Document:

Broadridge Financial Solutions, Inc. 2007 Omnibus Award Plan

 Exhibit 10.11 
 BROADRIDGE FINANCIAL SOLUTIONS, INC. 
 2007 OMNIBUS AWARD PLAN 
 1. Purpose 
 The purpose of the Plan
is to provide a means through which the Company and its Affiliates may attract able persons to enter and remain in the employ of the Company and its Affiliates and to provide a means whereby employees, directors and consultants of the Company and
its Affiliates can acquire and maintain Common Stock ownership, or be paid incentive compensation measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates and
promoting an identity of interest between stockholders and these persons. 
 So that the appropriate incentive can be provided, the Plan
provides for granting Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Phantom Stock Awards, Stock Bonuses and Performance Compensation Awards, or any combination or variation
of the foregoing. 
 2. Definitions 
 The following definitions shall be applicable throughout the Plan. 
 (a) “Affiliate” means
(i) any entity that directly or indirectly is controlled by, controls or is under common control with the Company and (ii) to the extent provided by the Committee, any entity in which the Company has a significant equity interest.

 (b) “Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock
Appreciation Right, Restricted Stock, Restricted Stock Unit, Phantom Stock Award, Stock Bonus or Performance Compensation Award granted under the Plan. 
 (c) “Award Agreement” means an agreement pursuant to which an Award is granted. 
 (d)
“Board” means the Board of Directors of the Company. 
 (e) “Cause” shall mean, unless in the case of a
particular Award the applicable Award agreement states otherwise, the Company or an Affiliate having “cause” to terminate a Participant’s employment or service, as defined in any existing employment, consulting or any other agreement
between the Participant and the Company or an Affiliate in effect at the time of such termination or, in the absence of such an employment, consulting or other agreement, upon (i) the good faith determination by the Committee that the
Participant has ceased to perform his duties to the Company or an Affiliate (other than as a result of his incapacity due to physical or 

 
mental illness or injury), which failure amounts to an intentional and extended neglect of his duties to such party, provided that no such failure shall
constitute Cause unless the Participant has been given notice of such failure (if cure is reasonably possible) and has not cured such act or omission within 15 days following receipt of such notice, (ii) the Committee’s good faith
determination that the Participant has engaged or is about to engage in conduct materially injurious to the Company or an Affiliate, (iii) the Participant having been convicted of, or plead guilty or no contest to, a felony or any crime
involving as a material element fraud or dishonesty, (iv) the consistent failure of the Participant to follow the lawful instructions of the Board or his direct superiors, which failure amounts to an intentional and extended neglect of his
duties to such party, or (v) in the case of a Participant who is a non-employee director, the Participant ceasing to be a member of the Board in connection with the Participant engaging in any of the activities described in clauses
(i) through (iv) above. 
 (f) “Change in Control” shall mean the occurrence of any of the following: (A) any
“Person” (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), excluding the Company, any subsidiary of the Company, or any employee benefit plan sponsored or
maintained by the Company (including any trustee of any such plan acting in his capacity as trustee), becoming the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Company representing 35% or more
of the total combined voting power of the Company’s then outstanding securities; (B) the merger, consolidation or other business combination of the Company (a “Transaction”), other than a Transaction immediately following
which the stockholders of the Company immediately prior to the Transaction continue to be the beneficial owners of securities of the resulting entity representing more than 65% of the voting power in the resulting entity, in substantially the same
proportions as their ownership of Company voting securities immediately prior to the Transaction; or (C) the sale of all or substantially all of the Company’s assets, other than a sale immediately following which the stockholders of the
Company immediately prior to the sale are the beneficial owners of securities of the purchasing entity representing more than 65% of the voting power in the purchasing entity, in substantially the same proportions as their ownership of Company
voting securities immediately prior to the Transaction. 
 (g) “Code” means the Internal Revenue Code of 1986, as amended.
Reference in the Plan to any section of the Code shall be deemed to include any amendments or successor provisions to such section and any regulations under such section. 
 (h) “Committee” means a committee of at least two people as the Board may appoint to administer the Plan or, if no such committee has been appointed by the Board, the Board. Unless the Board is acting
as the Committee or the Board specifically determines otherwise, each member of the Committee shall, at the time he takes any action with respect to an Award under the Plan, be an Eligible Director. However, the fact that a Committee member shall
fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee which Award is otherwise validly granted under the Plan. 
  

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 (i) “Common Stock” means the common stock of the Company, par value $0.01 per share, and
any stock into which such common stock may be converted or into which it may be exchanged. 
 (j) “Company” means Broadridge
Financial Solutions, Inc. and any successor thereto. 
 (k) “Date of Grant” means the date on which the granting of an Award
is authorized, or such other date as may be specified in such authorization or, if there is no such date, the date indicated on the applicable Award Agreement. 
 (l) “Effective Date” means March 29, 2007. 
 (m) “Eligible Director”
means a person who is (i) a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act, or a person meeting any similar requirement under any successor rule or regulation and (ii) an “outside
director” within the meaning of Section 162(m) of the Code, and the Treasury Regulations promulgated thereunder, and (iii) an “independent director” under the rules of any stock exchange on which the Stock is listed;
provided, however, that (A) clause (i) shall apply only with respect to grants of Awards to which Section 16(b) of the Exchange Act otherwise would be applicable and (B) clause (ii) shall apply only with respect to
grants of Awards with respect to which the Company’s tax deduction could be limited by Section 162(m) of the Code if such clause did not apply. 
 (n) “Eligible Person” means any (i) individual regularly employed by the Company or Affiliate who satisfies all of the requirements of Section 6; provided, however, that no
such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto;
(ii) director of the Company or an Affiliate or (iii) consultant or advisor to the Company or an Affiliate who may be offered securities pursuant to Form S-8. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (p)
“Fair Market Value”, on a given date, means (i) if the Stock is listed on a national securities exchange, the closing price reported on the primary exchange with which the Stock is listed and traded on such date, or, if there
is no such sale on that date, then the closing price on the last preceding date on which such a sale was reported; or (ii) if the Stock is not listed on a national securities exchange, the amount determined by the Committee to be the fair
market value based upon a good faith attempt to value the Stock accurately and computed in accordance with applicable regulations of the Internal Revenue Service. 
 (q) “Incentive Stock Option” means an Option granted by the Committee to a Participant under the Plan which is designated by the Committee as an incentive stock option as described in Section 422
of the Code and otherwise meets the requirements set forth herein. 
  

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 (r) “Negative Discretion” shall mean the discretion authorized by the Plan to be applied
by the Committee to eliminate or reduce the size of a Performance Compensation Award in accordance with Section 11(d)(iv) of the Plan; provided, that the exercise of such discretion would not cause the Performance Compensation Award
to fail to qualify as “performance-based compensation” under Section 162(m) of the Code. 
 (s) “Nonqualified Stock
Option” means an Option granted by the Committee to a Participant under the Plan which is not designated by the Committee as an Incentive Stock Option. 
 (t) “Option” means an Award granted under Section 7 of the Plan. 
 (u) “Option
Period” means the period described in Section 7(c) of the Plan. 
 (v) “Option Price” means the exercise price
for an Option as described in Section 7(a) of the Plan. 
 (w) “Participant” means an Eligible Person who has been
selected by the Committee to participate in the Plan and to receive an Award pursuant to Section 6 of the Plan. 
 (x)
“Parent” means any parent of the Company, as defined in Section 424(e) of the Code. 
 (y) “Performance
Compensation Award” shall mean any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan. 
 (z) “Performance Criteria” shall be measured in terms of one or more of the following objectives, described as they relate to Company-wide objectives or of a subsidiary, division, department or
function of the Company: 
 (i) Earnings per share; 
 (ii) Stock price; 
 (iii) Shareholder return; 
 (iv) Return on investment; 
 (v) Return on capital; 
 (vi) Earnings before interest, taxes, depreciation and amortization; 
  

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 (vii) Gross or net profits; 
 (viii) Gross or net revenues; 
 (ix) Net earnings or net income (before or after taxes); 
 (x) Net operating profit (before
or after taxes); 
 (xi) Return measures (including, but not limited to, return on assets, capital, invested capital, equity,
or sales); 
 (xii) Cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on
capital); 
 (xiii) Gross or operating margins; 
 (xiv) Productivity ratios; 
 (xv) Expense targets; 
 (xvi) Margins; 
 (xvii) Operating efficiency; 
 (xviii) Objective measures of customer satisfaction; 
 (xix) Working capital targets;

 (xx) Measures of economic value added; 
 (xxi) Sales; 
 (xxii) Enterprise value; 
 (xxiii) Client retention; 
 (xxiv) Competitive market metrics; 
 (xxv) Employee retention; 
 (xxvi) Timely completion of new product rollouts; or 

(xxvii) Any combination of the foregoing. 
 (aa) “Performance Formula” shall mean, for a Performance Period, the one or more objective formulas applied against the relevant Performance Goal to determine, with regard to the Performance
Compensation Award of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance Period. 
  

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 (bb) “Performance Goals” shall mean, for a Performance Period, the one or more goals
established by the Committee for the Performance Period based upon the Performance Criteria. The Committee is authorized at any time during the first 90 days of a Performance Period (or, if longer or shorter, within the maximum period allowed under
Section 162(m) of the Code), or at any time thereafter (but only to the extent the exercise of such authority after such period would not cause the Performance Compensation Awards granted to any Participant for the Performance Period to fail to
qualify as “performance-based compensation” under Section 162(m) of the Code), in its sole and absolute discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period to the extent permitted under
Section 162(m) of the Code in order to prevent the dilution or enlargement of the rights of Participants based on the following events: 
  

	 	(i)	asset write-downs, 

  

	 	(ii)	litigation or claim judgments or settlements, 

  

	 	(iii)	the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results, 

  

	 	(iv)	any reorganization and restructuring programs, 

  

	 	(v)	extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management’s discussion and
analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year, 

  

	 	(vi)	acquisitions or divestitures, 

  

	 	(vii)	any other specific unusual or nonrecurring events, or objectively determinable category thereof; 

  

	 	(viii)	foreign exchange gains and losses, and 

  

	 	(ix)	a change in the Company’s fiscal year. 

 (cc)
“Performance Period” shall mean the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to
and the payment of a Performance Compensation Award. 
 (dd) “Phantom Stock Award” shall mean a cash award whose value is
determined based on the change in the value of the Company Common Stock from the Date of Grant. 
  

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 (ee) “Plan” means this Broadridge Financial Solutions, Inc. 2007 Omnibus Award Plan.

 (ff) “Restricted Period” means, with respect to any Award of Restricted Stock or any Restricted Stock Unit, the period of
time determined by the Committee during which such Award is subject to the restrictions set forth in Section 9 or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been
earned. 
 (gg) “Restricted Stock” means shares of Stock issued or transferred to a Participant subject to forfeiture and
the other restrictions set forth in Section 9 of the Plan. 
 (hh) “Restricted Stock Unit” means a hypothetical
investment equivalent to one share of Stock granted in connection with an Award made under Section 9. 
 (ii) “Securities
Act” means the Securities Act of 1933, as amended. 
 (jj) “Stock” means the Common Stock or such other authorized
shares of stock of the Company as the Committee may from time to time authorize for use under the Plan. 
 (kk) “Stock Appreciation
Right” or “SAR” means an Award granted under Section 8 of the Plan. 
 (ll) “Stock Bonus” means an
Award granted under Section 10 of the Plan. 
 (mm) “Stock Option Agreement” means any agreement between the Company
and a Participant who has been granted an Option pursuant to Section 7 which defines the rights and obligations of the parties thereto. 
 (nn) “Strike Price” means, (i) in the case of a SAR granted in tandem with an Option, the Option Price of the related Option, or (ii) in the case of a SAR granted independent of an Option, the Fair Market Value on
the Date of Grant. 
 (oo) “Subsidiary” means any subsidiary of the Company, as defined in Section 424(f) of the Code.

 (pp) “Substitution Award” means an Award that is intended to replace any existing incentive award held by an employee or
director of, or consultant or advisor to, an entity acquired by the Company or an Affiliate of the Company. The terms and conditions of any Substitution Award shall be set forth in an Award Agreement and shall, except as may be inconsistent with any
provision of the Plan, to the extent practicable provide the recipient with benefits (including economic value) substantially similar to those provided to the recipient under the existing Award which such Substitution Award is intended to replace.

  

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 (qq) “Vested Unit” shall have the meaning ascribed thereto in Section 9(d).

 3. Effective Date, Duration and Shareholder Approval 
 The Plan is effective as of the Effective Date. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the shareholders of the Company in a manner intended to comply with the
shareholder approval requirements of Section 422(b)(i) of the Code; provided, that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather
such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. 
 The expiration date of the Plan,
on and after which no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however, that the administration of the Plan shall continue in effect until all matters relating to Awards
previously granted have been settled. 
 4. Administration 
 (a) The Committee shall administer the Plan. The majority of the members of the Committee shall constitute a quorum. The acts of a majority of the members
present at any meeting at which a quorum is present or acts approved in writing by a majority of the Committee shall be deemed the acts of the Committee. 
 (b) Subject to the provisions of the Plan and applicable law, the Committee shall have the power, and in addition to other express powers and authorizations conferred on the Committee by the Plan, to:
(i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of shares of Stock to be covered by, or with respect to which payments, rights, or other matters are to
be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, shares of Stock, other
securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what
circumstances the delivery of cash, Stock, other securities, other Options, other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the holder thereof or of the Committee;
(vii) interpret, administer, reconcile any inconsistency, correct any defect and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive
any rules and regulations under the Plan; (ix) appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (x) make any other determination and take any other action that the Committee deems necessary or
desirable for the administration of the Plan. 
  

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 (c) Notwithstanding the foregoing, the Committee may delegate to any officer or officers of the Company
or any Affiliate the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Committee herein, and which may be so delegated as a matter of
law, except for grants of Awards to (i) “covered employees” under Code Section 162(m) (other than Awards exempt from the application of Code Section 162(m)) and (ii) persons subject to Section 16 of the Exchange
Act. 
 (d) Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or
with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all parties,
including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder. 
 (e) No member of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award hereunder. 
 5. Grant of Awards; Shares Subject to the Plan 
 The Committee may, from time to time, grant Awards of
Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Phantom Stock Awards, Stock Bonuses and/or Performance Compensation Awards to one or more Eligible Persons; provided, however, that: 
 (a) Subject to Section 13, the aggregate number of shares of Stock in respect of which Awards may be granted under the Plan is 24,000,000 shares;

 (b) Shares of Stock shall be deemed to have been used in settlement of Awards whether or not they are actually delivered or the Fair
Market Value equivalent of such shares is paid in cash; provided, however, that shares of Stock delivered (either directly or by means of attestation) in full or partial payment of the Option Price in accordance with Section 7(b)
shall be deducted from the number of shares of Stock delivered to the Participant pursuant to such Option for purposes of determining the number of shares of Stock acquired pursuant to the Plan. In accordance with (and without limitation upon) the
preceding sentence, if and to the extent an Award under the Plan expires, terminates or is canceled for any reason whatsoever without the Participant having received any benefit therefrom, the shares covered by such Award shall again become
available for future Awards under the Plan. For purposes of the foregoing sentence, a Participant shall not be deemed to have received any “benefit” (i) in the case of forfeited Restricted Stock Awards by reason of having enjoyed
voting rights and dividend rights prior to the date of forfeiture or (ii) in the case of an Award cancelled pursuant to Section 5(e) by reason of a new Substitution Award being granted in substitution therefor; 
  

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 (c) Stock delivered by the Company in settlement of Awards may be authorized and unissued Stock, Stock
held in the treasury of the Company, Stock purchased on the open market or by private purchase, or a combination of the foregoing; 
 (d)
Subject to Section 13, no person may be granted Options or SARs under the Plan during any calendar year with respect to more than 200,000 shares of Stock; and 
 (e) Without limiting the generality of the preceding provisions of this Section 5, the Committee may, but solely with the Participant’s consent, agree to cancel any Award under the Plan and issue a new Award
in substitution therefor upon such terms as the Committee may in its sole discretion determine, provided that the substituted Award satisfies all applicable Plan requirements as of the date such new Award is granted. 
 6. Eligibility 
 Participation shall
be limited to Eligible Persons who have entered into an Award Agreement or who have received written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan. 

7. Options 
 The Committee is
authorized to grant one or more Incentive Stock Options or Nonqualified Stock Options to any Eligible Person; provided, however, that no Incentive Stock Option shall be granted to any Eligible Person who is not an employee of the
Company or a Parent or Subsidiary. Each Option so granted shall be subject to the conditions set forth in this Section 7, or to such other conditions as may be reflected in the applicable Stock Option Agreement. 
 (a) Option Price. The exercise price (“Option Price”) per share of Stock for each Option shall be set by the Committee at the time of
grant but shall not be less than the Fair Market Value of a share of Stock on the Date of Grant. 
 (b) Manner of Exercise and Form of
Payment. No shares of Stock shall be delivered pursuant to any exercise of an Option until payment in full of the Option Price therefor is received by the Company. Options which have become exercisable may be exercised by delivery of written
notice of exercise to the Committee accompanied by payment of the Option Price. The Option Price shall be payable (i) in cash, check, cash equivalent and/or shares of Stock valued at the Fair Market Value at the time the Option is exercised
(including by means of attestation of ownership of a sufficient number of shares of Stock in lieu of actual delivery of such shares to the Company), (ii) in the discretion of the Committee, either (A) in other property having a 

  

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fair market value on the date of exercise equal to the Option Price, (B) by means of a “net exercise” whereby the number of shares of Stock
received by Participant shall equal the excess, if any, of (x) the number of shares of Stock that would have been received by Participant upon such exercise had Participant paid the Option Price in cash over (y) a number of shares of
Stock, the aggregate Fair Market Value of which is equal to the aggregate Option Price that would have been paid as determined pursuant to the immediately preceding clause (x), or (C) by delivering to the Committee a copy of irrevocable
instructions to a stockbroker to deliver promptly to the Company an amount of loan proceeds, or proceeds from the sale of the Stock subject to the Option, sufficient to pay the Option Price or (iii) by such other method as the Committee may
allow. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in the manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, any other applicable law or the applicable rules and
regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter dealer quotation system on which the securities of the Company or any Affiliates are listed or traded. 
 (c) Vesting, Option Period and Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined by the
Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option Period”); provided, however, that notwithstanding any vesting dates set by the Committee, the Committee
may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of such Option other than with respect to exercisability. If an Option is exercisable in installments, such
installments or portions thereof which become exercisable shall remain exercisable until the Option expires. 
 (d) Stock Option Agreement
- Other Terms and Conditions. Each Option granted under the Plan shall be evidenced by a Stock Option Agreement. Except as specifically provided otherwise in such Stock Option Agreement, each Option granted under the Plan shall be subject to the
following terms and conditions: 
 (i) Each Option or portion thereof that is exercisable shall be exercisable for the full
amount or for any part thereof. 
 (ii) Each share of Stock purchased through the exercise of an Option shall be paid for in
full at the time of the exercise. Each Option shall cease to be exercisable, as to any share of Stock, when the Participant purchases the share or exercises a related SAR or when the Option expires. 
 (iii) Subject to Section 12(k), Options shall not be transferable by the Participant except by will or the laws of descent and
distribution and shall be exercisable during the Participant’s lifetime only by him. 
  

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 (iv) Each Option shall vest and become exercisable by the Participant in accordance with
the vesting schedule established by the Committee and set forth in the Stock Option Agreement. 
 (v) At the time of any
exercise of an Option, the Committee may, in its sole discretion, require a Participant to deliver to the Committee a written representation that the shares of Stock to be acquired upon such exercise are to be acquired for investment and not for
resale or with a view to the distribution thereof and any other representation deemed necessary by the Committee to ensure compliance with all applicable federal and state securities laws. Upon such a request by the Committee, delivery of such
representation prior to the delivery of any shares issued upon exercise of an Option shall be a condition precedent to the right of the Participant or such other person to purchase any shares. In the event certificates for Stock are delivered under
the Plan with respect to which such investment representation has been obtained, the Committee may cause a legend or legends to be placed on such certificates to make appropriate reference to such representation and to restrict transfer in the
absence of compliance with applicable federal or state securities laws. 
 (vi) Each Participant awarded an Incentive Stock
Option under the Plan shall notify the Company in writing immediately after the date he or she makes a disqualifying disposition of any Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any
disposition (including any sale) of such Stock before the later of (A) two years after the Date of Grant of the Incentive Stock Option or (B) one year after the date the Participant acquired the Stock by exercising the Incentive Stock
Option. The Company may, if determined by the Committee and in accordance with procedures established by it, retain possession of any Stock acquired pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant until
the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant as to the sale of such Stock. 
 (vii) A Stock Option Agreement may, but need not, include a provision whereby a Participant may elect, at any time before the termination of the Participant’s employment with the Company, to exercise the Option
as to any part or all of the shares of Stock subject to the Option prior to the full vesting of the Option. Any unvested shares of Stock so purchased may be subject to a share repurchase option in favor of the Company or to any other restriction the
Committee determines to be appropriate. The Company shall not exercise its repurchase option until at least six (6) months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes) have
elapsed following the exercise of the Option unless the Committee otherwise specifically provides in an Stock Option Agreement. 
 (e)
Incentive Stock Option Grants to 10% Stockholders. Notwithstanding anything to the contrary in this Section 7, if an Incentive Stock Option is 

  

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granted to a Participant who owns stock representing more than ten percent of the voting power of all classes of stock of the Company or of a Subsidiary or
Parent, the Option Period shall not exceed five years from the Date of Grant of such Option and the Option Price shall be at least 110 percent of the Fair Market Value (on the Date of Grant) of the Stock subject to the Option. 
 (f) $100,000 Per Year Limitation for Incentive Stock Options. To the extent the aggregate Fair Market Value (determined as of the Date of Grant)
of Stock for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified Stock
Options. 
 (g) Voluntary Surrender. The Committee may permit the voluntary surrender of all or any portion of any Nonqualified Stock
Option and its corresponding SAR, if any, granted under the Plan to be conditioned upon the granting to the Participant of a new option for the same or a different number of shares as the option surrendered or require such voluntary surrender as a
condition precedent to a grant of a new Option to such Participant. Such new Option shall be exercisable at an Option Price, during an Option Period, and in accordance with any other terms or conditions specified by the Committee at the time the new
Option is granted, all determined in accordance with the provisions of the Plan without regard to the Option Price, Option Period, or any other terms and conditions of the Nonqualified Stock Option surrendered. 
 8. Stock Appreciation Rights 
 Any
Option granted under the Plan may include SARs, either at the Date of Grant or, except in the case of an Incentive Stock Option, by subsequent amendment. The Committee also may award SARs to Eligible Persons independent of any Option. A SAR shall be
subject to such terms and conditions not inconsistent with the Plan as the Committee shall impose, including, but not limited to, the following: 
 (a) Vesting, Transferability and Expiration. A SAR granted in connection with an Option shall become exercisable, be transferable and shall expire according to the same vesting schedule, transferability rules and expiration
provisions as the corresponding Option. A SAR granted independent of an Option shall become exercisable, be transferable and shall expire in accordance with a vesting schedule, transferability rules and expiration provisions as established by the
Committee and reflected in an Award Agreement. 
 (b) Automatic Exercise. If on the last day of the Option Period (or in the case of a
SAR independent of an option, the period established by the Committee after which the SAR shall expire), the Fair Market Value exceeds the Strike Price, the Participant has not exercised the SAR or the corresponding Option, and neither the SAR nor
the corresponding Option has expired, such SAR shall be deemed to have been exercised by the Participant on such last day and the Company shall make the appropriate payment therefor. 
  

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 (c) Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal
to the number of shares subject to the SAR multiplied by the excess, if any, of the Fair Market Value of one share of Stock on the exercise date over the Strike Price. The Company shall pay such excess in cash, in shares of Stock valued at Fair
Market Value, or any combination thereof, as determined by the Committee. Fractional shares shall be settled in cash. 
 (d) Method of
Exercise. A Participant may exercise a SAR at such time or times as may be determined by the Committee at the time of grant by filing an irrevocable written notice with the Committee or its designee, specifying the number of SARs to be
exercised, and the date on which such SARs were awarded. 
 (e) Expiration. Except as otherwise provided in the case of SARs granted
in connection with Options, a SAR shall expire on a date designated by the Committee which is not later than ten years after the Date of Grant of the SAR. 
 9. Restricted Stock and Restricted Stock Units 
 (a) Award of Restricted Stock and Restricted Stock
Units. 
 (i) The Committee shall have the authority (A) to grant Restricted Stock and Restricted Stock Units to
Eligible Persons, (B) to issue or transfer Restricted Stock to Participants, and (C) to establish terms, conditions and restrictions applicable to such Restricted Stock and Restricted Stock Units, including the Restricted Period, as
applicable, which may differ with respect to each grantee, the time or times at which Restricted Stock or Restricted Stock Units shall be granted or become vested and the number of shares or units to be covered by each grant. 
 (ii) Each Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted
Stock setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending
the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee, if applicable, and (B) the appropriate blank
stock power with respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute an Award Agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock power, the Award shall be
null and void. Subject to the restrictions set forth in Section 9(b), the Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including the right to vote such Restricted Stock. At the
discretion of the Committee, cash dividends and stock dividends with respect to the Restricted Stock may be either currently paid to the Participant or withheld by the Company for the Participant’s account, and interest may be credited on the
amount of cash dividends withheld at a rate and subject to 

  

 14 

 
such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the Committee and attributable to any particular share of
Restricted Stock (and earnings thereon, if applicable) shall be distributed to the Participant in cash or, at the discretion of the Committee, in shares of Stock having a Fair Market Value equal to the amount of such dividends and earnings, if
applicable, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such cash dividends, stock dividends or earnings. 
 (iii) Upon the grant of Restricted Stock, the Committee shall cause a stock certificate registered in the name of the Participant to be
issued and, if it so determines, deposited together with the stock powers with an escrow agent designated by the Committee. If an escrow arrangement is used, the Committee may cause the escrow agent to issue to the Participant a receipt evidencing
any stock certificate held by it, registered in the name of the Participant. 
 (iv) The terms and conditions of a grant of
Restricted Stock Units shall be reflected in a written Award Agreement. No shares of Stock shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside a fund for the payment of any such Award. At
the discretion of the Committee, each Restricted Stock Unit (representing one share of Stock) may be credited with cash and stock dividends paid by the Company in respect of one share of Stock (“Dividend Equivalents”). At the
discretion of the Committee, Dividend Equivalents may be either currently paid to the Participant or withheld by the Company for the Participant’s account, and interest may be credited on the amount of cash Dividend Equivalents withheld at a
rate and subject to such terms as determined by the Committee. Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit (and earnings thereon, if applicable) shall be distributed in cash
or, at the discretion of the Committee, in shares of Stock having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the Participant upon settlement of such Restricted Stock Unit and, if such
Restricted Stock Unit is forfeited, the Participant shall have no right to such Dividends Equivalents. 
 (b) Restrictions.

 (i) Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the
Restricted Period, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock certificate; (B) the
shares shall be subject to the restrictions on transferability set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in Section 9(d) and the applicable Award Agreement; and (D) to the
extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of
the Company. 
  

 15 

 (ii) Restricted Stock Units awarded to any Participant shall be subject to
(A) forfeiture until the expiration of the Restricted Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement, and to the extent such Restricted Stock Units are
forfeited, all rights of the Participant to such Restricted Stock Units shall terminate without further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award Agreement.

 (iii) The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock and
Restricted Stock Units whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date of the Restricted Stock or Restricted Stock Units are granted, such action is appropriate.

 (c) Restricted Period. With respect to Restricted Stock and Restricted Stock Units, the Restricted Period shall commence on the
Date of Grant and end at the time or times set forth on a schedule established by the Committee in the applicable Award Agreement. 
 (d)
Delivery of Restricted Stock and Settlement of Restricted Stock Units. Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in Section 9(b) and the applicable Award
Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his
beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired (to the nearest full share) and any cash dividends or stock
dividends credited to the Participant’s account with respect to such Restricted Stock and the interest thereon, if any. 
 Upon the
expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one share of Stock for each such outstanding Restricted Stock Unit
(“Vested Unit”) and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with Section 9(a)(iv) hereof and the interest thereon or, at the discretion of the Committee, in
shares of Stock having a Fair Market Value equal to such Dividend Equivalents and interest thereon, if any; provided, however, that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to
(i) pay cash or part cash and part Stock in lieu of delivering only shares of Stock for Vested Units or (ii) delay the delivery of Stock (or cash or part Stock and part cash, as the case may be) beyond the expiration of the Restricted
Period. If a cash payment is made in lieu of delivering shares of Stock, the amount of such payment shall be equal to the Fair Market Value of the Stock as of the date on which the Restricted Period lapsed with respect to such Vested Unit.

  

 16 

 (e) Stock Restrictions. Each certificate representing Restricted Stock awarded under the Plan
shall bear a legend substantially in the form of the following until the lapse of all restrictions with respect to such Stock as well as any other information the Company deems appropriate: 
 THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN THE BROADRIDGE FINANCIAL SOLUTIONS, INC. 2007
OMNIBUS AWARD PLAN AND A CERTAIN RESTRICTED STOCK AWARD AGREEMENT BETWEEN BROADRIDGE FINANCIAL SOLUTIONS, INC. AND THE REGISTERED OWNER OF THIS CERTIFICATE (OR HIS PREDECESSOR IN INTEREST). SAID PLAN IS AVAILABLE FOR INSPECTION WITHOUT CHARGE AT THE
PRINCIPAL OFFICE OF BROADRIDGE FINANCIAL SOLUTIONS, INC. AND COPIES THEREOF WILL BE FURNISHED WITHOUT CHARGE TO ANY OWNER OF SAID SHARES UPON REQUEST. 
 Stop transfer orders shall be entered with the Company’s transfer agent and registrar against the transfer of legended securities. 
 10. Stock Bonus Awards 
 The Committee may issue unrestricted Stock, or other Awards denominated in
Stock, under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and subject to such terms and conditions as the Committee shall from time to time in its sole discretion determine. A Stock Bonus Award under the Plan
shall be granted as, or in payment of, a bonus, or to provide incentives or recognize special achievements or contributions. 
 11.
Performance Compensation Awards 
 (a) General. The Committee shall have the authority, at the time of grant of any Award
described in Sections 7 through 10 (other than Options and Stock Appreciation Rights granted with an exercise price or grant price, as the case may be, equal to or greater than the Fair Market Value per share of Stock on the date of grant), to
designate such Award as a Performance Compensation Award in order to qualify such Award as “performance-based compensation” under Section 162(m) of the Code. The Committee shall have the authority to grant cash bonuses under the Plan
with the intent that such bonuses shall qualify for the exemption from Section 162(m) of the Code provided pursuant to Treasury Regulation Section 1.162-27(f)(1), for the reliance period 

  

 17 

 
described in Treasury Regulation Section 1.162-27(f)(4)(iii). In addition, the Committee shall have the authority to make an award of a cash bonus to
any Participant and designate such Award as a Performance Compensation Award in order to qualify such Award as “performance-based compensation” under Section 162(m). 
 (b) Eligibility. The Committee will, in its sole discretion, designate within the first 90 days of a Performance Period (or, if longer or
shorter, within the maximum period allowed under Section 162(m) of the Code) which Participants will be eligible to receive Performance Compensation Awards in respect of such Performance Period. However, designation of a Participant eligible to
receive an Award hereunder for a Performance Period shall not in any manner entitle the Participant to receive payment in respect of any Performance Compensation Award for such Performance Period. The determination as to whether or not such
Participant becomes entitled to payment in respect of any Performance Compensation Award shall be decided solely in accordance with the provisions of this Section 11. Moreover, designation of a Participant eligible to receive an Award hereunder
for a particular Performance Period shall not require designation of such Participant eligible to receive an Award hereunder in any subsequent Performance Period and designation of one person as a Participant eligible to receive an Award hereunder
shall not require designation of any other person as a Participant eligible to receive an Award hereunder in such period or in any other period. 
 (c) Discretion of Committee with Respect to Performance Compensation Awards. With regard to a particular Performance Period, the Committee shall have full discretion to select the length of such Performance Period, the type(s) of
Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) that is(are) to apply to the Company and the Performance Formula.
Within the first 90 days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), the Committee shall, with regard to the Performance Compensation Awards to be issued for such
Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence of this Section 11(c) and record the same in writing. 
 (d) Payment of Performance Compensation Awards 
 (i) Condition to Receipt of Payment. Unless otherwise provided in the applicable Award Agreement, a Participant must be employed by the Company on the last day of a Performance Period to be eligible for payment
in respect of a Performance Compensation Award for such Performance Period. 
 (ii) Limitation. A Participant shall be
eligible to receive payment in respect of a Performance Compensation Award only to the extent that: (A) the Performance Goals for such period are achieved; and (B) the Performance Formula as applied against such Performance Goals
determines that all or some portion of such Participant’s Performance Award has been earned for the Performance Period. 
  

 18 

 (iii) Certification. Following the completion of a Performance Period, the
Committee shall review and certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing that amount of the Performance Compensation Awards earned for
the period based upon the Performance Formula. The Committee shall then determine the actual size of each Participant’s Performance Compensation Award for the Performance Period and, in so doing, may apply Negative Discretion in accordance with
Section 11(d)(iv) hereof, if and when it deems appropriate. 
 (iv) Use of Discretion. In determining the
actual size of an individual Performance Award for a Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned under the Performance Formula in the Performance Period through the use of
Negative Discretion if, in its sole judgment, such reduction or elimination is appropriate. The Committee shall not have the discretion to (a) grant or provide payment in respect of Performance Compensation Awards for a Performance Period if
the Performance Goals for such Performance Period have not been attained; or (b) increase a Performance Compensation Award above the maximum amount payable under Sections 5(d) or 11(d)(vi) of the Plan. 
 (v) Timing of Award Payments. Performance Compensation Awards granted for a Performance Period shall be paid to Participants as
soon as administratively practicable following completion of the certifications required by this Section 11. 
 (vi)
Maximum Award Payable. Notwithstanding any provision contained in this Plan to the contrary, the maximum Performance Compensation Award payable to any one Participant under the Plan for a Performance Period is 100,000 shares of Stock or, in
the event such Performance Compensation Award is paid in cash, the equivalent cash value thereof on the first or last day of the Performance Period to which such Award relates, as determined by the Committee. The maximum amount that can be paid in
any calendar year to any Participant pursuant to a cash bonus Award described in the last sentence of Section 11(a) shall be $3,000,000. Furthermore, any Performance Compensation Award that has been deferred shall not (between the date as of
which the Award is deferred and the payment date) increase (A) with respect to Performance Compensation Award that is payable in cash, by a measuring factor for each fiscal year greater than a reasonable rate of interest set by the Committee or
(B) with respect to a Performance Compensation Award that is payable in shares of Stock, by an amount greater than the appreciation of a share of Stock from the date such Award is deferred to the payment date. 
 12. General 
 (a) Additional
Provisions of an Award. Awards to a Participant under the Plan also may be subject to such other provisions (whether or not 

  

 19 

 
applicable to Awards granted to any other Participant) as the Committee determines appropriate, including, without limitation, provisions to assist the
Participant in financing the purchase of Stock upon the exercise of Options (provided, that the Committee determines that providing such financing does not violate the Sarbanes-Oxley Act of 2002), adding dividend equivalent rights or other
protections to Participants in respect of dividends paid on Stock underlying any Award (in addition to those provisions of Section 9 providing for the payment of dividends with respect to Restricted Stock and Dividend Equivalents with respect
to Restricted Stock Units), provisions for the forfeiture of or restrictions on resale or other disposition of shares of Stock acquired under any Award, provisions giving the Company the right to repurchase shares of Stock acquired under any Award
in the event the Participant elects to dispose of such shares, provisions allowing the Participant to elect to defer the receipt of payment in respect of Awards for a specified period or until a specified event, and provisions to comply with Federal
and state securities laws and Federal and state tax withholding requirements; provided, however, that any such deferral does not result in acceleration of taxability of an Award prior to receipt, or tax penalties, under
Section 409A of the Code. Any such provisions shall be reflected in the applicable Award Agreement. 
 (b) Privileges of Stock
Ownership. Except as otherwise specifically provided in the Plan, no person shall be entitled to the privileges of ownership in respect of shares of Stock which are subject to Awards hereunder until such shares have been issued to that person.

 (c) Government and Other Regulations. The obligation of the Company to settle Awards in Stock shall be subject to all applicable
laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be
prohibited from offering to sell or selling, any shares of Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has
received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with.
The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Stock to be offered or sold under the Plan. If the shares of Stock offered for sale or sold under the Plan are offered or sold pursuant to an
exemption from registration under the Securities Act, the Company may restrict the transfer of such shares and may legend the Stock certificates representing such shares in such manner as it deems advisable to ensure the availability of any such
exemption. 
 (d) Tax Withholding. 
 (i) A Participant may be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and is hereby authorized to withhold from any shares of Stock or other property
deliverable under any Award or from any compensation or other amounts owing 

  

 20 

 
to a Participant, the amount (in cash, Stock or other property) of any required income tax withholding and payroll taxes in respect of an Award, its
exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such withholding and taxes. 
 (ii) Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy,
in whole or in part, the foregoing withholding liability (but no more than the minimum required withholding liability) by having the Company withhold from the number of shares of Stock otherwise issuable pursuant to the exercise or settlement of the
Award a number of shares with a Fair Market Value equal to such withholding liability (but no more than the minimum required withholding liability). 
 (e) Claim to Awards and Employment Rights. No employee of the Company or an Affiliate, or other person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant
of an Award, to be selected for a grant of any other Award. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Company or an Affiliate. 
 (f) Designation and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more persons as the
beneficiary who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his death. A Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior
beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless
received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her
spouse or, if the Participant is unmarried at the time of death, his or her estate. 
 (g) Payments to Persons Other Than
Participants. If the Committee shall find that any person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his
estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or any
other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 
 (h) No Liability of Committee Members. No member of the Committee shall be personally liable by reason of any contract or other instrument
executed by such member or on his behalf in his capacity as a member of the Committee 

  

 21 

 
nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each member of the Committee and each other employee,
officer or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in
settlement of a claim) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or willful bad faith; provided, however, that approval of the Board shall be required for
the payment of any amount in settlement of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles
of Incorporation or By-Laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 (i) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware. 
 (j) Funding. No provision of the Plan shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets
or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or
separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional
compensation by performance of services, they shall have the same rights as other employees under general law. 
 (k)
Nontransferability. 
 (i) Each Award shall be exercisable only by a Participant during the Participant’s
lifetime, or, if permissible under applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or
by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that the designation of a
beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 (ii)
Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards other than Incentive Stock Options to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with
any applicable Award Agreement to preserve the purposes of the Plan, to: 
  

 22 

 (A) any person who is a “family member” of the Participant, as such term is
used in the instructions to Form S-8 (collectively, the “Immediate Family Members”); 
 (B) a trust solely for the
benefit of the Participant and his or her Immediate Family Members; 
 (C) a partnership or limited liability company whose
only partners or shareholders are the Participant and his or her Immediate Family Members; or 
 (D) any other transferee as
may be approved either (a) by the Board or the Committee in its sole discretion, or (b) as provided in the applicable Award Agreement; 
 (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter referred to as a “Permitted Transferee”); provided that the Participant gives the Committee advance written notice describing the
terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 
 (iii) The terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and
any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the
laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the shares of Stock to be acquired
pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate, (C) the Committee or the Company shall not be required to
provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise, and (D) the consequences of the termination of the Participant’s
employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be
exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement. 
 (l) Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith,
in reliance upon any report made by the independent public accountant of the Company and its Affiliates and/or any other information furnished in connection with the Plan by any person or persons other than himself. 
  

 23 

 (m) Relationship to Other Benefits. No payment under the Plan shall be taken into account in
determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan. 
 (n) Expenses. The expenses of administering the Plan shall be borne by the Company and Affiliates. 
 (o) Pronouns. Masculine pronouns and other words of masculine gender shall refer to both men and women. 
 (p) Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any
conflict, the text of the Plan, rather than such titles or headings shall control. 
 (q) Termination of Employment. Unless an
applicable Award Agreement provides otherwise, for purposes of the Plan, a person who transfers from employment or service with the Company to employment or service with an Affiliate or vice versa shall not be deemed to have terminated employment or
service with the Company or an Affiliate. 
 (r) Severability. If any provision of the Plan or any Award Agreement is or becomes or
is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to
conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person
or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
 (s) Compliance with Applicable
Law. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or advisable in order
that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 
 13. Changes
in Capital Structure 
 Awards granted under the Plan and any agreements evidencing such Awards, the maximum number of shares of Stock
subject to all Awards stated in Section 5(a) and the maximum number of shares of Stock with respect to which any one person may be granted Awards during any period stated in Sections 5(d) or 11(d)(vi) shall be subject to adjustment or
substitution, in the manner determined by the Committee in its sole discretion, as to the number, price or kind of a share of Stock or 

  

 24 

 
other consideration subject to such Awards or as otherwise determined by the Committee to be equitable (i) in the event of changes in the outstanding
Stock or in the capital structure of the Company by reason of stock or extraordinary cash dividends, stock splits, reverse stock splits, recapitalization, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes
in capitalization occurring after the Date of Grant of any such Award or (ii) in the event of any change in applicable laws or any change in circumstances which results in or would result in any substantial dilution or enlargement of the rights
granted to, or available for, Participants, or which otherwise warrants equitable adjustment because it interferes with the intended operation of the Plan. Notwithstanding the preceding sentence, in the case of any event which affects the Stock and
is considered an “equity restructuring” for purposes of the applicable accounting rules, the Committee shall make an adjustment to outstanding Awards in the manner described in the preceding sentence, and such adjustment shall be
such that the benefits conferred upon Participant by outstanding are intended to be neither increased nor decreased. Any adjustment in Incentive Stock Options under this Section 13 shall be made only to the extent not constituting a
“modification” within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 13 shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the
Exchange Act. Further, with respect to Awards intended to qualify as “performance-based compensation” under Section 162(m) of the Code, such adjustments or substitutions shall be made only to the extent that the Committee determines
that such adjustments or substitutions may be made without causing the Company to be denied a tax deduction on account of Section 162(m) of the Code. The Company shall give each Participant notice of an adjustment hereunder and, upon notice,
such adjustment shall be conclusive and binding for all purposes. 
 Notwithstanding the above, in the event of any of the following:

 A. The Company is merged or consolidated with another corporation or entity and, in connection therewith, consideration is received by
shareholders of the Company in a form other than stock or other equity interests of the surviving entity; 
 B. All or substantially all of
the assets of the Company are acquired by another person; 
 C. The reorganization or liquidation of the Company; or 
 D. The Company shall enter into a written agreement to undergo an event described in clauses A, B or C above, 
 then the Committee may, in its discretion and upon at least 10 days advance notice to the affected persons, cancel any outstanding Awards and cause the holders thereof
to be paid, in cash or stock, or any combination thereof, the value of such Awards based upon the price per share of Stock received or to be received by other shareholders of the Company in the event. The terms of this Section 13 may be varied
by the Committee in any particular Award Agreement. 
  

 25 

 14. Effect of Change in Control 
 (a) The Committee may, but is not required to, provide in any particular Award Agreement: 
 (i) In the event of a Change in Control, notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary, and
either in or not in combination with another event such as a termination of the applicable Participant by the Company without Cause, all Options and SARs subject to such Award shall become immediately exercisable with respect to 100 percent of the
shares subject to such Option or SAR, and/or that the Restricted Period shall expire immediately with respect to 100 percent of such shares of Restricted Stock or Restricted Stock Units subject to such Award (including a waiver of any applicable
Performance Goals) and, to the extent practicable, such acceleration of exercisability and expiration of the Restricted Period (as applicable) shall occur in a manner and at a time which allows affected Participants the ability to participate in the
Change in Control transaction with respect to the Stock subject to their Awards. 
 (ii) In the event of a Change in Control,
all incomplete Performance Periods in respect of such Award in effect on the date the Change in Control occurs shall end on the date of such change, and the Committee shall (A) determine the extent to which Performance Goals with respect to
each such Award Period have been met based upon such audited or unaudited financial information then available as it deems relevant, (B) cause to be paid to the applicable Participant partial or full Awards with respect to Performance Goals for
each such Award Period based upon the Committee’s determination of the degree of attainment of Performance Goals, and (C) cause the Award, if previously deferred, to be settled in full as soon as possible. 
 (b) In addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days’ advance notice to the affected
persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the value of such Awards based upon the price per share of Stock received or to be received by other shareholders of the Company in
the event. 
 (c) The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting
from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company. The Company agrees that it will make appropriate
provisions for the preservation of Participants’ rights under the Plan in any agreement or plan which it may enter into or adopt to effect any such merger, consolidation, reorganization or transfer of assets. 
  

 26 

 15. Nonexclusivity of the Plan 
 Neither the adoption of this Plan by the Board nor the submission of this Plan to the stockholders of the Company for approval shall be construed as
creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may be either
applicable generally or only in specific cases. 
 16. Amendments and Termination 
 (a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any
time; provided, that no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan
(including as necessary to comply with any applicable stock exchange listing requirement or to prevent the Company from being denied a tax deduction on account of Section 162(m) of the Code); and provided, further that any such
amendment, alteration, suspension, discontinuance or termination that would impair the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected
Participant, holder or beneficiary. The termination date of the Plan, following which no Awards may be granted hereunder, is the tenth anniversary of the Effective Date, provided, that such termination shall not affect Awards then
outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards. 
 (b) Amendment of Award Agreements.
The Committee may, to the extent consistent with the terms of any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the
associated Award Agreement, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would impair the rights of any Participant or any holder or beneficiary of
any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary; and provided further that, without stockholder approval, (i) no amendment or modification may reduce the
Option Price of any Option or the Strike Price of any SAR, (ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new Option or SAR (with a lower Option Price or Strike Price, as the case may be) in a manner which
would either (A) (if the Company is subject to the reporting requirement of the Exchange Act) be reportable on the Company’s proxy statement as Options which have been “repriced” (as such term is used in Item 402 of
Regulation S-K promulgated under the Exchange Act), or (B) result in any Option being accounted for under the “variable” method for financial statement reporting purposes and (iii) the Committee may not take any other action
which is considered a “repricing” for purposes of the shareholder approval rules of the applicable stock exchange on which the Stock is listed, if any. 
  

 27 

 (c) Section 162(m) Reapproval. If so determined by the Committee, (i) the Plan shall be
approved by the stockholders of the Company no later than the first regularly scheduled meeting of stockholders that occurs more than 12 months after the date the Company becomes a separate publicly held corporation, and (ii) the provisions of
the Plan regarding Performance Compensation Awards shall be disclosed and reapproved by stockholders of the Company no later than the first stockholder meeting that occurs in the fifth year following the year that stockholders previously approved
such provisions following the date the Company became a separate publicly held corporation, in each case in order for Performance Compensation Awards granted after such time to be exempt from the deduction limitations of Section 162(m) of the
Code. Nothing in this Section 16(c), however, shall affect the validity of Awards granted after such time if such stockholder approval has not been obtained. 
 * * * 
 As adopted by the Board of Directors of 
 BROADRIDGE FINANCIAL SOLUTIONS, INC. 
 at a meeting held on March 29, 2007. 
  

 28Five-Year Credit Agreement

 Exhibit 10.12 
 EXECUTION COPY 

 

 
 FIVE-YEAR CREDIT AGREEMENT 
 dated as of 
 March 29, 2007, 
 among 
 BROADRIDGE FINANCIAL SOLUTIONS, INC.,

 The LENDERS Party Hereto, 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent, 
 J. P. MORGAN EUROPE LIMITED, 
 as London Agent 
 and 
 CITIBANK, N.A., 
 as Syndication Agent 
  

 J.P. MORGAN SECURITIES INC. 
 and 
 CITIGROUP GLOBAL MARKETS INC., 
 as Joint Lead
Arrangers and Joint Bookrunners 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I	  	
		
	Definitions	  	
			
	 SECTION 1.01.
	  	Defined Terms	  	2
	 SECTION 1.02.
	  	Classification of Loans and Borrowings	  	21
	 SECTION 1.03.
	  	Terms Generally	  	21
	 SECTION 1.04.
	  	Accounting Terms; GAAP	  	22
	 SECTION 1.05.
	  	Currency Translation	  	22
		
	ARTICLE II	  	
		
	The Credits	  	
			
	 SECTION 2.01.
	  	Commitments	  	22
	 SECTION 2.02.
	  	Loans and Borrowings	  	23
	 SECTION 2.03.
	  	Requests for Revolving Borrowings or Term Borrowings	  	24
	 SECTION 2.04.
	  	Competitive Bid Procedure	  	24
	 SECTION 2.05.
	  	Swingline Loans	  	27
	 SECTION 2.06.
	  	Letters of Credit	  	28
	 SECTION 2.07.
	  	Funding of Borrowings	  	34
	 SECTION 2.08.
	  	Interest Elections for Revolving Borrowings and Term Borrowings	  	34
	 SECTION 2.09.
	  	Termination or Reduction of Commitments	  	36
	 SECTION 2.10.
	  	Increase of Revolving Commitments; Extension of Revolving Maturity Date	  	36
	 SECTION 2.11.
	  	Repayment of Loans; Evidence of Debt	  	38
	 SECTION 2.12.
	  	Prepayment of Loans	  	39
	 SECTION 2.13.
	  	Fees	  	40
	 SECTION 2.14.
	  	Interest	  	41
	 SECTION 2.15.
	  	Alternate Rate of Interest	  	42
	 SECTION 2.16.
	  	Increased Costs	  	43
	 SECTION 2.17.
	  	Break Funding Payments	  	44
	 SECTION 2.18.
	  	Taxes	  	45
	 SECTION 2.19.
	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	47
	 SECTION 2.20.
	  	Mitigation Obligations; Replacement of Lenders	  	48
	 SECTION 2.21.
	  	Additional Reserve Costs	  	49

					
		
	ARTICLE III	  	
		
	Representations and Warranties	  	
			
	 SECTION 3.01.
	  	Organization; Powers	  	50
	 SECTION 3.02.
	  	Authorization; Enforceability	  	50
	 SECTION 3.03.
	  	Governmental Approvals; No Conflicts	  	50
	 SECTION 3.04.
	  	Financial Condition; No Material Adverse Change	  	50
	 SECTION 3.05.
	  	Properties	  	51
	 SECTION 3.06.
	  	Litigation and Environmental Matters	  	51
	 SECTION 3.07.
	  	Compliance with Laws and Agreements	  	52
	 SECTION 3.08.
	  	Federal Reserve Regulations	  	52
	 SECTION 3.09.
	  	Investment Company Status	  	52
	 SECTION 3.10.
	  	Taxes	  	52
	 SECTION 3.11.
	  	ERISA	  	53
	 SECTION 3.12.
	  	Disclosure	  	53
		
	ARTICLE IV	  	
		
	Conditions	  	
			
	 SECTION 4.01.
	  	Effective Date	  	53
	 SECTION 4.02.
	  	Each Credit Event	  	55
		
	ARTICLE V	  	
		
	Affirmative Covenants	  	
			
	 SECTION 5.01.
	  	Financial Statements and Other Information	  	56
	 SECTION 5.02.
	  	Notices of Material Events	  	57
	 SECTION 5.03.
	  	Existence; Conduct of Business	  	58
	 SECTION 5.04.
	  	Payment of Taxes	  	58
	 SECTION 5.05.
	  	Maintenance of Properties	  	58
	 SECTION 5.06.
	  	Books and Records; Inspection Rights	  	58
	 SECTION 5.07.
	  	Compliance with Laws	  	58
	 SECTION 5.08.
	  	Use of Proceeds	  	59
	 SECTION 5.09.
	  	Margin Stock	  	59
	 SECTION 5.10.
	  	Consummation of the Remaining Transactions	  	59
		
	ARTICLE VI	  	
		
	Negative Covenants	  	
			
	 SECTION 6.01.
	  	Liens	  	59
	 SECTION 6.02.
	  	Subsidiary Indebtedness	  	61

  

 ii 

					
	 SECTION 6.03.
	  	Sale and Leaseback Transactions	  	62
	 SECTION 6.04.
	  	Fundamental Changes	  	62
	 SECTION 6.05.
	  	Restrictive Agreements	  	63
	 SECTION 6.06.
	  	Transactions with Affiliates	  	63
	 SECTION 6.07.
	  	Leverage Ratio	  	64
	 SECTION 6.08.
	  	Ratio of EBITDA to Consolidated Interest Expense	  	64
		
	ARTICLE VII	  	
		
	Events of Default	  	
		
	ARTICLE VIII	  	
		
	The Agents	  	
		
	ARTICLE IX	  	
		
	Miscellaneous	  	
			
	 SECTION 9.01.
	  	Notices	  	69
	 SECTION 9.02.
	  	Waivers; Amendments	  	69
	 SECTION 9.03.
	  	Expenses; Indemnity; Damage Waiver	  	71
	 SECTION 9.04.
	  	Successors and Assigns	  	72
	 SECTION 9.05.
	  	Survival	  	75
	 SECTION 9.06.
	  	Counterparts; Integration; Effectiveness	  	75
	 SECTION 9.07.
	  	Severability	  	75
	 SECTION 9.08.
	  	Right of Setoff	  	75
	 SECTION 9.09.
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	76
	 SECTION 9.10.
	  	WAIVER OF JURY TRIAL	  	76
	 SECTION 9.11.
	  	Headings	  	77
	 SECTION 9.12.
	  	Confidentiality	  	77
	 SECTION 9.13.
	  	Interest Rate Limitation	  	78
	 SECTION 9.14.
	  	Conversion of Currencies	  	78
	 SECTION 9.15.
	  	Patriot Act	  	78
	 SECTION 9.16.
	  	No Fiduciary Relationship	  	79
	 SECTION 9.17.
	  	Amendment and Restatement Upon Syndication	  	79

 SCHEDULES: 
 Schedule
2.01 — Commitments 
 Schedule 6.01 — Existing Liens 
 Schedule 6.02 — Existing Indebtedness 
 Schedule 6.05 — Restrictive Agreements 
  

 iii 

 Schedule 6.06 — Transactions with Affiliates 
 EXHIBITS: 
 Exhibit A-1 — Form of Competitive Bid Request 
 Exhibit A-2 — Form of Notice of Competitive Bid Request 
 Exhibit A-3 — Form of Competitive Bid 
 Exhibit A-4 — Form of Competitive Bid Accept/Reject Letter 
 Exhibit B
— Form of Assignment and Assumption 
 Exhibit C — Form of Issuing Bank Agreement 
 Exhibit D — Mandatory Costs Rate 
 Exhibit E — Form of Note 
  

 iv 

 FIVE-YEAR CREDIT AGREEMENT dated as of March 29, 2007, among BROADRIDGE FINANCIAL
SOLUTIONS, INC., a Delaware corporation; the LENDERS party hereto; JPMORGAN CHASE BANK, N.A., as Administrative Agent; J. P. MORGAN EUROPE LIMITED, as London Agent; and CITIBANK, N.A., as Syndication Agent. 
 As of the date of this Agreement, the Borrower (such term and each other capitalized term used and not otherwise defined herein having the meaning
assigned to it in Article I) is a direct wholly owned subsidiary of ADP. As set forth in the amended registration statement on Form 10 filed by the Borrower with the SEC on March 16, 2007 (the “Form 10”), ADP will
distribute all the issued and outstanding common stock of the Borrower on a pro rata basis to its shareholders in a tax-free transaction (the “Spin-Off”) on the date immediately following the date of this Agreement (or, if the
Spin-Off is not consummated on such date, as soon as practicable thereafter). The Borrower holds ADP’s brokerage services group business, consisting of its investor communication solutions, securities processing solutions and clearing and
outsourcing solutions business units. 
 In connection with the Spin-Off, (a) the Borrower is entering into this Agreement and obtaining
the senior credit facilities established hereby, (b) the Borrower is simultaneously entering into the Interim Credit Agreement and obtaining the interim credit facilities established thereby, (c) the Borrower will pay a cash dividend to
ADP immediately prior to the Spin-Off in the amount of $690,000,000 (the “Dividend”), (d) all indebtedness of the Borrower and the Subsidiaries payable to ADP or Affiliates of ADP (other than intercompany indebtedness payable
to the Borrower or any Subsidiary) will be canceled and discharged and (f) fees and expenses incurred in connection with the Transactions will be paid (the “Transaction Costs”). 
 The Borrower has requested the Lenders to extend credit to enable it to (a) borrow Term Loans on the Effective Date in an aggregate principal amount
of US$440,000,000, (b) borrow on a revolving credit basis on and after the Effective Date and at any time and from time to time prior to the Revolving Maturity Date an aggregate principal amount not in excess of US$500,000,000 at any time
outstanding (which principal amount may be increased by an amount not in excess of US$500,000,000 as provided in Section 2.10), (c) obtain Letters of Credit and (d) provide a procedure under which Lenders may bid on an uncommitted
basis on short-term borrowings by the Borrower maturing on or prior to the Revolving Maturity Date. The proceeds of such borrowings will be used (a) to pay the Dividend, (b) to pay certain Transaction Costs and (c) for general
corporate purposes of the Borrower and the Subsidiaries, including to support the issuance of commercial paper and the payment of intercompany loans among the Borrower and the Subsidiaries. Letters of Credit will be used for general corporate
purposes of the Borrower and the Subsidiaries. The Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions herein set forth. 
 Accordingly, the parties hereto agree as follows: 

 ARTICLE I 
 Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have
the meanings specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Accession
Agreement” has the meaning assigned to such term in Section 2.10. 
 “Adjusted LIBO Rate” means, with respect
to any LIBO Rate Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the LIBO Rate for such Interest Period multiplied, in the case of a LIBO Rate Borrowing denominated in
US Dollars, by the Statutory Reserve Rate. 
 “Administrative Agent” means JPMCB, in its capacity as administrative agent
for the Lenders hereunder. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agent. 
 “ADP” means Automatic Data Processing, Inc., a Delaware corporation. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person specified; provided that two or more Persons shall not be deemed Affiliates solely because an individual is a director of each such Person. 
 “Agents” means, collectively, the Administrative Agent and the London Agent. 
 “Agreement” means this Credit Agreement, as modified, amended or restated from time to time. 
 “Agreement Currency” has the meaning assigned to such term in Section 9.14. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greater
of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal
Funds Effective Rate, respectively. 
 “Alternative Currency” means Australian Dollars, Canadian Dollars, Euro,
Sterling and Yen. 
  

 2 

 “Applicable Agent” means (a) with respect to a Loan or Borrowing denominated in US
Dollars or any Letter of Credit, and with respect to any payment hereunder that does not relate to a particular Loan or Borrowing, the Administrative Agent and (b) with respect to a Loan or Borrowing denominated in any Alternative Currency, the
London Agent. 
 “Applicable Creditor” has the meaning assigned to such term in Section 9.14. 
 “Applicable Percentage” means, with respect to any Revolving Lender, the percentage of the total Revolving Commitments represented by
such Lender’s Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments.

 “Applicable Rate” means, for any day, with respect to any LIBO Rate Revolving Loan or LIBO Rate Term Loan or with respect
to the facility fees or participation fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Revolving Facility – Facility Fee Rate”, “Revolving Facility – LIBO Rate
Spread and Participation Fee”, or “Term Facility – LIBO Rate Spread”, as applicable, based upon (a) the ratings by S&P and Moody’s, respectively, applicable on such date to the Index Debt and (b) in the case of
the LIBO Rate Spread and participation fees applicable to Revolving Loans, the Utilization on such date: 
  

													
	 	  	Revolving Facility	 	 	Term Facility	 
	 Ratings
	  	Facility Fee Rate	 	 	 LIBO Rate Spread
 and
 Participation Fee

(£50%
Utilization)
	 	 	 LIBO Rate Spread
 and
 Participation Fee

(>50% Utilization)
	 	 	LIBO Rate Spread	 
	 category 1
 3 Baa1 or
BBB+
	  	0.080	%	 	0.270	%	 	0.370	%	 	0.400	%
					
	 category 2
 Baa2 or BBB
	  	0.100	%	 	0.350	%	 	0.450	%	 	0.500	%
					
	 category 3
 Baa3 or BBB-
	  	0.125	%	 	0.425	%	 	0.525	%	 	0.600	%
					
	 category 4
 Ba1 or BB+
	  	0.150	%	 	0.500	%	 	0.600	%	 	0.700	%
					
	 category 5
 < Ba1 or BB+, or unrated
	  	0.200	%	 	0.650	%	 	0.750	%	 	0.900	%

 For purposes of the foregoing, (i) if the ratings assigned by S&P and Moody’s shall fall within
different categories, the applicable category shall be the category in which the higher of the Ratings shall fall unless the Ratings differ by two or more categories, in which case the applicable category shall be the Category one level below that
corresponding to the higher Rating, (ii) if any Rating Agency shall not have a Rating in effect (other than by reason of the circumstances referred to in the last sentence of this definition), such Rating Agency shall be deemed to have a Rating
in category 5, and (iii) if any Rating shall be changed (other than as a result of a change in the rating system of the applicable Rating Agency), such change shall be effective as of the date on which it is first announced by the Rating Agency
making such change. 

  

 3 

 
Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding
the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either such Rating Agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Required Lenders
shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such Rating Agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by
reference to the rating most recently in effect prior to such change or cessation. 
 “Assignment and Assumption” means an
assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit B or any other form
approved by the Administrative Agent. 
 “Attributable Debt” means, with respect to any Sale and Leaseback Transaction, the
present value (discounted at the rate set forth or implicit in the terms of the lease included in such Sale and Leaseback Transaction) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of
taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the lease included in such Sale and Leaseback Transaction
(including any period for which such lease has been extended). In the case of any lease which is terminable by the lessee upon payment of a penalty, the Attributable Debt shall be the lesser of the Attributable Debt determined assuming termination
upon the first date such lease may be terminated (in which case the Attributable Debt shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it
may be so terminated) or the Attributable Debt determined assuming no such termination. 
 “Australian Dollars” or
“AUS$” means the lawful currency of the Commonwealth of Australia. 
 “Availability Period” means the
period from and including the Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of termination of the Revolving Commitments. 
 “Board” means the Board of Governors of the Federal Reserve System of the United States of America. 
 “Borrower” means Broadridge Financial Solutions, Inc., a Delaware corporation. 
 “Borrowing” means (a) Revolving Loans of the same Type and currency, made, converted or continued on the same date and, in the case of LIBO Rate Loans, as to which a single Interest Period is in effect, (b) Term
Loans of the same Type, made, converted or continued on the same date and, in the case of LIBO Rate Loans, as to which a single Interest Period is in effect, (c) a Competitive Loan or group of Competitive Loans of the same Type and currency
made on the same date and as to which a single Interest Period is in effect or (d) a Swingline Loan. 
  

 4 

 “Borrowing Minimum” means (a) in the case of a Borrowing denominated in US Dollars,
US$5,000,000 and (b) in the case of a Borrowing denominated in any Alternative Currency, the smallest amount of such Alternative Currency that is a multiple of 1,000,000 units of such currency that has a US Dollar Equivalent of US$5,000,000 or
more. 
 “Borrowing Multiple” means (a) in the case of a Borrowing denominated in US Dollars, US$1,000,000 and
(b) in the case of a Borrowing denominated in any Alternative Currency, 1,000,000 units of such currency. 
 “Borrowing
Request” means a request by the Borrower for a Revolving Borrowing or Term Borrowing in accordance with Section 2.03. 
 “Broker Dealer Subsidiary” means any Subsidiary registered or regulated as a broker or dealer with or by the SEC, the NASD or any other applicable Governmental Authority, whether domestic or foreign. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed; provided, that (a) when used in connection with a LIBO Rate Loan denominated in any currency, the term “Business Day” shall also exclude any day on which banks are not open for dealings in
deposits denominated in such currency in the London interbank market, (b) when used in connection with a Loan denominated in Australian Dollars, the term “Business Day” shall also exclude any day on which banks are not open for
dealings in deposits in the Sydney interbank market, (c) when used in connection with a Loan denominated in Canadian Dollars, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in
Toronto, (d) when used in connection with a Loan denominated in Euro, the term “Business Day” shall also exclude any day on which the TARGET payment system is not open for the settlement of payments in Euro and (e) when used in
connection with a Loan denominated in Yen, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in Yen in Tokyo. 
 “Calculation Date” means the Effective Date and the last Business Day of each calendar quarter thereafter. 
 “Canadian Dollars” or “CAN$” means the lawful currency of Canada. 
 “Capital Lease Obligations” of any Person means obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Cash Collateralize” has the
meaning set forth in Section 2.06. 
 “Change in Control” means (a) the acquisition of ownership, directly or
indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of 

  

 5 

 
Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the
Borrower, or (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were not (i) directors of the Borrower on the Effective Date, (ii) nominated by the board of
directors of the Borrower or (iii) appointed by directors so nominated. 
 “Change in Law” means (a) the adoption
of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance
by any Lender or the Issuing Bank (or, for purposes of Section 2.16(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 
 “Charges” has the
meaning set forth in Section 9.13. 
 “Class” means (a) when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Term Loans, Competitive Loans or Swingline Loans and (b) when used in reference to any Commitment, refers to whether such Commitment is a Revolving Commitment or a
Term Commitment. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Collateralized Letter of Credit” means a Letter of Credit that has been irrevocably cash collateralized by the Borrower pursuant to
arrangements reasonably satisfactory to the Issuing Bank that issued such Letter of Credit. 
 “Commitment” means a
Revolving Commitment, Term Commitment or any combination thereof, as the context requires. 
 “Commitment Increase” has the
meaning set forth in Section 2.10. 
 “Competitive Bid” means an offer by a Lender to make a Competitive Loan in
accordance with Section 2.04 in the form of Exhibit A-3. 
 “Competitive Bid Accept/Reject Letter” means an
acceptance or rejection of a Competitive Bid in accordance with Section 2.04 in the form of Exhibit A-4. 
 “Competitive
Bid Rate” means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender making such Competitive Bid. 
 “Competitive Bid Request” means a request by the Borrower for Competitive Bids in accordance with Section 2.04 in the form of Exhibit A-1. 
 “Competitive Loan” means a Loan made pursuant to Section 2.04. 
  

 6 

 “Competitive Loan Exposure” means, with respect to any Lender at any time, the sum at
such time, without duplication, of the US Dollar Equivalents of the principal amounts of such Lender’s outstanding Competitive Loans. 
 “Consenting Lender” has the meaning set forth in Section 2.10. 
 “Consolidated EBITDA”
means, for any period, Consolidated Net Income for such period plus (a) without duplication and to the extent deducted in determining such Consolidated Net Income, the sum of (i) consolidated interest expense for such period,
(ii) consolidated income tax expense for such period, (iii) all amounts attributable to depreciation and amortization for such period (other than amounts reflected as “amortization of other assets” on the Borrower’s
financial statements), (iv) all non-recurring or extraordinary non-cash charges for such period, (v) all non-cash charges associated with employee compensation for such period, (vi) all losses associated with asset sales during such
period and (vi) all Transaction Costs paid by the Borrower or any Subsidiary during such period, minus (b) without duplication and to the extent included in determining such Consolidated Net Income, (i) all extraordinary gains for
such period and (ii) all gains associated with asset sales during such period, all determined on a consolidated basis in accordance with GAAP; provided, however, that Consolidated EBITDA for the Borrower’s fiscal quarter
ended June 30, 2006 shall be $190,000,000, Consolidated EBITDA for the Borrower’s fiscal quarter ended September 30, 2006 shall be $62,400,000 and Consolidated EBITDA for the Borrower’s fiscal quarter ended December 31, 2006
shall be $63,100,000. 
 “Consolidated Interest Expense” means, for any period, the excess of (a) the sum of
(i) the interest expense (including imputed interest expense in respect of Capital Lease Obligations) of the Borrower and the Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, (ii) any interest
accrued during such period in respect of Indebtedness of the Borrower or any Subsidiary that is required to be capitalized rather than included in consolidated interest expense for such period in accordance with GAAP, and (iii) any cash
payments made during such period in respect of obligations referred to in clause (b)(ii) below that were amortized or accrued in a previous period, minus (b) the sum of (i) to the extent included in such consolidated interest expense for
such period, non-cash amounts attributable to amortization of financing costs paid in a previous period, and (ii) to the extent included in such consolidated interest expense for such period, non-cash amounts attributable to amortization of
debt discounts or accrued interest payable in kind for such period. 
 “Consolidated Net Income” means, for any period, the
net income or loss of the Borrower and the Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income of any Person (other than the Borrower) in which any
other Person (other than the Borrower or any Subsidiary or any director holding qualifying shares in compliance with applicable law) owns an Equity Interest, except to the extent of the amount of dividends or other distributions actually paid to the
Borrower or any of the Subsidiaries during such period, and (b) the income or loss of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary or the date that such
Person’s assets are acquired by the Borrower or any Subsidiary. 
  

 7 

 “Control” means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Declining Lender” has the meaning set forth in Section 2.10. 
 “Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless
cured or waived, become an Event of Default. 
 “Dividend” has the meaning assigned to such term in the introduction to this
Agreement. 
 “Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or
waived in accordance with Section 9.02). 
 “Effectiveness Anniversary” has the meaning assigned to such term in
Section 2.10. 
 “EMU Legislation” means the legislative measures of the European Union for the introduction of,
changeover to or operation of the Euro in one or more member states. 
 “Environmental Laws” means all laws, rules,
regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural
resources, the management, release or threatened release of any Hazardous Material or to health and safety matters. 
 “Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or
based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release of any
Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial
interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single
employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
  

 8 

 “ERISA Event” means (a) any “reportable event”, as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA
Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any ERISA Affiliate of any liability
with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate
of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Euro” or “€” means the single currency of the European Union as constituted by the Treaty on European Union and
as referred to in the EMU Legislation. 
 “Event of Default” has the meaning assigned to such term in Article VII.

 “Exchange Rate” means, on any date, for purposes of determining the US Dollar Equivalent of any other currency, the rate
at which such other currency may be exchanged into US Dollars at the time of determination on such date as shown on the Reuters WRLD Page for such currency. In the event that such rate does not appear on the applicable Reuters WRLD Page,
(a) the Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Applicable Agent and the Borrower, or (b) in the absence of such an agreement, such
Exchange Rate shall be the arithmetic average of the spot rates of exchange available to the Applicable Agent on such date in the market where its foreign currency exchange operations in respect of such currency are then being conducted for the
purchase of US Dollars for delivery two Business Days later, at a time the Applicable Agent shall elect after determining that such spot rates shall be the basis for determining the Exchange Rate, provided that if at the time of such
determination, no such spot rates are being quoted for any reason, the Applicable Agent, after consultation with the Borrower, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive
absent manifest error. 
 “Excluded Taxes” means, with respect to either Agent, any Lender, any Issuing Bank or any other
recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income, or backup withholding taxes (as defined in Section 3406 of the
Code) imposed by the United States of America, or any similar tax imposed by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, the 

  

 9 

 
jurisdiction in which its applicable lending office is located, (b) any branch profit taxes imposed by the United States of America or any similar tax
imposed by any other applicable jurisdiction referred to in the preceding clause (a) and (c) in the case of a Foreign Lender, any withholding tax that is imposed by the United States of America on payments by the Borrower to such Foreign
Lender from locations in the United States of America to the extent such tax is in effect at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure
to comply with Section 2.18(e) or (f), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower
with respect to such withholding tax pursuant to Section 2.18(a). 
 “Existing Maturity Date” has the meaning set forth
in Section 2.10. 
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent
from three Federal funds brokers of recognized standing selected by it. 
 “Financial Officer” means, with respect to any
Person, the chief financial officer, principal accounting officer, treasurer, controller or any assistant treasurer (or the functional equivalent) of such Person. 
 “Fixed Rate” means, with respect to any Competitive Loan bearing interest at a fixed rate, the fixed rate of interest per annum specified by the Lender making such Competitive Loan in its related
Competitive Bid. 
 “Fixed Rate Loan” means a Competitive Loan bearing interest at a Fixed Rate. 
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than the United States of America or any
State thereof or the District of Columbia. 
 “Form 10” has the meaning assigned to such term in the introduction to this
Agreement. 
 “GAAP” means United States generally accepted accounting principles, applied on a consistent basis.

 “Governmental Authority” means (a) the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government and (b) with regard to any Broker Dealer Subsidiary, any self regulatory organization or body with supervisory, regulatory or other authority over such Broker Dealer Subsidiary. 
  

 10 

 “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for the
payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement
condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness; provided,
that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 
 “Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Hedging Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement.

 “Increase Effective Date” has the meaning set forth in Section 2.10. 
 “Increasing Lender” has the meaning set forth in Section 2.10. 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all
obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all
obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of
Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (i) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to
the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

  

 11 

 “Indemnitee” has the meaning set forth in Section 9.03. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
 “Index Debt” means senior, unsecured, long-term Indebtedness for borrowed money of the Borrower that is not guaranteed by any other
Person or subject to any other credit enhancement. 
 “Information Memorandum” means the Confidential Information Memorandum
dated March 2007 relating to the Borrower and the Transactions. 
 “Initial Loans” has the meaning set forth in
Section 2.10. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Revolving
Borrowing or Term Borrowing in accordance with Section 2.08. 
 “Interest Payment Date” means (a) with respect to
any ABR Loan (including any Swingline Loan), the last day of each March, June, September and December, (b) with respect to any LIBO Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in
the case of a LIBO Rate Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest
Period and (c) with respect to any Fixed Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Fixed Rate Borrowing with an Interest Period of more than 90 days’
duration (unless otherwise specified in the applicable Competitive Bid Request), each day prior to the last day of such Interest Period that occurs at intervals of 90 days’ duration after the first day of such Interest Period, and any
other dates that are specified in the applicable Competitive Bid Request as Interest Payment Dates with respect to such Borrowing. 
 “Interest Period” means (a) with respect to any LIBO Rate Borrowing (other than any LIBO Rate Competitive Borrowing), the period commencing on the date of such Borrowing and ending on the numerically corresponding day
in the calendar month that is one, two, three or six months thereafter (or, if agreed upon by all of the Lenders, seven or 14 days or any other period), as the Borrower may elect, (b) with respect to any LIBO Rate Competitive Borrowing,
the period commencing on the date such Borrowing is made and ending on the numerically corresponding day in the calendar month that is one to twelve months thereafter, as the Borrower may elect, and (c) with respect to any Fixed Rate Borrowing,
the period (which shall not be less than 7 days or more than 365 days) commencing on the date of such Borrowing and ending on the date specified in the applicable Competitive Bid Request; provided, that (i) if any Interest
Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a LIBO Rate Borrowing only, such next succeeding Business Day would fall in the next calendar
month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a LIBO Rate Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is
no numerically corresponding day in the last calendar month of such 

  

 12 

 
Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing
initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing or Term Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
 “Interim Credit Agreement” means the Interim Credit Agreement dated as of March 29, 2007, among the Borrower, the lenders party
thereto, JPMCB, as administrative agent and Citibank, N.A. as syndication agent. 
 “Issuing Bank” means JPMCB, in its
capacity as the issuer of Letters of Credit hereunder, and any other Lender that may become an Issuing Bank pursuant to Section 2.06(i) or 2.06(j). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued
by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “Issuing Bank Agreement” shall mean an agreement in substantially the form of Exhibit C. 
 “JPMCB” means JPMorgan Chase Bank, N.A. and its successors. 
 “Judgment Currency” has the meaning assigned to such term in Section 9.14(b). 
 “LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit. 
 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amounts of all outstanding Letters of Credit at such time
plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total LC
Exposure at such time. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall
have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes
each Swingline Lender. 
 “Letter of Credit” means any letter of credit issued pursuant to this Agreement. 
 “Leverage Ratio” means, as of the last day of any period of four consecutive quarters, the ratio of (a) Total Indebtedness as of
such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on such date. 
 “LIBO Rate” means, with respect to any LIBO Rate Borrowing denominated in any currency for any Interest Period, the rate appearing on the applicable page of the Telerate Service for such currency (or on any successor or
substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Applicable Agent from time to time for purposes
of providing quotations of interest rates applicable to deposits in the 

  

 13 

 
London interbank market) at approximately 11:00 a.m., London time, on the Quotation Date for such Interest Period, as the rate for deposits in such currency
with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such LIBO Rate Borrowing for such Interest Period shall be the rate
at which deposits in the lowest multiple of 1,000,000 units of such currency the US Dollar Equivalent of which is at least US$5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the
Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time on the Quotation Date for such Interest Period. LIBO Rate, when used in reference to any Loan or Borrowing, indicates
that such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate (or, in the case of a Competitive Loan, the LIBO Rate). 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or
security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing, but excluding any operating lease) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Loan Documents” means this Agreement, any amendment hereto or waiver hereunder and each promissory note delivered pursuant to this
Agreement, as such documents may be amended, modified, supplemented or restated from time to time. 
 “Loans” means the
loans made by the Lenders to the Borrower pursuant to this Agreement. 
 “Local Time” means (a) with respect to a Loan
or Borrowing denominated in US Dollars or any Letter of Credit, New York City time, and (b) with respect to a Loan or Borrowing denominated in any other currency, London time. 
 “London Agent” means J. P. Morgan Europe Limited. 
 “Mandatory Costs Rate” has the meaning set forth in Exhibit D. 
 “Margin” means, with respect to any Competitive Loan bearing interest at a rate based on the LIBO Rate, the rate of interest, if any, to be added to or subtracted from the LIBO Rate to determine the rate of interest
applicable to such Loan, as specified by the Lender making such Loan in its related Competitive Bid. 
 “Material Adverse
Effect” means a material adverse effect on (a) the business, assets, operations or financial condition of the Borrower and the Subsidiaries taken as a whole, (b) the ability of the Borrower to perform any of its obligations under
this Agreement or any other Loan Document or (c) the rights of or benefits available to the Lenders under this Agreement or any other Loan Document. 
  

 14 

 “Material Indebtedness” means Indebtedness (other than the Loans), or obligations in
respect of one or more Hedging Agreements, of the Borrower and the Subsidiaries in an aggregate principal amount exceeding US$75,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the
Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Hedging Agreement were
terminated at such time. 
 “Material Subsidiary” means (a) any Subsidiary that directly or indirectly owns any Equity
Interest in or Controls any Material Subsidiary, (b) any Material Broker Dealer Subsidiary (as defined below) and (c) any other Subsidiary (i) the revenues of which for the most recent period of four fiscal quarters of the Borrower
for which audited financial statements have been delivered pursuant to Section 5.01 were greater than 5.0% of the Borrower’s total consolidated revenues for such period or (ii) the assets of which as of the end of such period were
greater than 5.0% of the Borrower’s total consolidated assets as of such date; provided that if at any time the aggregate amount of the revenues or assets of all Subsidiaries that are not Material Subsidiaries for or at the end of any
period of four fiscal quarters for which audited financial statements have been delivered pursuant to Section 5.01 exceeds 10% of the Borrower’s consolidated total revenues for such period or 10% of the Borrower’s consolidated total
assets as of the end of such period, the Borrower shall (or, in the event the Borrower has failed to do so within 10 days, the Administrative Agent may) designate additional Subsidiaries as “Material Subsidiaries” to eliminate such excess,
and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Subsidiaries. For the purposes of this definition, (a) “Material Broker Dealer Subsidiary” means any Broker Dealer Subsidiary
(i) the revenues of which for the most recent period of four fiscal quarters of the Borrower for which audited financial statements have been delivered pursuant to Section 5.01 were greater than 1.0% of the Borrower’s total
consolidated revenues for such period or (ii) the assets of which as of the end of such period were greater than 1.0% of the Borrower’s total consolidated assets as of such date, and (b) revenues and assets of any Subsidiary of the
Borrower which are recorded in a foreign currency in the Borrower’s financial statements shall be converted into U.S. Dollars using the exchange rates used in preparation of the Borrower’s most recent audited financial statements delivered
pursuant to Section 5.01 or, if no applicable exchange rate was used in such audited financial statements, at a rate determined in accordance with GAAP. 
 “Maximum Rate” has the meaning set forth in Section 9.13. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 
 “Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “NASD” means the National
Association of Securities Dealers, Inc., and any successor or other authority which succeeds to the function of such corporation. 
 “Non-Consenting Lender” means any Lender that withholds its consent to any proposed amendment, modification or waiver that cannot become effective without the consent of such Lender under Section 9.02, and that has
been consented to by the Required Lenders. 
  

 15 

 “Notice of Competitive Bid Request” means a request by the Borrower for Competitive Bids
in accordance with Section 2.04 in the form of Exhibit A-2. 
 “Other Taxes” means any and all present or future
recording, stamp, documentary, excise, transfer, sales, property or similar taxes, charges or levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan
Document. 
 “Participant” has the meaning set forth in Section 9.04. 
 “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 
 “PBGC” means the Pension
Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
 “Permitted
Encumbrances” means: 
 (a) Liens imposed by law for Taxes, assessments or other governmental charges or levies
(other than any lien arising under ERISA or other laws to secure retirement or other benefits) that are not yet due or are being contested in compliance with Section 5.04; 
 (b) landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in good faith; 
 (c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations; 
 (d) deposits to secure the performance of bids, trade contracts, leases,
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (e) judgment liens; and 
 (f) easements, zoning restrictions, rights-of-way, minor defects or
other irregularities in title and other similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure obligations that are substantial in amount and do not materially detract from the value of
the affected property or materially interfere with the ordinary conduct of business of the Borrower or any Subsidiary; 
 provided that the term
“Permitted Encumbrances” shall not include any Lien securing Indebtedness or any Lien in favor of the PBGC. 
  

 16 

 “Person” means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension
benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMCB, as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective
from and including the date such change is publicly announced as being effective. 
 “Quotation Date” means, with respect to
any LIBO Rate Borrowing and any Interest Period, the day on which it is market practice in the relevant interbank market for prime banks to give quotations for deposits in the currency of such Borrowing for delivery on the first day of such Interest
Period. If such quotations would normally be given by prime banks on more than one day, the Quotation Day will be the last of such days. 
 “Rating Agencies” shall mean Moody’s and S&P. 
 “Ratings” shall mean the ratings from
time to time established by the Rating Agencies for the Index Debt. 
 “Register” has the meaning set forth in
Section 9.04. 
 “Regulation D” means Regulation D of the Board as from time to time in effect and all official rulings
and interpretations thereunder or thereof. 
 “Regulation T” means Regulation T of the Board as from time to time
in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation U” means Regulation U
of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation X” means Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, trustees,
officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Required Lenders” means, at
any time, Lenders having Revolving Exposures, an aggregate principal amount of outstanding Term Loans and unused Commitments representing at least 50% of the sum of the total Revolving Exposures of all Lenders, the aggregate principal amount of Term
Loans then outstanding and unused Commitments at such time; provided that, for purposes of declaring the Loans to be due and payable pursuant to Article VII, and for all 

 17 

 
purposes after the Loans become due and payable pursuant to Article VII or the Revolving Commitments expire or terminate, the outstanding Competitive
Loans of the Lenders shall be included in their respective Revolving Exposures in determining the Required Lenders. 
 “Required
Revolving Lenders” means, at any time, Lenders having Revolving Exposures and unused Revolving Commitments representing at least 50% of the sum of the Revolving Exposures of all Lenders and unused Revolving Commitments at such time.

 “Reset Date” shall have the meaning specified in Section 1.05. 
 “Responsible Officer” means any of the chief executive officer, chief operating officer, chief financial officer or the treasurer or
controller (or any equivalent of the foregoing officers) of the Borrower. 
 “Revolving Commitment” means, with respect to
each Revolving Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate permitted amount of such
Lender’s Revolving Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to Section 2.09 or 2.10 or pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of
each Lender’s Commitment is set forth on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of the Revolving
Commitments is US$500,000,000. 
 “Revolving Exposure” means, with respect to any Revolving Lender at any time, the sum at
such time, without duplication, of (a) the US Dollar Equivalents of the principal amounts of such Lender’s outstanding Revolving Loans, (b) the aggregate amount of such Lender’s LC Exposure and (c) the aggregate amount of
such Lender’s Swingline Exposure. 
 “Revolving Lender” means a Lender with a Revolving Commitment or, if the Revolving
Commitments have terminated or expired, a Lender with Revolving Exposure. 
 “Revolving Loan” means a Loan made pursuant to
Section 2.01(b). 
 “Revolving Maturity Date” means March 29, 2012, or any later date to which the Revolving
Maturity Date may be extended pursuant to Section 2.10; provided, however, that if the Spin-Off shall not have been consummated by 5:00 p.m. New York time on the fifth Business Day following the Effective Date, the Revolving
Maturity Date shall be the next following Business Day. 
 “S&P” means Standard & Poor’s Ratings Services,
a division of The McGraw-Hill Companies, Inc., and its successors. 
 “Sale and Leaseback Transaction” means any arrangement
whereby the Borrower or a Subsidiary, directly or indirectly, shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other
property which it intends to use for substantially the same purpose or purposes as the property being sold or transferred. 

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 “SEC” means the Securities and Exchange Commission. 
 “SIPC” means the Securities Investor Protection Corporation and any regulatory authority which succeeds to the functions of such
corporation. 
 “Spin-Off” has the meaning assigned to such term in the introduction to this Agreement. 
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of
which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for
eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. LIBO Rate Loans shall be deemed to
constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
 “Sterling” or “£”means the lawful currency of the United Kingdom. 
 “Subsequent
Borrowings” has the meaning set forth in Section 2.10. 
 “subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements
if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of
such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means any subsidiary of the Borrower. 
 “Swingline
Commitment” means, with respect to each Swingline Lender, the commitment of such Swingline Lender to make Swingline Loans pursuant to Section 2.05, expressed as an amount representing the maximum principal amount of the Swingline Loans
to be made by such Lender hereunder, as such commitment may be reduced from time to time pursuant to Section 2.09. The initial amount of each Swingline Lender’s Swingline Commitment is set forth on Schedule 2.01 or in the agreement
pursuant to which it became a Swingline Lender hereunder. The aggregate amount of the Swingline Commitments on the date hereof is US$100,000,000. 
  

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 “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline
Loans outstanding at such time. The Swingline Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time. 
 “Swingline Lender” means JPMCB, Citibank, N.A. and any other Revolving Lender designated as a Swingline Lender pursuant to
Section 2.05, in each case in its capacity as lender of Swingline Loans hereunder. 
 “Swingline Loan” means a Loan
made by a Swingline Lender under its Swingline Commitment pursuant to Section 2.05. 
 “TARGET” means the
Trans-European Automated Real Time Gross Settlement Express Transfer (TARGET) payment system. 
 “Taxes” means any and all
present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority. 
 “Term
Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make a Term Loan hereunder on the Effective Date, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such
Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial
amount of each Lender’s Term Commitment is set forth on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Term Commitment, as applicable. The initial aggregate amount of the Term
Commitments is $440,000,000. 
 “Term Loan” means a Loan made pursuant to Section 2.01(a). 
 “Term Maturity Date” means March 29, 2012; provided, however, that if the Spin-Off shall not have been consummated by
5:00 p.m. New York time on the fifth Business Day following the Effective Date, the Term Maturity Date shall be the next following Business Day. 
 “Total Indebtedness” means, at any date, the sum of the aggregate principal amount of Indebtedness of the Borrower and the Subsidiaries (other than any Broker Dealer Subsidiary) outstanding as of such date that would be
reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP. 
 “Transaction
Costs” has the meaning assigned to such term in the introduction to this Agreement. 
 “Transactions” means
(a) the execution, delivery and performance by the Borrower of the Loan Documents, the borrowing of Loans and the issuance of Letters of Credit hereunder, (b) the execution, delivery and performance by the Borrower of the Interim Credit
Agreement and the borrowing of loans thereunder, (c) the payment by the Borrower of the Dividend, (d) the cancelation and discharge of all Indebtedness of the Borrower and the Subsidiaries payable to ADP or Affiliates of ADP, (e) the
consummation of the Spin-Off and (f) the payment of the Transaction Costs. 
  

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 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate, the Alternate Base Rate or, in the case of a Competitive Loan or Borrowing, the LIBO Rate or a Fixed Rate. 
 “Unreimbursed Amount” has the meaning set forth in Section 2.06. 
 “US Dollar Equivalent” means, on any date of determination, (a) with respect to any amount in US Dollars, such amount, and
(b) with respect to any amount in any Alternative Currency, the equivalent in US Dollars of such amount, determined by the Administrative Agent pursuant to Section 1.05 using the Exchange Rate with respect to such Alternative Currency at
the time in effect under the provisions of such Section. 
 “US Dollars” or “US$” means the lawful currency
of the United States of America. 
 “Utilization” means, on any date, the sum of the aggregate Revolving Exposures and the
aggregate Competitive Loan Exposures on such date, expressed as a percentage of the total Revolving Commitments. 
 “Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Yen” or “¥”means the lawful currency of Japan. 
 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class
(e.g., a “Revolving Loan”) or by Type (e.g., a “LIBO Rate Loan”) or by Class and Type (e.g., a “LIBO Rate Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a
“Revolving Borrowing”) or by Type (e.g., a “LIBO Rate Borrowing”) or by Class and Type (e.g., a “LIBO Rate Revolving Borrowing”). 
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not 

  

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to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04. Accounting Terms; GAAP. Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests
an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision, or if the Administrative Agent notifies the Borrower that the
Required Lenders request an amendment to any provision hereof for such purpose, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis
of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision shall have been amended in accordance herewith. Following the delivery of any such notice, the
Borrower, the Administrative Agent and the Lenders will negotiate in good faith to amend this Agreement to eliminate the effect of any such change. 
 SECTION 1.05. Currency Translation. Not later than 1:00 p.m., London time, on each Calculation Date, the Administrative Agent shall (i) determine the Exchange Rate as of such Calculation Date with respect to each
Alternative Currency and (ii) give notice thereof to the Revolving Lenders and the Borrower. The Exchange Rates so determined shall become effective (A) in the case of the initial Calculation Date, on the Effective Date and (B) in the
case of each subsequent Calculation Date, on the first Business Day immediately following such Calculation Date (a “Reset Date”), shall remain effective until the next succeeding Reset Date, and shall for all purposes of this
Agreement (other than Article VI and the definitions employed therein, Section 9.14 or any other provision expressly requiring the use of a current exchange rate) be the Exchange Rates employed in converting any amounts between US Dollars and
Alternative Currencies. For purposes of Article VI and the definitions employed therein, amounts in currencies other than US Dollars shall be translated into US Dollars at the currency exchange rates used in preparing the Borrower’s annual and
quarterly financial statements. 
 ARTICLE II 
 The Credits 
 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein,
each Lender agrees (a) to make a Term Loan to the Borrower on the Effective Date in a principal amount not exceeding its Term Commitment and (b) to make Revolving Loans to the Borrower, denominated in US Dollars or Alternative Currencies,
from time to time during the Availability Period in amounts that will not at any time result in (i) such Lender’s Revolving Exposure exceeding its Revolving Commitment, (ii) the sum of the total Revolving Exposures plus the total
Competitive Loan Exposures exceeding the total Revolving Commitments, (iii) the 

  

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sum of the total Revolving Loans denominated in Australian Dollars exceeding AUS$61,000,000, (iv) the sum of the total Revolving Loans denominated in
Canadian Dollars exceeding CAN$57,000,000, (iv) the sum of the total Revolving Loans denominated in Euro exceeding €37,000,000, (v) the sum of the total Revolving Loans denominated in Sterling exceeding £25,000,000 or
(vi) the sum of the total Revolving Loans denominated in Yen exceeding ¥5,892,000,000. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.
Amounts repaid in respect of Term Loans may not be reborrowed. 
 SECTION 2.02. Loans and Borrowings. (a) Each Loan (other than a
Competitive Loan or Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class, Type and currency made by the Lenders ratably in accordance with their respective Commitments of the applicable Class. Each Swingline
Loan shall be made in accordance with the procedures set forth in Section 2.05. Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.04. The failure of any Lender to make any Loan required to be made
by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments and Competitive Bids of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as
required. 
 (b) Subject to Section 2.15, (i) each Revolving Borrowing denominated in US Dollars and each Term Borrowing shall be
comprised entirely of ABR Loans or LIBO Rate Loans as the Borrower may request in accordance herewith, (ii) each Revolving Borrowing denominated in an Alternative Currency shall be comprised entirely of LIBO Rate Loans, (iii) each
Competitive Borrowing shall be comprised entirely of LIBO Rate Loans or Fixed Rate Loans as the Borrower may request in accordance herewith and (iv) each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any LIBO Rate Loan
by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this
Agreement. 
 (c) At the commencement of each Interest Period for any LIBO Rate Revolving Borrowing or LIBO Rate Term Borrowing, and at the
time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum; provided that an ABR Revolving Borrowing may be in
an aggregate amount that is equal to the entire unused balance of the Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount
that is an integral multiple of US$1,000,000 and not less than US$5,000,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of 15 LIBO Rate
Borrowings outstanding. 
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to
elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Revolving Maturity Date or Term Maturity Date, as applicable. 
  

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 SECTION 2.03. Requests for Revolving Borrowings or Term Borrowings. To request a Revolving
Borrowing or Term Borrowing, the Borrower shall notify the Applicable Agent of such request by telephone (a) in the case of a LIBO Rate Borrowing denominated in US Dollars, not later than 11:00 a.m., New York City time, three Business Days
before the date of the proposed Borrowing, (b) in the case of a Borrowing denominated in an Alternative Currency, not later than 11:00 a.m., London time, three Business Days before the date of the proposed Borrowing or (c) in the case of
an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Applicable Agent of a written Borrowing Request in a form approved by the Applicable Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:

 (a) the currency (which shall be U.S. Dollars or an Alternative Currency) and the aggregate amount of the requested
Borrowing; 
 (b) the date of such Borrowing, which shall be a Business Day; 
 (c) in the case of a Borrowing to be made on the Effective Date, whether such Borrowing is to be a Revolving Borrowing or Term Borrowing;

 (d) whether such Borrowing is to be an ABR Borrowing or a LIBO Rate Borrowing; 
 (e) in the case of a LIBO Rate Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by
the definition of the term “Interest Period”; and 
 (f) the location and number of the Borrower’s account to
which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 
 If no currency is specified with respect to any requested
LIBO Rate Borrowing, then the Borrower shall be deemed to have selected US Dollars. If no election as to the Type of Borrowing is specified, then the requested Revolving Borrowing shall be (A) in the case of a Borrowing denominated in US
Dollars, an ABR Borrowing and (B) in the case of a Borrowing denominated in any other currency, a LIBO Rate Borrowing. If no Interest Period is specified with respect to any requested LIBO Rate Borrowing, then the Borrower shall be deemed to
have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Applicable Agent shall advise each applicable Lender of the details thereof and of the amount of
such Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.04. Competitive Bid Procedure. (a) Subject to
the terms and conditions set forth herein, from time to time during the Availability Period the Borrower may request Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans denominated in
US Dollars or Alternative Currencies in an aggregate principal amount that will not result in the sum of the total Revolving Exposures plus the total Competitive Loan Exposures exceeding the total Revolving Commitments. 
  

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 (b) In order to request Competitive Bids, the Borrower shall hand deliver or telecopy to the
Administrative Agent a duly completed Competitive Bid Request in the form of Exhibit A-1 hereto, to be received by the Administrative Agent (i) in the case of a LIBO Rate Competitive Loan, not later than 10:00 a.m.,
New York City time, (A) four Business Days before a proposed Competitive Borrowing in the case of a Competitive Borrowing denominated in US Dollars and (B) five Business Days before a proposed Competitive Borrowing in the case of a
Competitive Borrowing denominated in an Alternative Currency and (ii) in the case of a Fixed Rate Borrowing, not later than 10:00 a.m., New York City time, (A) one Business Day before a proposed Competitive Borrowing in the case of a
Competitive Borrowing denominated in US Dollars and (B) two Business Days before a proposed Competitive Borrowing in the case of a Competitive Borrowing denominated in an Alternative Currency. No ABR Loan shall be requested in, or made pursuant
to, a Competitive Bid Request. A Competitive Bid Request that does not conform substantially to the format of Exhibit A-1 may be rejected in the Administrative Agent’s sole discretion, and the Administrative Agent shall promptly
notify the Borrower of such rejection by telecopy. Each Competitive Bid Request shall refer to this Agreement and specify (i) whether the Borrowing then being requested is to be a LIBO Rate Borrowing or a Fixed Rate Borrowing, (ii) the
date of such Borrowing (which shall be a Business Day), (iii) the currency of the requested Borrowing (which shall be US Dollars or an Alternative Currency), (iv) the aggregate principal amount of the requested Borrowing (which shall be an
integral multiple of US$1,000,000 or 1,000,000 units of the applicable Alternative Currency with a US Dollar Equivalent on the date of the applicable Competitive Bid Request of at least US$25,000,000), and (v) the Interest Period with respect
thereto (which may not end after the Revolving Maturity Date). Promptly after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Administrative Agent shall telecopy to the Revolving Lenders a Notice of Competitive Bid
Request inviting the Revolving Lenders to bid, on the terms and conditions of this Agreement, to make Competitive Loans. 
 (c) Each
Revolving Lender invited to bid may, in its sole discretion, make one or more Competitive Bids to the Borrower responsive to the Borrower’s Competitive Bid Request. Each Competitive Bid by a Revolving Lender must be received by the
Administrative Agent by telecopy, in the form of Exhibit A-3 hereto, (i) in the case of a LIBO Rate Competitive Loan, not later than 9:30 a.m., New York City time, (A) three Business Days before a proposed Competitive
Borrowing in the case of a Competitive Borrowing denominated in US Dollars and (B) four Business Days before a proposed Competitive Borrowing in the case of a Competitive Borrowing denominated in an Alternative Currency and (ii) in the
case of a Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, (A) on the day of a proposed Competitive Borrowing in the case of a Competitive Borrowing denominated in US Dollars and (B) one Business Day before a
proposed Competitive Borrowing in the case of a Competitive Borrowing denominated in an Alternative Currency. A Revolving Lender may submit multiple bids to the Administrative Agent. Competitive Bids that do not conform substantially to the format
of Exhibit A-3 may be rejected by the Administrative Agent, and the Administrative Agent shall notify the Revolving Lender making such nonconforming bid of such rejection as soon as practicable. Each Competitive Bid shall refer to this
Agreement and specify (A) the principal amount (which shall be an integral multiple of US$1,000,000 or 1,000,000 units of the applicable Alternative Currency the U.S. Dollar Equivalent of which is equal to or greater than $1,000,000 and
which may equal the entire principal amount of the Competitive Borrowing requested) of the Competitive Loan or Loans that the Revolving Lender is willing to make, 

  

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(B) the Competitive Bid Rate or Rates at which the Revolving Lender is prepared to make the Competitive Loan or Loans and (C) the Interest Period
applicable to each such Loan and the last day thereof. If any Revolving Lender invited to bid shall elect not to make a Competitive Bid, such Revolving Lender shall so notify the Administrative Agent by telecopy (I) in the case of a LIBO Rate
Competitive Loan, not later than 9:30 a.m., New York City time, (A) three Business Days before a proposed Competitive Borrowing in the case of a Competitive Borrowing denominated in US Dollars and (B) four Business Days before a
proposed Competitive Borrowing in the case of a Competitive Borrowing denominated in an Alternative Currency and (ii) in the case of a Fixed Rate Borrowing, not later than 9:30 a.m., New York City time, (A) on the day of a
proposed Competitive Borrowing in the case of a Competitive Borrowing denominated in US Dollars and (B) one Business Day before a proposed Competitive Borrowing in the case of a Competitive Borrowing denominated in an Alternative Currency;
provided, however, that failure by any Revolving Lender to give such notice shall not cause such Revolving Lender to be obligated to make any Competitive Loan as part of such Competitive Borrowing. A Competitive Bid submitted by a
Revolving Lender shall be irrevocable. 
 (d) The Administrative Agent shall as promptly as practicable notify the Borrower by telecopy of
the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the identity of the Revolving Lender that made such bid. 
 (e) The Borrower may in its discretion, subject only to the provisions of this paragraph, accept or reject any Competitive Bid. The Borrower shall notify the Administrative Agent by telephone, confirmed by telecopy in the form of a
Competitive Bid Accept/Reject Letter, whether and to what extent it has decided to accept or reject any of or all the bids notified to it not more than one hour after it shall have been so notified; provided, however, that (i) the
failure of the Borrower to give such notice shall be deemed to be a rejection of any such bid, (ii) the Borrower shall not accept a bid made at a particular Competitive Bid Rate if it has decided to reject a bid made at a lower Competitive Bid
Rate, (iii) the aggregate amount of the Competitive Bids accepted by the Borrower shall not exceed the principal amount specified in the applicable Competitive Bid Request, (iv) to the extent necessary to comply with clause
(iii) above, the Borrower may accept Competitive Bids at the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of
each such Competitive Bid; provided further that in calculating the pro rata allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to this clause, the amounts shall be rounded
to integral multiples of the Borrowing Multiple in a manner determined by the Borrower. A notice given by the Borrower pursuant to this paragraph shall be irrevocable. 
 (f) The Administrative Agent shall promptly notify each bidding Revolving Lender whether or not its Competitive Bid has been accepted (and if so, in what amount and at what Competitive Bid Rate) by telecopy, and each
successful bidder will thereupon become bound, subject to the other applicable conditions hereof, to make the Competitive Loan in respect of which its bid has been accepted. 
 (g) No Competitive Borrowing shall be requested or made if after giving effect thereto (i) the total Revolving Exposures plus the total Competitive
Loan Exposures would exceed the total Revolving Commitments or (ii) in the event the Revolving Maturity Date shall 

  

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have been extended as provided in Section 2.10, the total Revolving Exposures existing after any Existing Maturity Date plus the total Competitive Loan
Exposures attributable to Competitive Loans maturing after such Existing Maturity Date would exceed the total Revolving Commitments existing after such Existing Maturity Date. 
 (h) If the Administrative Agent shall elect to submit a Competitive Bid in its capacity as a Revolving Lender, it shall submit such bid directly to the
Borrower one quarter of an hour earlier than the latest time at which the other Revolving Lenders are required to submit their bids to the Administrative Agent pursuant to paragraph (e) above. 
 SECTION 2.05. Swingline Loans. (a) Subject to the terms and conditions set forth herein, each Swingline Lender agrees to make Swingline Loans
denominated in US Dollars to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in the sum of the total Revolving Exposures plus the total Competitive Loan
Exposures exceeding the total Revolving Commitments; provided that no Swingline Lender shall make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth
herein, the Borrower may borrow, prepay and reborrow Swingline Loans. The Borrower may request any Swingline Loan from one or more of the Swingline Lenders, subject only to the limitation that the outstanding Swingline Loans of any Swingline Lender
shall at no time exceed its Swingline Commitment. 
 (b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent and
the applicable Swingline Lender of such request by telephone (confirmed by telecopy), not later than 4:00 p.m., New York City time, in the case of a Swingline Loan to be made by JPMCB, and not later than 3:00 p.m., New York City time, in
the case of a Swingline Loan to be made by any other Swingline Lender, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and the amount of the
Swingline Loan to be made by the applicable Swingline Lender. The Administrative Agent will promptly advise the applicable Swingline Lender of any such notice received from the Borrower. The applicable Swingline Lender shall make its Swingline Loan
available to the Borrower by means of funds transfer to the general deposit account of the Borrower with the Administrative Agent (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in
Section 2.06(e), by remittance to the applicable Issuing Bank) by 5:00 p.m., New York City time, on the requested date of such Swingline Loan. 
 (c) Each Swingline Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the Revolving Lenders to acquire participations on such
Business Day in all or a portion of its Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which the Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent
will give notice thereof to each Revolving Lender, specifying in such notice such Revolving Lender’s Applicable Percentage of each such Swingline Loan. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice
as provided above, to pay to the Administrative Agent, for the account of such Swingline Lender, such Revolving Lender’s Applicable Percentage of each such Swingline Loan. Each Revolving 

  

 27 

 
Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding
or reduction whatsoever. Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving
Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Swingline Lender the amounts so received by it from
the Revolving Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative
Agent and not to the Swingline Lender that made such Swingline Loan. Any amounts received by a Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by such Swingline Lender of the
proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; and any such amounts received by the Administrative Agent shall be promptly remitted to the Revolving Lenders that shall have made their payments
pursuant to this paragraph and to the applicable Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the applicable Swingline Lender or to the Administrative Agent, as applicable, if
and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 

(d) The Borrower may, at any time and from time to time, designate one or more additional Revolving Lenders to act as a Swingline Lender under the
terms of this Agreement with the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed) and such Revolving Lender. Any Revolving Lender designated as a swingline lender pursuant to this paragraph shall,
upon entering into a joinder agreement with the Borrower in form reasonably satisfactory to the Administrative Agent, be deemed to be a “Swingline Lender” (in addition to being a Revolving Lender) hereunder. 
 SECTION 2.06. Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, the Borrower may request the
issuance of Letters of Credit denominated in US Dollars for its own account (or, so long as the Borrower is a joint and several co-applicant with respect thereto, for the account of any of the Subsidiaries), in a form reasonably acceptable to the
Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of
letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, an Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. All Letters of Credit
shall be denominated in US Dollars. The Borrower unconditionally and irrevocably agrees that, in connection with any Letter of Credit issued for the account of any Subsidiary as provided in the first sentence of this paragraph, it will be fully
responsible for the reimbursement of LC Disbursements, the payment of interest thereon and the payment of fees due hereunder to the same extent as if it were the sole account party in respect of such Letter of Credit (the Borrower hereby irrevocably
waiving any defenses that might otherwise be available to it as a guarantor of the obligations of any Subsidiary that shall be an account party in respect of any such Letter of Credit). 
  

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 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance
of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the
applicable Issuing Bank) to the Issuing Bank and the Administrative Agent reasonably in advance of the requested date of issuance, amendment, renewal or extension a notice requesting the issuance of a Letter of Credit, or identifying the Letter of
Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this
Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower
also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment,
renewal or extension of each Letter of Credit, the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed US$100,000,000, (ii) the
sum of the total Revolving Exposures and the total Competitive Loan Exposures shall not exceed the total Revolving Commitments and (iii) in the event the Revolving Maturity Date shall have been extended as provided in Section 2.10, the sum
of the LC Exposures attributable to Letters of Credit expiring after any Existing Maturity Date and the Competitive Loan Exposures attributable to Competitive Loans maturing after such Existing Maturity Date shall not exceed the total Revolving
Commitments that have been extended to a date after the expiration date of the last of such Letters of Credit and the maturity of the last of such Competitive Loans. 
 (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case
of any renewal or extension thereof, one year after such renewal or extension) and (ii) except as set forth below with respect to Collateralized Letters of Credit, the date that is five Business Days prior to the Revolving Maturity Date (the
“LC Expiration Date”); provided that at the request of the Borrower any Letter of Credit may contain customary “evergreen” provisions pursuant to which such Letter of Credit will be renewed for successive one-year
periods (but, in no event, beyond the LC Expiration Date). Notwithstanding clause (ii) of the preceding sentence, (A) any Collateralized Letter of Credit may, with the consent of the Issuing Bank that issued such Collateralized Letter of
Credit, expire on any date following the LC Expiration Date and (B) any Letter of Credit that contains an “evergreen” provision may renew pursuant to such evergreen provision to an expiration date following the LC Expiration Date if
such Letter of Credit becomes a Collateralized Letter of Credit at least 15 Business Days prior to the latest date upon which the Issuing Bank thereof would be entitled to terminate such Letter of Credit prior to its automatic renewal pursuant to
such evergreen provision. 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit
increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Revolving 

  

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Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Revolving Lender’s
Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative
Agent, for the account of the Issuing Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or
of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute
and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (e)
Reimbursement. If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than
12:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower receives notice of such LC Disbursement, if the Borrower shall have received notice of such LC Disbursement prior to 5:00 p.m., New York
City time, on such date, or, if such notice is not received by the Borrower prior to such time on the day of receipt, then not later than 12:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower
receives such notice; provided that, if the Revolving Maturity Date shall not have occurred, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be
financed with an ABR Revolving Borrowing (if such LC Disbursement is not less than US$5,000,000) or Swingline Loan (if such LC Disbursement is not less than US$1,000,000) in an equivalent amount and, to the extent so financed, the Borrower’s
obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the
applicable LC Disbursement, the payment then due from the Borrower in respect thereof (the “Unreimbursed Amount”) and such Revolving Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each
Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the Unreimbursed Amount, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and Section 2.07 shall apply,
mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the
Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to
reimburse the Issuing Bank, then to such Revolving Lenders and the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the
funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 
  

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 (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided
in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack
of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision thereof, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any
statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or
(iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the
Borrower’s obligations hereunder. None of the Agents, the Lenders or the Issuing Bank, or any of their Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of
Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or
other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing
Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential or punitive damages, claims in respect of which are hereby
waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit
comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or wilful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction in a non-appealable
judgment), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on
their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any
notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
 (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Letter of Credit. The Issuing Bank’s only obligation to the Borrower in respect of any drawing made on any Letter of Credit is to confirm that any documents required to be delivered under such Letter of Credit appear
to have been delivered and appear to substantially comply on their face with the requirements of such Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such
demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing
Bank and the Revolving Lenders with respect to any such LC Disbursement. 
  

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 (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the
Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the
Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then
Section 2.14(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this
Section to reimburse the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment. 
 (i) Replacement
of an Issuing Bank. Any Issuing Bank may resign at any time by giving 180 days’ prior written notice to the Administrative Agent, the Revolving Lenders and the Borrower and may be replaced at any time by written agreement among the
Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become
effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.13(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all
the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or
to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the resignation or replacement of an Issuing Bank hereunder, such Issuing Bank shall remain a party hereto and shall continue to
have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such resignation or replacement (including the right to receive fees under Section 2.13(b)), but shall not be
required to issue additional Letters of Credit. 
 (j) Additional Issuing Banks. The Borrower may, at any time and from time to time,
designate one or more additional Revolving Lenders to act as an Issuing Bank under the terms of this Agreement with the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed) and such Revolving Lender. Any
Revolving Lender designated as an issuing bank pursuant to this paragraph shall, upon entering into an Issuing Bank Agreement with the Borrower, be deemed to be an “Issuing Bank” (in addition to being a Revolving Lender) hereunder.

 (k) Issuing Bank Reports. Unless otherwise agreed by the Administrative Agent, each Issuing Bank shall report in writing to the
Administrative Agent (i) on or prior to each Business Day on which such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the aggregate face amount of the
Letters of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amount thereof shall have changed), it being understood that such Issuing Bank shall
not effect any issuance, renewal, extension or amendment resulting in an increase in the aggregate amount of the Letters of Credit issued by it without first obtaining written confirmation from the Administrative Agent that such increase is then
permitted under this Agreement, (ii) on each 

  

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Business Day on which such Issuing Bank makes any LC Disbursement, the date and amount of such LC Disbursement, (iii) on any Business Day on which the
Borrower fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount of such LC Disbursement and (iv) on any other Business Day, such other information as the
Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank. 
 (l) Cash Collateralization.
If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC
Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit (“Cash Collateralize”) in an account with the Administrative Agent, in
the name of the Administrative Agent and for the benefit of the Revolving Lenders and the Issuing Bank, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to
Cash Collateralize shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in
clause (h) or (i) of Article VII. Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have
exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative
Agent to reimburse each Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time
or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this
Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three
Business Days after all Events of Default have been cured or waived. 
 (m) Collateralized Letters of Credit. Notwithstanding anything
to the contrary in this Section, the obligations of the Revolving Lenders to acquire participations in Letters of Credit and to reimburse an Issuing Bank for Unreimbursed Amounts shall terminate with respect to any Collateralized Letter of Credit
upon the Revolving Maturity Date. Any participation held by any Revolving Lender in a Collateralized Letter of Credit on the Revolving Maturity Date shall be deemed to have been assigned to the Issuing Bank that issued such Collateralized Letter of
Credit on such Revolving Maturity Date. 
 SECTION 2.07. Funding of Borrowings. (a) Each Lender shall make each Loan to be made
by it hereunder on the proposed date thereof by wire transfer of immediately available funds in the applicable currency (a) in the case of an ABR Borrowing, by 1:00 p.m., New York City time and (b) in all other cases, by 12:00 noon, Local
Time, to the account of the 

  

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Applicable Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in
Section 2.05. The Applicable Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to such accounts as shall be designated in a written notice signed by a Financial Officer of the
Borrower and delivered to the Applicable Agent; provided that ABR Revolving Loans or Swingline Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to
the applicable Issuing Bank. 
 (b) Unless the Applicable Agent shall have received notice from a Lender prior to the proposed time of any
Borrowing that such Lender will not make available to the Applicable Agent such Lender’s share of such Borrowing, the Applicable Agent may assume that such Lender has made such share available on such date in accordance with paragraph
(a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Applicable Agent, then
the applicable Lender and the Borrower severally agree to pay to the Applicable Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but
excluding the date of payment to the Applicable Agent, at (i) in the case of such Lender, the greater of (A) the Federal Funds Effective Rate, in the case of Loans denominated in US Dollars, and the rate reasonably determined by the London
Agent to be the cost to it of funding such amount (including with respect to any overdraft related costs incurred by the London Agent), in the case of Loans denominated in a Alternative Currency, and (B) a rate determined by the Applicable
Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, in the case of Loans denominated in US Dollars, the interest rate applicable to such Loans, and in the case of Loans denominated in a
Alternative Currency, the interest rate applicable to such Loans. 
 SECTION 2.08. Interest Elections for Revolving Borrowings and Term
Borrowings. (a) Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBO Rate Borrowing, shall have an initial Interest Period as specified in such
Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a LIBO Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section. The
Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing. This Section shall not apply to Competitive Borrowings or Swingline Borrowings, which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone or by telecopy by the
time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall
be irrevocable and, if telephonic, shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 

  

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Notwithstanding any other provision of this Section, the Borrower shall not be permitted to (i) change the currency of any Borrowing or (ii) elect
an Interest Period for LIBO Rate Loans that does not comply with Section 2.02(d). 
 (c) Each telephonic and written Interest Election
Request shall specify the following information in compliance with Section 2.02 and paragraph (e) of this Section: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the
information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a LIBO Rate Borrowing; and 
 (iv) if the
resulting Borrowing is a LIBO Rate Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a LIBO Rate Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails
to deliver a timely Interest Election Request with respect to a LIBO Rate Revolving Borrowing or LIBO Rate Term Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the
end of such Interest Period such Borrowing shall (i) in the case of a Borrowing denominated in US Dollars, be converted to an ABR Borrowing and (ii) in the case of any other LIBO Rate Borrowing, become due and payable on the last day of
such Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of
Default is continuing (i) no outstanding Revolving Borrowing or Term Borrowing denominated in US Dollars may be converted to or continued as a LIBO Rate Borrowing and (ii) unless repaid, (A) each LIBO Rate Revolving Borrowing and LIBO
Rate Term Borrowing denominated in US Dollars shall, at the end of the Interest Period applicable thereto, be converted to an ABR Borrowing and (B) each LIBO Rate Revolving Borrowing denominated in an Alternate Currency shall, at the end of the
Interest Period applicable thereto, be continued as a LIBO Rate Revolving Borrowing with an Interest Period of one month. 
  

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 SECTION 2.09. Termination or Reduction of Commitments. (a) Unless previously terminated,
(i) the Term Commitments shall terminate at 5:00 p.m., New York City time, on the Effective Date and (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date. 
 (b) The Borrower may at any time terminate or, from time to time, reduce, the Commitments of any Class; provided that (i) each reduction of
the Commitments of any Class shall be in an amount that is an integral multiple of US$1,000,000 and not less than US$5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any
concurrent prepayment of the Loans in accordance with Section 2.12, the sum of the total Revolving Exposures and the total Competitive Loan Exposures would exceed the total Revolving Commitments. 
 (c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments of any Class under paragraph (b) of
this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of such a notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is
conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any
termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the applicable Lenders in accordance with their respective Commitments of such Class. 

SECTION 2.10. Increase of Revolving Commitments; Extension of Revolving Maturity Date. (a) The Borrower may on one or more occasions, by
written notice to the Administrative Agent, executed by the Borrower and one or more financial institutions (any such financial institution referred to in this Section being called an “Increasing Lender”), which may include any
Lender, cause new Revolving Commitments to be extended by the Increasing Lenders or cause the existing Revolving Commitments of the Increasing Lenders to be increased, as the case may be (any such extension or increase, a “Commitment
Increase”), in an amount for each Increasing Lender set forth in such notice; provided, that (i) at no time shall the aggregate amount of Revolving Commitments, including Commitment Increases effected pursuant to this paragraph,
exceed US$1,000,000,000, (ii) each Increasing Lender, if not already a Lender hereunder, shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld or delayed) and (iii) each Increasing
Lender, if not already a Lender hereunder, shall become a party to this Agreement by completing and delivering to the Administrative Agent a duly executed accession agreement in a form reasonably satisfactory to the Administrative Agent and the
Borrower (an “Accession Agreement”). New Revolving Commitments and increases in Revolving Commitments shall become effective on the date specified in the applicable notices delivered pursuant to this paragraph. Upon the
effectiveness of any Accession Agreement to which any Increasing Lender is a party, (i) such Increasing Lender shall thereafter be deemed to be a party to this Agreement and shall be entitled to all rights, benefits and privileges accorded a
Revolving Lender hereunder and subject to all 

  

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obligations of a Revolving Lender hereunder and (ii) Schedule 2.01 shall be deemed to have been amended to reflect the Revolving Commitment of
such Increasing Lender as provided in such Accession Agreement. Upon the effectiveness of any increase pursuant to this Section in the Revolving Commitment of a Lender already a party hereto, Schedule 2.01 shall be deemed to have been amended
to reflect the increased Revolving Commitment of such Lender. 
 (b) On the effective date of any Commitment Increase pursuant to this
Section (the “Increase Effective Date”), (i) the aggregate principal amount of the Revolving Loans outstanding (the “Initial Loans”) immediately prior to giving effect to the applicable Commitment Increase on
the Increase Effective Date shall be deemed to be repaid, (ii) after the effectiveness of the Commitment Increase, the Borrower shall be deemed to have made new Borrowings (the “Subsequent Borrowings”) in an aggregate principal
amount equal to the aggregate principal amount of the Initial Loans and of the Types and for the Interest Periods specified in a Borrowing Request delivered to the Administrative Agent in accordance with Section 2.03, (iii) each Revolving
Lender shall pay to the Administrative Agent in same day funds an amount equal to the difference, if positive, between (A) such Lender’s Applicable Percentage (calculated after giving effect to the Commitment Increase) of the Subsequent
Borrowings and (B) such Lender’s Applicable Percentage (calculated without giving effect to the Commitment Increase) of the Initial Loans, (iv) after the Administrative Agent receives the funds specified in clause (iii) above,
the Administrative Agent shall pay to each Revolving Lender the portion of such funds that is equal to the difference, if positive, between (A) such Lender’s Applicable Percentage (calculated without giving effect to the Commitment
Increase) of the Initial Loans and (B) such Lender’s Applicable Percentage (calculated after giving effect to the Commitment Increase) of the amount of the Subsequent Borrowings, (v) each Increasing Lender and each other
Revolving Lender shall be deemed to hold its Applicable Percentage of each Subsequent Borrowing (each calculated after giving effect to the Commitment Increase) and (vi) the Borrower shall pay each Revolving Lender any and all accrued but
unpaid interest on the Initial Loans. The deemed payments made pursuant to clause (i) above in respect of each LIBO Rate Loan shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.17 if the Increase
Effective Date occurs other than on the last day of the Interest Period relating thereto and breakage costs result. 
 (c) Notwithstanding
the foregoing, no increase in the Revolving Commitments (or in any Revolving Commitment of any Lender) shall become effective under this Section unless, on the date of such increase, the conditions set forth in paragraphs (a) and (b) of
Section 4.02 shall be satisfied (with all references in such paragraphs to a Borrowing being deemed to be references to such increase and without giving effect to the parenthetical in Section 4.02(a)) and the Administrative Agent shall
have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower. 
 (d) The Borrower may, by
written notice to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) not less than 30 days and not more than 90 days prior to any anniversary of the Effective Date (an “Effectiveness
Anniversary”), request that the Revolving Lenders extend the Revolving Maturity Date and the Revolving Commitments for an additional period of one year. The Borrower may deliver such a notice to the Administrative Agent no more than twice
during the Availability Period. Each Revolving Lender shall, by notice to the Borrower and the Administrative Agent given not later than the 

  

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20th day after the date of the Administrative Agent’s receipt of the Borrower’s extension request, advise the Borrower whether or not it agrees to
the requested extension (each Revolving Lender agreeing to a requested extension being called a “Consenting Lender” and each Lender declining to agree to a requested extension being called a “Declining Lender”). Any
Revolving Lender that has not so advised the Borrower and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be a Declining Lender. If Revolving Lenders constituting the Required Revolving
Lenders shall have agreed to an extension request, then the Revolving Maturity Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Revolving Maturity Date theretofore in effect. The decision to agree or withhold
agreement to any Revolving Maturity Date extension shall be at the sole discretion of each Revolving Lender. The Revolving Commitment of any Declining Lender shall terminate on the Revolving Maturity Date in effect as to such Revolving Lender prior
to giving effect to any such extension (such Revolving Maturity Date being called the “Existing Maturity Date”). The principal amount of any outstanding Revolving Loans made by Declining Lenders, together with any accrued interest
thereon and any accrued fees and other amounts payable to or for the accounts of such Declining Lenders hereunder, shall be due and payable on the applicable Existing Maturity Date, and on such Existing Maturity Date the Borrower shall also make
such other prepayments of its Loans as shall be required in order that, after giving effect to the termination of the Revolving Commitments of, and all payments to, Declining Lenders pursuant to this sentence, the sum of the total Revolving
Exposures and the total Competitive Loan Exposures shall not exceed the total Revolving Commitments then in effect. Notwithstanding the foregoing provisions of this paragraph, the Borrower shall have the right, pursuant to Section 9.04, at any
time prior to any Existing Maturity Date, to replace a Declining Lender with a Lender or other financial institution that will agree to a request for the extension of the Revolving Maturity Date, and any such replacement Lender shall for all
purposes constitute a Consenting Lender. Notwithstanding the foregoing, no extension of the Revolving Maturity Date pursuant to this paragraph shall become effective unless (i) the conditions set forth in paragraphs (a) and (b) of
Section 4.02 shall be satisfied (with all references in such paragraphs to a Borrowing being deemed to be references to such extension and without giving effect to the parenthetical in Section 4.02(a)) on and as of the first Effectiveness
Anniversary to occur following the Borrower’s delivery of the applicable request for extension of the Revolving Maturity Date and (ii) the Administrative Agent shall have received a certificate to that effect dated such Effectiveness
Anniversary and executed by a Financial Officer of the Borrower. 
 SECTION 2.11. Repayment of Loans; Evidence of Debt.
(a) The Borrower hereby unconditionally promises to pay (i) to the Applicable Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan of such Lender on the Revolving Maturity Date, (ii) to the
Administrative Agent for the account of each Lender the then unpaid principal amount of each Term Loan of such Lender on the Term Maturity Date, (iii) to the Administrative Agent for the account of each Lender the then unpaid principal amount
of each Competitive Loan made by such Lender on the last day of the Interest Period applicable to such Loan and (iv) to the applicable Swingline Lenders the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving
Maturity Date and the first date at least five Business Days after such Swingline Loan is made that is the 15th or last day of a calendar month; provided that on each date that a Revolving Borrowing denominated in US Dollars (including any
ABR Borrowing) or Competitive Borrowing is made, the Borrower shall repay all outstanding Swingline Loans. 
  

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 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing
the Indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof
and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained
pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to
maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (e) Any Lender may request that the Term Loans or Revolving Loans made by it be evidenced by a promissory note. In such event, the Borrower shall
prepare, execute and deliver to such Lender such a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in substantially the form attached hereto as Exhibit E.
Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee
named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
 SECTION 2.12. Prepayment of
Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to the requirements of this Section; provided that the Borrower shall not have the right to prepay
any Competitive Loan without the prior consent of the Lender thereof. 
 (b) If the sum of the total Revolving Exposures and the total
Competitive Loan Exposures shall at any time exceed the aggregate Revolving Commitments, then (i) on the last day of any Interest Period applicable to any LIBO Rate Revolving Borrowing and (ii) on any other date in the event any ABR
Revolving Borrowing shall be outstanding, the Borrower shall prepay Revolving Loans in an amount equal to the lesser of (A) the amount necessary to eliminate such excess (after giving effect to any other prepayment of Loans on such day) and
(B) the amount of the applicable Borrowings referred to in clause (i) or (ii), as applicable. If, on any date, the sum of the total Revolving Exposures and the total Competitive Loan Exposures shall exceed 105% of the aggregate Revolving
Commitments, then the Borrower shall, not later than the third Business Day following the date notice of such excess is received from the Administrative Agent, prepay one or more Borrowings in an aggregate principal amount sufficient to eliminate
such excess. 
  

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 (c) Prior to any optional or mandatory prepayment of Borrowings hereunder, the Borrower shall select the
Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph (d) of this Section. 
 (d) The Borrower shall notify the Applicable Agent (and, in the case of prepayment of a Swingline Loan, the applicable Swingline Lender) by telephone (confirmed by telecopy) or by telecopy of any prepayment hereunder
(i) in the case of a LIBO Rate Borrowing denominated in US Dollars, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment, (ii) in the case of a Borrowing denominated in a Alternative Currency,
not later than 11:00 a.m., London time, four Business Days before the date of prepayment, (iii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of prepayment or (iv) in the
case of prepayment of a Swingline Loan made by JPMCB, not later than 4:00 p.m., New York City time, on the date of prepayment or, in the case of prepayment of a Swingline Loan made by any other Swingline Lender, not later than 3:00 p.m.,
New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of
optional prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in
accordance with Section 2.09. Promptly following receipt of any such notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be
permitted in the case of an advance of a Borrowing of the same Class and Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied
by accrued interest to the extent required by Section 2.14. 
 SECTION 2.13. Fees. (a) The Borrower agrees to pay to the
Administrative Agent for the account of each Revolving Lender a facility fee, which shall accrue at the Applicable Rate set forth under the caption “Facility Fee Rate” in the definition of such term on the daily amount of the Revolving
Commitment of such Lender (whether used or unused) during the period from and including the Effective Date to but excluding the Revolving Maturity Date; provided that, if such Lender continues to have any Revolving Exposure after the
Revolving Maturity Date, then such facility fee shall continue to accrue on the daily amount of such Lender’s Revolving Exposure from and including the Revolving Maturity Date to but excluding the date on which such Lender ceases to have any
Revolving Exposure. Accrued facility fees shall be payable in arrears on the last day of March, June, September and December of each year, commencing June 30, 2007 (or, if any such day shall not be a Business Day, the first Business Day
thereafter), on any date prior to the Revolving Maturity Date on which all the Revolving Commitments shall have terminated and on the Revolving Maturity Date; provided that any facility fees accruing after the Revolving Maturity Date shall be
payable on demand. All facility fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its
participations in Letters of Credit, which shall accrue at the Applicable Rate set forth under the caption “Participation Fee” in the 

  

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definition of such term on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and
(ii) to each Issuing Bank a fronting fee, which shall accrue at the rate per annum of 0.125% on the average daily amount of the LC Exposure attributable to Letters of Credit issued by such Issuing Bank (excluding any portion thereof
attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as
well as such Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued or becoming payable in respect of
Letters of Credit through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on the third Business Day following June 30, 2007;
provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to
an Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). 
 (c) The Borrower agrees to pay to the Agents, for their own account, fees
payable in the amounts and at the times separately agreed upon between the Borrower and the Agents. 
 (d) All fees payable hereunder shall
be paid in US Dollars on the dates due, in immediately available funds, to the Administrative Agent (or to each Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to the Revolving
Lenders. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.14. Interest. (a) The Loans comprising each
ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate. 
 (b) The Loans comprising each LIBO Rate
Borrowing shall bear interest (i) in the case of a LIBO Rate Revolving Loan, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate set forth under the caption “Revolving Facility –
LIBO Rate Spread and Participation Fee (£50% Utilization)” or “Revolving Facility – LIBO Rate Spread and Participation Fee (>50%
Utilization)”, as the case may be, in the definition of Applicable Rate, (ii) in the case of a LIBO Rate Term Loan, at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate set forth under the
caption “Term Facility – LIBO Rate Spread” in the definition of Applicable Rate, and (iii) in the case of a LIBO Rate Competitive Loan, at the LIBO Rate for the Interest Period in effect for such Borrowing plus (or minus, as
applicable) the Margin applicable to such Loan. 
 (c) Each Fixed Rate Loan shall bear interest at the Fixed Rate applicable to such Loan.

  

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 (d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount
payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of
overdue principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to ABR Loans as provided in
paragraph (a) of this Section. 
 (e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such
Loan and, in the case of Revolving Loans and Swingline Loans, upon the termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in
the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan or a Swingline Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of
such repayment or prepayment and (iii) in the event of any conversion of any LIBO Rate Revolving Loan or LIBO Rate Term Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the
effective date of such conversion. All interest shall be payable in the currency in which the applicable Loan is denominated. 
 (f) All
interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest on Borrowings denominated in Sterling and (ii) interest computed by reference to the Alternate Base Rate at times when the Alternate
Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or, except in the case of Borrowings denominated in Sterling, 366 days in a leap year), and in each case shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Applicable Agent, and such determination shall be conclusive absent manifest error. 
 SECTION 2.15. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a LIBO Rate Borrowing denominated in any
currency: 
 (a) the Applicable Agent determines (which determination shall be conclusive absent manifest error) that adequate
and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders (or, in the case of a LIBO Rate Competitive Loan, the Lender that is required to make such Loan) that the Adjusted LIBO Rate or the LIBO Rate, as
applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining the Loans (or Loan) included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the
Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing
as, a LIBO Rate Borrowing in such currency shall be ineffective, 

  

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and, unless repaid, such Borrowing shall be converted to, or continued as, on the last day of the Interest Period applicable thereto (A) if such
Borrowing is denominated in US Dollars, an ABR Borrowing, or (B) if such Borrowing is denominated in any Alternative Currency, a Borrowing bearing interest at such rate as Administrative Agent shall determine adequately and fairly reflects the
cost to the affected Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period plus the Applicable Rate, (ii) if any Borrowing Request requests a LIBO Rate Revolving Borrowing in
such currency, such Borrowing shall be made (A) if such Borrowing is denominated in US Dollars, as an ABR Borrowing, or (B) if such Borrowing is denominated in any Alternative Currency, as a Borrowing bearing interest at such rate as the
Administrative Agent shall determine adequately and fairly reflects the cost to the affected Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period plus the Applicable Rate and
(iii) any request by the Borrower for a LIBO Rate Competitive Borrowing shall be ineffective, provided that if the circumstances giving rise to such notice do not affect all the Lenders, then requests by the Borrower for LIBO Rate
Competitive Borrowings may be made to Lenders that are not affected thereby. 
 SECTION 2.16. Increased Costs. (a) Except with
regard to Taxes, which are dealt with in Section 2.18, if any Change in Law shall: 
 (i) impose, modify or deem
applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank;
or 
 (ii) impose on any Lender or Issuing Bank or any applicable interbank market any other condition affecting this
Agreement or LIBO Rate Loans or Fixed Rate Loans made by any Lender or any Letter of Credit or participation therein; 
 and the result of any of the
foregoing shall be to increase the cost to such Lender of making or maintaining any LIBO Rate Loan or Fixed Rate Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or Issuing Bank of participating
in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or
Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Bank, as the case may be, for such additional costs actually incurred or reduction actually suffered. 
 (b) If any Lender or Issuing Bank determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of
return on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held
by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s or Issuing Bank’s policies and the policies of such Lender’s or Issuing Bank’s holding 

  

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company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or Issuing Bank, as the case may be, such additional
amount or amounts as will compensate such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender or Issuing Bank setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or Issuing Bank or its holding company, as the case may be, as specified in
paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or Issuing Bank, as the case may be, the amount shown as due on any such certificate
within 10 days after receipt thereof. 
 (d) Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant
to this Section shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or Issuing Bank pursuant to this Section for
any increased costs or reductions incurred more than 180 days prior to the date that such Lender or Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be
extended to include the period of retroactive effect thereof. 
 (e) Notwithstanding the foregoing provisions of this Section, a Lender shall
not be entitled to compensation pursuant to this Section in respect of any Competitive Loan if the Change in Law that would otherwise entitle it to such compensation shall have been publicly announced prior to submission of the Competitive Bid
pursuant to which such Loan was made. 
 (f) Notwithstanding the foregoing provisions of this Section, no Lender or Issuing Bank shall demand
compensation for any increased cost or reduction in rate of return if it shall not be the general policy or practice of such Lender or such Issuing Bank to demand such compensation in similar circumstances under comparable provisions of other credit
agreements (it being understood that this sentence shall not in any way limit the discretion of any Lender or any Issuing Bank to waive the right to demand such compensation under this Agreement or any other credit agreement in any given case).

 SECTION 2.17. Break Funding Payments. In the event of (a) the payment of any principal of any LIBO Rate Loan or Fixed Rate
Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or an optional prepayment of Loans), (b) the conversion of any LIBO Rate Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any LIBO Rate Loan or Fixed Rate Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is revoked under
Section 2.09(c)), (d) the failure to borrow any Competitive Loan after accepting the Competitive Bid to make such Loan, or (e) the assignment of any LIBO Rate Loan or Fixed Rate Loan other than on the last day of the Interest Period
applicable thereto as a result of a request by the Borrower pursuant to Section 2.20, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event, 
  

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including, to the extent that any of the foregoing Loans are denominated in any Alternative Currency, the reasonable and documented costs and expenses of
such Lender attributable to the premature unwinding of any hedging agreement entered into by such Lender in respect to the foreign currency exposure attributable to such Loan. In the case of a LIBO Rate Loan, such loss, cost or expense to any Lender
shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that
would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the
Interest Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the
applicable currency of a comparable amount and period from other banks in the LIBO Rate market. A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this Section
shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof. 
 SECTION 2.18. Taxes. (a) Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Applicable Agent, Lender or Issuing Bank (as the case may be) receives an amount equal
to the sum it would have received pursuant to this Agreement had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law. 
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law. 
 (c) The Borrower shall indemnify each Agent, each Lender and each Issuing Bank, within 15 Business Days
after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by such Agent, such Lender or such Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower
hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower and
setting forth in reasonable detail the circumstances giving rise thereto and the calculations used by such Agent, Lender or Issuing Bank to determine the amount to be paid by the Borrower to such Agent, Lender or Issuing Bank shall be conclusive
absent manifest error. 
  

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 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a
Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence
of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Lender that is entitled to an exemption from or reduction of
withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement or under any other Loan Document shall deliver to the Borrower
(with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be
made without withholding or at a reduced rate. 
 (f) Each Foreign Lender shall deliver to the Borrower and the Administrative Agent (or, in
the case of a Participant, to the Lender from which the related participation shall have been purchased) two copies of the appropriate U.S. Internal Revenue Service Form W-8 properly completed and duly executed by such Foreign Lender claiming
complete exemption from, or a reduced rate of, U.S. Federal withholding tax on all payments by the Borrower under this Agreement and the other Loan Documents. Such forms shall be delivered by each Foreign Lender on or before the date that it becomes
a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation). In addition, each Foreign Lender shall deliver such forms promptly upon the obsolescence, expiration or
invalidity of any form previously delivered by such Foreign Lender. Each Foreign Lender shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower
(or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provisions of this paragraph (f), a Foreign Lender shall not be required to deliver any form pursuant to this paragraph
(f) that such Foreign Lender is not legally able to deliver. 
 (g) If a Lender, the Administrative Agent or an Issuing Bank determines,
in its sole discretion, that it has received a refund in respect of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section,
it shall timely pay over the amount of such refund to the Borrower, net of all reasonable out-of-pocket expenses of such Lender, the Administrative Agent or Issuing Bank and without interest (other than interest paid by the relevant taxation
authority with respect to such refund); provided, that the Borrower, upon the request of such Lender, the Administrative Agent or the Issuing Bank, agrees to repay the amount paid over to the Borrower (plus penalties, interest or other
reasonable charges) to such Lender, the Administrative Agent or Issuing Bank in the event such Lender, the Administrative Agent or Issuing Bank is required to repay such refund to such taxation authority. This paragraph (g) shall not be
construed to require any Lender, the Administrative Agent or any Issuing Bank to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. 
 SECTION 2.19. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower shall make each payment required to be made by it
hereunder or under any 

  

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other Loan Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.16, 2.17, 2.18 or
2.21, or otherwise) prior to the time expressly required hereunder or under such other Loan Document for such payment or, if no such time is expressly required, prior to 12:00 noon, Local Time, on the date when due, in immediately available funds,
without set–off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Applicable Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.
All such payments shall be made to the Applicable Agent to the applicable account specified by it for the account of the Lenders or, in any such case, to such other account as the Applicable Agent shall from time to time specify in a notice
delivered to the Borrower, except payments to be made directly to an Issuing Bank or a Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.16, 2.17, 2.18, 2.21 and 9.03 shall be made directly to the Persons
entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The Applicable Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient
promptly following receipt thereof. If any payment under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing
interest, interest thereon shall be payable for the period of such extension. All payments hereunder of principal or interest in respect of any Loan shall, except as otherwise expressly provided herein, be made in the currency of such Loan; all
other payments hereunder and under each other Loan Document shall be made in US Dollars. Any payment required to be made by either Agent hereunder shall be deemed to have been made by the time required if such Agent shall, at or before such time,
have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by such Agent to make such payment. 
 (b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC
Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees
then due to such parties, and (ii) second, towards payment of principal of the Loans and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed
LC Disbursements then due to such parties. 
 (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Revolving Loans, Term Loans or funded participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Revolving Loans, Term Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for
cash at face value) participations in the Revolving Loans, Term Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably
in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans, Term Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are
purchased and all or any portion 

  

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of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery,
without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of
this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the
Borrower rights of set–off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (d) Unless the Applicable Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Applicable Agent for
the account of the Lenders or the Issuing Banks hereunder that the Borrower will not make such payment, the Applicable Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such
assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Banks, as the case may be, severally agrees to
repay to the Applicable Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
Applicable Agent, at (i) the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (in the case of an amount denominated in US Dollars)
and (ii) the rate reasonably determined by the London Agent to be the cost to it of funding such amount (in the case of an amount denominated in any Alternative Currency). 
 (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b) or 2.19(d), then the
Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by either Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all
such unsatisfied obligations are fully paid. 
 SECTION 2.20. Mitigation Obligations; Replacement of Lenders. (a) If any Lender
requests compensation under Section 2.16, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.18, or if the Borrower is required to pay
any additional interest or other amount to any Lender pursuant to Section 2.21, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.16, 2.18 or 2.21, as the case
may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any
Lender in connection with any such designation or assignment. 
  

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 (b) If (i) any Lender requests compensation under Section 2.16, (ii) the Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.18, (iii) the Borrower is required to pay any additional interest or other amount to any Lender pursuant
to Section 2.21, (iv) any Lender defaults in its obligation to fund Loans hereunder or (v) any Lender becomes a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement (other than any
outstanding Competitive Loans held by it) to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written
consent of the Administrative Agent (and, if a Revolving Commitment is being assigned, each Issuing Bank), which consent, in each case, shall not unreasonably be withheld or delayed, (B) such Lender shall have received payment of an amount
equal to the outstanding principal of its Loans (other than Competitive Loans) and funded participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee
(to the extent of such outstanding principal, funded participations and accrued interest and fees) or the Borrower (in the case of all other amounts), (C) in the case of any such assignment resulting from a claim for compensation under
Section 2.16 or payments required to be made pursuant to Section 2.18 or additional interest or other amounts required pursuant to Section 2.21, such assignment will result (or is reasonably expected to result) in a material reduction
in such compensation or payments and (D) in the case of any such assignment resulting from the status of such Lender as a Non-Consenting Lender, such assignment, together with any assignments by other Non-Consenting Lenders, will enable the
Borrower to obtain sufficient consents to cause the applicable amendment, modification or waiver to become effective. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender
or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 SECTION 2.21.
Additional Reserve Costs. (a) If and so long as any Lender is required by the Bank of England or any other monetary or other authority of the United Kingdom to make special deposits, to maintain reserve asset ratios or to pay fees, in
each case in respect of such Lender’s LIBO Rate Loans, such Lender may require the Borrower to pay, contemporaneously with each payment of interest on each of such Loans, additional interest on such Loan at a rate per annum equal to the
Mandatory Costs Rate calculated in accordance with the formula and in the manner set forth in Exhibit D hereto. 
 (b) If and so long
as any Lender is required to comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other authority (including any such requirement imposed by the European Central Bank or the European System of Central Banks,
but excluding requirements reflected in the Statutory Reserve Rate or the Mandatory Costs Rate) in respect of any of such Lender’s LIBO Rate Loans, such Lender may require the Borrower to pay, contemporaneously with each payment of interest on
each of such Lender’s LIBO Rate Loans subject to such requirements, additional interest on such Loan at a rate per annum specified by such Lender to be the cost to such Lender of complying with such requirements in relation to such Loan.

  

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 (c) Any additional interest owed pursuant to paragraph (a) or (b) above shall be determined by
the relevant Lender, which determination shall be conclusive absent manifest error, and notified to the Borrower (with a copy to the Agents) at least five Business Days before each date on which interest is payable for the relevant Loan, and such
additional interest so notified to the Borrower by such Lender shall be payable to the London Agent for the account of such Lender on each date on which interest is payable for such Loan. 
 (d) A reference to a Lender in this Section includes any domestic or foreign branch or Affiliate of such Lender making a Loan as contemplated by
Section 2.02(b). 
 ARTICLE III 
 Representations and Warranties 
 The Borrower represents and warrants to the Lenders that: 
 SECTION 3.01. Organization; Powers. The Borrower and each Subsidiary is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 
 SECTION 3.02. Authorization; Enforceability. The Transactions are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate and, stockholder action of the Borrower. This Agreement has been
duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any material consent or approval of, registration or filing with, or any other material action by, any Governmental
Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or any order of any Governmental Authority in any material respect, (c) will not violate the
charter, by-laws or other organizational documents of the Borrower, (d) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any Subsidiary or their assets, or give rise to a
right thereunder to require any payment to be made by the Borrower or any Subsidiary, and (e) will not result in the creation or imposition of any Lien on any asset of the Borrower or any Subsidiary, except, in the case of clause (d) or
(e), where such violation, default, rise of a right, creation or imposition, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders (by inclusion in the
Form 10) its combined 

  

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balance sheet and combined statements of earnings, group equity and cash flows as of and for its fiscal year ended June 30, 2006 and the related notes
(the “Annual Financial Statements”), reported on by Deloitte & Touche LLP, independent registered public accountants, and its condensed combined balance sheets and condensed combined statements of earnings and cash flows as
of and for the fiscal quarters ended September 30, 2006 and December 31, 2006 and related notes (collectively, the “Quarterly Financial Statements”). The Annual Financial Statements and the Quarterly Financial Statements
present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and the consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to, in the case of the
Quarterly Financial Statements, normal year-end adjustments and the absence of certain year-end footnotes. 
 (b) Since the later of
June 30, 2006 and the date of the most recent audited financial statements of the Borrower delivered to the Administrative Agent pursuant to Section 5.01(a), there has been no material adverse change, or event or condition that could
reasonably be expected to result in a material adverse change, in the business, assets, operations or financial condition of the Borrower and the Subsidiaries, taken as a whole. 
 SECTION 3.05. Properties. (a) The Borrower and each Subsidiary has (or will have on the Effective Date and thereafter) good title to, or
valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for
their intended purposes and except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (b) Each of the Borrower and the Subsidiaries owns (or will own on the Effective Date and thereafter) or is licensed to use (or has entered into license agreements with ADP that will become effective upon consummation
of the Spin-Off that will license it to use) all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and such Subsidiaries does not infringe upon the rights of any
other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.06. Litigation and Environmental Matters. (a) As of the Effective Date, there are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the
knowledge of the Borrower, threatened against or affecting the Borrower and the Subsidiaries that involve the Transactions. There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the
knowledge of the Borrower, threatened against or affecting the Borrower and the Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement. 
 (b) Except with respect
to any matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, none of the Borrower and the Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain
or comply with any permit, license or other approval required under any Environmental Law, 

  

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(ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or
(iv) knows of any basis for any Environmental Liability. 
 SECTION 3.07. Compliance with Laws and Agreements. (a) The
Borrower and each Subsidiary is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property (including, with regard to any Broker Dealer Subsidiary, all rules and regulations of the SEC, NASD
and SIPC applicable to it or its property) and all indentures, agreements and other instruments binding upon it or its property, except where the failure to be in compliance, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. No Default has occurred and is continuing. 
 (b) Each Broker Dealer Subsidiary is (i) duly
registered as a broker or dealer with the SEC, (ii) a member in good standing of the NASD and the securities exchanges and securities clearing corporations in which its membership is required for the conduct of its business and (iii) duly
registered, licensed or qualified as a broker or dealer under the applicable laws and regulations of each jurisdiction in which such registration, license or qualification is required for the conduct of its business, except, in the case of this
clause (iii), where the failure to be so registered, licensed or qualified could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.08. Federal Reserve Regulations. (a) Neither the Borrower nor any Subsidiary (other than any Broker Dealer Subsidiary) is engaged principally, or as a substantial part of its activities, in the
business of extending credit for the purpose of purchasing or carrying Margin Stock (within the meaning of Regulation U). 
 (b) No part of
the proceeds of any Loan has been or will be used by the Borrower or any Subsidiary (other than any Broker Dealer Subsidiary), whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry Margin Stock
(within the meaning of Regulation U) or to refinance Indebtedness originally incurred for such purpose. No part of the proceeds of any Loan has been or will be used by the Borrower or any Subsidiary in any manner or for any purpose that has resulted
or will result in a violation of Regulation T, Regulation U or Regulation X. 
 (c) Each Broker Dealer Subsidiary is an “exempted
borrower” within the meaning of Regulation U. 
 SECTION 3.09. Investment Company Status. Neither the Borrower nor any of the
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 
 SECTION 3.10. Taxes. The Borrower and the Subsidiaries have timely filed or caused to be filed all Tax returns and reports required to have been filed and have paid or caused to be paid all Taxes required to have been paid by them,
except (a) any Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not
reasonably be expected to result in a Material Adverse Effect. 
  

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 SECTION 3.11. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when
taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based
on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than US$50,000,000 the fair market value of the
assets of such Plan, and the present value of all accumulated benefit obligations of all Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent
financial statements reflecting such amounts, exceed by more than US$75,000,000 the fair market value of the assets of all such Plans. 
 SECTION 3.12. Disclosure. Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information (excluding any projections and other forward-looking information and information of a
general economic or industry nature) furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented from time to time by
other information so furnished) contained, at the time when furnished, any material misstatement of fact or omitted, at the time when furnished, to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. All projections and other forward looking information contained in the Information Memorandum and any of the other reports, financial statements, certificates or other information furnished by or on behalf
of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented from time to time by other information so furnished) have been prepared by the
Borrower in good faith based upon assumptions that were reasonable at the time made and at the time such projections and other information were furnished. 
 ARTICLE IV 
 Conditions 
 SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become effective until the date on which each of the following
conditions is satisfied (or waived in accordance with Section 9.02): 
 (a) The Administrative Agent (or its counsel)
shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or other electronic image
scan transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 
 (b) The Administrative Agent shall have received favorable written opinions (each addressed to the Administrative Agent and the Lenders and dated the Effective 

  

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Date) of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Milbank, Tweed, Hadley & McCloy LLP, each counsel for the Borrower, each in form
and substance reasonably satisfactory to the Administrative Agent. The Borrower hereby requests such counsel to deliver such opinion. 
 (c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the
Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, this Agreement or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 
 (d) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or
a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02 and paragraphs (e) and (g) and the first sentence of paragraph (h) of this Section.

 (e) All material consents and approvals required to be obtained from any Governmental Authority or other Person in
connection with the Transactions shall have been obtained. 
 (f) The Administrative Agent shall have received a certificate
from a Financial Officer of the Borrower, confirming the solvency of the Borrower and the Subsidiaries on a consolidated basis after giving effect to the Transactions. 
 (g) After giving effect to the Transactions, neither the Borrower nor any of its Subsidiaries shall have outstanding any shares of
preferred stock or any Indebtedness for borrowed money, other than (i) Indebtedness incurred under the Loan Documents, (ii) Indebtedness listed on Schedule 6.02 or incurred pursuant to Section 6.02(l), (iii) Indebtedness of
the Borrower incurred under the Interim Credit Agreement (iv) intercompany Indebtedness between the Borrower and its wholly owned Subsidiaries or between any such wholly owned Subsidiary and any other wholly owned Subsidiary and
(v) Indebtedness of the Borrower or any Subsidiary incurred in the ordinary course under any overdraft facilities. 
 (h)
All transactions to occur in connection with the Spin-Off (including the transfer by ADP to the Borrower of all assets and rights to be held by it following the Spin-Off), other than (i) the funding of Loans hereunder and under the Interim
Credit Agreement, (ii) the payment of the Dividend, and (iii) the distribution of shares of the Borrower to the shareholders of ADP, shall have been completed on terms and with results relating to the Borrower and the Subsidiaries
consistent in all material respects with the information contained in the Form 10 and the pro forma financial statements and projections of the Borrower heretofore delivered by ADP and the Borrower to the Lenders. The Borrower shall have a
reasonable good faith belief that the payment of the Dividend and the distribution of shares of the Borrower to the shareholders of ADP will occur before the end of the Business Day immediately following the Effective Date, and 

  

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the Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of
the Borrower, to such effect. 
 (i) The obligations of the lenders under the Interim Credit Agreement to make loans
thereunder shall have become effective and the loans under the Interim Credit Agreement shall have been made or shall be made substantially simultaneously with the initial funding of Loans on the Effective Date. 
 (j) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date pursuant to
this Agreement or the commitment letter or fee letters entered into by the Borrower in connection herewith, including, to the extent invoiced, reimbursement or payment of all reasonable and documented out-of-pocket expenses required to be reimbursed
or paid by the Borrower in connection with this Agreement and the Transactions. 
 The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the
foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 5:00 p.m., New York City time, on May 31, 2007 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at
such time). 
 SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing
(including each Borrowing made on the Effective Date), and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) The representations and warranties of the Borrower set forth in this Agreement (other than, with respect to any Borrowing occurring
after the Effective Date, the representations set forth in Sections 3.04(b) and 3.06(a)) shall be true and correct in all material respects, in each case on and as of the date of such Borrowing or the date of issuance, amendment, renewal or
extension of such Letter of Credit, as applicable. 
 (b) At the time of and immediately after giving effect to such Borrowing
or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 
 Each Borrowing
and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.

  

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 ARTICLE V 
 Affirmative Covenants 
 Until the Commitments have expired or been terminated and the principal of
and interest on each Loan and all fees, expenses and other amounts payable under any Loan Document (other than any indemnification or other contingent obligations that are not yet due or payable) have been paid in full and all Letters of Credit
(other than Collateralized Letters of Credit) have been terminated or expired, the Borrower covenants and agrees with the Lenders that: 
 SECTION 5.01. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent: 
 (a) within 90 days after the end of each fiscal year of the Borrower, its audited combined balance sheet and related combined statements of earnings, stockholders’ equity and cash flows as of the end of and for such year, setting
forth in each case in comparative form the figures for the previous fiscal year, all reported on by Deloitte & Touche LLP or other independent registered public accountants of recognized national standing (without a “going
concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such combined financial statements present fairly in all material respects the financial condition and
results of operations of the Borrower and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
 (b) within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, its condensed combined balance sheet and related statements of earnings, stockholders’ equity
and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet,
as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated subsidiaries on a
consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; 
 (c) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower certifying as to whether a Default has occurred and, if a
Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto; 
 (d)
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any of the Subsidiaries with the SEC, or any Governmental Authority succeeding to any or all
of the functions of said Commission, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be (other than (i) registration statements on Form S-8; (ii) filings under
Sections 16(a) or 13(d) of the Securities 

  

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Exchange Act of 1934; (iii) routine filings related to employee benefit plans; (iv) filings made by any Broker Dealer Subsidiary in the ordinary
course of business and (v) any other reports, statements or filings made by any Broker Dealer Subsidiary that are not, individually or in the aggregate, material to the Borrower and its Subsidiaries taken as a whole); 
 (e) promptly, but not later than five Business Days after the publication of any change by Moody’s or S&P in its Rating, notice
of such change; and 
 (f) promptly following any request therefor, such other information regarding the operations, business
affairs and financial condition of the Borrower or any of the Subsidiaries, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request (it being understand that the Borrower and such Subsidiaries
shall not be required to provide any information or documents that are subject to confidentiality provisions prohibiting such disclosure). 
 Reports
required to be delivered pursuant to subsections (a), (b) and (d) of this Section shall be deemed to have been delivered on the date on which the Borrower posts such reports on the Borrower’s website on the Internet at
www.broadridge.com or when such report is posted on the SEC’s website at www.sec.gov. Notices required to be delivered pursuant to subsection (e) of this Section shall be deemed to have been delivered on the date on which the
Borrower posts such information on the Internet at the website www.broadridge.com or when the publication is first made available by means of Moody’s or S&P’s (as the case may be) Internet subscription service. The
Administrative Agent shall promptly make available to each Lender a copy of the certificate to be delivered pursuant to subsection (c) of this Section by posting such certificate on IntraLinks or by other similar means. 
 SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent (which will post such notice to IntraLinks or any
similar electronic site used for distribution of documentation in connection with this Agreement) prompt written notice (in any case within five Business Days) of the following upon any such event becoming known to any Responsible Officer of the
Borrower: 
 (a) the occurrence of any Default; 
 (b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or
affecting the Borrower or any Subsidiary that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 
 (c) (i) the involuntary revocation, suspension or other termination of any license, permit or registration of any Broker Dealer Subsidiary by the SEC or NASD, (ii) the involuntary revocation, suspension or
other termination of any license, permit or registration of any Broker Dealer Subsidiary by any Governmental Authority other than the SEC or NASD, if such revocation, suspension or termination results in, or could reasonably be expected to result
in, a Material Adverse Effect, or (iii) the application or receipt by the SIPC for a protective decree or other restrictive order regarding any Broker Dealer Subsidiary; and 
  

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 (d) any other development that results in, or could reasonably be expected to result in,
a Material Adverse Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or Responsible Officer of
the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each Material Subsidiary to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its
legal existence and (except with regard to any Broker Dealer Subsidiary) the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger,
consolidation, liquidation or dissolution permitted under Section 6.04. 
 SECTION 5.04. Payment of Taxes. The Borrower will, and
will cause each Subsidiary to, pay its Tax liabilities, to the extent the failure to pay such liabilities could reasonably be expected to result in a Material Adverse Effect, before the same shall become delinquent or in default, except where
(a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the
failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.05.
Maintenance of Properties. The Borrower will, and will cause each Material Subsidiary to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted. 

SECTION 5.06. Books and Records; Inspection Rights. The Borrower will, and will cause each Material Subsidiary (other than any Broker Dealer
Subsidiary) to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause each Subsidiary to, permit any
representatives designated by the Administrative Agent, or by any Lender through the Administrative Agent, at mutually agreeable times (no more than once per fiscal year of the Borrower, unless an Event of Default has occurred and is continuing) and
upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from those portions of its books and records relating to financial condition, and to discuss its affairs, finances and condition with its officers and,
so long as a representative of the Borrower is present, independent accountants (in each case subject to the Borrower’s or such Material Subsidiary’s obligations under applicable law or confidentiality arrangements). 
 SECTION 5.07. Compliance with Laws. The Borrower will, and will cause each Material Subsidiary (other than any Broker Dealer Subsidiary) to,
comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including 

  

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ERISA and Environmental Laws applicable to it or its property), except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. 
 SECTION 5.08. Use of Proceeds. The Borrower will cause the proceeds of the Loans
to be used only (a) to pay the Dividend, (b) to pay certain Transaction Costs and (c) for working capital and other general corporate purposes of the Borrower and the Subsidiaries, including to support the issuance of commercial paper
and the payment of intercompany loans between the Borrower and the Subsidiaries. Notwithstanding the foregoing, no part of the proceeds of any Loan will be used, whether directly or indirectly, by the Borrower or any Subsidiary (other than any
Broker Dealer Subsidiary) (a) to purchase or carry Margin Stock (as defined in Regulation U of the Board) or to refinance Indebtedness originally incurred for such purpose or (b) in any manner or for any purpose that will result in a
violation of Regulation U, Regulation X or Regulation T. 
 SECTION 5.09. Margin Stock. The Borrower will ensure that at the time each
Loan is made and after giving effect to the use of proceeds thereof, and at the time each Letter of Credit is issued, renewed or extended, no more than 25% of the value of the assets of either the Borrower or the Borrower and the Subsidiaries taken
as a whole subject to the restrictions of Section 6.01 or 6.04 shall be represented by Margin Stock (within the meaning of Regulation U). 
 SECTION 5.10. Consummation of the Remaining Transactions. The Borrower will cause the payment of the Dividend and the consummation of the Spin-Off, when they occur, to be on terms and with results relating to the Borrower and the
Subsidiaries consistent in all material respects with the information contained in the Form 10 and the pro forma financial statements and projections of the Borrower heretofore delivered by the Borrower and ADP to the Lenders. 
 ARTICLE VI 
 Negative Covenants

 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees, expenses and other
amounts payable under any Loan Document (other than any indemnification or other contingent obligations that are not yet due or payable) have been paid in full and all Letters of Credit (other than Collateralized Letters of Credit) have been
terminated or expired, the Borrower covenants and agrees with the Lenders as follows: 
 SECTION 6.01. Liens. The Borrower will not,
and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights therein,
except: 
 (a) Permitted Encumbrances; 
  

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 (b) any Lien on any property or asset of the Borrower or any Subsidiary existing on the
date hereof and set forth in Schedule 6.01; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only the obligations it secures on the
date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 
 (c) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such
Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other
property or assets of any of the Borrower or any Subsidiary and (iii) such Lien shall secure only the obligations it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount thereof; 
 (d) Liens on fixed or
capital assets acquired, constructed or improved by the Borrower or any Subsidiary; provided that (i) such Liens and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the completion of
such construction or improvement, (ii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iii) such security interests shall not apply to any other property
or assets of the Borrower or any Subsidiary; 
 (e) Liens on securities deemed to exist under repurchase agreements and
reverse repurchase agreements entered into by the Borrower and the Subsidiaries in the ordinary course of business; 
 (f)
Liens arising from any interest or title of a lessor or sublessor under any lease or sublease not prohibited by Section 6.03 entered into by the Borrower or any Subsidiary as lessee; 
 (g) Liens arising from precautionary UCC financing statements filed in connection with leases; 
 (h) Liens in favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off); 

(i) Liens on cash earnest money deposits made in connection with letters of intent or purchase agreements; 
 (j) Liens arising on intellectual property in connection with the grant by the owner of such intellectual property of non-exclusive
licenses in the ordinary course; 
 (k) Liens of any securities intermediary arising as a matter of law on securities or other
assets held by such securities intermediary; 
  

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 (l) Liens on assets of any Broker Dealer Subsidiary created or otherwise arising in the
ordinary course of its business; and 
 (m) other Liens not expressly permitted by clauses (a) through (l) above;
provided that the sum of (i) the aggregate amount of the outstanding obligations secured by Liens permitted under this clause (m), (ii) the aggregate amount of Indebtedness of Subsidiaries permitted by Section 6.02(m) and
(iii) the aggregate amount of Attributable Debt in respect of Sale and Leaseback Transactions permitted by Section 6.03 shall not at any time exceed $100,000,000. 
 Notwithstanding the foregoing of this Section, to the extent that more than 25% of the value of the assets of the Borrower, or of the Borrower and the Subsidiaries taken as a whole, that are subject to the
restrictions of this Section is at any time represented by Margin Stock (within the meaning of Regulation U), the Borrower shall be free to sell, pledge or otherwise dispose of such excess Margin Stock (it being understood that Margin Stock not in
excess of 25% of the value of such assets will be subject to the restrictions of this Section). 
 SECTION 6.02. Subsidiary
Indebtedness. The Borrower will not permit any Subsidiary to incur any Indebtedness or to issue any preferred stock or other preferred equity securities except: 
 (a) Indebtedness, preferred stock or other preferred equity securities existing on the date hereof and set forth on Schedule 6.02,
and any extensions, renewals or replacements of any such Indebtedness that do not increase the outstanding principal amount thereof or result in an earlier maturity date or decreased weighted average life thereof; 
 (b) Indebtedness, preferred stock or preferred equity securities of Persons existing at the time they become Subsidiaries; provided
that such Indebtedness, preferred stock or preferred equity securities is not incurred or issued, as applicable, in contemplation of or in connection with such Person becoming a Subsidiary; 
 (c) Indebtedness of any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets,
including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such
Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement and
(ii) such Indebtedness does not exceed the cost of acquiring, constructing or improving such fixed or capital assets; 
 (d) Indebtedness of any Subsidiary to the Borrower or any other Subsidiary; 
 (e) Guarantees by any Subsidiary of
Indebtedness of the Borrower or any other Subsidiary; provided, such Indebtedness of any other Subsidiary so guaranteed is permitted under paragraphs (c), (d) or (m) of this Section; 
  

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 (f) Indebtedness of foreign Subsidiaries in an aggregate principal amount outstanding at
any one time not to exceed $75,000,000 (or with respect to any other currency, the U.S. Dollar equivalent thereof); 
 (g) Indebtedness deemed to arise from the payment of insurance premiums on an installment basis in the ordinary course of business; 
 (h) Indebtedness incurred in connection with Hedging Agreements entered into for non-speculative purposes; 
 (i) Indebtedness under any overdraft facilities entered into in the ordinary course of business; 
 (j) Indebtedness in respect of workers’ compensation claims, and bid, performance or surety bonds; 
 (k)
Indebtedness arising in connection with the endorsement of instruments for deposit in the ordinary course; 
 (l) Indebtedness
incurred by any Broker Dealer Subsidiary in the ordinary course of its business; and 
 (m) other Indebtedness not expressly
permitted by clauses (a) through (l) above; provided that the sum of (i) the aggregate principal amount of outstanding obligations secured by Liens permitted under Section 6.01(m), (ii) the aggregate amount of
Indebtedness permitted under this clause (m) and (iii) the aggregate amount of Attributable Debt in respect of Sale and Leaseback Transactions permitted by Section 6.03 shall not at any time exceed $100,000,000. 
 SECTION 6.03. Sale and Leaseback Transactions. The Borrower will not, and will not permit any of the Subsidiaries to, enter into or be a party to
any Sale and Leaseback Transaction except: 
 (a) Sale and Leaseback Transactions to which the Borrower or any Subsidiary is a
party as of the date hereof; and 
 (b) other Sale and Leaseback Transactions not expressly permitted by clause
(a) above; provided that the sum of (i) the aggregate principal amount of outstanding obligations secured by Liens permitted under Section 6.01(m), (ii) the aggregate principal amount of Indebtedness of Subsidiaries
permitted by Section 6.02(m) and (iii) the aggregate amount of Attributable Debt in respect of Sale and Leaseback Transactions permitted by this Section shall not at any time exceed $100,000,000. 
 SECTION 6.04. Fundamental Changes. (a) The Borrower will not, and will not permit any Subsidiary to, (i) merge into or consolidate with
any other Person, (ii) permit any other Person to merge into or consolidate with it, (iii) liquidate or dissolve, or (iv) sell, transfer, lease or otherwise dispose of, directly or through any merger or consolidation and whether in
one transaction or in a series of transactions, assets (including Equity Interests in Subsidiaries) 

  

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representing all or substantially all of the assets of the Borrower and the Subsidiaries (whether now owned or hereafter acquired), taken as a whole, except
that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (A) any Person may merge into the Borrower in a transaction in which the Borrower is the surviving Person, (B) any
Subsidiary may merge with or consolidate into any Person (or permit any other Person to merge with or consolidate into it) in a transaction in which the surviving entity is a Subsidiary, (C) any Subsidiary may sell, transfer, lease or otherwise
dispose of its assets to the Borrower or to another Subsidiary and (D) any Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not
materially disadvantageous to the Lenders. Notwithstanding the foregoing of this paragraph (a), to the extent that more than 25% of the value of the assets of the Borrower, or of the Borrower and the Subsidiaries taken as a whole, that are subject
to the restrictions of this paragraph is at any time represented by Margin Stock (within the meaning of Regulation U), the Borrower shall be free to sell, transfer, lease or otherwise dispose of such excess Margin Stock (it being understood that
Margin Stock not in excess of 25% of the value of such assets will be subject to the restrictions of this paragraph). 
 (b) The Borrower
will not, and will not permit any Subsidiary to, engage to any material extent in any business other than businesses of the type conducted by the Borrower and the Subsidiaries on the date of execution of this Agreement and businesses reasonably
related or ancillary thereto. 
 SECTION 6.05. Restrictive Agreements. The Borrower will not, and will not permit any Material
Subsidiary to, enter into any agreement that restricts the ability of any Material Subsidiary to pay dividends or other distributions to the Borrower or other Subsidiaries or to make or repay loans or advances to the Borrower or other Subsidiaries;
provided that the foregoing shall not apply to (a) restrictions and conditions imposed by law or by this Agreement, or, with respect to any Broker Dealer Subsidiary, otherwise required or requested by any Governmental Authority,
(b) restrictions and conditions existing on the date hereof identified on Schedule 6.05 (or to any extension, amendment, modification, renewal or replacement thereof not expanding the scope of any such restriction or condition),
(c) customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any assets pending such sale to the extent that such restrictions and conditions apply only to the Subsidiary or assets to be sold and
such sale is permitted hereunder or (d) any agreements governing purchase money Indebtedness or Capital Lease Obligations, provided that such restrictions relate to only the assets financed with such Indebtedness. 
 SECTION 6.06. Transactions with Affiliates. The Borrower will not, and will not permit any of the Subsidiaries to, sell, lease or otherwise
transfer any material property or assets to, or purchase, lease or otherwise acquire any material property or assets from, or otherwise engage in any other material transactions with, any of its Affiliates, except (a) in the ordinary course of
business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and its
Subsidiaries, or between or among Subsidiaries, in each case not involving any other Affiliate, (c) the declaration and payment of dividends with respect to its Equity Interests, (d) the making of grants or payments pursuant to and in
accordance with equity award, bonus or incentive plans or other benefit plans 

  

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for management, directors or employees of the Borrower and the Subsidiaries, (e) the payment of the Dividend and the entry into or the effectiveness of,
and the performance under, any contractual arrangement with ADP or any Affiliates of ADP in connection with the Spin-Off to the extent such arrangements are consistent in all material respects with the information contained in the Form 10,
(f) the transactions set forth on Schedule 6.06 and (g) employment agreements, officer and director indemnification agreements, confidentiality agreements, non-compete agreements and similar arrangements entered into by the Borrower
or any of its Subsidiaries with its officers, directors and employees. 
 SECTION 6.07. Leverage Ratio. The Borrower will not permit
the Leverage Ratio as of the last day of any period of four consecutive fiscal quarters of the Borrower, commencing with the period of four consecutive fiscal quarters ending on March 31, 2007, to exceed 3.50 to 1.00. 
 SECTION 6.08. Ratio of EBITDA to Consolidated Interest Expense. The Borrower will not permit the ratio of (a) Consolidated EBITDA to
(b) Consolidated Interest Expense for any period of four consecutive fiscal quarters of the Borrower, commencing with the period of four consecutive fiscal quarters ending on March 31, 2007, to be less than 3.00 to 1.00. 
 ARTICLE VII 
 Events of Default

 If any of the following events (“Events of Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as
the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and
payable, and such failure shall continue unremedied for a period of five Business Days; 
 (c) any representation or warranty
made or deemed made by or on behalf of the Borrower in or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in
connection with this Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have been incorrect in any material respect when made or deemed made; 
 (d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect
to the Borrower’s existence) or 5.08 or in Article VI; 
  

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 (e) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent (which may be
given at the request of any Lender) to the Borrower; 
 (f) the Borrower or any Subsidiary shall default in the payment
(whether of principal or interest and regardless of amount) of any Material Indebtedness when and as the same shall become due and payable after giving effect to any applicable grace periods; 
 (g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables
or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that (i) this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of
the property or assets securing such Indebtedness; 
 (h) an involuntary proceeding shall be commenced or an involuntary
petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of
its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or
for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for
the purpose of effecting any of the foregoing; 
 (j) the Borrower or any Material Subsidiary shall become unable, admit in
writing its inability, or fail generally, to pay its debts as they become due; 
 (k) one or more judgments for the payment of
money in an aggregate amount in excess of $75,000,000 (provided, that such amount shall be calculated after deducting 

  

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therefrom any amount of such judgment that is covered by a valid and binding policy of insurance from a third party insurer that is rated at least
“A-” by A.M. Best Company, which insurer has been notified of such judgment and has not disputed the claim made for payment) shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain
undischarged and not vacated or paid in full for a period of 30 consecutive days during which execution shall not be effectively stayed (which stay shall include the posting of a bond pending appeal that has the effect of staying execution of such
judgment), or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment; 
 (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (m) (i) any license, permit or
registration of any Broker Dealer Subsidiary shall be revoked, suspended or otherwise terminated by the SEC, the NASD or any other applicable Governmental Authority, except where such revocation, suspension or termination could not reasonably be
expected to result in a Material Adverse Effect, (ii) the SIPC shall apply for or obtain a protective decree or other restrictive order with regard to any Broker Dealer Subsidiary, (iii) any Broker Dealer Subsidiary shall be found by a
Governmental Authority to have violated any law or regulation, or be the subject of any judgment or arbitration award, and such violation or award has resulted or would reasonably be expected to result in a Material Adverse Effect, or (iv) any
action or proceeding by or before any Governmental Authority involving any Broker Dealer Subsidiary shall be pending as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, would reasonably be
expected to result in a Material Adverse Effect; or 
 (n) a Change in Control shall occur; 
 then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the
Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal or other amount not so declared to be due and payable
may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become
due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (h) or (i) of this
Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 
  

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 ARTICLE VIII 
 The Agents 
 Each of the Lenders and Issuing Banks hereby irrevocably appoints the Agents as its
agents and authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to the Agents by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.

 The Agents shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the
generality of the foregoing, (a) the Agents shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Agents shall not have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Agents are required to exercise in writing as directed by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth in the Loan Documents, the Agents shall not have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Borrower or any of the Subsidiaries that is communicated to or obtained by them or any of their Affiliates in any capacity. The Agents shall not be liable for any action taken or not taken by
them with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of their own gross negligence or
wilful misconduct. Each Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to such Agent by the Borrower or a Lender, and the Agents shall not be responsible for or have any duty to ascertain
or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any
other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to such Agent.

 Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the
proper Person, and shall not incur any liability for relying thereon. Each Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 Each Agent may perform any and all its
duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through its respective 

  

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Related Parties. The exculpatory provisions of the preceding paragraphs and the provisions of Section 9.03 shall apply to any such sub-agent and to the
Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent. 
 Any Person serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same
as though it were not an Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not an Agent
hereunder. 
 Subject to the appointment and acceptance of a successor Agent as provided in this paragraph, each Agent may resign at any time
by notifying the Lenders, the Issuing Banks and the Borrower. Upon any such resignation, the Required Lenders (in the case of a resignation by the Administrative Agent) or the Administrative Agent (in the case of a resignation by the London Agent)
shall have the right, with the Borrower’s approval (so long as no Event of Default has occurred and is continuing) to appoint a successor. If no successor Agent shall have been so appointed and shall have accepted such appointment within
30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Agent which shall be a bank with an office in New York, New York, or an Affiliate
of any such bank. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be
discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After an Agent’s
resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Agent, its sub–agents and their respective Related Parties in respect of any actions taken or omitted to be
taken by any of them while it was acting as Agent. 
 Each Lender acknowledges that it has, independently and without reliance upon either
Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon either Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any
other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
 The parties agree that none of the Joint
Lead Arrangers and Joint Bookrunners or the Syndication Agent referred to on the cover page of this Agreement shall, in its capacity as such, have any powers, duties or responsibilities under this Agreement or any other Loan Document. 
  

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 ARTICLE IX 
 Miscellaneous 
 SECTION 9.01. Notices. (a) Except in the case of notices and other
communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed
by certified or registered mail or sent by telecopy, as follows: 
 (i) if to the Borrower, to it at Broadridge Financial
Solutions Inc., 2 Journal Square Plaza, Jersey City, New Jersey 07306, Attention of Chief Financial Officer (Telecopy No. 201-714-3758); 
 (ii) if to the Administrative Agent, JPMCB in its capacity as an Issuing Bank or a Swingline Lender, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 1111 Fannin, 10th Floor, Houston, Texas 77002,
Attention of Toyin Ojeahere (Telecopy No. 713-750-2938), with a copy to JPMorgan Chase Bank, N.A., 270 Park Avenue, New York, NY 10017, Attention of Stella Millas (Telecopy No. 212-270-4164); 
 (iii) if to the London Agent, to J. P. Morgan Europe Limited, 125 London Wall, London EC2Y 5AJ, Attention of Loans Agency Department
(Telecopy No. 44 (0) 207 777 2360), with a copy to the Administrative Agent as provided under clause (ii) above; and 
 (iv) if to any other Lender, Swingline Lender or Issuing Bank, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing
shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. Each Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by
electronic communications pursuant to procedures approved by it; provided that approval of such procedures must be in writing and may be limited to particular notices or communications. 
 (c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All
notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 
 SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Borrower, either Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the 

  

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exercise of any other right or power. The rights and remedies of the Agents, the Issuing Banks and the Lenders hereunder and under the other Loan Documents
are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same
shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or
issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether either Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time. 
 (b) None of this Agreement, any other Loan Document or any provision hereof or thereof may be waived, amended or modified except, in the case of this
Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower, the Administrative Agent and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into
by the Administrative Agent and the Borrower, in each case with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender,
(ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of
payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment,
without the written consent of each Lender affected thereby, (iv) change Section 2.19(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender (it being
understood that the addition of new loans or commitments that may be extended under this Agreement pursuant to Section 2.10 shall not be deemed to alter such pro rata sharing of payments), (v) change any of the provisions of this Section
or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights hereunder or make any determination or grant any
consent hereunder, without the written consent of each Lender (or each Lender of such Class, as the case may be) or (vi) change any provisions of any Loan Document in a manner that by its terms adversely affects the rights of Lenders holding
Loans or Commitments of any Class differently than those holding Loans or Commitments of any other Class, without the written consent of Lenders holding a majority in interest of the outstanding Loans and Commitments of the adversely affected Class;
provided further that (i) no such agreement shall amend, modify or otherwise affect the rights or duties of either Agent, any Issuing Bank or any Swingline Lender hereunder without the prior written consent of such Agent, such
Issuing Bank or such Swingline Lender, as the case may be, and (ii) any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under this Agreement of the Term Lenders (but not the
Revolving Lenders), or the Revolving Lenders (but not the Term Lenders), may be effected by an agreement or agreements in writing entered into by the Borrower and requisite percentage in interest of the affected Class of Lenders.
Notwithstanding anything else in this Section to the contrary, any amendment of the definition of “Applicable Rate” pursuant to the last sentence of that definition shall require only the written consent of the Borrower and the Required
Lenders. 
  

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 SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all
reasonable and documented out-of-pocket expenses incurred by the Agents, the Joint Lead Arrangers and Joint Bookrunners named on the cover page of this Agreement and their respective Affiliates, including the reasonable and documented fees, charges
and disbursements of counsel, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or the other Loan Documents or any amendments, modifications or waivers of the
provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by each Issuing Bank in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by any Agent, any Issuing Bank or any Lender, including the reasonable and
documented fees, charges and disbursements of any counsel for any Agent, Issuing Bank or Lender and all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Loans or Letters of Credit, in
connection with the enforcement or protection of its rights under any Loan Document, including its rights under this Section or in connection with the Loans made or Letters of Credit issued hereunder. 
 (b) The Borrower shall indemnify each Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person
being called an “Indemnitee”), against, and hold each Indemnitee harmless from, any and all losses, liabilities and out-of-pocket costs or expenses, including the reasonable and documented fees, charges and disbursements of any
counsel for any Indemnitee, incurred by or asserted against any Indemnitee (whether by a third party or by the Borrower or any of its Affiliates) arising out of, in connection with, or as a result of (i) the consummation of the Transactions or
any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in
connection with such demand do not strictly comply with the terms of such Letter of Credit) or (iii) the execution, delivery or performance by the Borrower and the Subsidiaries of the Loan Documents, or any actions or omissions of the Borrower
or any of the Subsidiaries in connection therewith; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, liabilities, costs or expenses shall have resulted from the gross negligence or
wilful misconduct of such Indemnitee. 
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to any Agent,
any Issuing Bank or any Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to such Agent, Issuing Bank or Swingline Lender such Lender’s pro rata share (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed loss, liability, cost or expense, as the case may be, was incurred by or asserted against such Agent, Issuing Bank or
Swingline Lender in its capacity as such. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum of the total Revolving Exposures, outstanding Term Loans and unused Commitments at the
time. 
 (d) To the extent permitted by applicable law, the Borrower shall not assert, and the Borrower hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) 

  

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arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or
Letter of Credit or the use of the proceeds thereof. 
 (e) All amounts due under this Section shall be payable within 15 Business Days after
receipt by the Borrower of a reasonably detailed invoice therefor. 
 SECTION 9.04. Successors and Assigns. (a) The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent
shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this
Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Subject to the conditions set forth in paragraph (c) below, any Lender may assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 
 (i) the Borrower; provided that no consent of the Borrower shall be required for an assignment (A) to a Lender, an Affiliate
of a Lender or a Related Fund (as defined below), or, if an Event of Default has occurred and is continuing, to any other assignee, or (B) made by JPMorgan Chase Bank, N.A. or Citibank, N.A. to any assignee in connection with the syndication of
the credit facilities established by this Agreement as contemplated by the Commitment Letter and Fee Letter related hereto and dated March 9, 2007; and 
 (ii) the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of any Term
Loan to a Lender, an Affiliate of a Lender or a Related Fund; and 
 (iii) in the case of any assignment of all or a portion
of a Revolving Commitment or any Lender’s obligations in respect of its LC Exposure or Swingline Exposure, each Issuing Bank. 
 (c)
Assignments shall be subject to the following additional conditions: 
 (i) except in the case of an assignment to a Lender,
an Affiliate of a Lender or a Related Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment of any Class, the amount of the Commitment of 

  

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any Class of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent) shall not be less than US$5,000,000 unless each of the Borrower and the Administrative Agent otherwise consents; provided that no such consent of the Borrower shall be required if an Event of Default has
occurred and is continuing; 
 (ii) each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement as such rights and obligations relate to the Class of Loans or Commitments being assigned; provided that this clause shall not apply to rights in respect of outstanding
Competitive Loans; 
 (iii) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee of US$3,500; and 
 (iv) the assignee, if it shall not be a
Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 (v) “Related Fund”
means, with respect to any Lender that is a fund that invests in bank loans, any other fund that invests in bank loans and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 (d) Subject to acceptance and recording thereof pursuant to paragraph (e) of this Section, from and after the effective date specified in each
Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.16, 2.17, 2.18, 2.21 and 9.03). Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (g) of this Section. 

(e) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and
Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to
time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, each Issuing Bank and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, each Issuing Bank and any Lender, at any reasonable time and from time to time
upon reasonable prior notice. 
  

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 (f) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an
assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (c) of this Section and any consent to such assignment
required by paragraph (b) or (c) of this Section, the Administrative Agent shall record the information contained in such Assignment and Assumption in the Register. No assignment shall be effective for purposes of this Agreement unless it
has been recorded in the Register as provided in this paragraph. 
 (g) Any Lender may, without the consent of, or notice to, the Borrower,
the Administrative Agent, any Issuing Bank or any Swingline Lender, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the Borrower, the Agents, each Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under the Loan Documents. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment,
modification or waiver of any provision of the Loan Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described
in clauses (i), (ii) or (iii) of the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (d) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.16, 2.17, 2.18 and 2.21 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 9.08 as though it were a Lender; provided such Participant agrees to be subject to Section 2.19(c) as though it were a Lender. 
 (h) A Participant shall not be entitled to receive any greater payment under Section 2.16 or 2.18 than the applicable Lender would have been entitled to receive with respect to the participation sold to such
Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.18
unless such Participant agrees, for the benefit of the Borrower, to comply with Section 2.18(e) and (f) as though it were a Lender. 
 (i) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any
such pledgee or assignee for such Lender as a party hereto. 
  

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 SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the
Borrower herein, in the other Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the
Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The
provisions of Sections 2.16, 2.17, 2.18, 2.21 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the Transactions or the other transaction contemplated hereby, the repayment of the Loans,
the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 
 SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Agents or the Issuing Banks constitute the entire agreement among the parties relating
to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have
been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic image scan transmission shall be effective as delivery of a
manually executed counterpart of this Agreement. 
 SECTION 9.07. Severability. Any provision of any Loan Document held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions of
such Loan Document; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the
Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such
obligations may be unmatured. The rights of each Lender under this Section are in addition to and shall not limit other rights and remedies (including other rights of setoff) which such Lender may have. 
  

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 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement
shall be construed in accordance with and governed by the law of the State of New York. 
 (b) Each party hereto irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of
New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document or the Transactions, or for recognition or enforcement of any judgment related thereto, and each of the parties
hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document
shall affect any right that either Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties in the courts of any
jurisdiction. 
 (c) Each party hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document or the Transactions in any court referred to in paragraph (b) of
this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this
Agreement or any other Loan Document will affect the right of any party hereto or thereto to serve process in any other manner permitted by law. 
 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS OR THE OTHER TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  

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 SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.12. Confidentiality. (a) Each Agent, Issuing Bank and Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its
and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors, to Related Funds’ directors and officers and to any direct or indirect contractual counterparty in swap agreements (it
being understood that each Person to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any Governmental Authority,
(iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process; provided that in connection with any such requirement by a subpoena or similar legal process, the Borrower is given prior notice
to the extent such prior notice is permissible under the circumstances and an opportunity to object to such disclosure, (iv) to any other party to this Agreement, (v) to the extent required or advisable in the judgment of counsel in
connection with any suit, action or proceeding relating to the enforcement of rights of the Agents, Issuing Banks or the Lenders against the Borrower under this Agreement or any other Loan Document, (vi) subject to an agreement containing
provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (vii) with the consent of the Borrower or (viii) to the extent such Information (A) becomes publicly available other
than as a result of a breach of this Section of which such Agent or Lender is aware or (B) becomes available to the Administrative Agent or any Lender on a non-confidential basis from a source other than the Borrower other than as a result of a
breach of this Section of which such Agent or Lender is aware. For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such
information that is available to any Agent, Issuing Bank or Lender on a non-confidential basis prior to disclosure by the Borrower other than as a result of a breach of this Section of which such Agent, Issuing Bank or Lender is aware. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 
 (b) Each Lender acknowledges that Information furnished to it
pursuant to this Agreement may include material non–public information concerning the Borrower and its Related Parties or the Borrower’s securities, and confirms that it has developed compliance procedures regarding the use of material
non-public information and that it will handle such material non-public information in accordance with those procedures and applicable law, including Federal and state securities laws. 
  

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 (c) All information, including requests for waivers and amendments, furnished by the Borrower or either
Agent pursuant to, or in the course of administering, this Agreement will be syndicate-level information, which may contain material non-public information about the Borrower and its Related Parties or the Borrower’s securities. Accordingly,
each Lender represents to the Borrower and the Agents that it has identified in its Administrative Questionnaire a credit contact who may receive information that may contain material non-public information in accordance with its compliance
procedures and applicable law, including Federal and state securities laws. 
 SECTION 9.13. Interest Rate Limitation. Notwithstanding
anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of
interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan
but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such
cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 9.14. Conversion of Currencies. (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto
agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other
currency on the Business Day immediately preceding the day on which final judgment is given. 
 (b) The obligations of the Borrower in
respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the
currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the
Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than
the sum originally due to the Applicable Creditor in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrower
contained in this Section 9.14 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder. 
 SECTION 9.15. Patriot Act. Each Lender, each Issuing Bank and each Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify
and record information that 

  

 78 

 
identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender, Issuing Bank or
Agent, as applicable, to identify the Borrower in accordance with the Patriot Act. 
 SECTION 9.16. No Fiduciary Relationship. The
Borrower, on behalf of itself and the Subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, the Borrower, the Subsidiaries and their Affiliates, on the one
hand, and the Agents, the Lenders, the Issuing Banks and their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of any Agent, any Lender, any Issuing
Banks or any of their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications. 
 SECTION 9.17. Amendment and Restatement Upon Syndication. Notwithstanding anything to the contrary in this Agreement, the Borrower agrees that it shall, at the request of J.P. Morgan Securities Inc. and Citigroup Global Markets Inc.
(the “Arrangers”), enter into one or more amendments to this Agreement for the purpose of effecting the syndication of the credit facilities established hereby as contemplated by the Commitment Letter and Fee Letter related hereto
and dated March 9, 2007; provided, that any such amendment shall modify the terms of this Agreement only to the extent that such modifications are (a) permitted by such Fee Letter to be made without the consent of the Borrower or
(b) otherwise agreed to among the Borrower and the Arrangers. 
 [remainder of page intentionally blank; signature page is the next
page] 
  

 79 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	 BROADRIDGE FINANCIAL SOLUTIONS, INC.,
 as the
Borrower,

		
	by	 	 /s/ Dan Sheldon

	Name:	 	Dan Sheldon
	Title:	 	Vice President, Chief Financial Officer

 [SIGNATURE PAGE TO BROADRIDGE
FIVE YEAR CREDIT AGREEMENT] 

			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent, an Issuing Bank, a Lender and a Swingline Lender,
		
	by	 	 /s/ Tracey Navin Ewing

	Name:	 	Tracey Navin Ewing
	Title:	 	Vice President
	
	J. P. MORGAN EUROPE LIMITED, as London Agent,
		
	by	 	 /s/ Maxine Graves

	Name:	 	Maxine Graves
	Title:	 	Associate
	
	CITIBANK, N.A., as a Lender and Swingline Lender,
		
	by	 	 /s/ Shannon A. Sweeney

	Name:	 	Shannon A. Sweeney
	Title:	 	Vice President

 [SIGNATURE PAGE TO BROADRIDGE
FIVE YEAR CREDIT AGREEMENT]

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