax Credit Information.

(F) Broker’s Compliance with Laws. Broker will perform its obligations and exercise
its rights hereunder in

 

 

  

a manner intended to comply with all federal, state and local laws, ordinances, regulations
and administrative orders applicable to the purchase, transmission, possession, use, sale,
storage and disclosure of Credit Information (including the Products compiled therefrom),
including but not limited to, the FCRA and Gramm-Leach-Bliley Act.

(G) Security Requirements. Broker shall comply with the data security policy
attached hereto as Schedule C. Broker shall make a reasonable and good faith effort to agree
with such other data security policies as Equifax may from time to time make known to Broker
in advance and in writing. To the extent Broker does not agree to comply any policy
additional to Schedule C, Broker will notify Equifax within five (5) business days of receipt
of the additional policy, and the parties will thereafter discuss in good faith an
alternative solution and/or resolution to satisfying the additional policy. If the parties
do not mutually agree to an alternative solution or resolution, and Broker does not agree to
comply with the additional policy, then Equifax may terminate this Agreement upon thirty (30)
days prior written notice. For avoidance of doubt, Broker understands and agrees that its
compliance with this Agreement and the Security Policy for External Parties will not relieve
Broker of the obligation to observe any other or further contractual, legal, or regulatory
requirements, rules or terms applicable to the security of the Equifax Information.

(H) Unauthorized Access. Broker will establish strict procedures so that Broker’s
employees or agents do not access Equifax Credit Information except as set forth in Section
2.2(A) above.

(I) Territory. Broker may access, use and store Equifax Credit Information only at
or from locations within the territorial boundaries of the United States, United States
territories and Canada (the “Permitted Territory”). Except for those locations provided for
in Schedule F which have already been approved by Equifax, neither Broker or a Service
Provider may access, use or store the Equifax Credit Information at or from, or send it to,
any location outside of the Permitted Territory without first obtaining Equifax’s written
permission.

(J) Service Providers. Other than the company or companies listed on Schedule F,
Broker may not allow a third party service provider (hereafter “Service Provider”) to
access, use, or store Equifax Credit Information on Broker’s behalf without first obtaining
Equifax’s written permission and without the Service Provider first entering into a Broker
Service Provider Information Use and Nondisclosure Agreement with Equifax. In addition, the
territorial provisions in Section 2.3(I) above are fully applicable to any Service Provider
of Broker that has access to Equifax Credit Information.

(K) Alert Product Subscription Information. Broker will send new customer additions
and cancellations a minimum of once per week. Equifax will provide monthly synch/in force
files to Broker to compare such lists. Broker will promptly instruct Equifax, through the
established cancellation process, to discontinue the provision of Credit Information Updates
as to any Consumer whose subscription to Broker’s Alert Product lapses or is cancelled.

	 	2.4	 	Equifax Obligations.

	 	a.	 	Supply of Credit Information. Equifax agrees to provide the Credit
Information as requested and as available to Broker for the purpose set forth in
Section 2.2(A).
	 
	 	b.	 	Equifax’s Compliance with Laws. Equifax will perform its obligations and
exercise its rights hereunder in a manner intended to comply with all federal, state
and local laws, ordinances, regulations and administrative orders applicable to the
purchase, compilation, transmission, possession, use, sale, storage and disclosure
of Credit Information, including but not limited to, the FCRA and the
Gramm-Leach-Bliley Act.

2.5 Consumer Information. Broker grants to Equifax a nonexclusive license to: (1) use
Consumer Information as required to respond to Broker’s inquiries for Credit Information; (2)
disclose the items of Consumer Information to Equifax’s Affiliates for the sole purpose of
responding to Broker’s inquiries for Credit Information and assisting Equifax in its performance
of its obligations under this Agreement. Equifax will hold all Consumer Information licensed
under this Agreement in strict confidence and will not reproduce, reveal or make it accessible
in whole or in part, in any manner whatsoever, to any Person, unless required by law, or unless
Equifax first obtains Broker’s written consent. Equifax will not, and will not allow its
subcontractors (including its Affiliates) to use or disclose Consumer Information in any way
other than as expressly permitted under this Agreement.

2.6 Pricing. Broker will pay Equifax according to the subscription price or rate
schedule of cash prices now or

 

 

  

subsequently established by Equifax for all amounts billed no later than thirty (30) days after
the date of receipt of Equifax’s invoice, and will pay any applicable taxes on services rendered
to Broker by Equifax. The current prices for Equifax Credit Information are listed in Schedule
D to this Agreement. Unless specifically indicated, those prices are exclusive of any
regulatory recovery fees or surcharges that Equifax may establish from time to time to recover
its costs of compliance with various laws and regulations, which Equifax shall provide a summary
of upon request and thirty (30) days prior written notice thereof subject to the effective date
of the law or regulation. Interest will accrue at the rate of 1.5% per month on all amounts not
timely paid. All fees payable by Broker are exclusive of any sales, use or other tax imposed
with respect to the underlying Transaction, and Broker will be responsible for any such sales,
use or other tax regardless of whether the tax is currently existing or later enacted.
Notwithstanding the foregoing, Broker will not be responsible for taxes imposed on the revenues
or income of Equifax.

2.7 Trademarks. Except as contained in Schedule E, Broker may not use any Equifax Marks
in connection with advertising, marketing and promoting the Products. All uses of the Equifax
Marks not listed in Schedule E must be pre-approved in writing by Equifax, in its sole
discretion. Equifax may terminate any prior approval if in its reasonable discretion, Broker’s
use of the Equifax Mark tarnishes, blurs or dilutes the quality associated with the Equifax Mark
or the associated goodwill and that problem is not cured within ten (10) days of notice. Title
to and ownership of the Equifax’s Marks will remain with Equifax. Broker will use the Equifax
Marks not listed in Schedule E exactly in the form provided and in conformance with any written
trademark usage policies provided by Equifax. Broker will not take any action inconsistent with
Equifax’s ownership of the Equifax Marks, and any benefits accruing from use of the Equifax
Marks will automatically vest in Equifax. Broker will not form any combination marks with
Equifax’s Marks. Notwithstanding anything to the contrary, any approval to use Equifax Marks
given pursuant to this Section 2.7 does not include the right to register any domain name that
includes any Equifax Mark or a word likely to be confused with an Equifax Mark.

3. PROMOTION AND TRAINING. Except as contained in Section 2.7, or Schedule E, Pre-Approved
Marketing Statements, prior to its publication and release, Equifax must review and approve all
Broker-created advertising, marketing and promotional material that describes Equifax Credit
Information or which refers to the nature or capabilities of Equifax or Equifax Credit Information,
or otherwise mentions or refers to Equifax by name. Further, prior to its publication and release,
Equifax must review and approve all advertising, marketing and promotional material regarding
Equifax Credit Information that Broker proposes to provide to consumers regarding the Products.
Equifax will be provided a minimum of fifteen (15) business days in which to review and approve
advertising, marketing and promotional material.

4. RIGHT TO CONDUCT TECHNICAL REVIEWS AND AUDITS.

Equifax may conduct technical reviews of Broker’s procedures to analyze how Equifax Credit
Information is displayed, re-formatted or re-packaged in the Products. Further, Equifax may
conduct reasonable audits of the procedures and practices of Broker in connection with its
compliance with its obligations and responsibilities under this Agreement. Further, Equifax may
immediately, suspend Broker’s rights of access to, and use of, Equifax Credit Information if
Equifax determines that Broker is not in compliance with its obligations in connection with the
access and use of Equifax Credit Information under this Agreement. In that event, Equifax will
immediately notify Broker of those circumstances.

5. RELEASE AND COVENANT WITH RESPECT TO ACCURACY OF EQUIFAX CREDIT INFORMATION. Broker
recognizes that the accuracy of any information furnished is not guaranteed by Equifax, and Broker
releases Equifax and Equifax’s parent, sister, and affiliated companies, and its and their
officers, agents, employees and independent contractors from any liability from the inaccuracy of
any Equifax Credit Information and from any loss or expense suffered by Broker or Consumer Subjects
or others resulting directly or indirectly from the inaccuracy of such Equifax Credit Information.
Broker covenants not to sue Equifax, Equifax’s parent, sister, and affiliated companies, and its
and their officers, agents, employees and independent contractors solely arising out of the
accuracy or inaccuracy, validity or non-validity, of any of the Equifax Credit Information.

6. WARRANTIES; LIMITATIONS OF LIABILITY.

6.1 General Warranties. Each party represents and warrants to the other that: (i) it
is organized and existing in good standing under the laws of the jurisdiction of its
organization, and has full power and authority and holds all governmental licenses, permits and
other approvals necessary to conduct its business substantially as presently conducted; and (ii)
The execution and delivery of this Agreement, and the performance of its obligations hereunder,
have been duly authorized by all necessary corporate actions; do not require the approval of any
third party which has not been obtained; and do not violate the terms of any other contract or
instrument in effect with

 

 

  

respect to such party.

6.2 Equifax Warranties.Equifax warrants that (a) it, and each of the subcontractors
that it uses to provide and perform the services, have the necessary knowledge, skills,
experience, qualifications and resources to provide and perform the services in accordance with
the Agreement; and (b) such services will be performed in a diligent and workmanlike manner.

6.2 Disclaimer. Equifax makes no representations, warranties or guarantees, express or
implied, other than those expressed in this Agreement. EXCEPT AS EXPRESSLY STATED IN THIS
AGREEMENT, THERE ARE NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, RESPECTING THE
EQUIFAX AUTOMATED CREDIT REPORTING SYSTEM (ACROPAC SYSTEMTM) OR ANY OTHER MACHINERY, EQUIPMENT,
MATERIALS, PROGRAMMING AIDS OR OTHER ITEMS UTILIZED BY BROKER IN CONNECTION WITH OR RELATED TO,
OR RESPECTING THE ACCURACY OF ANY EQUIFAX CREDIT INFORMATION FURNISHED BY EQUIFAX TO BROKER OR
TO ANY OR CONSUMER SUBJECTS. EQUIFAX DOES NOT GUARANTEE OR WARRANT THE CORRECTNESS,
COMPLETENESS, CURRENTNESS, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE CREDIT
INFORMATION PROVIDED TO BROKER.

NEITHER EQUIFAX, NOR ANY OF ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES, CONTRACTORS, LICENSORS,
AFFILIATED COMPANIES OR CONTRACTUALLY AFFILIATED CREDIT REPORTING AGENCIES WILL BE LIABLE TO
BROKER FOR ANY LOSS OR INJURY ARISING OUT OF, OR CAUSED IN WHOLE OR IN PART BY, THEIR ACTS OR
OMISSIONS, EVEN IF NEGLIGENT, IN PROCURING, COMPILING, COLLECTING, INTERPRETING, PROCESSING,
REPORTING OR TRANSMITTING ANY CREDIT INFORMATION.

6.3 Limitation of Liability. EXCEPT PURSUANT TO THE INDEMNIFICATION RIGHTS CREATED IN
SECTION 7 BELOW OR A PARTY’S CONFIDENTIALITY OBLIGATIONS, NOTWITHSTANDING ANYTHING TO THE
CONTRARY IN THIS AGREEMENT, INCLUDING ANY AND ALL AMENDMENTS TO IT; (I) IN NO CASE WILL EITHER
PARTY, OR ANY OF ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES, CONTRACTORS, LICENSORS, AFFILIATED
COMPANIES OR AFFILIATED CREDIT BUREAUS, BE LIABLE TO THE OTHER PARTY FOR CONSEQUENTIAL,
INCIDENTAL, INDIRECT, PUNITIVE, EXEMPLARY OR SPECIAL DAMAGES, INCLUDING LOST PROFITS, LOST
REVENUE, LOST OPPORTUNITY OR BUSINESS INTERRUPTION; AND (II) EXCEPT FOR BROKER’S
INDEMNIFICATION OBLIGATIONS, EACH PARTY’s LIABILITY TO THE OTHER FOR ALL BREACHES OR OTHER
DEFAULTS HEREUNDER IN ANY CONTRACT YEAR SHALL NOT EXCEED THE GROSS FEES PAYABLE BY BROKER TO
EQUIFAX DURING THAT CONTRACT YEAR.

7. INDEMNIFICATION.

7.1 Indemnification by Broker. Broker will indemnify, defend and hold Equifax and its
directors, officers, employees, agents, contractually affiliated consumer reporting agencies,
independent contractors, corporate affiliates and successors and assigns (“Equifax Indemnitees”)
harmless from and against any and all liabilities, claims, actions, suits, costs, damages,
penalties and expenses (including, without limitation, reasonable attorneys’ fees and costs of
litigation) (collectively, “Liabilities”) arising out of or related in any way to any claim,
demand, suit and/or judgment brought or asserted by any third party (collectively, “Third Party
Claims”) resulting from or attributable to (i) any unauthorized representation or warranty made
by Broker, agents or employees regarding the Equifax Credit Information or the Products; (ii)
any violation of applicable laws (including without limitation the FCRA) by Broker or Equifax
(solely to the extent that Equifax’s noncompliance is directly caused by the acts or omissions
of Broker); (iii) any breach of any representation, warranty or covenant of Broker under this
Agreement; (iv) alleged or actual intellectual property infringement by Broker or its
Affiliates in connection with its sale of Products; and (v) misuse of or improper access to,
Equifax Credit Information by Broker.

7.2 Indemnification by Equifax. Equifax will indemnify, defend and hold Broker and its
directors, officers, employees, agents, contractually affiliated consumer reporting agencies,
independent contractors, corporate affiliates and successors and assigns (“Broker Indemnitees”)
harmless from and against any and all Liabilities arising out of or related in any way to any
Third Party Claims resulting from or attributable to (i) any violation of applicable laws
(including the FCRA) by Equifax, its Affiliates or Broker (solely to the extent that Broker’s
noncompliance is directly caused by the acts or omissions of Equifax or its Affiliates); (ii)
any breach of any representation, warranty or covenant of Equifax under this Agreement; (iii)
alleged or actual intellectual property infringement by Equifax or its Affiliates in connection
with its provision of Credit Information hereunder; and (iv)

 

 

  

misuse of or improper access to, Consumer Information by Equifax.

8. CONFIDENTIALITY. Broker acknowledges that Equifax owns an automated credit reporting
system (ACROPAC SystemTM) and all interests, programs, codes, software documentation or other
appurtenances related to it or derived from it. Broker further acknowledges that the ACROPAC
SystemTM and any codes, procedures or ACROPAC SystemTM documentation are confidential and proprietary
to Equifax.

A party’s “Confidential Information” is defined as any confidential or proprietary information of a
party which is disclosed to the other party, is treated as secret by the disclosing party without
limiting the generality of the foregoing, it is acknowledge that Confidential information
specifically includes Equifax Credit Information. Each party will protect the other party’s
Confidential Information with at least the same level of care that it uses to protect its own
information of a similar nature, but in no event less than a reasonable standard of care, and will
not disclose the Confidential Information to third parties nor use the other party’s Confidential
Information for any purpose other than as required to perform under this Agreement.
Notwithstanding the foregoing, either party may disclose the other party’s Confidential Information
to its Affiliates and/or subcontractors which have a need to know such Confidential Information and
who agree to observe and abide by the confidentiality obligations under this Agreement.
Confidential Information does not include information which (a) is already known by the recipient;
(b) becomes, through no act or fault of the recipient, publicly known or available; (c) is received
by the recipient from a third party without a restriction on disclosure or use; or (d) is
independently developed by recipient without reference to the Confidential Information.

The restrictions on the disclosure of Confidential Information will not apply to Confidential
Information which is required to be disclosed by a court or other government agency; however, the
party obligated to disclose the other party’s Confidential Information in those circumstances will
promptly notify the other party so that party may seek a protective order and will make a
reasonable effort itself to protect the Confidential Information. The party’s confidentiality
obligations under this Section 8 will continue indefinitely for so long as the Confidential
Information is a trade secret under applicable law and will continue with regard to the
Confidential Information which does not rise to the level of a trade secret for the earlier to
occur of (y) the information no longer qualifies as Confidential Information, or (z) two (2) years
following the termination of this Agreement.

9. RELATIONSHIP OF PARTIES. The parties to this Agreement are each independent contractors
and nothing contained in this Agreement will be construed as creating a joint venture, partnership,
licensor-licensee, principal-agent or mutual agency relationship between or among the parties and
no party will, by virtue of this Agreement, have any right or power to create any obligation,
express or implied, on behalf of any other party. No party, nor any employee of a party, will be
deemed to be an employee of another party by virtue of this Agreement.

10. NO THIRD-PARTY BENEFITS. Equifax and Broker acknowledge and intend that this Agreement
was entered into solely for the respective benefit of each of them and their respective successors
and assigns and nothing in this Agreement will be construed as giving any person, firm, corporation
or other entity (including, without limitation to the foregoing, any Consumer Subject), other than
the parties to this Agreement and their respective successors and permitted assigns, any right,
remedy or claim under or in respect of this Agreement or any provision of it.

11. ASSIGNMENT. The parties acknowledge the special and unique purposes of this Agreement
and, therefore, notwithstanding any other provisions to the contrary contained in this Agreement,
neither this Agreement nor any of the rights or obligations in it will be assignable by one party
without the prior written consent of the other, which consent shall not be unreasonably withheld or
delayed (taking into account the nature of the services provided under this Agreement, the economic
or other interests of such party, competitive effects, any circumstances which may affect the
performance of this Agreement, the protection of sensitive or proprietary commercial information,
and, with respect to Equifax’s consent, the operations and integrity of the ACROPAC SystemTM, the
protection of data in the ACROPAC System and the interests of other entities utilizing that
System). Further, in the event of any Change of Control of a party (defined below), the other party
may immediately terminate this Agreement upon written notice. Any dissolution, merger,
consolidation or other reorganization of a party, the sale or other transfer of all or
substantially all of the assets or properties of a party or the sale or other transfer of a
controlling percentage of the corporate stock of a party will constitute “Change of Control” for
all purposes of this Section 11. The term “controlling percentage” for the purposes of this
Section 11 means the ownership of stock possessing, and of the right to exercise, at least 50% of
the total combined voting power of any class or all classes of stock of such a party, issued,
outstanding and entitled to vote for the election of directors, whether such ownership be direct
ownership or indirect ownership.

12. FORCE MAJEURE. Notwithstanding any provisions to the contrary contained in this
Agreement, no party to this Agreement will be liable to the other party for any delay or
interruption in performance as to any obligation under this Agreement resulting from governmental
emergency orders, judicial or governmental action, emergency regulations, sabotage, riots,
vandalism, labor strikes, or disputes, acts of God, fires, electrical failure, major computer

 

 

  

hardware or software failures, equipment delivery delays but only to the extent not attributable to
the actions of the nonperforming party, acts of third parties but only to the extent not
attributable to the actions of the nonperforming party, or any other similar cause, if such delay
or interruption in performance is beyond its reasonable control.

13. CONTACT PERSONS. Each party to this Agreement will designate one person within its
organization that is responsible for the relationship between the parties and for compliance with
the terms and conditions of this Agreement.

(a) For Broker:

Name: Andy Gerry

          Sr. Vice President, Operations

Address: 3901 Stonecroft Boulevard

          Chantilly, VA 20151

Telephone: 703-488-6100

(b) For Equifax:

Name: Laurie Kolb

Address: Equifax Information Services LLC

1550 Peachtree Street, NW

Post Office Box 4091

Atlanta, Georgia 30309

Each party may, by notice given pursuant to Paragraph 14, change its designation to a person
other than the person identified above.

14. NOTICES. All notices, requests, demands, and other communications under this Agreement
will be in writing except as expressly stated in this Agreement, and will be deemed duly given when
received upon delivery by hand or by certified mail, addressed as follows:

	 	(a)	 	If to Broker:
	 
	 	 	 	Chief Executive Officer

Intersections Inc.

3901 Stonecroft Boulevard

Chantilly, VA 20151
	 
	 	 	 	With a simultaneous copy to:

Chief Legal Officer

Intersections Inc.

3901 Stonecroft Boulevard

Chantilly, VA 20151
	 
	 	(b)	 	If to Equifax:
	 
	 	 	 	Equifax Information Services LLC

1550 Peachtree Street, NW

Post Office Box 4091

Atlanta, Georgia 30309

Attention: General Counsel

The parties hereto may, by notice, designate any further or different addresses to which notices
will be sent.

15. SEVERABILITY. If any provision of this Agreement is held invalid or unenforceable by
any court of competent

 

 

  

jurisdiction, such a holding will not invalidate or render unenforceable any other provision of
this Agreement.

16. SCHEDULES. All Schedules attached to this Agreement are a part of this Agreement and
are expressly incorporated into it. All blanks in the Schedules, if any, will be completed as
required in order to consummate the transactions contemplated and in accordance with this
Agreement.

17. INJUNCTIVE RELIEF. Each party acknowledges that use or disclosure of the information
described by Paragraph 8 of this Agreement in a manner inconsistent with this Agreement may give
rise to irreparable injury to the other party which cannot be adequately compensated in damages,
and that such party may seek equitable, injunctive relief to prevent or restrain the unauthorized
use or disclosure, together with any other remedies which may be available to such party.

18. NO TRANSFER OF RIGHTS. Neither party conveys or transfers, nor does the other party
obtain any right or interest in, any of the programs, systems, data, materials, or credit
information utilized or provided by the other party in the performance of this Agreement.

19. HEADINGS. The section and other headings in this Agreement are inserted solely as a
matter of convenience for reference and are not a part of this Agreement.

20. GOVERNING LAW. This Agreement will be governed by and construed in accordance with the
laws of the State of Georgia.

21. WAIVER OF RIGHTS. Failure of any party to enforce any of its respective rights or
remedies under this Agreement with respect to any specific act or failure to act of any party will
not constitute a waiver of the rights of that party to enforce those rights and remedies with
respect to any other or subsequent act or failure to act.

22. ENTIRE AGREEMENT. This Agreement, including its Schedules, constitutes the entire
Agreement between the parties and supersedes and cancels any and all prior agreements between the
parties relating to the subject matter of this Agreement. No changes in this Agreement may be made
except in writing signed by both parties. This Agreement may be executed in electronic or facsimile
counterparts, each of which shall be deemed original and one and the same instrument.

23. TERM AND TERMINATION.

     23.1 TERM. The term of this Agreement shall be one (1) year from the Effective Date
(“Initial Term”). This Agreement shall automatically renew for two additional one year terms
unless terminated by either Party as set forth below.

     23.2 TERMINATION FOR CAUSE. In addition to Equifax’s rights under Section 4.1, if
either party is in material breach of any of the terms of this Agreement, then the other party
may, at its election, , and cancel this Agreement upon thirty (30) days prior written notice to
the other party.

     23.3 TERMINATION FOR CONVENIENCE. Either party may terminate this Agreement by
providing at least thirty (30) days written notice prior to the expiration of the Initial Term,
provided that regardless of the amount of notice the Agreement shall not terminate until the end
of the Initial Term, or after the Initial Term, by providing at least ninety (90) days prior
written notice to the other party, without further liability or obligation.

     23.4 SURVIVAL OF CERTAIN PROVISIONS. If this Agreement is terminated for any
reason, Sections 5,6, 7, 8, 20, and 21 will remain in full force and effect as to all Equifax
Credit Information requested by Broker for any Qualified Subscriber.

     23.5 CHANGE IN LAW. Notwithstanding anything to the contrary in this Agreement, if
the continued provision of the Equifax Credit Information or any affected component thereof
becomes impossible, impractical, or undesirable due to a change in applicable federal, state or
local laws or regulations, as determined by Equifax in its reasonable judgment, Equifax may
either (a) cease to provide the Equifax Credit Information or any affected component thereof
within, or pertaining to persons residing within, the affected jurisdiction, or (b) establish
new prices which will apply to the Equifax Credit Information or any affected component thereof
when provided or delivered within, or pertaining to persons residing within, the affected
jurisdiction, which prices will be reasonably calculated to cover the costs incurred by Equifax
in complying with the applicable laws or regulations and will become effective on the date
specified in such notice unless Broker objects in writing, in which case Equifax may exercise
its rights under clause (a) above. Equifax will attempt to provide written notice of its
actions as far in

 

 

  

advance of the effective date as is reasonably possible under the circumstances.

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

          EQUIFAX INFORMATION SERVICES LLC

          (“Equifax”)

          By: ____________________________

          INTERSECTIONS INC.

          (“Broker”)

          By: ____________________________

 

 

  

SCHEDULE A

BROKER TERMS AND CONDITIONS OF USE

 

 

  

SCHEDULE B

BROKER AUTHENTICATION PROCEDURES

Intersection’s authentication procedures shall be in compliant with Equifax’s requirements. Any
non-compliance will be remediated by Intersections in a timely manner as agreed upon by Equifax.
Any changes or additional requirements will be communicated to Intersections in writing which
Intersection shall comply within 30 days or as mutually agreed upon.

 

 

  

SCHEDULE C

SECURITY POLICY FOR EXTERNAL PARTIES

(Standalone policy document incorporated herein by reference)

**

 

			
	**	 	This information is confidential and has been omitted and filed separately with the Securities
and Exchange Commission.

 

 

  

SCHEDULE D

PRICING

This Pricing Schedule (“Schedule D”) sets the prices for Equifax Credit Information and the
Authentication Service as of the Effective Date of this Agreement. All capitalized terms used but
not defined in this Pricing Agreement are defined as in the Agreement. Broker agrees to abide by
the additional terms and conditions of this Schedule D.

**

 

			
	**	 	This information is confidential and has been omitted and filed separately with the Securities
and Exchange Commission.

 

 

  

Schedule E

Equifax Marks and Pre-Approved Marketing Statements

	A.	 	Subject to the requirements contained in this Schedule E, Equifax hereby grants to
Broker a non-exclusive license to use the Marks listed below solely for the purpose of
advertising, marketing and promoting the Products to Consumer Subjects.
	 
	B.	 	All written or printed advertising, marketing and promotional materials containing any
Marks or inclusion of such Marks shall contain the notices below, which may be modified
from time to time by Equifax upon prior written notice to Broker.

	 	a.	 	Equifax® is a registered trademark of Equifax Inc., and is used on this
material with the express permission of Equifax Inc. All rights reserved by Equifax
Inc.
	 
	 	b.	 	Intersections is not affiliated with Equifax Inc. The services described
herein are solely those of Intersections and are not endorsed by Equifax Inc. or any
of its affiliated entities.

	C.	 	The non-exclusive license granted herein is non-assignable and non-transferable. Upon
expiration or termination of the Agreement, Broker shall make no further use of the Marks.

	D.	 	Each party understands and agrees that monetary damages would not be a sufficient
remedy for any breach by Broker of the terns of this license and that Equifax shall be
entitled to seek injunctive or other equitable relief to remedy or forestall any breach of
threatened breach by Broker, and Broker shall not allege in any such proceeding that
Equifax’s remedy at law is adequate. Such remedy shall not be deemed the exclusive remedy
for any breach of this license, but shall be in addition to all other rights and remedies
at law or in equity.

	E.	 	Approved Marks:

	F.	 	Approved Marketing Statements. Notwithstanding anything to the contrary contained
in Section 3, the following statements are pre-approved by Equifax, and any
Broker-created advertising, marketing and promotional material that describes Equifax
Credit Information or which refers to the nature or capabilities of Equifax or Equifax
Credit Information, or otherwise mentions or refers to Equifax by name or any advertising,
marketing and promotional material regarding Equifax Credit Information that Broker
proposes to provide to consumers regarding the Products which contains the following or
language substantially similar does not require review of Equifax for use.
	 
	 	 	“with data from the three <<major credit reporting agencies>> <<major
credit bureaus>>”.

“with data from Equifax®, Experian® and TransUnion®”

“based on data from the three <<major credit reporting agencies>> <<major
credit bureaus>>”.

“based on data from Equifax®, Experian® and TransUnion®”

“based on data from Equifax®”

“with data from Equifax®”

 

 

  

Schedule F

Approved Service Providers

	 	 	 

	Service Provider Name

	 	Location
	 
	 	 
	**

	 	**

 

			
	**	 	This information is confidential and has been omitted and filed separately with the Securities
and Exchange Commission.

 

 

  

Schedule G

Monthly Batch Feed List

**

 

			
	**	 	This information is confidential and has been omitted and filed separately with the Securities
and Exchange Commission.

 

 

  

Schedule H

eIDverifier Authentication Service Agreement

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